Krungthai Card PCL (KTC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Krungthai Card PCL stock THB 32.28, price THB 35.00, that is 7.8% below the price, quality 65 out of 100. Rating: fairly valued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 22.60 THB – 63.71 THB · fair‑value band 17.85 THB – 48.33 THB · the 35.00 THB price screens above the 32.28 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Krungthai Card Public Company Limited engages in the credit card, personal loan, and other related businesses in Thailand.
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It also involved in the merchant acquiring, payment services, provincial retail lending business, occupational retail lending business, e-money business, and hire purchase and leasing business. Krungthai Card Public Company Limited was incorporated in 1996 and is headquartered in Bangkok, Thailand.
Stock analysis
Krungthai Card PCL (KTC) currently trades at 35.00 THB, while our model-based Fair Value estimate is 32.28 THB, so the stock looks roughly fairly valued today (gap 8.4%).
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 41.41 THB per share, and 3 of the 13 models we run sit above the 35.00 THB price.
Bear case: the Asset-Based group reads lowest at 11.37 THB, and 10 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: 17.85 THB (bear) to 48.33 THB (bull), the price of 35.00 THB sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Krungthai Card PCL reported revenue of 24.7B THB in FY2025 versus 18.2B THB in FY2021, a compound +8.0%/yr. Reported net income was 7.7B THB in FY2025, compounding +6.9%/yr from FY2021.
Key figures
Market cap 90.9B THB (≈ $2.7B) Mid · P/E ratio 10.9 · P/S ratio 4.43 · EPS (TTM) 3.21 THB · Dividend yield 5.1% · Net margin 41.9% · Return on equity 19.3% · Return on assets (EBIT) 8.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at −8%, KTC screens richer than that median.
Fair Value models
Bear17.85 THBFair Value 32.28 THBBull48.33 THB
Price 35.00 THB · Downside -7.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.23 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
Start year 2020 (pandemic). Over 10 years: +6.2% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.7%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.9%
Dividend (yield on the price)5.1%
Per share before 2003divided by the spin-off factor 1.5909
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.9% vs 14.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.36% → 48%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +5.0% a year for the price and +2.4% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Credit Services · 283 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−7.8% · Below median
Profitability
Return on equity (12 months)19.3% · Top 25%
Return on assets6.9% · Top 25%
Net margin (12 months)41.9% · Top 25%
Operating margin (12 months)51.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)1.3% · Below median
Dividend yield (12 months)5.1% · Above median
Balance sheet
Debt / equity0.95× · Below median
Valuation Multiplesvs Credit Services median · lower = cheaper
P/E (12 months)10.9× · Pricier than median
P/B2.06× · Priciest 25%
P/S (12 months)4.43× · Pricier than median
Price / free cash flow (fiscal year)10.0× · Pricier than median
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Is Krungthai Card PCL (KTC) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 32.28 THB versus a price of 35.00 THB, about 8% lower (fairly valued).
What is the fair value of KTC?
Our model-based fair value for Krungthai Card PCL is 32.28 THB (as of Nov 2, 2026), built from audited fundamentals. The current price: 35.00 THB.
What is the quality score of KTC?
Krungthai Card PCL has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Krungthai Card PCL (KTC)?
Our model-based price target is the fair value of 32.28 THB (as of Nov 2, 2026) from 13 valuation models. Cautious scenario 17.85 THB, optimistic scenario 48.33 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Krungthai Card PCL stock forecast for 2026?
Our models put fair value at 32.28 THB, about 8% lower versus a price of 35.00 THB (fairly valued). Cautious scenario 17.85 THB, optimistic scenario 48.33 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Krungthai Card PCL (KTC)?
Krungthai Card PCL reported trailing-twelve-month revenue of about 20.5B THB (latest available figure, as of Nov 2, 2026).
Does Krungthai Card PCL pay a dividend?
Krungthai Card PCL currently shows a dividend yield of 5.06% relative to its recent price (as of Nov 2, 2026).
How much is the dividend of Krungthai Card PCL (KTC) and when is the ex-dividend date?
Krungthai Card PCL pays a dividend of 1.77 THB per share a year, a dividend yield of 5.1%. The last ex-dividend date was Apr 10, 2026. A dividend has been paid every year since 2013. The payout ratio is 55.1% of earnings. Free cash flow covers the dividend 2.00 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Krungthai Card PCL (KTC)?
For today's price to be fair in a discounted-cash-flow model, Krungthai Card PCL would have to grow free cash flow by +6.2 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.1 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of KTC use?
Our models discount Krungthai Card PCL at 10.1 %: a base by market capitalisation (mid), damped by beta 0.18, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Krungthai Card PCL that is +6.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Krungthai Card PCL (KTC) delivered so far?
Over the past 5 years revenue at Krungthai Card PCL grew +5.1 % a year. The price currently implies free-cash-flow growth of +6.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Krungthai Card PCL (KTC) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Krungthai Card PCL (+6.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Krungthai Card PCL (KTC)?
The free-cash-flow yield on the price is 10.03 %: that much free cash flow Krungthai Card PCL produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Krungthai Card PCL (KTC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Krungthai Card PCL it is 32.28 THB per share (as of Nov 2, 2026), against a price of 35.00 THB. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Krungthai Card PCL stock overvalued or undervalued in 2026?
As of Nov 2, 2026, KTC trades above its calculated fair value: price 35.00 THB, fair value 32.28 THB, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KTC?
No. The price is what the market pays today (35.00 THB); the fair value is what the company's own numbers justify (32.28 THB). For Krungthai Card PCL the two are 2.72 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Krungthai Card PCL worth?
The market values Krungthai Card PCL at about 90.9B THB (market capitalisation, as of Nov 2, 2026). Per share that is 35.00 THB; our models calculate a fair value of 32.28 THB per share.
What do the bullish and bearish scenarios say about KTC?
Our models span a range for Krungthai Card PCL: cautious scenario 17.85 THB, base 32.28 THB, optimistic 48.33 THB per share (as of Nov 2, 2026, price 35.00 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KTC?
Krungthai Card PCL trades at a price-to-earnings ratio of 10.9 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.28 THB is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 17.9. Other multiples: PEG 2.4, P/B 2.1, P/S 4.4, EV/EBITDA 10.6.
What is the PEG ratio of KTC?
The PEG ratio of Krungthai Card PCL is 2.44 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Krungthai Card PCL (KTC)?
Balance-sheet figures for Krungthai Card PCL (as of Nov 2, 2026): return on equity 19.3%, debt of 0.95 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is KTC from its 52-week high?
Krungthai Card PCL trades at 35.00 THB, about 14% below its 52-week high of 40.50 THB and 50% above the low of 23.35 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 32.28 THB is for.
Which stocks are comparable to Krungthai Card PCL?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Krungthai Card PCL stock attractive at the current price?
The data as of Nov 2, 2026: price 35.00 THB, calculated fair value 32.28 THB (−8%), Quality Score 65/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KTC calculated?
We run Krungthai Card PCL through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 32.28 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Krungthai Card PCL itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Krungthai Card PCL (KTC)?
The closing price on Nov 6, 2026 was 35.00 THB. Our model-based fair value is 32.28 THB, about 8% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Krungthai Card PCL right now?
The model range is unusually wide (17.85 THB to 48.33 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Krungthai Card PCL (KTC) come from?
Earnings per share at Krungthai Card PCL grew +15.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, EBIT margin +9.3 %, tax rate −0.3 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Krungthai Card PCL
How large is the market capitalisation of Krungthai Card PCL (KTC)?
The market capitalisation of Krungthai Card PCL is 90.9B THB (≈ $2.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Krungthai Card PCL (KTC)?
The price-to-sales ratio of Krungthai Card PCL is 4.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Krungthai Card PCL (KTC)?
Earnings per share at Krungthai Card PCL are 3.21 THB (price ÷ EPS = P/E 10.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Krungthai Card PCL (KTC)?
The dividend yield of Krungthai Card PCL is 5.1% (payout 55.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Krungthai Card PCL (KTC)?
The net margin of Krungthai Card PCL is 41.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Krungthai Card PCL (KTC)?
The return on equity (ROE) of Krungthai Card PCL is 19.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Krungthai Card PCL (KTC)?
On an EBIT basis the return on assets of Krungthai Card PCL is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Krungthai Card PCL (KTC)?
The operating margin of Krungthai Card PCL is 51.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Krungthai Card PCL (KTC)?
Revenue at Krungthai Card PCL is growing +1.3% versus a year earlier (3y avg +7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Krungthai Card PCL (KTC)?
Earnings per share at Krungthai Card PCL are growing +7.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Krungthai Card PCL (KTC) carry?
The net debt of Krungthai Card PCL is 53.7B THB (fiscal year 2025, ≈ 5.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 2, 2026