Thai Credit Pcl (CREDIT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Thai Credit Pcl THB 35.88, price THB 23.20, upside +54.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
31‑month range 14.03 THB – 26.91 THB · fair‑value band 26.91 THB – 44.84 THB · the 23.20 THB price screens below the 35.88 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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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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. 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 23.20 THB, while our model-based Fair Value estimate is 35.88 THB, implying the stock looks roughly 35.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 29.81 THB per share, and 3 of the 4 models we run sit above the 23.20 THB price.
Bear case: the Asset-Based group reads lowest at 14.27 THB, and 1 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 26.91 THB (bear) to 44.84 THB (bull), the price of 23.20 THB sits below 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 51/100 (solid 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 28.6B THB (≈ $859M) · P/E ratio 6.7 · P/S ratio 1.75 · EPS (TTM) 3.46 THB · Dividend yield 4.2% · Net margin 26.0% · Return on equity 16.6% · Return on assets 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 55%, CREDIT screens cheaper than that median.
Fair Value models
Bear 26.91 THBFair Value 35.88 THBBull 44.84 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (2.44 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.Evidence ⓘEvidence = 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.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%
’21
’22
’23
’24
’25
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.
+19.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)4.2%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
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).
+14.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +12.9% a year for the price.
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.Banks - Regional · 1074 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+55% · Top 25%
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)36% · Above median
Operating margin (TTM)47% · Above median
Growth and dividend
Revenue growth18% · Above median
Dividend yield (TTM)4.2% · Top 25%
Balance sheet
Debt / equity0.41× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Thai Credit Pcl (CREDIT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 35.88 THB versus a price of 23.20 THB, about +55% upside (undervalued).
What is the fair value of CREDIT?
Our model-based fair value for Thai Credit Pcl is 35.88 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 23.20 THB.
What is the quality score of CREDIT?
Thai Credit Pcl has a Quality Score of 51/100. 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 35.88 THB (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 26.91 THB, optimistic scenario 44.84 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 35.88 THB, about +55% upside versus a price of 23.20 THB (undervalued). Cautious scenario 26.91 THB, optimistic scenario 44.84 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 12.0B THB (latest available figure, as of Sep 24, 2026).
Does Thai Credit Pcl pay a dividend?
Thai Credit Pcl currently shows a dividend yield of about 4.22% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Thai Credit Pcl (CREDIT)?
For today's price to be fair in a discounted-cash-flow model, Thai Credit Pcl would have to grow free cash flow by +14.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +14.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CREDIT use?
Our models discount Thai Credit Pcl at 11.6 %: a base by market capitalisation (small), damped by beta 0.56, 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 Thai Credit Pcl that is +14.2 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Thai Credit Pcl (CREDIT) delivered so far?
Over the past 4 years revenue at Thai Credit Pcl grew +14.7 % a year. The price currently implies +14.2 % per year free-cash-flow growth a 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 Thai Credit Pcl (CREDIT) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Thai Credit Pcl (+14.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thai Credit Pcl (CREDIT)?
The free-cash-flow yield on the price is 6.19 %: that much free cash flow Thai Credit Pcl produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 35.88 THB per share (as of Sep 24, 2026), against a price of 23.20 THB. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Thai Credit Pcl stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CREDIT trades below its calculated fair value: price 23.20 THB, fair value 35.88 THB, a gap of about +55% (undervalued). 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 (23.20 THB); the fair value is what the company's own numbers justify (35.88 THB). For Thai Credit Pcl the two are 12.68 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 28.6B THB (market capitalisation, as of Sep 24, 2026). Per share that is 23.20 THB; our models calculate a fair value of 35.88 THB per share.
What do the bullish and bearish scenarios say about CREDIT?
Our models span a range for Thai Credit Pcl: cautious scenario 26.91 THB, base 35.88 THB, optimistic 44.84 THB per share (as of Sep 24, 2026, price 23.20 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 6.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 35.88 THB is built from several models across several years. Other multiples: PEG 1.0, P/B 1.1, P/S 2.4.
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 Sep 24, 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 Sep 24, 2026): return on equity 16.6%, debt of 0.41 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is CREDIT from its 52-week high?
Thai Credit Pcl trades at 23.20 THB, about 11% below its 52-week high of 26.00 THB and 65% above the low of 14.03 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 35.88 THB is for.
Which stocks are comparable to Thai Credit Pcl?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Sep 24, 2026: price 23.20 THB, calculated fair value 35.88 THB (+55%), Quality Score 51/100, from 4 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 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 35.88 THB, 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 14.1 % above its aggregate fair value. Thai Credit Pcl currently trades 55 % 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 Sep 23, 2026 was 23.20 THB. Our model-based fair value is 35.88 THB, about +55% upside (undervalued). 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 is below even our cautious bear case (26.91 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. 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 28.6B THB (≈ $859M). 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 1.75 (P/E × margin). 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 3.46 THB (price ÷ EPS = P/E 6.7). 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 4.2% (payout 28.3%). 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 26.0% (fiscal year 2025). 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 16.6% (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 46.8% (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 +18.1% 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 +28.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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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