Krung Thai Bank Public Company Limited

SET:KTB Stock Report

Market Cap: ฿285.1b

Krung Thai Bank Valuation

Is KTB 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 KTB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KTB (THB20.4) is trading below our estimate of fair value (THB47.34)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KTB?

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

The above table shows the Price to Earnings ratio for KTB. This is calculated by dividing KTB's market cap by their current earnings.
What is KTB's PE Ratio?
PE Ratio7.2x
Earnings฿39.49b
Market Cap฿285.11b

Price to Earnings Ratio vs Peers

How does KTB's PE Ratio compare to its peers?

The above table shows the PE ratio for KTB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.2x
BBL Bangkok Bank
6.5x3.6%฿285.4b
KBANK Kasikornbank
7.4x6.2%฿353.0b
SCB SCB X
8.9x4.6%฿385.5b
BAY Bank of Ayudhya
6x0.8%฿185.7b
KTB Krung Thai Bank
7.2x6.0%฿285.1b

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

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KTB 7.2xIndustry Avg. 8.4xNo. of Companies79PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KTB is good value based on its Price-To-Earnings Ratio (7.2x) compared to the Asian Banks industry average (8.4x).

Price to Earnings Ratio vs Fair Ratio

What is KTB'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.

KTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.2x
Fair PE Ratio8.6x

Price-To-Earnings vs Fair Ratio: KTB is good value based on its Price-To-Earnings Ratio (7.2x) compared to the estimated Fair Price-To-Earnings Ratio (8.6x).

Analyst Price Targets

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

The above table shows the analyst KTB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿20.40
฿23.33
+14.3%
8.4%฿26.00฿18.10n/a20
Nov ’25฿20.70
฿23.00
+11.1%
8.8%฿25.00฿18.10n/a20
Oct ’25฿20.80
฿22.20
+6.7%
8.0%฿25.00฿18.10n/a20
Sep ’25฿18.30
฿20.71
+13.2%
8.6%฿24.00฿17.40n/a20
Aug ’25฿17.80
฿20.50
+15.2%
9.5%฿24.00฿16.50n/a20
Jul ’25฿17.10
฿19.82
+15.9%
14.1%฿24.00฿13.00n/a19
Jun ’25฿17.20
฿19.61
+14.0%
13.7%฿24.00฿13.00n/a19
May ’25฿16.80
฿19.53
+16.2%
13.7%฿24.00฿13.00n/a19
Apr ’25฿16.90
฿19.53
+15.6%
13.8%฿24.00฿13.00n/a19
Mar ’25฿16.20
฿20.60
+27.2%
13.8%฿26.00฿13.00n/a20
Feb ’25฿15.90
฿20.77
+30.6%
13.4%฿26.00฿13.00n/a20
Jan ’25฿18.40
฿22.42
+21.8%
10.2%฿26.00฿16.50n/a20
Dec ’24฿18.20
฿22.68
+24.6%
8.4%฿26.00฿18.10n/a19
Nov ’24฿18.70
฿22.14
+18.4%
13.3%฿26.00฿12.50฿20.7020
Oct ’24฿19.00
฿21.62
+13.8%
12.9%฿24.50฿12.50฿20.8020
Sep ’24฿19.40
฿21.57
+11.2%
13.3%฿24.50฿12.50฿18.3020
Aug ’24฿20.50
฿21.49
+4.9%
13.6%฿24.50฿12.50฿17.8019
Jul ’24฿19.40
฿20.68
+6.6%
14.8%฿24.50฿12.50฿17.1019
Jun ’24฿19.10
฿20.34
+6.5%
15.0%฿24.50฿12.50฿17.2019
May ’24฿18.00
฿19.96
+10.9%
14.6%฿24.50฿12.50฿16.8019
Apr ’24฿16.50
฿19.11
+15.8%
15.4%฿24.50฿12.50฿16.9019
Mar ’24฿17.30
฿19.19
+11.0%
15.4%฿24.50฿12.50฿16.2019
Feb ’24฿17.60
฿19.01
+8.0%
14.3%฿24.00฿12.50฿15.9019
Jan ’24฿17.70
฿17.70
0%
15.7%฿23.00฿12.10฿18.4019
Dec ’23฿17.70
฿17.83
+0.7%
16.1%฿23.00฿12.10฿18.2020
Nov ’23฿17.50
฿17.47
-0.2%
14.9%฿21.00฿12.10฿18.7020

Analyst Forecast: Target price is less than 20% higher than the current share price.

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