SCB X stock gets a UBS upgrade as profit recovery takes shape

Published on 09/30/2026 at 17:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

UBS raised SCB X's 12-month target to THB 165.00 from THB 152.00 on September 21, 2026. Second-quarter profit rose 9.00 percent quarter over quarter.

SCB X, TH0015010018, Illustration mit AI erstellt.

SCB X (ISIN TH0015010018) has gained a more constructive analyst view after UBS upgraded the stock to Buy and lifted its 12-month target to THB 165.00 from THB 152.00. The change followed SCB X's 2Q26 net profit of THB 11.117 billion, which rose 9.00 percent quarter over quarter.

UBS raises the target

According to Kaohoon International on September 21, 2026, UBS changed its rating from Neutral to Buy and raised the target by THB 13.00. The brokerage cited discounted valuation, stronger 2027 earnings, possible capital returns after Basel IV and potential industry consolidation.

UBS lifted its 2027 EPS forecast to THB 14.00 from THB 13.70 and its 2028 forecast to THB 14.63 from THB 13.99. The 2026 forecast remained THB 12.74, making the expected recovery a forward-looking driver rather than a reflection of already completed annual results.

Profit recovery meets credit costs

SCBX reported 2Q26 net profit of THB 11.117 billion on July 21, 2026, up 9.00 percent from the previous quarter. The quarterly income statement also shows revenue of THB 49.548 billion and diluted EPS of THB 3.30 for the period ended June 30, 2026.

The counter-factor is credit quality. UBS said second-quarter credit costs rose to 159 basis points from 150 basis points quarter over quarter, with pressure linked to SCB's Gen-2 businesses and the resolution of Gen-1 nonperforming loans. Its estimates assume credit costs improve in 2027 as loan cleanup advances.

SET value and capital base

SCB X was last at THB 149.50 on the Stock Exchange of Thailand on September 30, 2026, at 4:36 p.m. ICT. The market capitalization was THB 503.4 billion, and the 52-week range was THB 126.50 to THB 160.00. The stock therefore stood THB 10.50 below the 52-week high, a 6.56 percent gap.

For investors, the valuation argument now rests on two linked figures: the higher THB 165.00 UBS target and the THB 11.117 billion quarterly profit base. The credit-cost trajectory will determine how quickly that recovery case can translate into earnings.