Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Mongkol Prakitchaiwattana is the second largest shareholder in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, behind <a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank Pub (KTB TB)</a>.</li>
<li>He also holds stakes in <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring Capital (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC World Public (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a>.
</li>
<li>All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. </li>
</ul>


Mongkol Prakitchaiwattana is the second largest shareholder in Krungthai Card (KTC TB), behind Krung Thai Bank Pub (KTB TB).
He also holds stakes in XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB).

All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls. 


Krungthai Card (KTC TB): Buying Opportunity After Margin Call

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We see an additional tailwind for KTC, in the form of reduced funding costs on the back of the Bank of Thailand lowering its policy rate to 1% in 1Q26</li>
<li>KTC registered a new high in post-provision returns over the last seven years lowering its cost of risk sharply; it has a low NPL ratio, with very healthy NPL coverage</li>
<li>KTC remains our sole buy in Thai financials; we like its potential for premium EPS CAGR versus its peers and improved returns, its sound credit quality and healthy NPL coverage</li>
</ul>


We see an additional tailwind for KTC, in the form of reduced funding costs on the back of the Bank of Thailand lowering its policy rate to 1% in 1Q26
KTC registered a new high in post-provision returns over the last seven years lowering its cost of risk sharply; it has a low NPL ratio, with very healthy NPL coverage
KTC remains our sole buy in Thai financials; we like its potential for premium EPS CAGR versus its peers and improved returns, its sound credit quality and healthy NPL coverage


Krungthai Card (SET:KTC) And Thai Banks – KTC Benefits from Low Funding Cost

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We maintain a Neutral rating with a 12M forward fair value of Bt30.75, based on a 10.6% required return.</li><li>KTC reported 1Q26 net profit of Bt2.2bn, up 16.7% YoY and 4.6% QoQ, broadly in line with our and consensus estimates.</li><li>Asset quality remained manageable. Provisions declined 13.0% YoY (+3% QoQ), translating to a credit cost of 5.1% (-78 bps YoY, +13 bps QoQ).</li></ul>

We maintain a Neutral rating with a 12M forward fair value of Bt30.75, based on a 10.6% required return.KTC reported 1Q26 net profit of Bt2.2bn, up 16.7% YoY and 4.6% QoQ, broadly in line with our and consensus estimates.Asset quality remained manageable. Provisions declined 13.0% YoY (+3% QoQ), translating to a credit cost of 5.1% (-78 bps YoY, +13 bps QoQ).

KRUNGTHAI CARD Plc. (KTC): In-Line Earnings; Low Loan Growth, Quality Focus

<ul><li>We maintain Neutral with a revised 12M fair value (FV) of Bt30.75 (from Bt30.00), based on a required return of 10.6% (from 10.5%) and updated assumptions under our house view, using a risk-free rate of 1.83% and MRP of 4.67% (from 1.23% and 5.61%).</li><li>The new FV implies ~6% upside, with valuation primarily driven by changes in the risk-free rate.</li><li>With a low D/E of 1.5x, reflecting appropriate deleveraging alongside modest loan growth of 1–2%, we expect continued high dividend payouts (60% payout ratio).</li></ul>

We maintain Neutral with a revised 12M fair value (FV) of Bt30.75 (from Bt30.00), based on a required return of 10.6% (from 10.5%) and updated assumptions under our house view, using a risk-free rate of 1.83% and MRP of 4.67% (from 1.23% and 5.61%).The new FV implies ~6% upside, with valuation primarily driven by changes in the risk-free rate.With a low D/E of 1.5x, reflecting appropriate deleveraging alongside modest loan growth of 1–2%, we expect continued high dividend payouts (60% payout ratio).

Krungthai Card Plc. (KTC): Tax Normalization Boosts Earnings - Neutral (12M Fwd Fair Value Bt30.75)

Thailand

Krungthai Card Public Company Limited is a Thailand-based financial services company primarily engaged in credit card and personal loan businesses. The company offers a variety of credit cards, merchant acquiring services, payment services, and personal loan products including auto title loans, provincial retail lending, and e-money services. It was founded in Bangkok, Thailand, in 1996.

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Krungthai Card (KTC TB)

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of...

Pranav Rao