TISCO Financial Group PCL TSCFY

FinancialsBanking ServicesThailand

Last close 30.50 USD on Nov 2, 2026, 0.0% year to date

Quant rating

Quant rating C Rank 163 of 304 in Financials

Growth C 124 of 304
Valuation D 279 of 304
Quality A 33 of 304
Revisions A 25 of 304
Momentum D 277 of 304

Wall Street consensus Hold (3.12)Average target 3.66 USD −88.0%

Historical valuation

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

Key data

Market cap: 2.9B
Enterprise value: 3.2B
52-week range: – – –
3-year range: 24.18 – 32.03
Dividend yield: –
Beta (5 years): –
Shares outstanding: 801M
Next earnings: Jan 12, 2027

About the company

TISCO Financial Group Public Company Limited is a Thailand-based company. The Company is a holding company of TISCO Group, in which TISCO Bank Public Company Limited (TISCO Bank) is its core business. TISCO Bank engages in banking business with service areas including retail and small and medium-sized enterprise (SME) lending, corporate lending, retail deposit, private banking, bancassurance, cash management and custodian services. Its segments include commercial banking business, securities business, asset management business, and support business. It operates in Bangkok, Khon Kaen, Chanthaburi, Chonburi, Trang, Nakhon Pathom, Nonthaburi and more. The Company's subsidiaries include TISCO Bank Public Company Limited, TISCO Securities Co., Ltd., TISCO Asset Management Co., Ltd., Hi-Way Co., Ltd., TISCO Insurance Solution Co., Ltd., TISCO Information Technology Co., Ltd., TISCO Learning Center Co., Ltd., All-Ways Co., Ltd., Primus Leasing Co., Ltd., and TISCO Tokyo Leasing Co., Ltd.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	582	555	518	431	445	–
Revenue growth	4.8%	7.2%	20.2%	−3.3%	−20.2%	0.8%
EPS (basic, normalized)	0.26	0.25	0.27	0.26	0.26	–
EPS growth	5.0%	−5.2%	1.8%	2.2%	1.2%	0.9%
Gross margin	–	–	–	–	–	–
Net margin	36.4%	36.3%	41.1%	48.5%	45.9%	41.6%
ROE	15.4%	16.1%	17.1%	17.2%	16.8%	16.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	288
Net debt (mil)	–
Total equity (mil)	1,273
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	582	+4.8%	5.5x	1.72	+10.3%	17.7x	0.26	+6.4%	115.2x
2026	607	+4.4%	5.3x	1.53	−11.0%	19.9x	0.26	−1.8%	117.3x
2027	621	+2.3%	5.2x	1.57	+2.1%	19.5x	0.27	+4.2%	112.5x
2028	637	+2.5%	5.0x	1.58	+1.1%	19.2x	0.28	+3.6%	108.6x

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	607	+0.6%	+1.2%	+1.6%	0.26	+1.5%	+1.9%	+3.8%
2027	621	+0.8%	+1.4%	+1.4%	0.27	+1.4%	+2.2%	+3.9%
2028	637	+0.9%	+1.8%	+1.9%	0.28	+2.7%	+4.1%	+4.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	4,937	4,788	4,799	4,680	4,794	5,273	4,783	5,163	5,082	5,151
Sales mean (mil)	4,690	4,830	4,779	4,756	4,678	4,798	4,748	4,884	4,985	5,106
Surprise	+5.3%	−0.9%	+0.4%	−1.6%	+2.5%	+9.9%	+0.7%	+5.7%	+1.9%	+0.9%
EPS reported	2.18	2.14	2.14	2.05	2.05	2.16	2.05	2.17	2.20	2.25
EPS mean	2.12	2.14	2.13	1.97	1.96	2.02	2.06	2.06	2.15	2.21
Surprise	+2.7%	+0.2%	+0.7%	+4.2%	+4.6%	+7.1%	−0.7%	+5.6%	+2.4%	+1.6%

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
TSCFY TISCO Financial Group PCL	2.9B	–	36.4%	0.99x	117.3x	112.5x	19.9x	19.5x
CLBK Columbia Financial Inc	3.0B	14.0%	11.0%	1.03x	18.9x	14.7x	0.9x	0.9x
SUGBY Suruga Bank Ltd	3.0B	–	44.5%	1.38x	–	–	–	–
BANC Banc of California, Inc.	2.9B	11.7%	11.3%	1.12x	18.1x	8.8x	1.0x	0.9x
CUBB Customers Bancorp, Inc.	2.9B	–	15.4%	1.25x	2.4x	2.1x	0.3x	0.3x
CUBI Customers Bancorp, Inc.	2.9B	12.9%	15.4%	1.25x	10.1x	8.9x	1.3x	1.1x
Mean		12.8%	22.3%	1.17x	33.4x	29.4x	4.7x	4.5x
Median		12.9%	15.4%	1.19x	18.1x	8.9x	1.0x	0.9x

Technical analysis

1M–
3M–
1Y0.0%
3Y+19.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TISCO Financial Group PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	582	555	518	431	445	558
Total interest expense	153	159	123	62.7	70.2	122
Net interest income	429	396	395	368	375	436
Loan loss provision	74.3	40.1	10.5	20.9	62.1	111
Net interest income after loan loss provision	355	356	385	347	313	325
Non-interest income	214	180	167	174	207	204
Non-interest expense	−305	−285	−287	−261	−265	−278
Net income before taxes	264	251	265	260	256	252
Provision for taxes	52.2	49.4	52.1	51.0	51.4	49.9
Minority interest & equity in affiliates	0	0	0	0	0	0
Other	0	0	0	0	0	0
Net income before extraordinary items	212	201	213	209	204	202
Extraordinary items	–	–	–	–	–	–
Net income	212	201	213	209	204	202
Basic weighted average shares (mil)	801	801	801	801	801	801
Diluted weighted average shares (mil)	801	801	801	801	801	801
Basic EPS excluding extraordinary items	0.26	0.25	0.27	0.26	0.26	0.25
Basic EPS, normalized	0.26	0.25	0.27	0.26	0.26	0.25

Balance sheet in millions of USD, fiscal years

Balance sheet, TISCO Financial Group PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	26.3	26.6	26.7	29.0	33.2	40.6
Other earning assets	1,622	1,372	1,572	1,349	1,225	1,681
Net loans	7,196	6,530	6,547	5,986	5,754	7,090
Property, plant & equipment	126	123	124	102	106	127
Goodwill	–	–	–	–	–	–
Intangibles	1.4	1.8	2.3	2.9	3.9	7.1
Long-term investments	27.8	26.7	26.0	25.2	24.4	26.8
Other long-term assets	23.3	24.9	25.3	24.0	22.9	25.5
Other assets	211	123	140	151	161	171
Total assets	9,235	8,228	8,464	7,669	7,331	9,169
Liabilities
Accounts payable	66.3	64.7	74.4	59.6	68.5	102
Payable/accrued	–	–	–	–	–	–
Accrued expenses	137	129	138	128	132	151
Total deposits	7,098	6,340	6,322	5,619	5,255	6,967
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	6.7	6.5	5.8	–	–	–
Long-term debt	357	259	527	476	472	455
Minority interest	0.1	0.1	0.1	0.1	0.1	0.1
Other liabilities	192	173	161	150	165	182
Total liabilities	7,857	6,971	7,228	6,432	6,092	7,856
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	254	234	233	231	241	267
Additional paid-in capital	32.4	29.7	29.6	29.4	30.6	33.9
Retained earnings (accumulated deficit)	1,047	954	934	942	934	975
Treasury stock	–	–	–	–	–	–
Other equity	43.7	39.3	39.1	33.3	34.6	38.6
Total equity	1,378	1,256	1,236	1,236	1,240	1,314
Total liabilities & shareholders' equity	9,235	8,228	8,464	7,669	7,331	9,169

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TISCO Financial Group PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	264	251	265	260	256	252
Depreciation, depletion & amortization	19.0	17.7	16.5	15.4	17.8	21.9
Deferred taxes	–	–	–	–	–	0
Non-cash items	127	139	131	47.0	65.2	61.7
Changes in working capital	−120	−22.4	−189	−233	−250	294
Cash from operations	290	385	223	89.0	88.4	630
Investing activities
Capital expenditures	−3.5	−6.4	−11.8	−6.7	−3.2	−6.7
Other investing cash flows	−88.2	−35.5	23.5	119	70.7	−75.4
Cash from investing	−91.7	−41.9	11.8	112	67.6	−82.0
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−197	−181	−227	−165	−152	−207
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3.7	−163	−10.2	−38.3	−7.7	−337
Cash from financing	−201	−344	−237	−204	−159	−544
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−2.6	−0.3	−2.5	−2.8	−3.5	3.9
Free cash flow	286	379	211	82.3	85.2	623

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 2, 2026 after market close.