Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿85.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Banks industry in Thailand. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿103 per share. Price Target Changed • Aug 01
Price target increased by 18% to ฿68.40 Up from ฿58.00, the current price target is an average from 5 analysts. New target price is 13% below last closing price of ฿78.25. Stock is up 62% over the past year. The company is forecast to post earnings per share of ฿7.88 for next year compared to ฿7.33 last year. Reported Earnings • May 15
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿2.02 (up from ฿1.58 in 1Q 2025). Revenue: ฿2.87b (up 26% from 1Q 2025). Net income: ฿2.12b (up 28% from 1Q 2025). Profit margin: 74% (up from 73% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 5.0% 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 9% per year whereas the company’s share price has increased by 6% per year. Anuncio • May 15
Thanachart Capital Public Company Limited to Report Q1, 2026 Results on May 14, 2026 Thanachart Capital Public Company Limited announced that they will report Q1, 2026 results on May 14, 2026 Upcoming Dividend • Apr 09
Upcoming dividend of ฿2.20 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 30 April 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Thai dividend payers (7.4%). In line with average of industry peers (6.2%). Declared Dividend • Feb 21
Final dividend of ฿2.20 announced Shareholders will receive a dividend of ฿2.20. Ex-date: 16th April 2026 Payment date: 30th April 2026 Dividend yield will be 5.6%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (48% 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 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 21
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿7.33 (up from ฿6.34 in FY 2024). Revenue: ฿10.4b (down 4.8% from FY 2024). Net income: ฿7.68b (up 16% from FY 2024). Profit margin: 74% (up from 61% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 2.0%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 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 10% per year whereas the company’s share price has increased by 14% per year. Anuncio • Feb 20
Thanachart Capital Public Company Limited, Annual General Meeting, Apr 03, 2026 Thanachart Capital Public Company Limited, Annual General Meeting, Apr 03, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿1.98 (up from ฿1.55 in 3Q 2024). Revenue: ฿2.79b (up 6.7% from 3Q 2024). Net income: ฿2.08b (up 28% from 3Q 2024). Profit margin: 74% (up from 62% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 3.1% 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 8% per year and the company’s share price has also increased by 8% per year. Declared Dividend • Sep 03
First half dividend increased to ฿1.30 Dividend of ฿1.30 is 4.0% higher than last year. Ex-date: 12th September 2025 Payment date: 30th September 2025 Dividend yield will be 6.6%, 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 (49% forecast payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿1.95 (vs ฿1.84 in 2Q 2024) Second quarter 2025 results: EPS: ฿1.95 (up from ฿1.84 in 2Q 2024). Revenue: ฿2.78b (down 11% from 2Q 2024). Net income: ฿2.05b (up 6.4% from 2Q 2024). Profit margin: 74% (up from 62% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.5% 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 7% per year whereas the company’s share price has increased by 8% per year. Anuncio • Jul 02
TMBThanachart Bank Public Company Limited (SET:TTB) completed the acquisition of an additional 89.97% stake in Thanachart Securities Public Company Limited from Thanachart Capital Public Company Limited (SET:TCAP) for approximately THB 2.1 billion. TMBThanachart Bank Public Company Limited (SET:TTB) signed the non-binding memorandum of understanding to acquire an additional 89.97% stake in Thanachart Securities Public Company Limited from Thanachart Capital Public Company Limited (SET:TCAP) for THB 3 billion on November 7, 2024. The payment will be made in cash on the date the Transaction is completed. The payment will be in accordance with the terms and conditions specified in the SPA. Upon completion, TMBThanachart Bank Public Company Limited will own 99.97% stake in Thanachart Securities Public Company Limited and the bank plans to nominate individuals from the bank to serve as the directors of Thanachart Securities. The Bank plans to execute this Transaction using internal funds, specifically the surplus from existing equity.
As of February 28, 2025, The Board of Directors has considered and endorsed to propose to the annual general meeting of shareholders to consider and approve the acquisition of 89.97% of shares in Thanachart Securities Public Company Limited from Thanachart Capital Public Company Limited, which would enhance TTB's capabilities and competitiveness by leveraging the strengths of Thanachart Securities Public Company Limited, a leading securities company with a strong financial position and extensive business experience. As of March 6, 2025, TMBThanachart Bank Public Company Limited signed a Share Purchase Agreement to acquire an additional 89.97% stake in Thanachart Securities Public Company Limited from Thanachart Capital Public Company Limited.
The Bank's obligations to complete the Transaction under the SPA is subject to the fulfilment of the following conditions precedent, including but not limited to: (a) The Bank and counterparty receives approval from its shareholders to enter into the Transaction. (o) The Bank obtains the necessary approvals related to the Transaction from the Bank of Thailand ("BOT") and the Securities and Exchange Commission. (c) Thanachart Securities reduces its capital to an appropriate level to align with the economic conditions and future business operations. This capital reduction will be carried out in accordance with the relevant regulations and laws, as well as the guidelines and procedures of the relevant regulatory authorities. The deal has been approved by the board. As of April 2, 2025, Thanachart Capital Public Company Limited shareholders approved the sale of all Thanachart Securities Public Company Limited’s ordinary shares held by the Thanachart Capital Public Company Limited to TMBThanachart Bank Public Company Limited. The transaction is expected to be completed in the third quarter of 2025.
TMBThanachart Bank Public Company Limited (SET:TTB) completed the acquisition of an additional 89.97% stake in Thanachart Securities Public Company Limited from Thanachart Capital Public Company Limited (SET:TCAP) for approximately THB 2.1 billion on July 1, 2025. All the condition precedent under the Share Purchase Agreement were fulfilled, Thanachart Capital transferred all of its 2,698,959,721 shares in Thanachart Securities, representing 89.97% with full payment received for the shares. In this regard, Thanachart Capital received approximately THB 2.062 billion for the shares, an amount equal to the book value adjusted by agreed-upon items. Major Estimate Revision • May 20
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ฿12.6b to ฿11.0b. EPS estimate increased from ฿6.68 to ฿6.76 per share. Net income forecast to grow 8.1% next year vs 2.0% growth forecast for Banks industry in Thailand. Consensus price target of ฿54.00 unchanged from last update. Share price was steady at ฿49.00 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿1.63 (down from ฿1.68 in 1Q 2024). Revenue: ฿2.50b (down 14% from 1Q 2024). Net income: ฿1.71b (down 3.0% from 1Q 2024). Profit margin: 69% (up from 60% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) exceeded analyst estimates by 2.5%. Revenue is forecast to grow 3.3% 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 8% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Apr 04
Upcoming dividend of ฿2.05 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 6.6%. Lower than top quartile of Thai dividend payers (7.7%). In line with average of industry peers (6.5%). Anuncio • Apr 03
Thanachart Capital Public Company Limited NVDR Shares Deleted from OTC Equity Thanachart Capital Public Company Limited NVDR Shares (Thailand) has been deleted from OTC Equity effective April 02, 2025, due to Inactive Security. Declared Dividend • Feb 22
Final dividend increased to ฿2.05 Dividend of ฿2.05 is 2.5% higher than last year. Ex-date: 11th April 2025 Payment date: 30th April 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Nov 18
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿15.8b to ฿12.6b. EPS estimate fell from ฿6.77 to ฿6.59 per share. Net income forecast to grow 8.7% next year vs 3.9% growth forecast for Banks industry in Thailand. Consensus price target up from ฿53.40 to ฿54.80. Share price fell 3.4% to ฿49.00 over the past week. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿1.55 (vs ฿1.73 in 3Q 2023) Third quarter 2024 results: EPS: ฿1.55 (down from ฿1.73 in 3Q 2023). Revenue: ฿2.62b (down 12% from 3Q 2023). Net income: ฿1.62b (down 11% from 3Q 2023). Profit margin: 62% (in line with 3Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 9.6% 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 11% per year. Upcoming Dividend • Sep 05
Upcoming dividend of ฿1.25 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (6.6%). In line with average of industry peers (6.0%). Reported Earnings • Aug 06
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿1.84 (up from ฿1.70 in 2Q 2023). Revenue: ฿3.11b (up 2.2% from 2Q 2023). Net income: ฿1.93b (up 8.4% from 2Q 2023). Profit margin: 62% (up from 58% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 4.5%. Revenue is forecast to grow 15% 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 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿1.68 (vs ฿1.51 in 1Q 2023) First quarter 2024 results: EPS: ฿1.68 (up from ฿1.51 in 1Q 2023). Revenue: ฿2.92b (up 3.1% from 1Q 2023). Net income: ฿1.76b (up 12% from 1Q 2023). Profit margin: 60% (up from 56% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% 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 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 27
Consensus revenue estimates increase by 31% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿12.9b to ฿17.0b. EPS estimate unchanged at ฿6.72. Net income forecast to grow 7.7% next year vs 4.7% growth forecast for Banks industry in Thailand. Consensus price target of ฿52.00 unchanged from last update. Share price was steady at ฿49.25 over the past week. Upcoming Dividend • Apr 11
Upcoming dividend of ฿2.00 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Thai dividend payers (5.8%). In line with average of industry peers (5.8%). Declared Dividend • Feb 23
Final dividend of ฿2.00 announced Shareholders will receive a dividend of ฿2.00. Ex-date: 18th April 2024 Payment date: 3rd May 2024 Dividend yield will be 6.4%, which is higher than the industry average of 4.6%. Sustainability & Growth Dividend is covered by earnings (52% payout ratio) and is expected to be covered in 3 years' time (42% forecast payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Anuncio • Feb 22
Thanachart Capital Public Company Limited, Annual General Meeting, Apr 05, 2024 Thanachart Capital Public Company Limited, Annual General Meeting, Apr 05, 2024, at 14:00 SE Asia Standard Time. Agenda: To approve the Minutes of 2023 Annual Meeting of Shareholders; to acknowledge the report of the Board of Directors on the Company’s business operations in 2023; to consider approve the statements of financial position and the statements of comprehensive income for the year ended 31 December 2023; and to consider other matters. Reported Earnings • Feb 22
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ฿6.30 (up from ฿4.98 in FY 2022). Revenue: ฿11.3b (up 8.0% from FY 2022). Net income: ฿6.60b (up 27% from FY 2022). Profit margin: 58% (up from 50% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Banks industry in Thailand are expected to grow by 11%. 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. Buying Opportunity • Jan 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be ฿61.44, 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 7.5%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Anuncio • Jan 02
Thanachart Capital Public Company Limited Announces Change of CFO Thanachart Capital Public Company Limited announced termination of Mr. KAMTORN TANTISIRIVAT as CFO (Executive Vice President), Effective Date is December 31, 2023. The company appointed Mrs. THANAWAN CHAISITHIKARNKHA as CFO (Executive Vice President), Effective Date is January 01, 2024. Buying Opportunity • Nov 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be ฿60.45, 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 7.5%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿1.73 (vs ฿1.26 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.73 (up from ฿1.26 in 3Q 2022). Revenue: ฿2.96b (up 13% from 3Q 2022). Net income: ฿1.81b (up 37% from 3Q 2022). Profit margin: 61% (up from 51% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Thailand are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be ฿60.43, 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 3.5%. Revenue is forecast to decline by 1.2% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Buying Opportunity • Oct 16
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿63.11, 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 3.5%. Revenue is forecast to decline by 1.2% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Buying Opportunity • Sep 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ฿60.80, 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 3.5%. Revenue is forecast to decline by 1.2% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿1.69 (vs ฿1.69 in 2Q 2022) Second quarter 2023 results: EPS: ฿1.69 (in line with 2Q 2022). Revenue: ฿3.04b (down 4.3% from 2Q 2022). Net income: ฿1.78b (flat on 2Q 2022). Profit margin: 58% (up from 56% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Banks industry in Thailand are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 05
Now 21% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be ฿61.64, 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 2.7%. Revenue is forecast to decline by 1.7% in 2 years. Earnings is forecast to grow by 22% in the next 2 years. Buying Opportunity • Jun 02
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be ฿64.35, 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 2.7%. Revenue is forecast to decline by 1.7% in 2 years. Earnings is forecast to grow by 22% in the next 2 years. Price Target Changed • May 26
Price target increased by 7.6% to ฿48.67 Up from ฿45.25, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿50.25. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿5.88 for next year compared to ฿4.98 last year. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ฿1.51 (vs ฿0.99 in 1Q 2022) First quarter 2023 results: EPS: ฿1.51 (up from ฿0.99 in 1Q 2022). Revenue: ฿2.83b (up 19% from 1Q 2022). Net income: ฿1.58b (up 52% from 1Q 2022). Profit margin: 56% (up from 44% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 23
Price target increased by 7.2% to ฿45.25 Up from ฿42.20, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿43.50. Stock is up 7.4% over the past year. The company is forecast to post earnings per share of ฿5.95 for next year compared to ฿4.98 last year. Upcoming Dividend • Apr 11
Upcoming dividend of ฿1.90 per share at 6.9% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (4.2%). Reported Earnings • Feb 24
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ฿4.98 (down from ฿5.04 in FY 2021). Revenue: ฿10.5b (down 2.1% from FY 2021). Net income: ฿5.22b (down 1.3% from FY 2021). Profit margin: 50% (in line with FY 2021). Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 5.4%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 14% 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 fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 23
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿5.17 to ฿5.95. Revenue forecast steady at ฿12.9b. Net income forecast to grow 3.2% next year vs 5.0% growth forecast for Banks industry in Thailand. Consensus price target of ฿43.50 unchanged from last update. Share price was steady at ฿42.75 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿1.26 (vs ฿1.27 in 3Q 2021) Third quarter 2022 results: EPS: ฿1.26 (down from ฿1.27 in 3Q 2021). Revenue: ฿2.61b (up 1.5% from 3Q 2021). Net income: ฿1.33b (flat on 3Q 2021). Profit margin: 51% (down from 52% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% 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 30% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Thanachart Numnonda 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. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿1.26 (vs ฿1.27 in 3Q 2021) Third quarter 2022 results: EPS: ฿1.26 (down from ฿1.27 in 3Q 2021). Revenue: ฿2.61b (up 1.5% from 3Q 2021). Net income: ฿1.33b (flat on 3Q 2021). Profit margin: 51% (down from 52% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% 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 30% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Thanachart Numnonda 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. Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ฿1.69 (up from ฿1.06 in 2Q 2021). Revenue: ฿3.18b (up 27% from 2Q 2021). Net income: ฿1.77b (up 60% from 2Q 2021). Profit margin: 56% (up from 44% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the next year, revenue is forecast to grow 2.2%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.99 (down from ฿1.03 in 1Q 2021). Revenue: ฿2.38b (down 5.1% from 1Q 2021). Net income: ฿1.04b (down 3.9% from 1Q 2021). Profit margin: 44% (in line with 1Q 2021). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 9.5% compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to ฿42.17 Up from ฿39.13, the current price target is an average from 6 analysts. New target price is 6.1% above last closing price of ฿39.75. Stock is up 6.7% over the past year. The company is forecast to post earnings per share of ฿4.90 for next year compared to ฿5.04 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Thanachart Numnonda 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. Upcoming Dividend • Apr 12
Upcoming dividend of ฿1.80 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.5%). Major Estimate Revision • Mar 08
Consensus revenue estimates increase by 25% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿9.47b to ฿11.9b. EPS estimate increased from ฿4.48 to ฿4.83 per share. Net income forecast to shrink 0.3% next year vs 12% growth forecast for Banks industry in Thailand . Consensus price target up from ฿37.96 to ฿41.67. Share price was steady at ฿42.25 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿5.04 (down from ฿6.26 in FY 2020). Revenue: ฿10.7b (down 13% from FY 2020). Net income: ฿5.29b (down 21% from FY 2020). Profit margin: 49% (down from 54% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 12% compared to a 36% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿1.27 (vs ฿0.61 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.57b (up 40% from 3Q 2020). Net income: ฿1.33b (up 109% from 3Q 2020). Profit margin: 52% (up from 35% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 06
Upcoming dividend of ฿1.20 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 28 September 2021. Trailing yield: 8.2%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿1.06 (vs ฿0.98 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿2.50b (up 5.7% from 2Q 2020). Net income: ฿1.11b (up 7.5% from 2Q 2020). Profit margin: 44% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿1.03 (vs ฿3.87 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.51b (down 60% from 1Q 2020). Net income: ฿1.08b (down 75% from 1Q 2020). Profit margin: 43% (down from 69% 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 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿1.80 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 19 May 2021. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.9%). Major Estimate Revision • Mar 09
Analysts lower EPS estimates to ฿3.91 The 2021 consensus revenue estimate was lowered from ฿10.2b to ฿9.60b. Earning per share (EPS) estimate was also lowered from ฿4.41 to ฿3.91 for the same period. Net income is expected to shrink by 37% next year compared to 12% growth forecast for the Banks industry in Thailand . The consensus price target of ฿36.44 was unchanged from the last update. Share price is up 2.9% to ฿35.25 over the past week. Major Estimate Revision • Mar 04
Analysts lower EPS estimates to ฿3.88 The 2021 consensus revenue estimate was lowered from ฿10.2b to ฿9.60b. Earning per share (EPS) estimate was also lowered from ฿4.41 to ฿3.88 for the same period. Net income is expected to shrink by 38% next year compared to 12% growth forecast for the Banks industry in Thailand . The consensus price target was lowered from ฿36.78 to ฿36.44. Share price is up 8.5% to ฿35.25 over the past week. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿6.26 (vs ฿1.51 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿12.3b (up 56% from FY 2019). Net income: ฿6.67b (up 286% from FY 2019). Profit margin: 54% (up from 22% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% 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 • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is expected to shrink by 17% compared to a 44% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Dec 08
New 90-day high: ฿36.00 The company is up 15% from its price of ฿31.25 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿32.68 per share. Is New 90 Day High Low • Nov 20
New 90-day high: ฿33.75 The company is up 10.0% from its price of ฿30.75 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿31.42 per share. Is New 90 Day High Low • Oct 20
New 90-day low: ฿27.00 The company is down 21% from its price of ฿34.25 on 22 July 2020. The Thai market is down 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿33.16 per share. Is New 90 Day High Low • Sep 22
New 90-day low: ฿30.50 The company is down 16% from its price of ฿36.50 on 24 June 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 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿36.01 per share. 
