Krung Thai Bank
What if KTB consolidates KTC Underperform - maintained Share price: Bt18.50 Target price: Bt13.50
Krung Thai Bank Plc (KTB)
Even if KTB does make a tender offer for the Krungthai Card (KTC) shares it does not own, we believe the long-term winners in the lucrative credit card and personal loan segment will be BAY, KBANK and SCB. The segment could flourish given the imminent wage hike. Demand for both wholesale and retail look promising for Thai banks. But we prefer positions elsewhere and keep KTB an Underperform with an unchanged target price based on 1.1x FY12 P/BV.
