Buy Or Sell Opportunity • Jun 09
Now 21% undervalued Over the last 90 days, the stock has risen 4.0% to ฿197. The fair value is estimated to be ฿250, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to decline by 0.3% in the next 2 years. Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿6.24 (up from ฿5.67 in 1Q 2025). Revenue: ฿39.7b (up 1.1% from 1Q 2025). Net income: ฿14.7b (up 9.2% from 1Q 2025). Profit margin: 37% (up from 34% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Apr 14
Upcoming dividend of ฿12.00 per share Eligible shareholders must have bought the stock before 21 April 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.4%). In line with average of industry peers (6.3%). Declared Dividend • Mar 01
Dividend of ฿10.00 announced Shareholders will receive a dividend of ฿10.00. Ex-date: 21st April 2026 Payment date: 8th May 2026 Dividend yield will be 7.2%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by earnings (58% payout ratio) and is expected to be covered in 3 years' time (61% forecast payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Kasikornbank Public Company Limited Proposes Dividend for the Year 2025, Payable on May 8, 2026 Kasikornbank Public Company Limited announced at the AGM to be held on April 10, 2026, proposed dividend payment from 2025 operating results to ordinary shareholders at the rate of THB 12.00 per share. In addition, the proposed special dividend payment at the rate of THB 2.00 per share is intended to enhance total shareholder return and the efficiency of the Bank's strong capital management. This special dividend payment is a one-time payment and does not imply any commitment to future special dividend payment. As a result, the total dividend for the year will be THB 14.00 per share, of which the Bank paid interim dividend at the rate of THB 2.00 per share on September 26, 2025, and will pay the remaining dividend at the rate of THB 12.00 per share. The record date will be set on April 22, 2026 to determine a list of shareholders entitled to receive dividend. The dividend payment shall be made on May 8, 2026. Ex-dividend date is April 21, 2026. Announcement • Feb 26
Kasikornbank Public Company Limited, Annual General Meeting, Apr 10, 2026 Kasikornbank Public Company Limited, Annual General Meeting, Apr 10, 2026, at 13:30 SE Asia Standard Time. Reported Earnings • Jan 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿20.93 (up from ฿20.21 in FY 2024). Revenue: ฿154.5b (up 2.5% from FY 2024). Net income: ฿49.6b (up 3.5% from FY 2024). Profit margin: 32% (in line with FY 2024). Net interest margin (NIM): 3.23% (down from 3.99% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. New Risk • Jan 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 01
Kasikornbank Public Company Limited (SET:KBANK) announces an Equity Buyback for 47,386,552 shares, representing 2% for THB 8,800 million. Kasikornbank Public Company Limited (SET:KBANK) announces a share repurchase program. Under the program, the company will repurchase up to 47,386,552 shares, representing 2% of its issued share capital for a total of THB 8,800 million. The repurchase price must not exceed the average closing price in the period of 5 consecutive business days prior to each repurchase date plus 15% of such average closing price. The purpose of the program is to enhance the efficiency of capital management, while taking into account the adequacy of the capital, excess liquidity, and appropriate returns to the Bank's shareholders. The program will expire on May 13, 2026. As of September 11, 2025, the company had 2,369,327,593 shares in issue. Reported Earnings • Oct 22
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿5.49 (up from ฿5.05 in 3Q 2024). Revenue: ฿39.1b (up 5.5% from 3Q 2024). Net income: ฿13.0b (up 8.7% from 3Q 2024). Profit margin: 33% (up from 32% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Aug 30
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ฿5.27 (up from ฿5.20 in 2Q 2024). Revenue: ฿38.5b (flat on 2Q 2024). Net income: ฿12.5b (up 1.4% from 2Q 2024). Profit margin: 32% (in line with 2Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 30
Dividend of ฿2.00 announced Shareholders will receive a dividend of ฿2.00. Ex-date: 10th September 2025 Payment date: 26th September 2025 Dividend yield will be 7.4%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (40% payout ratio) and is expected to be covered in 3 years' time (57% forecast payout ratio). The dividend has increased by an average of 9.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 22
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ฿5.27 (up from ฿5.20 in 2Q 2024). Revenue: ฿38.5b (flat on 2Q 2024). Net income: ฿12.5b (up 1.4% from 2Q 2024). Profit margin: 32% (in line with 2Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 09
Kasikornbank Public Company Limited Approves Special Dividend Payment, Payable on June 6, 2025 Kasikornbank Public Company Limited at its extraordinary general meeting held on May 7, 2025, approved the special dividend payment from 2024 operating results to ordinary shareholders at the rate of THB 2.50 per share, amounting to THB 5,923,318,982.50. The Bank already paid an interim dividend at the rate of THB 1.50 per share from total shares of 2,369,327,593 on September 27, 2024, amounting to THB 3,553,991,389.50, and will pay the remaining dividend as approved by the General Meeting of Shareholders No. 113, on May 9, 2025, at the rate of THB 8.00 per share, amounting to THB 18,954,620,744.00. When combined with this special dividend payment at the rate of THB 2.50 per share, the total dividend payment will be THB 28,431,931,116.00. The record date will be set on May 16, 2025, to determine the list of shareholders entitled to receive dividend. The dividend payment shall be made on June 6, 2025. Reported Earnings • Apr 22
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿5.82 (up from ฿5.76 in 1Q 2024). Revenue: ฿39.3b (up 2.4% from 1Q 2024). Net income: ฿13.8b (up 1.1% from 1Q 2024). Profit margin: 35% (in line with 1Q 2024). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 10
Upcoming dividend of ฿8.00 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 09 May 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (8.3%). Lower than average of industry peers (7.0%). Announcement • Apr 09
Kasikornbank Public Company Limited Approves Dividend for 2024, Payable on May 9, 2025 Kasikornbank Public Company Limited announced that at the General Meeting held on April 9, 2025, dividend payment from 2024 operating results to ordinary shareholders at the rate of THB 9.50 per share, of which the Bank paid interim dividend at the rate of THB 1.50 per share from total shares of 2,369,327,593 on September 27, 2024, amounting to THB 3,553,991,389.50, and will pay the remaining dividend at the rate of THB 8.00 per share, amounting to THB 18,954,620,744.00, making the total dividend payment of THB 22,508,612,133.50 to the shareholders, which was 47.02% of the 2024 consolidated net profit net of distribution on other equity instrument after income tax. The record date will be set on April 18, 2025 to determine a list of shareholders entitled to receive dividend. The dividend payment shall be made on May 9, 2025. The dividend payment will be derived from retained earnings, which are subject to corporate income tax of 20%. Therefore, an individual shareholder may apply for tax credit on dividend at the rate of 20/80 of the dividend amount received. Declared Dividend • Mar 01
Final dividend increased to ฿8.00 Dividend of ฿8.00 is 33% higher than last year. Ex-date: 17th April 2025 Payment date: 9th May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (37% payout ratio) and is expected to be well covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ฿20.51 (up from ฿17.90 in FY 2023). Revenue: ฿150.7b (up 7.0% from FY 2023). Net income: ฿48.6b (up 15% from FY 2023). Profit margin: 32% (up from 30% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 31
Kasikornbank Public Company Limited Appoints Siritida Panomwon Na Ayudhya as Independent Director The board of directors meeting of Kasikornbank Public Company Limited held on September 26, 2024 and No. 12/2024, held on December 19, 2024, passed a resolution in agreement with a recommendation by the human resources and remuneration committee to appoint Ms. Siritida Panomwon Na Ayudhya, as an Independent Director of the bank to replace a vacant position. The appointment will take effect from February 1, 2025 onwards. The bank of Thailand has already concurred with the appointment. Reported Earnings • Jan 22
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ฿20.51 (up from ฿17.90 in FY 2023). Revenue: ฿150.7b (up 7.0% from FY 2023). Net income: ฿48.6b (up 15% from FY 2023). Profit margin: 32% (up from 30% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: ฿5.05 (vs ฿4.76 in 3Q 2023) Third quarter 2024 results: EPS: ฿5.05 (up from ฿4.76 in 3Q 2023). Revenue: ฿37.0b (up 7.9% from 3Q 2023). Net income: ฿12.0b (up 6.1% from 3Q 2023). Profit margin: 32% (in line with 3Q 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Oct 01
Kasikornbank Public Company Limited Announces Board and Committee Changes Kasikornbank Public Company Limited announced that according to the Bank of Thailand's Notification and the Board of Directors Charter, which stipulates that Independent Directors shall hold their positions for no more than 9 consecutive years, Ms. Suphajee Suthumpun will have completed her 9-year tenure as an Independent Director on October 5, 2024. In this matter, the Board of Directors' Meeting of KASIKORNBANK PUBLIC COMPANY LIMITED No. 8/2024, held on August 29, 2024, passed a resolution to approve the change of Ms. Suphajee Suthumpun's director type and membership in the Audit Committee. Ms. Suphajee Suthumpun will assume a Non-Executive Director position of the Bank and will vacate from office as a member of the Audit Committee, effective from October 1, 2024 onwards. Reported Earnings • Aug 31
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ฿5.34 (up from ฿4.64 in 2Q 2023). Revenue: ฿38.8b (up 9.8% from 2Q 2023). Net income: ฿12.7b (up 15% from 2Q 2023). Profit margin: 33% (up from 31% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Aug 29
Kasikornbank Public Company Limited Announces Interim Dividend Payment for the First-Half of 2024, Payable on September 27, 2024 Kasikornbank Public Company Limited announced Interim Dividend Payment of THB 1.5 per share for the First-Half of 2024. Record date for the right to receive dividends is September 12, 2024. Ex-dividend date is September 11, 2024 and Payment date is September 27, 2024. Announcement • Aug 01
Kasikornbank Public Company Limited Appoints Auttapol Rerkpiboon as an Independent Director The Board of Directors Meeting of Kasikornbank Public Company Limited No. 4/2024, on April 25, 2024, passed a resolution in agreement with a recommendation by the Human Resources and Remuneration Committee to appoint Mr. Auttapol Rerkpiboon, as an Independent Director of the Bank to replace a vacant position. The appointment will take effect from August 1, 2024 onwards. The Bank of Thailand has already concurred with the appointment. Reported Earnings • Jul 22
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ฿5.34 (up from ฿4.64 in 2Q 2023). Revenue: ฿38.8b (up 9.8% from 2Q 2023). Net income: ฿12.7b (up 15% from 2Q 2023). Profit margin: 33% (up from 31% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Apr 23
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ฿5.69 (up from ฿4.53 in 1Q 2023). Revenue: ฿38.5b (up 14% from 1Q 2023). Net income: ฿13.5b (up 26% from 1Q 2023). Profit margin: 35% (up from 32% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Apr 15
Upcoming dividend of ฿6.00 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (5.8%). Reported Earnings • Mar 03
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿17.90 (up from ฿15.10 in FY 2022). Revenue: ฿140.8b (up 16% from FY 2022). Net income: ฿42.4b (up 19% from FY 2022). Profit margin: 30% (in line with FY 2022). Net interest margin (NIM): 3.99% (up from 3.66% in FY 2022). Non-performing loans: 3.78% (up from 3.71% in FY 2022). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Final dividend increased to ฿6.00 Dividend of ฿6.00 is 71% higher than last year. Ex-date: 22nd April 2024 Payment date: 10th May 2024 Dividend yield will be 5.3%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 02
Kasikornbank Public Company Limited, Annual General Meeting, Apr 11, 2024 Kasikornbank Public Company Limited, Annual General Meeting, Apr 11, 2024, at 15:00 SE Asia Standard Time. Agenda: To acknowledge the Board of Directors' report of the year 2023 operations; to consider approving the Financial Statements for the year ended December 31, 2023; to consider approving the appropriation of profit from 2023 operating results and dividend payment; to consider the election of directors to replace those retiring by rotation and to consider other matters. Announcement • Mar 01
Kasikornbank Public Company Limited Proposes Dividend from the Operating Results of 2023, Payable on May 10, 2024 Kasikornbank Public Company Limited at its general meeting of shareholders to be held on April 11, 2024 proposed dividend of THB 6.50 per share from the operating results of 2023, of which bank paid interim dividend of THB 0.50 per share on September 29, 2023 and will pay remaining dividend at the rate of THB 6.00 per share, by setting record date on April 23, 2024. The dividend payment shall be made on May 10, 2024. The payment shall be made on May 10, 2024. The dividend payment will be derived from retained earnings, which are subject to corporate income tax of 23% in the amount of THB 2.1395 per share and corporate income tax of 20% in the amount of THB 3.8605 per share. Therefore, an individual shareholder may apply for tax credit on dividend at the rate of 23/77 and 20/80, respectively, of the dividend amount received. Reported Earnings • Jan 23
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿17.90 (up from ฿15.10 in FY 2022). Revenue: ฿140.8b (up 16% from FY 2022). Net income: ฿42.4b (up 19% from FY 2022). Profit margin: 30% (in line with FY 2022). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 21
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿4.76 (up from ฿4.46 in 3Q 2022). Revenue: ฿34.3b (up 8.0% from 3Q 2022). Net income: ฿11.3b (up 6.7% from 3Q 2022). Profit margin: 33% (in line with 3Q 2022). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.50 per share at 3.1% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.0%). Reported Earnings • Sep 02
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿4.64 (up from ฿4.56 in 2Q 2022). Revenue: ฿35.3b (up 12% from 2Q 2022). Net income: ฿11.0b (up 1.9% from 2Q 2022). Profit margin: 31% (down from 34% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 01
Kasikornbank Public Company Limited Announces Interim Dividend for the First-Half of 2023, Payment Date 29-Sep-2023 Kasikornbank Public Company Limited announced Interim Dividend of THB 0.50 per share for the First-Half of 2023, Record date for the right to receive dividends 14-Sep-2023, Ex-dividend date 13-Sep-2023 and Payment date 29-Sep-2023. Announcement • Aug 29
Kasikornbank Public Company Limited Announces Executive Changes Kasikornbank Public Company Limited announced the resignation of Chongrak Rattanapian as Executive Vice President. Effective Date of Termination: 28 August 2023. the company also appointed Sansana Sukhanunth as Executive Vice President. Effective Date of Appointment: 29 August 2023. Announcement • Aug 23
Kasikornbank Reportedly in Talks to Buy Home Credit Vietnam in Up to $1 Billion Deal Thailand's second-biggest lender Kasikornbank Public Company Limited (SET:KBANK) is in talks to buy consumer finance provider Home Credit Vietnam Finance Company Limited in a deal of up to $1 billion that would further its push to expand in Vietnam, two sources said. The news comes at a time when Vietnamese banks are under pressure as a slowing economy and protracted turmoil in the real estate sector have stoked an uptick in bad loans and triggered broad rate cuts. A potential deal would underscore a trend of consolidations in Asia's finance sector and make KBank's the second-largest M&A transaction in Vietnam's financial industry this year after the sale of a $1.5 billion stake in Vietnam Prosperity Joint Stock Commercial Bank (VPB.HM) to Japan's Sumitomo Mitsui (8316.T) in March, according to Refinitiv data. KBank has talked to financial advisors to explore the potential acquisition, according to the two sources, although deliberations are still ongoing and no final decision has been made. The sources declined to be named as the matter is private. KBank and Home Credit Group did not respond to Reuters' requests for comments. Reported Earnings • Jul 22
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿4.64 (up from ฿4.56 in 2Q 2022). Revenue: ฿35.3b (up 12% from 2Q 2022). Net income: ฿11.0b (up 1.9% from 2Q 2022). Profit margin: 31% (down from 34% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 07
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 57% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.6%. The fair value is estimated to be ฿166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 57% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Buying Opportunity • May 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be ฿167, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 57% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Reported Earnings • Apr 24
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: ฿4.53 (down from ฿4.73 in 1Q 2022). Revenue: ฿33.9b (up 8.3% from 1Q 2022). Net income: ฿10.7b (down 4.2% from 1Q 2022). Profit margin: 32% (down from 36% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 3.1%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Apr 10
Upcoming dividend of ฿3.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 17 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (4.3%). Buying Opportunity • Mar 13
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ฿169, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be ฿170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Jan 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ฿15.10 (down from ฿16.06 in FY 2021). Revenue: ฿121.3b (down 1.4% from FY 2021). Net income: ฿35.8b (down 6.0% from FY 2021). Profit margin: 30% (down from 31% in FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 1.0%. The fair value is estimated to be ฿190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 50% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Announcement • Jan 02
Kasikornbank Public Company Limited to Report Q4, 2022 Results on Jan 20, 2023 Kasikornbank Public Company Limited announced that they will report Q4, 2022 results on Jan 20, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿4.46 (up from ฿3.64 in 3Q 2021). Revenue: ฿31.8b (up 11% from 3Q 2021). Net income: ฿10.6b (up 23% from 3Q 2021). Profit margin: 33% (up from 30% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿4.46 (up from ฿3.64 in 3Q 2021). Revenue: ฿31.8b (up 11% from 3Q 2021). Net income: ฿10.6b (up 23% from 3Q 2021). Profit margin: 33% (up from 30% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 31
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (3.4%). Reported Earnings • Jul 22
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿4.56 (up from ฿3.75 in 2Q 2021). Revenue: ฿31.7b (up 5.4% from 2Q 2021). Net income: ฿10.8b (up 21% from 2Q 2021). Profit margin: 34% (up from 30% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 42%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿4.73 (up from ฿4.49 in 1Q 2021). Revenue: ฿31.3b (flat on 1Q 2021). Net income: ฿11.2b (up 5.5% from 1Q 2021). Profit margin: 36% (up from 34% in 1Q 2021). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 42%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 11
Upcoming dividend of ฿2.75 per share Eligible shareholders must have bought the stock before 18 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿16.06 (up from ฿12.42 in FY 2020). Revenue: ฿123.0b (up 11% from FY 2020). Net income: ฿38.1b (up 29% from FY 2020). Profit margin: 31% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.54% (down from 3.62% in FY 2020). Non-performing loans: 4.30% (down from 4.50% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 41%, compared to a 36% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 23
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿16.06 (up from ฿12.42 in FY 2020). Revenue: ฿123.0b (up 11% from FY 2020). Net income: ฿38.1b (up 29% from FY 2020). Profit margin: 31% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 39%, compared to a 36% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ฿3.64 (vs ฿2.82 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿28.6b (up 10% from 3Q 2020). Net income: ฿8.63b (up 29% from 3Q 2020). Profit margin: 30% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 23 September 2021. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS ฿3.75 (vs ฿0.92 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿30.0b (up 43% from 2Q 2020). Net income: ฿8.89b (up 309% from 2Q 2020). Profit margin: 30% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ฿3.75 (vs ฿0.92 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿30.0b (up 43% from 2Q 2020). Net income: ฿8.89b (up 309% from 2Q 2020). Profit margin: 30% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ฿4.49 (vs ฿3.09 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿31.4b (up 20% from 1Q 2020). Net income: ฿10.6b (up 44% from 1Q 2020). Profit margin: 34% (up from 28% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Executive Departure • Apr 13
Non-Executive Director & Legal Adviser has left the company On the 10th of April, Abhijai Chandrasen's tenure as Non-Executive Director & Legal Adviser ended after 21.0 years in the role. We don't have any record of a personal shareholding under Abhijai's name. A total of 3 executives have left over the last 12 months. Upcoming Dividend • Apr 13
Inaugural dividend of ฿2.50 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 07 May 2021. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 2.9%. Is New 90 Day High Low • Mar 05
New 90-day high: ฿150 The company is up 28% from its price of ฿117 on 04 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿115 per share. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿12.42 (vs ฿16.18 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿111.3b (down 12% from FY 2019). Net income: ฿29.5b (down 24% from FY 2019). Profit margin: 27% (down from 31% in FY 2019). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.62% (down from 3.69% in FY 2019). Non-performing loans: 4.50% (up from 4.20% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 42%, compared to a 44% growth forecast for the Banks industry in Thailand. Price Target Changed • Feb 04
Price target raised to ฿142 Up from ฿132, the current price target is an average from 19 analysts. The new target price is close to the current share price of ฿135. As of last close, the stock is down 5.6% over the past year. Major Estimate Revision • Feb 04
Analysts update estimates The 2021 consensus revenue estimate was lowered from ฿160.3b to ฿158.2b. Earnings per share (EPS) increased from ฿11.96 to ฿13.33 for the same period. Net income is expected to grow by 6.8% next year compared to 14% growth forecast for the Banks industry in Thailand. The consensus price target increased from ฿132 to ฿141. Share price is up 6.4% to ฿134 over the past week. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ฿12.42 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿111.3b (down 12% from FY 2019). Net income: ฿29.5b (down 24% from FY 2019). Profit margin: 27% (down from 31% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Jan 22
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 44%, compared to a 40% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Jan 21
New 90-day high: ฿125 The company is up 66% from its price of ฿75.25 on 22 October 2020. The Thai market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿83.67 per share. Price Target Changed • Dec 14
Price target raised to ฿114 Up from ฿104, the current price target is an average from 21 analysts. The new target price is 6.0% below the current share price of ฿122. As of last close, the stock is down 16% over the past year. Price Target Changed • Dec 08
Price target raised to ฿111 Up from ฿102, the current price target is an average from 21 analysts. The new target price is 9.8% below the current share price of ฿123. As of last close, the stock is down 17% over the past year. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 21% share price gain to ฿115, the stock is trading at a trailing P/E ratio of 10.9x, up from the previous P/E ratio of 9x. This compares to an average P/E of 9x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 45%. Analyst Estimate Surprise Post Earnings • Nov 16
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 45%, compared to a 39% growth forecast for the Banks industry in Thailand. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿2.82 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿25.9b (down 19% from 3Q 2019). Net income: ฿6.68b (down 33% from 3Q 2019). Profit margin: 26% (down from 31% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 17% share price gain to ฿94.25, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 8x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 54%. Is New 90 Day High Low • Nov 10
New 90-day high: ฿94.25 The company is up 11% from its price of ฿85.25 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿60.85 per share. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 21% share price gain to ฿94.25, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 8x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 54%. Analyst Estimate Surprise Post Earnings • Oct 22
Third-quarter earnings released: Earnings beat expectations Earnings per share (EPS) surpassed analyst estimates by 6.7% at ฿2.82. Revenue is forecast to grow 44% over the next year, compared to a 35% growth forecast for the Banks industry in Thailand. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿25.0b, down 32% from the prior year. Total revenue was ฿106.0b over the last 12 months, down 14% from the prior year. 
