Phillip expects BAY and TTB to have opportunities to increase dividend payout this year

โดย thunhoon.com·TH·Read original
Summary · why it matters

Phillip Securities (Thailand) stated in its analysis that the dividend payout ratio of banking stocks that announced interim dividends for the first half of the year increased from the previous year. BAY increased to 26.1% from 18.6%, KKP increased to 70.4% from 51.4%, and TTB increased to 74% from 63.7%, while TCAP decreased to 33% from 36.1%. The research department expects that BAY and TTB are the most likely to increase their payout ratios this year. As for KKP, although its first-half payout was higher than the previous year, its high payout of 81.6% last year may limit further increases. TCAP, whose payout in 2025 was below the group average, still has room to increase. Compared with yesterday's closing price, KKP, which paid an interim dividend of 3.25 baht per share, has the highest dividend yield in the group at 2.8%, followed by TTB, which paid 0.081 baht per share, representing 2.7%, while BBL, which paid 2 baht per share, has the lowest yield at 1%. The research department maintains a neutral rating on the banking group. Although NPLs may increase, loans are still able to grow, and stable interest rates have caused interest rate spreads to begin to improve. It selects KBANK as the top pick. Although its payout is not the highest, it is expected to pay the highest dividend in 2026 at 15 baht per share, representing a dividend yield of 6%, and may also pay special dividends this year. Therefore, it recommends accumulating shares with a fundamental price of 261 baht.

Impact on assets 6

Financials▲ · 4 stocks
Bank of Ayudhya PCL
BAY
▲ PositiveCapitalrelevance

BAY's interim dividend payout ratio increased to 26.1% from 18.6%, and Phillip expects it to increase further this year.

Climate Adaptation & Water▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks
Bangkok Bank PCL
BBL
± MixedCapitalrelevance

BBL mentioned only for its dividend yield of 1%, lowest in the group; no specific outlook given.

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