Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: ฿0.89 (vs ฿0.84 in 1Q 2025) First quarter 2026 results: EPS: ฿0.89 (up from ฿0.84 in 1Q 2025). Revenue: ฿31.7b (down 1.2% from 1Q 2025). Net income: ฿12.4b (up 6.2% from 1Q 2025). Profit margin: 39% (up from 37% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% 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 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 03
Upcoming dividend of ฿2.24 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 30 April 2026. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (7.4%). In line with average of industry peers (6.2%). Reported Earnings • Mar 03
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ฿3.45 (up from ฿3.30 in FY 2024). Revenue: ฿129.9b (flat on FY 2024). Net income: ฿48.2b (up 4.5% from FY 2024). Profit margin: 37% (up from 35% in FY 2024). Non-performing loans: 3.42% (down from 3.52% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 01
Final dividend of ฿2.24 announced Shareholders will receive a dividend of ฿2.24. Ex-date: 10th April 2026 Payment date: 30th April 2026 Dividend yield will be 7.8%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by earnings (77% payout ratio) and is expected to be covered in 3 years' time (61% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 2.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 23
Price target increased by 7.5% to ฿32.60 Up from ฿30.32, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of ฿33.25. Stock is up 41% over the past year. The company is forecast to post earnings per share of ฿3.29 for next year compared to ฿3.45 last year. New Risk • Jan 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 22
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ฿3.45 (up from ฿3.14 in FY 2024). Revenue: ฿129.9b (up 1.4% from FY 2024). Net income: ฿48.2b (up 10.0% from FY 2024). Profit margin: 37% (up from 34% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.7% 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 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 04
Upcoming dividend of ฿0.43 per share Eligible shareholders must have bought the stock before 11 November 2025. Payment date: 27 November 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (6.0%). Reported Earnings • Oct 22
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿1.05 (up from ฿0.79 in 3Q 2024). Revenue: ฿35.3b (up 9.6% from 3Q 2024). Net income: ฿14.6b (up 32% from 3Q 2024). Profit margin: 41% (up from 34% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 5.7% 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 12% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Jul 22
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ฿0.80 (in line with 2Q 2024). Revenue: ฿31.9b (up 1.5% from 2Q 2024). Net income: ฿11.1b (flat on 2Q 2024). Profit margin: 35% (in line with 2Q 2024). Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 6.3%. Revenue is forecast to grow 7.7% 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 13% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 21
Krung Thai Bank Public Company Limited to Report Q2, 2025 Results on Aug 29, 2025 Krung Thai Bank Public Company Limited announced that they will report Q2, 2025 results on Aug 29, 2025 Announcement • Jun 23
Krung Thai Bank Public Company Limited to Report Q2, 2025 Results on Jul 21, 2025 Krung Thai Bank Public Company Limited announced that they will report Q2, 2025 results on Jul 21, 2025 Board Change • May 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Phongsaward Neelayodhin was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.84 (up from ฿0.79 in 1Q 2024). Revenue: ฿32.1b (down 1.9% from 1Q 2024). Net income: ฿11.7b (up 5.7% from 1Q 2024). Profit margin: 37% (up from 34% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Apr 09
Upcoming dividend of ฿1.55 per share Eligible shareholders must have bought the stock before 16 April 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 7.3%. Lower than top quartile of Thai dividend payers (8.3%). In line with average of industry peers (7.1%). Announcement • Mar 24
Krung Thai Bank Public Company Limited Proposes Ordinary Share Dividends, Payable on 2 May 2025 Krung Thai Bank Public Company Limited announced a dividend payment for the year 2024. The ordinary shareholders will receive THB 1.5450 per share. The record date for determining the shareholders eligible to receive the dividend is set for 17 April 2025. The dividend payment is scheduled to be made on 2 May 2025. Reported Earnings • Feb 24
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿3.14 (up from ฿2.62 in FY 2023). Revenue: ฿128.0b (up 14% from FY 2023). Net income: ฿43.9b (up 20% from FY 2023). Profit margin: 34% (up from 33% in FY 2023). The increase in margin was driven by higher revenue. Non-performing loans: 3.52% (down from 3.85% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Declared Dividend • Feb 21
Dividend increased to ฿1.55 Dividend of ฿1.55 is 78% higher than last year. Ex-date: 16th April 2025 Payment date: 2nd May 2025 Dividend yield will be 6.4%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 27
Krung Thai Bank Public Company Limited Announces Board Changes Krung Thai Bank Public Company Limited announced that Mr. Thanwa Laohasiriwong, Director and Independent Director, will complete his tenure as the Independent Director on 25th January 2025. Based on the Bank of Thailand's regulations specifying that the Independent Director can serve up no more than nine years. The period of appointment of Independent Directors in financial institutions business group shall be counted while still holding the position of the director. The Board of Directors' Meeting No. 2/2025 (1146) on 22nd January 2025 resolved to appointed Mr.Teerapong Wongsiwawilas to serve as Member of the Audit Committee in place of Mr. Thanwa Laohasiriwong who resigned. It will be effective from 26th January 2025 onwards. And appointed the Audit Committee for another term, the list of Audit Committee is as follows: Mr. Vichai Assarasakorn, Chairman of the Audit Committee, Ms. Jiraphon Kawswat, Member of the Audit Committee, Mr. Teerapong Wongsiwawilas, Member of the Audit Committee. This is effective after the 32nd Annual General Meeting (2025), the term is 3 years and has the same scope of duties and responsibilities in all aspects. In this regard, the Bank has attached the form to report on members' name and the scope of work of the Audit Committee herewith. Reported Earnings • Jan 22
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿3.14 (up from ฿2.62 in FY 2023). Revenue: ฿128.0b (up 14% from FY 2023). Net income: ฿43.9b (up 20% from FY 2023). Profit margin: 34% (up from 33% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. 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 18% per year and the company’s share price has also increased by 18% per year. Reported Earnings • Oct 22
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ฿0.79 (up from ฿0.74 in 3Q 2023). Revenue: ฿32.2b (up 4.9% from 3Q 2023). Net income: ฿11.1b (up 8.0% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 8.5% 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 20% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Aug 31
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: ฿0.80 (up from ฿0.73 in 2Q 2023). Revenue: ฿31.4b (up 13% from 2Q 2023). Net income: ฿11.2b (up 10% from 2Q 2023). Profit margin: 36% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.9% 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 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 22
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: ฿0.80 (up from ฿0.73 in 2Q 2023). Revenue: ฿31.4b (up 13% from 2Q 2023). Net income: ฿11.2b (up 10% from 2Q 2023). Profit margin: 36% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. 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 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 20
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ฿0.79 (up from ฿0.72 in 1Q 2023). Revenue: ฿32.7b (up 20% from 1Q 2023). Net income: ฿11.1b (up 10% from 1Q 2023). Profit margin: 34% (down from 37% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 9.6% 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 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.87 per share Eligible shareholders must have bought the stock before 17 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (5.9%). Reported Earnings • Mar 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿2.62 (up from ฿2.41 in FY 2022). Revenue: ฿112.4b (up 11% from FY 2022). Net income: ฿36.6b (up 8.7% from FY 2022). Profit margin: 33% (in line with FY 2022). Non-performing loans: 3.85% (down from 3.89% in FY 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 11% 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 31% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Krung Thai Bank PCL Proposes Dividend for the Year 2023, Payable on May 3, 2024 Krung Thai Bank PCL at its board meeting held on February 28, 2024, approved to propose at its Annual Ordinary General Meeting to be held on April 5, 2024, dividend payment for 2023, to the holders of ordinary shares at the rate of THB 0.8680 per share. The Bank has gathered the Record Date on which shareholders have the right to receive the dividend on April 18, 2024, and the dividend payment shall be made on May 3, 2024. Ex-dividend date is April 17, 2024. Declared Dividend • Mar 01
Dividend increased to ฿0.87 Dividend of ฿0.87 is 27% higher than last year. Ex-date: 17th April 2024 Payment date: 3rd May 2024 Dividend yield will be 5.4%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (25% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Feb 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Nimit Suwannarat was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jan 29
Price target decreased by 7.2% to ฿20.77 Down from ฿22.37, the current price target is an average from 20 analysts. New target price is 27% above last closing price of ฿16.30. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of ฿2.82 for next year compared to ฿2.62 last year. Reported Earnings • Jan 20
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿2.62 (up from ฿2.41 in FY 2022). Revenue: ฿112.4b (up 11% from FY 2022). Net income: ฿36.6b (up 8.7% from FY 2022). Profit margin: 33% (in line with FY 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 16% p.a. on average during the next 2 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 31% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Jan 20
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Virasak Sutanthavibul was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jan 17
Krung Thai Bank PCL Announces Board Changes Krung Thai Bank PCL announced that the board of directors' meeting no. 24/2566 (1120) on 13 December 2023 passed resolutions are as follows: appointed Lt.Gen. Nimit Suwannarat as Director (in place of Mr. Poonnis Sakuntanaga who resigned.) and Independent Director of the Bank and appointed Mr. Pinsai Suraswadi as Director of the Bank. (in place of Mr. Krisada Chinavicharana who resigned. It will be effective from 15 January 2024 onwards. This has been already approved by the Bank of Thailand. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Chairman Lavaron Sangsnit was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 25
Krung Thai Bank Public Company Limited to Report Q3, 2023 Results on Nov 14, 2023 Krung Thai Bank Public Company Limited announced that they will report Q3, 2023 results on Nov 14, 2023 Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ฿0.74 (up from ฿0.60 in 3Q 2022). Revenue: ฿30.7b (up 19% from 3Q 2022). Net income: ฿10.3b (up 22% from 3Q 2022). Profit margin: 34% (in line with 3Q 2022). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 9.9% 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 30% per year whereas the company’s share price has increased by 31% per year. Reported Earnings • Aug 26
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿0.73 (up from ฿0.60 in 2Q 2022). Revenue: ฿28.0b (up 18% from 2Q 2022). Net income: ฿10.2b (up 22% from 2Q 2022). Profit margin: 36% (up from 35% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 10% 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 25% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • Jul 22
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿0.73 (up from ฿0.60 in 2Q 2022). Revenue: ฿28.0b (up 18% from 2Q 2022). Net income: ฿10.2b (up 22% from 2Q 2022). Profit margin: 36% (up from 35% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 13% 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 25% per year whereas the company’s share price has increased by 26% per year. Board Change • Jun 20
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Jiraphon Kawswat was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Attapol Attaworadej was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 24
Now 21% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be ฿22.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 35% in 2 years. Earnings is forecast to grow by 5.8% in the next 2 years. Reported Earnings • Apr 22
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ฿0.72 (up from ฿0.63 in 1Q 2022). Revenue: ฿27.2b (up 12% from 1Q 2022). Net income: ฿10.1b (up 15% from 1Q 2022). Profit margin: 37% (in line with 1Q 2022). Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Apr 11
Upcoming dividend of ฿0.68 per share at 4.0% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (6.0%). In line with average of industry peers (4.2%). Board Change • Mar 31
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Teerapong Wongsiwawilas was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be ฿21.25, 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 7.0%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 3.8% per annum over the same time period. Buying Opportunity • Feb 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be ฿21.13, 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 7.0%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 3.8% per annum over the same time period. Buying Opportunity • Jan 31
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿21.99, 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 7.0%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 3.5% per annum over the same time period. Reported Earnings • Jan 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ฿2.41 (up from ฿1.55 in FY 2021). Revenue: ฿101.1b (up 21% from FY 2021). Net income: ฿33.7b (up 56% from FY 2021). Profit margin: 33% (up from 26% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Buying Opportunity • Dec 30
Now 20% undervalued Over the last 90 days, the stock is up 6.0%. The fair value is estimated to be ฿22.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 38% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • Dec 07
Now 21% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be ฿22.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 37% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: ฿0.60 (up from ฿0.36 in 3Q 2021). Revenue: ฿25.9b (up 28% from 3Q 2021). Net income: ฿8.45b (up 67% from 3Q 2021). Profit margin: 33% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.2% 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 fallen by 2% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: ฿0.60 (up from ฿0.36 in 3Q 2021). Revenue: ฿25.9b (up 28% from 3Q 2021). Net income: ฿8.45b (up 67% from 3Q 2021). Profit margin: 33% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.8% 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 fallen by 2% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Jul 22
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.60 (up from ฿0.43 in 2Q 2021). Revenue: ฿23.8b (up 15% from 2Q 2021). Net income: ฿8.36b (up 39% from 2Q 2021). Profit margin: 35% (up from 29% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 35%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Board Change • May 31
High number of new directors Director Kulaya Tantitemit was the last director to join the board, commencing their role in 2021. Board Change • Apr 27
High number of new directors Director Kulaya Tantitemit was the last director to join the board, commencing their role in 2021. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.42 per share Eligible shareholders must have bought the stock before 20 April 2022. Payment date: 06 May 2022. 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 (5.1%). Lower than average of industry peers (3.6%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿1.55 (up from ฿1.20 in FY 2020). Revenue: ฿83.3b (up 7.7% from FY 2020). Net income: ฿21.6b (up 29% from FY 2020). Profit margin: 26% (up from 22% 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 2.0%. Over the next year, revenue is forecast to grow 45%, compared to a 36% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kulaya Tantitemit was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kulaya Tantitemit was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ฿0.36 (vs ฿0.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿20.2b (up 13% from 3Q 2020). Net income: ฿5.05b (up 65% from 3Q 2020). Profit margin: 25% (up from 17% 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 19% per year whereas the company’s share price has fallen by 16% per year. Executive Departure • Oct 03
Executive Director Patricia Mongkhonvanit has left the company On the 23rd of September, Patricia Mongkhonvanit's tenure as Executive Director ended. We don't have any record of a personal shareholding under Patricia's name. Patricia is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.25 years. Executive Departure • Sep 25
Executive Director Patricia Mongkhonvanit has left the company On the 23rd of September, Patricia Mongkhonvanit's tenure as Executive Director ended. We don't have any record of a personal shareholding under Patricia's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 1.83 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 25
Executive Director Patricia Mongkhonvanit has left the company On the 23rd of September, Patricia Mongkhonvanit's tenure as Executive Director ended. We don't have any record of a personal shareholding under Patricia's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 1.83 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS ฿0.43 (vs ฿0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿20.8b (up 17% from 2Q 2020). Net income: ฿6.01b (up 60% from 2Q 2020). Profit margin: 29% (up from 21% 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 16% per year whereas the company’s share price has fallen by 17% per year. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ฿0.43 (vs ฿0.23 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿20.8b (up 17% from 2Q 2020). Net income: ฿6.01b (up 60% from 2Q 2020). Profit margin: 29% (up from 21% 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 17% per year whereas the company’s share price has fallen by 18% per year. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.40 (vs ฿0.46 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿20.6b (down 8.1% from 1Q 2020). Net income: ฿5.58b (down 14% from 1Q 2020). Profit margin: 27% (down from 29% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ฿0.40 (vs ฿0.46 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿20.6b (down 8.1% from 1Q 2020). Net income: ฿5.58b (down 14% from 1Q 2020). Profit margin: 27% (down from 29% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.28 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 07 May 2021. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.9%). Announcement • Mar 06
Krung Thai Bank Public Company Limited, Annual General Meeting, Apr 09, 2021 Krung Thai Bank Public Company Limited, Annual General Meeting, Apr 09, 2021, at 07:00 Coordinated Universal Time. Location: Athenee Crystal Hall, 3rd floor, The Athenee Hotel, a Luxury Collection Hotel, Bangkok, No. 61 Wireless Road, Lumpini Subdistrict, Pathumwan District, Bangkok Thailand Agenda: To consider and acknowledge the Board of Directors annual report; To consider and approve the Financial Statement for the year ending 31st December 2020; To consider and approve the appropriation of the 2020 net profit and dividend payment; To consider and approve the Directors remuneration; To consider the election of Directors to replace those who are retiring upon completion of their terms of office; To consider the election of the Bank s auditor and fix the audit fee; and other business. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿1.20 (vs ฿2.09 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿77.3b (down 24% from FY 2019). Net income: ฿16.7b (down 43% from FY 2019). Profit margin: 22% (down from 29% 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 3% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 56%, compared to a 44% growth forecast for the Banks industry in Thailand. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ฿1.20 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿77.3b (down 24% from FY 2019). Net income: ฿16.7b (down 43% from FY 2019). Profit margin: 22% (down from 29% 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 3% 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 • Jan 22
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 57%, compared to a 40% growth forecast for the Banks industry in Thailand. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 15% share price gain to ฿12.80, the stock is trading at a trailing P/E ratio of 8.6x, up from the previous P/E ratio of 7.5x. This compares to an average P/E of 10x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 28%. Is New 90 Day High Low • Jan 07
New 90-day high: ฿12.20 The company is up 37% from its price of ฿8.90 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿8.35 per share. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.22 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿17.9b (down 27% from 3Q 2019). Net income: ฿3.06b (down 52% from 3Q 2019). Profit margin: 17% (down from 26% in 3Q 2019). The decrease in margin was driven by lower revenue. 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 18% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 42%, compared to a 39% growth forecast for the Banks industry in Thailand. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 17% share price gain to ฿10.30, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 5.9x. 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 36%. Is New 90 Day High Low • Nov 10
New 90-day high: ฿10.30 The company is up 6.0% from its price of ฿9.70 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 ฿6.41 per share. Announcement • Oct 29
Krung Thai Bank Public Company Limited Appoints Krisada Chinavicharana as the Chairman of the Board Krung Thai Bank Public Company Limited appointed Krisada Chinavicharana as the Chairman of the Board, effective on 28th October 2020. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿20.7b, down 26% from the prior year. Total revenue was ฿84.8b over the last 12 months, down 14% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 23
Third-quarter earnings released: Earnings miss expectations Earnings per share (EPS) missed analyst estimates by 25% at ฿0.22. Revenue is forecast to grow 43% over the next year, compared to a 37% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Oct 15
New 90-day low: ฿8.70 The company is down 17% from its price of ฿10.50 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.98 per share. Announcement • Oct 02
Krung Thai Bank Public Company Limited Announces Resignation of Prasong Poontaneat as Chairman and Director Krung Thai Bank Public Company Limited announced that company have received the resignation letter of Chairman and Director of Mr. Prasong Poontaneat. The Resignation shall be effective from 1 October 2020 onwards. Is New 90 Day High Low • Sep 25
New 90-day low: ฿8.85 The company is down 13% from its price of ฿10.20 on 26 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Banks industry, which is also down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.19 per share. Announcement • Sep 22
Krung Thai Bank Public Company Limited Announces Resignation of Nontigorn Kanchanachitra as Director, Chairman of the Nomination and Remuneration Committee and Member of the Corporate Governance and Social Responsibility Committee Krung Thai Bank Public Company Limited announced that resignation of Mr.Nontigorn Kanchanachitra as Director, Chairman of the Nomination and Remuneration Committee and Member of the Corporate Governance and Social Responsibility Committee, with effect from September 20, 2020. 
