TISCO Financial Group Public Company Limited

SET:TISCO Stock Report

Market Cap: ฿77.1b

TISCO Financial Group Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: TISCO (THB96.25) is trading below our estimate of fair value (THB114.87)

Significantly Below Fair Value: TISCO is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TISCO. This is calculated by dividing TISCO's market cap by their current earnings.
What is TISCO's PE Ratio?
PE Ratio11x
Earnings฿6.98b
Market Cap฿77.06b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TISCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8x
TCAP Thanachart Capital
7.7x6.9%฿52.2b
KKP Kiatnakin Phatra Bank
9.9x11.5%฿42.2b
TTB TMBThanachart Bank
8.4x4.7%฿174.3b
BAY Bank of Ayudhya
6x0.8%฿185.7b
TISCO TISCO Financial Group
11x0.2%฿77.1b

Price-To-Earnings vs Peers: TISCO is expensive based on its Price-To-Earnings Ratio (11x) compared to the peer average (8x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TISCO 11.0xIndustry Avg. 8.6xNo. of Companies74PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TISCO is expensive based on its Price-To-Earnings Ratio (11x) compared to the Asian Banks industry average (8.6x).

Price to Earnings Ratio vs Fair Ratio

What is TISCO'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.

TISCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11x
Fair PE Ratio7x

Price-To-Earnings vs Fair Ratio: TISCO is expensive based on its Price-To-Earnings Ratio (11x) compared to the estimated Fair Price-To-Earnings Ratio (7x).

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 TISCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿96.25
฿99.74
+3.6%
6.4%฿110.00฿89.00n/a17
Nov ’25฿96.75
฿100.06
+3.4%
6.1%฿110.00฿89.00n/a17
Oct ’25฿96.50
฿99.29
+2.9%
7.2%฿110.00฿82.00n/a17
Sep ’25฿95.50
฿99.71
+4.4%
8.8%฿116.00฿82.00n/a17
Aug ’25฿92.00
฿99.47
+8.1%
9.1%฿116.00฿82.00n/a17
Jul ’25฿96.00
฿101.18
+5.4%
10.0%฿118.00฿78.00n/a17
Jun ’25฿97.75
฿101.67
+4.0%
9.8%฿118.00฿78.00n/a17
May ’25฿97.25
฿101.55
+4.4%
9.9%฿118.00฿78.00n/a17
Apr ’25฿99.50
฿103.31
+3.8%
9.7%฿118.00฿78.00n/a17
Mar ’25฿100.00
฿103.93
+3.9%
9.8%฿118.00฿78.00n/a16
Feb ’25฿99.25
฿104.24
+5.0%
9.6%฿118.00฿78.00n/a16
Jan ’25฿99.75
฿106.94
+7.2%
9.1%฿118.00฿78.00n/a17
Dec ’24฿97.25
฿106.94
+10.0%
9.6%฿118.00฿76.00n/a17
Nov ’24฿97.00
฿107.41
+10.7%
9.3%฿118.00฿76.00฿96.7517
Oct ’24฿98.75
฿106.88
+8.2%
8.4%฿117.00฿76.00฿96.5017
Sep ’24฿102.00
฿106.88
+4.8%
8.4%฿117.00฿76.00฿95.5017
Aug ’24฿100.50
฿106.71
+6.2%
8.3%฿117.00฿76.00฿92.0017
Jul ’24฿97.00
฿105.15
+8.4%
9.1%฿117.00฿72.50฿96.0017
Jun ’24฿97.00
฿105.44
+8.7%
9.3%฿117.00฿72.50฿97.7517
May ’24฿90.25
฿105.74
+17.2%
9.0%฿117.00฿72.50฿97.2517
Apr ’24฿100.50
฿107.44
+6.9%
9.1%฿117.00฿72.50฿99.5017
Mar ’24฿102.50
฿107.74
+5.1%
9.3%฿121.00฿72.50฿100.0017
Feb ’24฿102.50
฿107.74
+5.1%
9.3%฿121.00฿72.50฿99.2517
Jan ’24฿99.25
฿105.38
+6.2%
9.0%฿119.00฿74.00฿99.7516
Dec ’23฿97.75
฿104.18
+6.6%
9.5%฿119.00฿74.00฿97.2517
Nov ’23฿96.00
฿104.00
+8.3%
9.9%฿119.00฿74.00฿97.0018

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

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