Kasikornbank Valuation

Is KBANK-R undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KBANK-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KBANK-R (THB150) is trading below our estimate of fair value (THB259.71)

Significantly Below Fair Value: KBANK-R is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KBANK-R?

Key metric: As KBANK-R is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KBANK-R. This is calculated by dividing KBANK-R's market cap by their current earnings.
What is KBANK-R's PE Ratio?
PE Ratio	7.5x
Earnings	฿47.51b
Market Cap	฿355.40b

KBANK-R key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

How does KBANK-R's PE Ratio compare to its peers?

The above table shows the PE ratio for KBANK-R vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	7.2x
SCB SCB X	9x	5.0%	฿387.2b
BBL Bangkok Bank	6.5x	3.6%	฿283.5b
KTB Krung Thai Bank	7.3x	6.0%	฿286.5b
BAY Bank of Ayudhya	5.9x	0.8%	฿183.9b
KBANK-R Kasikornbank	7.5x	6.2%	฿355.4b

Price-To-Earnings vs Peers: KBANK-R is expensive based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (7.2x).

Price to Earnings Ratio vs Industry

How does KBANK-R's PE Ratio compare vs other companies in the Asian Banks Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KBANK-R is good value based on its Price-To-Earnings Ratio (7.5x) compared to the Asian Banks industry average (8.6x).

Price to Earnings Ratio vs Fair Ratio

What is KBANK-R's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KBANK-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.5x
Fair PE Ratio	8.7x

Price-To-Earnings vs Fair Ratio: KBANK-R is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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