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Thai Credit Pcl (CREDIT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Thai Credit Pcl stock THB 23.98, price THB 23.70, upside +1.2%, quality 47 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services TH

TC Thai Credit Pcl logo Thin data Nov 5, 2026

Thai Credit Pcl

CREDIT · BK
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Highly profitable · 35.9% net margin (TTM)
4.1% dividend yield · Low payout
Ranks above peers (11/14)
Costs just 6.8 times its yearly profit.
Fair value 23.98 THB · Fairly valued
Quality 47/100
Mixed Growth (revenue 3y +10.4 %/yr in THB)
Wide moat 72/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

26.91 THB 14.03 THB Fair Value 23.98 THB Feb 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

33‑month range 14.03 THB – 26.91 THB · fair‑value band 19.89 THB – 34.40 THB · the 23.70 THB price screens below the 23.98 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Thai Credit Bank Public Company Limited provides financial services to micro, small, and medium-sized enterprises in Thailand. It operates in two segments, e-Wallet Business and Banking Business.

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The company offers micro-SME, home, personal, cash, nano and microcredit, and gold loans; deposit products, including current, savings, fixed deposit, tax free, and other accounts; and mutual funds.

It also provides international trade finance, such as international trade credit, international remittance services for import and export, and foreign exchange rates; and other services comprising non-performing assets, cards, money transfer, PromptPay, and safe deposit box services.

The company was formerly known as The Thai Credit Retail Bank Public Company Limited and changed its name to Thai Credit Bank Public Company Limited in September 2023. The company was incorporated in 1970 and is headquartered in Bangkok, Thailand.

Thai Credit Bank Public Company Limited is a subsidiary of Vnb Holding Company Limited.

Stock analysis

Thai Credit Pcl (CREDIT) currently trades at 23.70 THB, while our model-based Fair Value estimate is 23.98 THB, so the stock looks roughly fairly valued today (gap 1.2%).

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Valuation

Bull case: the Multiples group reads highest at a median of 35.88 THB per share, and 3 of the 6 models we run sit above the 23.70 THB price.

Bear case: the Dividend Discount group reads lowest at 7.53 THB, and 3 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 19.89 THB (bear) to 34.40 THB (bull), the price of 23.70 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 47/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Thai Credit Pcl reported revenue of 15.4B THB in FY2025 versus 8.9B THB in FY2021, a compound +14.7%/yr. Reported net income was 4.0B THB in FY2025, compounding +20.0%/yr from FY2021.

Key figures

Market cap 29.3B THB (≈ $875M) Small · P/E ratio 6.8 · P/S ratio 2.30 · EPS (TTM) 3.51 THB · Dividend yield 4.1% · Net margin 35.9% · Return on equity 17.0% · Return on assets 2.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 69% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 1%, CREDIT screens cheaper than that median.

Fair Value models

Bear 19.89 THB Fair Value 23.98 THB Bull 34.40 THB
Price 23.70 THB · Upside +1.2%
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 12 months old). Earnings retained since then (2.53 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.
Best data coverage
Residual Income 19.89 THB 23.98 THB 34.40 THB 72
Gordon GGM 4.47 THB 7.81 THB 10.48 THB 65
DDM Multi-Stage 4.47 THB 7.25 THB 8.37 THB 65
All 6 models by family
Dividend Discount
Gordon GGM 4.47 THB 7.81 THB 10.48 THB 65
DDM Multi-Stage 4.47 THB 7.25 THB 8.37 THB 65
Multiples
P/E Multiple 31.71 THB 42.28 THB 52.85 THB 63
P/B Multiple 22.10 THB 29.47 THB 36.83 THB 55
Asset-Based
NCAV (Graham) 10.52 THB 14.10 THB 21.05 THB 54
Economic Profit
Residual Income 19.89 THB 23.98 THB 34.40 THB 72

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Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 47
How much profit the company makes from its sales and capital
Quality Growth 39
Are margins and returns getting better?
Cashflow 48
Do the profits arrive as real cash?
Financial strength 6
Debt, balance sheet and risk of trouble
Investment 44
Does it invest with discipline instead of growing at any price?
Low Volatility 69
How calm the share price moves, does not count
Price momentum 65
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 84
Distance to the 52-week high, does not count
New shares 81
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.6%
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.
+10.4%
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.
+19.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)4.1%

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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.Banks - Regional · 996 stocks

Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 47 · Bottom 25%
Fair Value upside +1.2% · Above median
Profitability
Return on equity (12 months) 17.0% · Top 25%
Return on assets 1.9% · Top 25%
Net margin (12 months) 35.9% · Above median
Operating margin (12 months) 46.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 17.1% · Above median
Dividend yield (12 months) 4.1% · Above median
Balance sheet
Debt / equity 0.41× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 6.8× · Cheapest 25%
P/B 1.11× · Cheaper than median
P/S (12 months) 2.30× · Cheapest 25%
Price / free cash flow (fiscal year) 16.5× · Priciest 25%
PEG 1.01× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)35 · sector 8
FUTURE (revenue growth)86 · sector 47
PAST (return on equity)68 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)83 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs CREDIT
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs CREDIT
BNP Paribas SA BNP €91.93 €106.01 +15% vs CREDIT
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs CREDIT
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs CREDIT
UniCredit S.p.A UCG €76.80 €50.44 −34% vs CREDIT
Mizuho Financial Group MFG $9.40 $5.89 −37% vs CREDIT
DBS Group D05 69.72 SGD 40.39 SGD −42% vs CREDIT
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs CREDIT
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs CREDIT

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Thai Credit Pcl: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Thai Credit Pcl Fair Value". https://www.fairvalue-calculator.com/stock/CREDIT

Frequently asked questions

Is Thai Credit Pcl (CREDIT) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 23.98 THB versus a price of 23.70 THB, about +1% upside (fairly valued).
What is the fair value of CREDIT?
Our model-based fair value for Thai Credit Pcl is 23.98 THB (as of Nov 5, 2026), built from audited fundamentals. The current price: 23.70 THB.
What is the quality score of CREDIT?
Thai Credit Pcl has a Quality Score of 47/100. 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 Thai Credit Pcl (CREDIT)?
Our model-based price target is the fair value of 23.98 THB (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 19.89 THB, optimistic scenario 34.40 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Credit Pcl stock forecast for 2026?
Our models put fair value at 23.98 THB, about +1% upside versus a price of 23.70 THB (fairly valued). Cautious scenario 19.89 THB, optimistic scenario 34.40 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Credit Pcl (CREDIT)?
Thai Credit Pcl reported trailing-twelve-month revenue of about 12.7B THB (latest available figure, as of Nov 5, 2026).
Does Thai Credit Pcl pay a dividend?
Thai Credit Pcl currently shows a dividend yield of 4.14% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Thai Credit Pcl (CREDIT) and when is the ex-dividend date?
Thai Credit Pcl pays a dividend of 0.98 THB per share a year, a dividend yield of 4.1%. The last ex-dividend date was May 6, 2026. The payout ratio is 27.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Thai Credit Pcl (CREDIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Credit Pcl it is 23.98 THB per share (as of Nov 5, 2026), against a price of 23.70 THB. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Thai Credit Pcl stock overvalued or undervalued in 2026?
As of Nov 5, 2026, CREDIT trades below its calculated fair value: price 23.70 THB, fair value 23.98 THB, a gap of about +1% (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 CREDIT?
No. The price is what the market pays today (23.70 THB); the fair value is what the company's own numbers justify (23.98 THB). For Thai Credit Pcl the two are 0.2800 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Credit Pcl worth?
The market values Thai Credit Pcl at about 29.3B THB (market capitalisation, as of Nov 5, 2026). Per share that is 23.70 THB; our models calculate a fair value of 23.98 THB per share.
What do the bullish and bearish scenarios say about CREDIT?
Our models span a range for Thai Credit Pcl: cautious scenario 19.89 THB, base 23.98 THB, optimistic 34.40 THB per share (as of Nov 5, 2026, price 23.70 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CREDIT?
Thai Credit Pcl trades at a price-to-earnings ratio of 6.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23.98 THB is built from several models across several years. Other multiples: PEG 1.0, P/B 1.1, P/S 2.3.
What is the PEG ratio of CREDIT?
The PEG ratio of Thai Credit Pcl is 1.01 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Thai Credit Pcl (CREDIT)?
Balance-sheet figures for Thai Credit Pcl (as of Nov 5, 2026): return on equity 17.0%, debt of 0.41 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is CREDIT from its 52-week high?
Thai Credit Pcl trades at 23.70 THB, about 9% below its 52-week high of 26.00 THB and 69% above the low of 14.03 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 23.98 THB is for.
Which stocks are comparable to Thai Credit Pcl?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Thai Credit Pcl stock attractive at the current price?
The data as of Nov 5, 2026: price 23.70 THB, calculated fair value 23.98 THB (+1%), Quality Score 47/100, from 6 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 CREDIT calculated?
We run Thai Credit Pcl through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 23.98 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 13.3% above its aggregate fair value. Thai Credit Pcl currently trades 1% below its own fair value, and the market average says nothing about that. 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 Thai Credit Pcl (CREDIT)?
The closing price on Nov 6, 2026 was 23.70 THB. Our model-based fair value is 23.98 THB, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Credit Pcl right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Thai Credit Pcl

How large is the market capitalisation of Thai Credit Pcl (CREDIT)?
The market capitalisation of Thai Credit Pcl is 29.3B THB (≈ $875M). 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 Thai Credit Pcl (CREDIT)?
The price-to-sales ratio of Thai Credit Pcl is 2.30 (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 Thai Credit Pcl (CREDIT)?
Earnings per share at Thai Credit Pcl are 3.51 THB (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Credit Pcl (CREDIT)?
The dividend yield of Thai Credit Pcl is 4.1% (payout 27.9%). 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 Thai Credit Pcl (CREDIT)?
The net margin of Thai Credit Pcl is 35.9% (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 Thai Credit Pcl (CREDIT)?
The return on equity (ROE) of Thai Credit Pcl is 17.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Thai Credit Pcl (CREDIT)?
The return on assets (ROA) of Thai Credit Pcl is 2.1% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Thai Credit Pcl (CREDIT)?
The operating margin of Thai Credit Pcl is 46.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Credit Pcl (CREDIT)?
Revenue at Thai Credit Pcl is growing +17.1% versus a year earlier (3y avg +10.4%). 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 Thai Credit Pcl (CREDIT)?
Earnings per share at Thai Credit Pcl are growing +23.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thai Credit Pcl (CREDIT) generate?
The free cash flow of Thai Credit Pcl is 1.8B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Thai Credit Pcl (CREDIT) carry?
The net debt of Thai Credit Pcl is 6.9B THB (fiscal year 2025, ≈ 3.9 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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