The share price of Krungsri Card swung wildly in the afternoon session and closed at ฿79.00/share, increased ฿2.25/share or 2.93% with a trading value of 6,572 million baht. The share price rose as much as ฿90.25/share or 18% and dropped as low as ฿75.25/share.
Maybank Kim Eng stated that the share price of KTC has been on a rise since last week, while having a high trading volume today, which Maybank said is unusual.
Moreover, the analyst stated that the target price already well surpassed the consensus and Maybank’s own target price, which are at ฿41.00/share. In technical terms, Maybank estimated that the trends would still be positive for KTC, even though data showed that it has been overbought. Still, Maybank gave a support level at Bt80.00 and a resistance level at Bt90.00 and a stop loss at Bt76.00 per share.
Fundamentally, high consumption rate at year’s end was expected to benefit KTC, but that would be sufficient to make the share price rising beyond ฿80.00/share. Maybank forecasted KTC’s earnings in 2020 at 5,256 million baht, decreased 5% YoY. In 2021, Maybank projected KTC to record a net profit of 5,782 million baht, increased 10% YoY.