Krungthai Card PCL KGTHY

FinancialsBanking ServicesThailand

Last close 10.20 USD on Nov 1, 2026, +38.6% year to date

Quant rating

Quant rating B Rank 67 of 304 in Financials

Growth B 111 of 304
Valuation C 132 of 304
Quality A 18 of 304
Revisions B 90 of 304
Momentum C 182 of 304

Wall Street consensus Buy (1.93)Average target 1.28 USD −87.5%

Historical valuation

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

Key data

Market cap: 2.7B
Enterprise value: 4.1B
52-week range: 7.16 – 11.45
3-year range: 7.16 – 17.23
Dividend yield: 5.29%
Beta (5 years): 0.27
Shares outstanding: 2,578M
Next earnings: Jan 12, 2027

About the company

Krungthai Card Public Company Limited is a Thailand-based company, which is engaged in credit card, personal loan, and other related businesses. The Company operates a credit card business as its main business, including credit card related business, merchant acquiring business, payment service, as well as a personal loan business, which includes personal loan business under supervision and auto title loan. Its lending portfolio covers personal loans business under supervision, auto title loans, occupational retail lending business under supervision, and hire purchase and leasing business. The Company offers various types of credit cards, such as Generic Credit Card, Co-Branded Card, Affinity Credit Card, Government Services Credit Card, and Corporate Credit Card. Its services include payment of goods and services in lieu of cash and cash advance and other supplementary services. It is also engaged in debt collection business.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	723	659	628	559	539	–
Revenue growth	9.8%	4.9%	12.3%	3.8%	−14.4%	2.8%
EPS (basic, normalized)	0.10	0.08	0.08	0.08	0.07	–
EPS growth	13.9%	2.0%	4.0%	15.6%	−0.3%	6.8%
Gross margin	–	–	–	–	–	–
Net margin	34.2%	33.0%	33.8%	36.6%	32.8%	34.1%
ROE	–	19.7%	21.8%	25.5%	25.0%	23.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	90.4
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	799
Net debt (mil)	1,491
Total equity (mil)	1,376
Net debt / equity	1.08x

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	723	+9.8%	5.7x	0.55	+20.2%	18.7x	0.10	+14.7%	106.1x
2026	783	+8.2%	5.3x	0.53	−2.3%	19.2x	0.10	+2.5%	103.5x
2027	805	+2.9%	5.1x	0.57	+7.4%	17.8x	0.10	+3.9%	99.6x
2028	833	+3.4%	5.0x	0.59	+4.1%	17.1x	0.11	+3.7%	96.0x

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	783	0.0%	+0.1%	+0.7%	0.10	+0.2%	+1.5%	+4.0%
2027	805	0.0%	+0.4%	+1.0%	0.10	0.0%	+2.1%	+4.5%
2028	833	+0.2%	+1.1%	+2.1%	0.11	+0.4%	+1.6%	+3.8%

Earnings surprises EPS beat in 4 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)	6,763	6,781	6,890	7,022	6,832	6,812	6,906	7,145	6,889	6,834
Sales mean (mil)	5,985	6,349	6,436	–	6,470	–	–	–	6,503	6,525
Surprise	+13.0%	+6.8%	+7.0%	–	+5.6%	–	–	–	+5.9%	+4.7%
EPS reported	0.70	0.71	0.74	0.73	0.72	0.73	0.76	0.81	0.84	0.86
EPS mean	0.64	0.70	0.72	0.74	0.73	0.71	0.75	0.73	0.81	0.81
Surprise	+10.2%	+1.4%	+2.1%	−1.4%	−1.4%	+2.1%	+1.3%	+10.2%	+4.3%	+5.7%

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
KGTHY Krungthai Card PCL	2.7B	–	34.2%	–	103.5x	99.6x	19.2x	17.8x
NBTB NBT Bancorp Inc.	2.7B	12.2%	23.8%	1.18x	12.5x	11.5x	1.5x	1.4x
ZNKKY Zenkoku Hosho Co Ltd	2.7B	–	55.4%	–	6.1x	5.8x	0.8x	0.8x
AOZOY Aozora Bank, Ltd.	2.7B	–	16.0%	1.37x	3.6x	3.1x	0.2x	0.2x
FBK FB Financial Corporation	2.6B	11.0%	14.7%	1.14x	11.5x	10.6x	1.3x	1.2x
FBNC First Bancorp (North Carolina)	2.6B	14.8%	19.8%	1.25x	13.3x	12.5x	1.5x	1.3x
Mean		12.7%	27.3%	1.24x	25.1x	23.9x	4.1x	3.8x
Median		12.2%	21.8%	1.21x	12.0x	11.0x	1.4x	1.3x

Technical analysis

1M−6.9%
3M−1.0%
1Y+18.4%
3Y−9.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Krungthai Card PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	723	659	628	559	539	630
Total interest expense	–	–	–	–	–	–
Net interest income	723	659	628	559	539	630
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	332	270	264	256	218	229
Provision for taxes	92.0	54.8	52.9	52.5	44.1	45.7
Minority interest & equity in affiliates	7.1	1.4	1.3	0.7	2.7	−5.8
Other	0	0	0	0	0	0
Net income before extraordinary items	247	217	212	205	177	178
Extraordinary items	–	–	–	–	–	–
Net income	247	217	212	205	177	178
Basic weighted average shares (mil)	2,578	2,578	2,578	2,578	2,578	2,578
Diluted weighted average shares (mil)	2,578	2,578	2,578	2,578	2,578	2,578
Basic EPS excluding extraordinary items	0.10	0.08	0.08	0.08	0.07	0.07
Basic EPS, normalized	0.10	0.08	0.08	0.08	0.07	0.07

Balance sheet in millions of USD, fiscal years

Balance sheet, Krungthai Card PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	18.7	23.6	27.0	19.6	23.3	32.7
Goodwill	–	–	–	–	–	–
Intangibles	12.1	10.6	11.3	14.0	13.5	16.2
Long-term investments	0	0.1	4.6	3.1	2.6	2.6
Other long-term assets	64.4	80.6	74.3	71.0	72.8	80.5
Other assets	–	–	–	–	–	–
Total assets	3,511	3,242	3,284	2,941	2,692	3,049
Liabilities
Accounts payable	66.8	57.3	102	52.6	22.7	48.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	53.0	49.4	49.7	45.3	43.6	48.9
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	508	385	368	139	292	300
Long-term debt	948	1,139	1,305	1,358	1,081	1,164
Minority interest	−4.2	2.6	4.8	6.4	7.5	43.7
Other liabilities	537	446	417	435	438	685
Total liabilities	2,108	2,080	2,245	2,035	1,885	2,290
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	81.9	75.3	75.1	74.5	77.6	85.8
Additional paid-in capital	60.1	55.2	55.1	54.7	56.9	63.0
Retained earnings (accumulated deficit)	1,261	1,032	908	777	673	610
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0.2	0.1	0	0
Total equity	1,403	1,162	1,039	906	808	759
Total liabilities & shareholders' equity	3,511	3,242	3,284	2,941	2,692	3,049

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Krungthai Card PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	332	270	264	256	218	229
Depreciation, depletion & amortization	15.9	15.3	15.6	15.9	17.9	17.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	243	251	219	182	209	269
Changes in working capital	−295	−362	−437	−578	−194	−333
Cash from operations	296	175	61.2	−124	251	182
Investing activities
Capital expenditures	−6.2	−8.3	−9.8	−6.7	−6.9	−11.3
Other investing cash flows	0	3.9	−0.4	0.1	−16.5	−2.1
Cash from investing	−6.1	−4.4	−10.2	−6.5	−23.4	−13.4
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−108	−95.6	−86.3	−74.5	−68.3	−75.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−169	−142	127	199	−154	−72.3
Cash from financing	−277	−237	41.0	125	−222	−148
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	13.0	−66.6	92.0	−5.2	5.0	20.8
Free cash flow	290	167	51.4	−130	244	171

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.