TMBThanachart Bank Public Company Limited

SET:TTB Stock Report

Market Cap: ฿174.3b

TMBThanachart Bank Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: TTB (THB1.79) is trading below our estimate of fair value (THB3.62)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TTB. This is calculated by dividing TTB's market cap by their current earnings.
What is TTB's PE Ratio?
PE Ratio8.4x
Earnings฿20.79b
Market Cap฿174.35b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TTB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average6.8x
BAY Bank of Ayudhya
6x0.8%฿185.7b
BBL Bangkok Bank
6.4x3.6%฿280.6b
KTB Krung Thai Bank
7.2x6.0%฿283.7b
KBANK Kasikornbank
7.5x6.2%฿354.2b
TTB TMBThanachart Bank
8.4x4.7%฿174.3b

Price-To-Earnings vs Peers: TTB is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (6.8x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TTB 8.4xIndustry Avg. 8.6xNo. of Companies75PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TTB is good value based on its Price-To-Earnings Ratio (8.4x) compared to the Asian Banks industry average (8.6x).

Price to Earnings Ratio vs Fair Ratio

What is TTB'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.

TTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.4x
Fair PE Ratio8.1x

Price-To-Earnings vs Fair Ratio: TTB is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (8.1x).

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 TTB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿1.79
฿2.06
+15.2%
7.8%฿2.30฿1.68n/a18
Nov ’25฿1.78
฿2.07
+16.3%
7.7%฿2.30฿1.68n/a19
Oct ’25฿1.96
฿2.10
+6.9%
9.1%฿2.53฿1.68n/a20
Sep ’25฿1.85
฿2.02
+9.1%
8.5%฿2.30฿1.65n/a20
Aug ’25฿1.69
฿2.03
+20.3%
9.7%฿2.50฿1.65n/a20
Jul ’25฿1.72
฿2.04
+18.8%
8.8%฿2.50฿1.63n/a19
Jun ’25฿1.69
฿2.05
+21.5%
9.8%฿2.50฿1.63n/a18
May ’25฿1.81
฿2.02
+11.5%
11.9%฿2.50฿1.44n/a19
Apr ’25฿1.82
฿2.01
+10.3%
12.3%฿2.50฿1.44n/a19
Mar ’25฿1.85
฿1.95
+5.6%
13.1%฿2.50฿1.44n/a18
Feb ’25฿1.80
฿1.95
+8.5%
13.1%฿2.50฿1.44n/a18
Jan ’25฿1.67
฿1.78
+6.4%
9.4%฿2.00฿1.44n/a18
Dec ’24฿1.55
฿1.79
+15.3%
9.7%฿2.00฿1.44n/a17
Nov ’24฿1.63
฿1.79
+9.5%
9.9%฿2.00฿1.44฿1.7818
Oct ’24฿1.72
฿1.71
-0.6%
8.8%฿2.00฿1.50฿1.9617
Sep ’24฿1.70
฿1.71
+0.6%
8.8%฿2.00฿1.50฿1.8517
Aug ’24฿1.72
฿1.69
-1.8%
8.4%฿1.90฿1.45฿1.6917
Jul ’24฿1.55
฿1.62
+4.7%
7.7%฿1.84฿1.35฿1.7217
Jun ’24฿1.62
฿1.62
+0.1%
7.7%฿1.84฿1.35฿1.6917
May ’24฿1.45
฿1.55
+6.9%
11.5%฿1.84฿1.00฿1.8118
Apr ’24฿1.42
฿1.53
+7.8%
10.2%฿1.75฿1.00฿1.8218
Mar ’24฿1.39
฿1.52
+9.6%
9.8%฿1.70฿1.00฿1.8518
Feb ’24฿1.47
฿1.52
+3.2%
10.1%฿1.70฿1.00฿1.8018
Jan ’24฿1.41
฿1.44
+2.3%
10.3%฿1.65฿1.00฿1.6717
Dec ’23฿1.39
฿1.45
+4.0%
10.0%฿1.65฿1.00฿1.5518
Nov ’23฿1.37
฿1.44
+4.9%
9.7%฿1.65฿1.00฿1.6318

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

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