Financials Krung Thai Bank

Equities

KTB

TH0150010Z03

Banks

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
16.5 ^THB	+0.61%		+3.12%	-10.33%

Apr. 23	Thai PM asks banks to top lower interest rates to help economy	RE
Apr. 19	Krung Thai Bank Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	229,207	155,134	184,484	247,376	257,160	230,605	-	-
Enterprise Value (EV) ¹	229,207	155,134	184,484	247,376	257,160	230,605	230,605	230,605
P/E ratio	7.85 x	9.25 x	8.57 x	7.34 x	7.02 x	5.89 x	5.76 x	5.52 x
Yield	4.59%	2.48%	3.17%	3.85%	4.72%	5.73%	5.98%	6.15%
Capitalization / Revenue	1.82 x	1.27 x	1.59 x	1.97 x	1.72 x	1.48 x	1.47 x	1.44 x
EV / Revenue	1.82 x	1.27 x	1.59 x	1.97 x	1.72 x	1.48 x	1.47 x	1.44 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.68 x	0.45 x	0.51 x	0.66 x	0.64 x	0.54 x	0.51 x	0.47 x
Nbr of stocks (in thousands)	13,976,061	13,976,061	13,976,061	13,976,061	13,976,061	13,976,061	-	-
Reference price ²	16.40	11.10	13.20	17.70	18.40	16.50	16.50	16.50
Announcement Date	1/21/20	1/21/21	1/21/22	1/20/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	125,658	122,247	115,786	125,391	149,465	155,314	156,431	160,451
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	63,184	68,783	63,055	70,620	87,309	85,375	86,855	88,636
Operating Margin	50.28%	56.27%	54.46%	56.32%	58.41%	54.97%	55.52%	55.24%
Earnings before Tax (EBT) ¹	39,370	23,880	30,531	46,283	50,223	51,788	54,821	56,400
Net income ¹	29,284	16,732	21,588	33,698	36,616	39,454	40,258	41,476
Net margin	23.3%	13.69%	18.65%	26.87%	24.5%	25.4%	25.74%	25.85%
EPS ²	2.090	1.200	1.540	2.410	2.620	2.800	2.863	2.990
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.7530	0.2750	0.4180	0.6820	0.8680	0.9447	0.9866	1.014
Announcement Date	1/21/20	1/21/21	1/21/22	1/20/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	28,334	29,929	29,685	29,464	-	31,589	-	35,272	35,715	70,987	38,888	39,590	40,703	39,002	38,820	38,844	39,722
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,241	15,214	17,441	16,947	34,389	17,276	18,956	21,622	21,686	-	22,155	21,845	22,972	-	-	-	-
Operating Margin	53.79%	50.84%	58.75%	57.52%	-	54.69%	-	61.3%	60.72%	-	56.97%	55.18%	56.44%	-	-	-	-
Earnings before Tax (EBT) ¹	7,104	6,982	11,971	11,279	-	11,609	11,424	13,518	13,932	-	13,998	8,775	14,943	-	-	-	-
Net income ¹	5,055	4,944	8,780	8,358	17,139	8,450	8,109	10,067	10,156	20,223	10,282	6,111	11,078	10,003	-	-	-
Net margin	17.84%	16.52%	29.58%	28.37%	-	26.75%	-	28.54%	28.44%	28.49%	26.44%	15.44%	27.22%	25.65%	-	-	-
EPS ²	0.3600	0.3500	0.6300	0.6000	1.230	0.6000	0.5800	0.7200	0.7300	1.450	0.7400	0.4400	0.7900	0.8405	0.6857	0.7572	-
Dividend per Share ²	-	-	-	-	-	-	0.6820	-	-	-	-	0.8680	-	-	-	0.9564	-
Announcement Date	10/20/21	1/21/22	4/21/22	7/21/22	7/21/22	10/21/22	1/20/23	4/19/23	7/21/23	7/21/23	10/19/23	1/19/24	4/19/24	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.09%	4.91%	6.14%	9.15%	9.4%	9.47%	9.17%	8.84%
ROA (Net income/ Total Assets)	1.02%	0.53%	0.63%	0.93%	1.01%	1.11%	1.1%	1.13%
Assets ¹	2,875,777	3,170,002	3,442,285	3,609,247	3,635,055	3,540,066	3,649,128	3,684,264
Book Value Per Share ²	24.20	24.60	25.80	26.90	28.80	30.70	32.60	35.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/21/20	1/21/21	1/21/22	1/20/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Krung Thai Bank

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16.5 THB

Average target price

19.53 THB

Spread / Average Target

+18.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Banks