KGI Securities (Thailand) Public Company Limited (KGI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of KGI Securities (Thailand) Public Company Limited stock THB 5.65, price THB 4.86, upside +16.3%, quality 72 out of 100. Rating: undervalued. Calculated from audited financials with 12 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 7, 2026.
How to read this chart
60‑month range 3.21 THB – 5.49 THB · fair‑value band 4.24 THB – 7.07 THB · the 4.86 THB price screens below the 5.65 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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KGI Securities (Thailand) Public Company Limited, together with its subsidiaries, engages in the securities and derivatives business in Thailand.
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It provides securities brokerage, securities dealing, investment advisory, securities underwriting, securities borrowing and lending, securities registrar, derivatives brokerage, and financial advisory services, as well as over-the-counter derivatives; and sells mutual fund units.
The company also offers equity and derivatives trading, derivative warrants, fixed income, exchange traded funds, structured notes, and depositary receipts.
In addition, it provides investment banking services, including fund raising, IPOs, mergers and acquisitions, debenture, financial instruments, and corporate advisory services, as well as non-life and life insurance broker, investment, and wealth management services.
The company was formerly known as KGI Securities One Public Company Limited and changed its name to KGI Securities (Thailand) Public Company Limited in May 2001. KGI Securities (Thailand) Public Company Limited was founded in 1975 and is headquartered in Bangkok, Thailand.
Stock analysis
KGI Securities (Thailand) Public Company Limited (KGI) currently trades at 4.86 THB, while our model-based Fair Value estimate is 5.65 THB, implying the stock looks roughly 14% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 7.03 THB per share, and 7 of the 12 models we run sit above the 4.86 THB price.
Bear case: the Asset-Based group reads lowest at 2.71 THB, and 5 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: 4.24 THB (bear) to 7.07 THB (bull), the price of 4.86 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 72/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
KGI Securities (Thailand) Public Company Limited reported revenue of 2.2B THB in FY2025 versus 5.3B THB in FY2021, a compound −19.5%/yr. Reported net income was 866M THB in FY2025, compounding −17.4%/yr from FY2021.
Key figures
Market cap 9.7B THB (≈ $289M) Micro · P/E ratio 8.0 · P/S ratio 2.29 · EPS (TTM) 0.6100 THB · Dividend yield 6.4% · Net margin 29.2% · Return on equity 15.6% · Return on assets (EBIT) 6.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 16%, KGI screens cheaper than that median.
Fair Value models
Bear4.24 THBFair Value 5.65 THBBull7.07 THB
Price 4.86 THB · Upside +16.3%
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 (0.2573 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−14.0%
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.
+0.7%
Revenue growth 24 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.
+5.4%
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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.
+4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.2%
Dividend (yield on the price)6.4%
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.−2.2% vs 1.3%, 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.27% → 56%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
−0.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −1.9% a year for the price.
Compare KGI Securities (Thailand) Public Company Limited with another stock
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.Capital Markets · 384 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+16.3% · Above median
Profitability
Return on equity (12 months)15.6% · Above median
Return on assets5.1% · Above median
Net margin (12 months)29.2% · Above median
Operating margin (12 months)41.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)49.5% · Top 25%
Dividend yield (12 months)6.4% · Top 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)8.0× · Cheaper than median
P/B1.19× · Pricier than median
P/S (12 months)2.29× · Cheaper than median
Price / free cash flow (fiscal year)6.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "KGI Securities (Thailand) Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/KGI
Frequently asked questions
Is KGI Securities (Thailand) Public Company Limited (KGI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 5.65 THB versus a price of 4.86 THB, about +16% upside (undervalued).
What is the fair value of KGI?
Our model-based fair value for KGI Securities (Thailand) Public Company Limited is 5.65 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 4.86 THB.
What is the quality score of KGI?
KGI Securities (Thailand) Public Company Limited has a Quality Score of 72/100. 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 KGI Securities (Thailand) Public Company Limited (KGI)?
Our model-based price target is the fair value of 5.65 THB (as of Nov 7, 2026) from 12 valuation models. Cautious scenario 4.24 THB, optimistic scenario 7.07 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the KGI Securities (Thailand) Public Company Limited stock forecast for 2026?
Our models put fair value at 5.65 THB, about +16% upside versus a price of 4.86 THB (undervalued). Cautious scenario 4.24 THB, optimistic scenario 7.07 THB. The calculation is refreshed regularly with new filings.
What is the revenue of KGI Securities (Thailand) Public Company Limited (KGI)?
KGI Securities (Thailand) Public Company Limited reported trailing-twelve-month revenue of about 4.2B THB (latest available figure, as of Nov 7, 2026).
Does KGI Securities (Thailand) Public Company Limited pay a dividend?
KGI Securities (Thailand) Public Company Limited currently shows a dividend yield of 6.38% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of KGI Securities (Thailand) Public Company Limited (KGI) and when is the ex-dividend date?
KGI Securities (Thailand) Public Company Limited pays a dividend of 0.31 THB per share a year, a dividend yield of 6.4%. The last ex-dividend date was Apr 20, 2026. A dividend has been paid every year since 2007. The payout ratio is 50.8% of earnings. Free cash flow covers the dividend 2.53 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 KGI Securities (Thailand) Public Company Limited (KGI)?
For today's price to be fair in a discounted-cash-flow model, KGI Securities (Thailand) Public Company Limited would have to grow free cash flow by -0.7 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of KGI use?
Our models discount KGI Securities (Thailand) Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.22, 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 KGI Securities (Thailand) Public Company Limited that is -0.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has KGI Securities (Thailand) Public Company Limited (KGI) delivered so far?
Over the past 5 years revenue at KGI Securities (Thailand) Public Company Limited grew -4.2 % a year. The price currently implies free-cash-flow growth of -0.7 % 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 KGI Securities (Thailand) Public Company Limited (KGI) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into KGI Securities (Thailand) Public Company Limited (-0.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of KGI Securities (Thailand) Public Company Limited (KGI)?
The free-cash-flow yield on the price is 16.11 %: that much free cash flow KGI Securities (Thailand) Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KGI Securities (Thailand) Public Company Limited (KGI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KGI Securities (Thailand) Public Company Limited it is 5.65 THB per share (as of Nov 7, 2026), against a price of 4.86 THB. It is the blended result of 12 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is KGI Securities (Thailand) Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, KGI trades below its calculated fair value: price 4.86 THB, fair value 5.65 THB, a gap of about +16% (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 KGI?
No. The price is what the market pays today (4.86 THB); the fair value is what the company's own numbers justify (5.65 THB). For KGI Securities (Thailand) Public Company Limited the two are 0.7900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is KGI Securities (Thailand) Public Company Limited worth?
The market values KGI Securities (Thailand) Public Company Limited at about 9.7B THB (market capitalisation, as of Nov 7, 2026). Per share that is 4.86 THB; our models calculate a fair value of 5.65 THB per share.
What do the bullish and bearish scenarios say about KGI?
Our models span a range for KGI Securities (Thailand) Public Company Limited: cautious scenario 4.24 THB, base 5.65 THB, optimistic 7.07 THB per share (as of Nov 7, 2026, price 4.86 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KGI?
KGI Securities (Thailand) Public Company Limited trades at a price-to-earnings ratio of 8.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.65 THB is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 9.5. Other multiples: P/B 1.2, P/S 2.3, EV/EBITDA 6.9.
How solid is the balance sheet of KGI Securities (Thailand) Public Company Limited (KGI)?
Balance-sheet figures for KGI Securities (Thailand) Public Company Limited (as of Nov 7, 2026): return on equity 15.6%, debt of 0.07 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is KGI from its 52-week high?
KGI Securities (Thailand) Public Company Limited trades at 4.86 THB, about 7% below its 52-week high of 5.20 THB and 40% above the low of 3.47 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 5.65 THB is for.
Which stocks are comparable to KGI Securities (Thailand) Public Company Limited?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 KGI Securities (Thailand) Public Company Limited stock attractive at the current price?
The data as of Nov 7, 2026: price 4.86 THB, calculated fair value 5.65 THB (+16%), Quality Score 72/100, from 12 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 KGI calculated?
We run KGI Securities (Thailand) Public Company Limited through 12 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 5.65 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. KGI Securities (Thailand) Public Company Limited currently trades 14% 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 KGI Securities (Thailand) Public Company Limited (KGI)?
The closing price on Nov 6, 2026 was 4.86 THB. Our model-based fair value is 5.65 THB, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KGI Securities (Thailand) Public Company Limited right now?
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.
Where does the earnings growth of KGI Securities (Thailand) Public Company Limited (KGI) come from?
Earnings per share at KGI Securities (Thailand) Public Company Limited grew +1.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin −1.2 %, tax rate +0.0 %, residual (interest, one-offs) +1.2 %. 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 KGI Securities (Thailand) Public Company Limited
How large is the market capitalisation of KGI Securities (Thailand) Public Company Limited (KGI)?
The market capitalisation of KGI Securities (Thailand) Public Company Limited is 9.7B THB (≈ $289M). 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 KGI Securities (Thailand) Public Company Limited (KGI)?
The price-to-sales ratio of KGI Securities (Thailand) Public Company Limited is 2.29 (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 KGI Securities (Thailand) Public Company Limited (KGI)?
Earnings per share at KGI Securities (Thailand) Public Company Limited are 0.6100 THB (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KGI Securities (Thailand) Public Company Limited (KGI)?
The dividend yield of KGI Securities (Thailand) Public Company Limited is 6.4% (payout 50.8%). 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 KGI Securities (Thailand) Public Company Limited (KGI)?
The net margin of KGI Securities (Thailand) Public Company Limited is 29.2% (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 KGI Securities (Thailand) Public Company Limited (KGI)?
The return on equity (ROE) of KGI Securities (Thailand) Public Company Limited is 15.6% (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 KGI Securities (Thailand) Public Company Limited (KGI)?
On an EBIT basis the return on assets of KGI Securities (Thailand) Public Company Limited is 6.5% (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 KGI Securities (Thailand) Public Company Limited (KGI)?
The operating margin of KGI Securities (Thailand) Public Company Limited is 41.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KGI Securities (Thailand) Public Company Limited (KGI)?
Revenue at KGI Securities (Thailand) Public Company Limited is growing +49.5% versus a year earlier (3y avg −18.4%). 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 KGI Securities (Thailand) Public Company Limited (KGI)?
Earnings per share at KGI Securities (Thailand) Public Company Limited are growing +168% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KGI Securities (Thailand) Public Company Limited (KGI) carry?
The net debt of KGI Securities (Thailand) Public Company Limited is 5.9B THB (fiscal year 2025, ≈ 3.8 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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Nov 7, 2026