Krung Thai Bank PCL KGTFY

FinancialsBanking ServicesThailand

Last close 25.87 USD on Nov 1, 2026, +57.8% year to date

Quant rating

Quant rating A+ Rank 8 of 304 in Financials

Growth B 95 of 304
Valuation C 247 of 304
Quality B 51 of 304
Revisions B 56 of 304
Momentum A 20 of 304

Wall Street consensus Buy (2.22)Average target 1.41 USD −94.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.2B
Enterprise value: 21.0B
52-week range: 16.39 – 25.87
3-year range: 9.18 – 25.87
Dividend yield: 4.97%
Beta (5 years): –
Shares outstanding: 13,982M
Next earnings: Jan 21, 2027

About the company

Krung Thai Bank Public Company Limited (the Bank) is a Thailand-based company engaged in the commercial banking business and conducts its business through a nationwide branch network and in certain centers of the world. Its segments include Retail banking, Corporate banking, and Treasury and investment. Retail banking segment develops financial products and services and provides services for individual customers relating to deposits, loans, and payment for goods and services and sale of products released by its subsidiaries and business alliances through its network of branches nationwide. Corporate banking segment provides credit facilities and financial services to corporate clients. Treasury and investment segment controls the Bank’s financial structure to maintain appropriate levels and enables the generation of profit from its equity investment, international business and excess liquidity, and supervises overseas branches and companies in which the Bank has invested, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,695	4,819	4,436	3,279	3,155	–
Revenue growth	−2.6%	8.6%	35.3%	3.9%	−16.0%	4.6%
EPS (basic, normalized)	0.12	0.11	0.08	0.07	0.05	–
EPS growth	10.6%	25.7%	16.8%	43.4%	17.0%	22.2%
Gross margin	–	–	–	–	–	–
Net margin	32.6%	28.0%	24.0%	29.7%	20.6%	27.0%
ROE	10.6%	10.4%	9.4%	9.2%	6.1%	9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	3,498
Net debt (mil)	–
Total equity (mil)	13,685
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	4,695	−2.6%	4.5x	1.06	+18.4%	24.3x	0.11	+19.6%	233.9x
2026	4,458	−5.1%	4.7x	0.99	−6.8%	26.1x	0.10	−6.7%	250.8x
2027	4,516	+1.3%	4.7x	0.99	+0.1%	26.1x	0.11	+3.5%	242.2x
2028	4,693	+3.9%	4.5x	1.01	+1.9%	25.6x	0.11	+4.7%	231.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,458	−0.7%	−0.7%	+1.9%	0.10	+0.3%	+1.3%	+6.5%
2027	4,516	−0.3%	−0.4%	+1.6%	0.11	+0.9%	+1.7%	+6.9%
2028	4,693	−0.2%	−0.1%	+2.4%	0.11	+1.0%	+2.5%	+6.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	40,703	39,449	40,557	38,394	40,287	40,171	42,527	37,643	39,472	37,480
Sales mean (mil)	39,216	39,367	39,002	39,324	39,598	38,175	41,314	39,217	36,472	36,396
Surprise	+3.8%	+0.2%	+4.0%	−2.4%	+1.7%	+5.2%	+2.9%	−4.0%	+8.2%	+3.0%
EPS reported	0.79	0.80	0.79	0.75	0.84	0.80	1.05	0.77	0.89	0.87
EPS mean	0.75	0.75	0.75	0.69	0.80	0.75	0.98	0.79	0.79	0.75
Surprise	+4.9%	+6.4%	+5.5%	+8.0%	+4.8%	+6.3%	+6.7%	−2.0%	+13.0%	+15.7%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
KGTFY Krung Thai Bank PCL	18.2B	–	32.6%	1.24x	250.8x	242.2x	26.1x	26.1x
BNCDY Banca Mediolanum S.p.A.	18.6B	–	99.2%	0.80x	27.7x	27.1x	3.6x	3.3x
BNDSY Banco de Sabadell, S.A.	18.3B	–	20.2%	1.22x	22.6x	20.5x	2.7x	2.6x
ERBKY Eurobank SA	18.2B	–	28.3%	1.58x	19.8x	17.0x	3.0x	2.7x
EWBC East West Bancorp, Inc.	17.9B	15.4%	30.9%	1.20x	12.1x	11.1x	1.9x	1.7x
BPCGY Banco Comercial Portugues, SA	17.8B	–	23.3%	1.58x	148.9x	127.0x	21.3x	20.1x
Mean		15.4%	39.1%	1.27x	80.3x	74.2x	9.8x	9.4x
Median		15.4%	29.6%	1.23x	25.1x	23.8x	3.3x	3.0x

Technical analysis

1M0.0%
3M+6.4%
1Y+73.3%
3Y+121.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Krung Thai Bank PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	4,695	4,819	4,436	3,279	3,155	3,756
Total interest expense	1,335	1,342	1,134	667	646	815
Net interest income	3,360	3,477	3,302	2,612	2,509	2,941
Loan loss provision	976	919	1,080	704	979	1,495
Net interest income after loan loss provision	2,384	2,558	2,222	1,908	1,530	1,446
Non-interest income	2,070	1,564	1,288	1,331	1,273	1,375
Non-interest expense	−2,386	−2,325	−2,048	−1,902	−1,884	−2,026
Net income before taxes	2,068	1,797	1,462	1,337	919	795
Provision for taxes	409	338	288	262	180	148
Minority interest & equity in affiliates	−127	−112	−108	−101	−89.3	−90.1
Other	0	0	0	0	0	0
Net income before extraordinary items	1,532	1,347	1,066	974	650	557
Extraordinary items	–	–	–	–	–	–
Net income	1,532	1,347	1,066	974	650	557
Basic weighted average shares (mil)	13,976	13,976	13,976	13,976	13,976	13,976
Diluted weighted average shares (mil)	13,976	13,976	13,976	13,976	13,976	13,976
Basic EPS excluding extraordinary items	0.11	0.10	0.08	0.07	0.05	0.04
Basic EPS, normalized	0.12	0.11	0.08	0.07	0.05	0.04

Balance sheet in millions of USD, fiscal years

Balance sheet, Krung Thai Bank PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	1,961	1,660	1,619	1,780	1,912	2,269
Other earning assets	37,699	29,503	30,867	27,297	26,541	28,212
Net loans	80,220	73,693	69,962	69,877	73,898	72,714
Property, plant & equipment	1,053	955	1,015	1,007	1,077	973
Goodwill	–	–	–	–	–	–
Intangibles	666	568	566	438	326	200
Long-term investments	707	471	394	356	661	979
Other long-term assets	227	219	185	130	144	196
Other assets	2,413	2,110	2,457	2,912	2,474	5,236
Total assets	124,947	109,179	107,065	103,797	107,034	110,778
Liabilities
Accounts payable	355	315	274	250	234	276
Payable/accrued	–	–	–	–	–	–
Accrued expenses	741	612	548	437	370	383
Total deposits	99,692	87,193	85,286	82,847	87,604	91,138
Other bearing liabilities	–	–	–	–	–	0
Short-term borrowings	–	–	–	–	–	0
Current portion of long-term debt	51.7	47.6	49.1	–	–	–
Long-term debt	4,024	3,927	4,752	4,474	4,156	3,032
Minority interest	724	600	538	470	423	386
Other liabilities	4,611	3,639	3,904	4,446	3,411	4,130
Total liabilities	110,200	96,332	95,351	92,924	96,199	99,345
Shareholders' equity
Preferred stock	0.9	0.8	0.8	0.8	0.9	0.9
Common stock	2,286	2,101	2,095	2,080	2,166	2,396
Additional paid-in capital	662	608	607	602	627	694
Retained earnings (accumulated deficit)	11,010	9,447	8,430	7,553	7,304	7,742
Treasury stock	–	–	–	–	–	–
Other equity	788	689	581	637	738	602
Total equity	14,747	12,847	11,714	10,873	10,835	11,434
Total liabilities & shareholders' equity	124,947	109,179	107,065	103,797	107,034	110,778

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Krung Thai Bank PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,068	1,730	1,462	1,337	919	795
Depreciation, depletion & amortization	218	195	191	175	161	167
Deferred taxes	–	–	–	–	–	–
Non-cash items	−3,453	−3,208	−3,025	−2,422	−2,212	−3,079
Changes in working capital	7,524	5,320	1,358	−915	719	2,257
Cash from operations	6,356	4,037	−14.6	−1,824	−413	141
Investing activities
Capital expenditures	−274	−208	−417	−140	−188	−195
Other investing cash flows	−4,720	−2,483	375	1,654	−657	860
Cash from investing	−4,994	−2,692	−42.0	1,514	−845	665
Financing activities
Financing cash flow items	−54.8	−48.5	−43.8	−37.8	−30.2	−38.3
Cash dividends paid	−877	−354	−278	−169	−116	−350
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−275	−905	205	462	1,261	−427
Cash from financing	−1,207	−1,308	−116	255	1,115	−816
Foreign exchange effects	−0.9	−0.4	−0.8	−1.6	4.4	1.5
Net change in cash	154	36.9	−174	−56.4	−139	−9.1
Free cash flow	6,082	3,828	−432	−1,964	−601	−54.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.