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Krungthai Car Rent and Lease Public Company (KCAR) Fair Value & Analysis

Industrials · TH · Market cap 1.2B THB

KC Krungthai Car Rent and Lease Public Company KCAR · BK
Price4.94 THB
Fair Value11.49 THB
Upside+132.6%
Quality66/100
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Healthy Growth
Thin margins · 6.8% net margin
Low debt · generates free cash flow
6.68% dividend yield
Ranks above peers (13/14)
Narrow moat 42/100
Evidence: High Range 10.65 THB – 14.37 THB Share as image

Fair value as of: Jul 17, 2026

From 25 valuation models · updated 24 days ago

Share price +1.2% over the past month.

A solid business, screening 133% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (10.65 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

9.43 THB 3.49 THB Fair Value 11.49 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 3.49 THB – 9.43 THB · fair‑value band 10.65 THB – 14.37 THB · the 4.94 THB price screens below the 11.49 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Krungthai Car Rent and Lease Public Company (KCAR) currently trades at 4.94 THB, while our model-based Fair Value estimate is 11.49 THB, implying the stock looks roughly 132.6% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Krungthai Car Rent and Lease Public Company generated revenue of 2.4B THB at a net margin of 6.8%. Revenue declined 14.4% year over year. It earns a return on equity of 6.5%. Net debt stands at 3.2B THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 10.65 THB (bear case) to 14.37 THB (bull case); at 4.94 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -21% fair-value upside, at 133%, KCAR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 33.48 THB 44.54 THB 57.66 THB 80
Residual Income 7.64 THB 7.84 THB 7.71 THB 76
Rev-Margin DCF 17.40 THB 23.02 THB 29.35 THB 74
All 25 models by family
DCF Models
FCF DCF 32.91 THB 45.10 THB 60.26 THB 38
Owner Earnings 36.49 THB 49.95 THB 66.67 THB 31
5Y Revenue Exit 17.40 THB 22.31 THB 27.90 THB 39
5Y EBITDA Exit 35.46 THB 54.48 THB 75.63 THB 41
5Y P/E Exit 18.14 THB 23.63 THB 28.88 THB 38
10Y Revenue Exit 23.49 THB 28.89 THB 34.91 THB 36
10Y EBITDA Exit 34.02 THB 48.78 THB 66.73 THB 37
10Y P/E Exit 24.12 THB 29.71 THB 35.56 THB 35
Earnings-Based
Graham-Dodd 4.60 THB 10.99 THB 14.17 THB 54
PEG = 1.0 1.92 THB 2.74 THB 3.57 THB 46
EPV 4.53 THB 5.37 THB 6.06 THB 59
Dividend Discount
Gordon GGM 2.33 THB 3.70 THB 5.08 THB 70
DDM Multi-Stage 2.33 THB 3.28 THB 4.18 THB 61
Multiples
P/E Multiple 10.65 THB 14.20 THB 17.75 THB 63
P/S Multiple 8.62 THB 11.49 THB 14.37 THB 58
P/B Multiple 8.62 THB 11.49 THB 14.37 THB 55
EV/EBIT 10.40 THB 14.41 THB 18.42 THB 53
EV/EBITDA 42.92 THB 57.76 THB 72.61 THB 54
EV/Revenue 6.96 THB 10.64 THB 14.32 THB 43
Asset-Based
NCAV (Graham) 5.04 THB 6.75 THB 10.07 THB 50
Growth DCF
Growth DCF 33.48 THB 44.54 THB 57.66 THB 80
Rev-Margin DCF 17.40 THB 23.02 THB 29.35 THB 74
Economic Profit
Residual Income 7.64 THB 7.84 THB 7.71 THB 76
ROIC Compounder 4.53 THB 5.37 THB 6.06 THB 72
Growth Earnings
Growth-Adj P/E 8.10 THB 11.57 THB 15.04 THB 68

Widest divergence: DCF Models (29.71 THB) versus Dividend Discount (3.28 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.4B THB
Revenue growth (YoY) -14.4%
Net margin 6.8%
Return on equity 6.5%
Free cash flow 972M THB FY2025
P/E ratio 7.5
More key figures
Operating margin 13.2%
EPS (TTM) 0.6600 THB
Dividend yield 6.9%
EPS growth (YoY) -11.2%
Net debt 3.2B THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 64 · Market factors (momentum, volatility) 63

Profitability 29
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Krungthai Car Rent and Lease Public Company Limited, together with its subsidiary, operates as a car leasing and rental company in Thailand. The company operates through Car Rental and Used Car Distribution segments. It also involved in the buying, selling, repairing, and exchanging of used and unused cars and spare parts.

Full company description

Krungthai Car Rent and Lease Public Company Limited, together with its subsidiary, operates as a car leasing and rental company in Thailand. The company operates through Car Rental and Used Car Distribution segments. It also involved in the buying, selling, repairing, and exchanging of used and unused cars and spare parts. In addition, the company offers car maintenance services, such as fitting and repairing services; and car insurance services, as well as third-party insurance. Further, it provides car replacement for the customer under the conditions specified in leasing agreement in case of accident and loss. Krungthai Car Rent and Lease Public Company Limited was incorporated in 1992 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Krungthai Car Rent and Lease Public Company reported revenue of 2.4B THB in FY2025 versus 2.1B THB in FY2021, a compound +3.5%/yr. Reported net income was 169M THB in FY2025, compounding −7.0%/yr from FY2021.

Growth Quality 64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.4B THB
Latest YoY
+20.7%
Avg. growth/yr (3Y) 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.
+3.3%
Avg. growth/yr (5Y) 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.
+3.0%
Avg. growth/yr (22Y) 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.
+8.8%
Revenue +3.5%/yr
FY21 2.1B THB
FY22 2.2B THB
FY23 2.1B THB
FY24 2.0B THB
FY25 2.4B THB
Net income −7.0%/yr
FY21 226M THB
FY22 183M THB
FY23 193M THB
FY24 96.1M THB
FY25 169M THB
Character of growth · EPS growth decomposed (2014-2025) −5.3 % p.a.
Revenue per share +1.7 pp

of which total revenue +1.7 pp · buybacks/dilution +0.0 pp

EBIT margin −2.5 pp
Tax rate −1.2 pp
Residual (interest, one-offs) −3.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Krungthai Car Rent and Lease Public Company Fair Value". https://www.fairvalue-calculator.com/stock/KCAR

Peer Group

Rental & Leasing Services · 97 stocks

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.

Quality Score 66 · Top 25%
Fair Value upside +133% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 3% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth -15% · Bottom 25%
Dividend yield (TTM) 6.7% · Top 25%
Debt / equity 0.20× · Lower than median

Valuation Multiples vs Rental & Leasing Services median · lower = cheaper

P/E (TTM) 7.5× · Cheaper than 75% of peers
P/B 0.49× · Cheaper than median
P/S (TTM) 0.51× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 1.4× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 49
FUTURE 0 · sector 16
PAST 26 · sector 26
HEALTH 90 · sector 70
DIVIDEND 100 · sector 34

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Rental & Leasing Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
United Rentals, Inc URI $1,045 $449.86 -57%
Sunbelt Rentals Holdings SUNB $73.41 $65.76 -10%
AerCap Holdings AER $146.97 $301.51 +105%
U-Haul Holding UHAL $67.35 $7.21 -89%
Ryder System, Inc R $273.06 $111.57 -59%
Ayvens AYV €11.57 €24.73 +114%
Localiza Rent a Car S.A RENT3 R$40.35 R$37.01 -8%
Element Fleet Management Corp EFN C$29.83 C$15.06 -50%
BOC Aviation Limited 2588 HK$77.40 HK$18.61 -76%
GATX Corporation GATX $178.48 $140.90 -21%

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Frequently asked questions

Is Krungthai Car Rent and Lease Public Company (KCAR) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 11.49 THB versus a price of 4.94 THB, about +133% (undervalued).
What is the fair value of KCAR?
Our model-based fair value for Krungthai Car Rent and Lease Public Company is 11.49 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 4.94 THB.
What is the quality score of KCAR?
Krungthai Car Rent and Lease Public Company has a Quality Score of 66/100. 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 revenue of Krungthai Car Rent and Lease Public Company (KCAR)?
Krungthai Car Rent and Lease Public Company reported trailing-twelve-month revenue of about 2.4B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of KCAR?
The net profit margin of Krungthai Car Rent and Lease Public Company is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.
Does Krungthai Car Rent and Lease Public Company pay a dividend?
Krungthai Car Rent and Lease Public Company currently shows a dividend yield of about 6.90% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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