Kasikornbank PCL (KPCUF) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Kasikornbank PCL $8.65, price $7.21, upside +20.0%, quality 65 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. As of Sep 24, 2026.
How to read this chart
60‑month range $2.07 – $7.21 · fair‑value band $6.47 – $11.26 · the $7.21 price screens below the $8.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.
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Kasikornbank Public Company Limited, together with its subsidiaries, provides commercial banking products and services in Thailand and internationally. The company operates through four segments: Corporate Business; Retail Business; Treasury and Investment, Capital Markets Business and World Business Group; and Muang Thai Group Holding Business.
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Kasikornbank Public Company Limited, together with its subsidiaries, provides commercial banking products and services in Thailand and internationally. The company operates through four segments: Corporate Business; Retail Business; Treasury and Investment, Capital Markets Business and World Business Group; and Muang Thai Group Holding Business. It offers e-savings, savings, fixed deposit, current, and foreign currency deposit accounts; debit and credit cards, as well as Xpress cash; personal, home, and auto loans, as well as property for sale; mutual funds, stocks, debentures/bonds, and derivatives/futures exchange; accident, health, critical illness, travel, savings, retirement and endowment, life insurance and inheritance, car, insurance for tax deduction, and other insurance products; digital banking and e-wallet; bill payment, money and global money transfers, and PromptPay; cash management, including cheques and drafts, as well as foreign exchange; alert services; and other financial services. The company also provides working capital, commercial loan, and letter of indemnity; international trade finance, international guarantee, and green solutions; payment, collection, liquidity management, and online merchant solutions; electronic payment application; e-tax invoice and receipt; import and export service solutions; various channels in overseas; corporate finance, securities, and investment; business accounts and cards; life, non-life, and group insurance; electronic service solution; fx and derivatives; and other related services. In addition, it engages in funding; centralized risk management; liquid assets investments; financial instruments; and foreign currency exchange, as well as brokerage business. The company was formerly known as Thai Farmers Bank Public Company Limited and changed its name to Kasikornbank Public Company Limited in April 2003. Kasikornbank Public Company Limited was founded in 1945 and is headquartered in Bangkok, Thailand.
Stock analysis
Kasikornbank PCL DRC (KPCUF) currently trades at $7.21, while our model-based Fair Value estimate is $8.65, implying the stock looks roughly 16.6% undervalued today.
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Valuation
How firm this estimate is: it rests on 26 models at a data quality of 92/100, which puts the evidence level at high.
Scenario range: $6.47 (bear) to $11.26 (bull), the price of $7.21 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.
Kasikornbank PCL DRC reported revenue of 267B THB in FY2025 versus 179B THB in FY2021, a compound +10.5%/yr. Reported net income was 49.5B THB in FY2025, compounding +6.8%/yr from FY2021.
Key figures
Market cap $15.3B · P/E ratio 11.1 · P/S ratio 2.06 · EPS (TTM) $0.6500 · Dividend yield 5.8% · Net margin 18.5% · Return on equity 8.5% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 20%, KPCUF screens cheaper than that median.
Fair Value models
Bear $6.47Fair Value $8.65Bull $11.26
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.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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.8%
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.
+11.6%
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.
+9.1%
Start year 2020 (pandemic). Over 10 years: +4.2% a year
Revenue growth 20 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.
+8.9%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.6%
Dividend (yield on the price)5.8%
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.20% vs 9%, picking up
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.24% → 26%
2025 sits 126% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
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.
−5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −6.7% a year 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.Banks - Regional · 1074 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−11% · Above median
Profitability
Return on equity (TTM)9% · Below median
Return on assets1% · Above median
Net margin (TTM)33% · Above median
Operating margin (TTM)51% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)5.8% · Top 25%
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Kasikornbank PCL (KPCUF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $8.65 versus a price of $7.21, about +20% upside (undervalued).
What is the fair value of KPCUF?
Our model-based fair value for Kasikornbank PCL DRC is $8.65 (as of Sep 24, 2026), built from audited fundamentals. The current price: $7.21.
What is the quality score of KPCUF?
Kasikornbank PCL DRC 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 Kasikornbank PCL (KPCUF)?
Our model-based price target is the fair value of $8.65 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario $6.47, optimistic scenario $11.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Kasikornbank PCL DRC stock forecast for 2026?
Our models put fair value at $8.65, about +20% upside versus a price of $7.21 (undervalued). Cautious scenario $6.47, optimistic scenario $11.26. The calculation is refreshed regularly with new filings.
What is the revenue of Kasikornbank PCL (KPCUF)?
Kasikornbank PCL DRC reported trailing-twelve-month revenue of about 155B THB (latest available figure, as of Sep 24, 2026).
Does Kasikornbank PCL DRC pay a dividend?
Kasikornbank PCL DRC currently shows a dividend yield of about 5.77% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Kasikornbank PCL (KPCUF)?
For today's price to be fair in a discounted-cash-flow model, Kasikornbank PCL DRC would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of KPCUF use?
Our models discount Kasikornbank PCL DRC at 8.1 %: a base by market capitalisation (large), damped by beta 0.23, country premium for USA. 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 Kasikornbank PCL DRC that is less than minus 40 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Kasikornbank PCL (KPCUF) delivered so far?
Over the past 5 years revenue at Kasikornbank PCL DRC grew +9.1 % a year. The price currently implies less than minus 40 % 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 Kasikornbank PCL (KPCUF) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Kasikornbank PCL DRC (less than minus 40 % 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 Kasikornbank PCL (KPCUF)?
The free-cash-flow yield on the price is 42.33 %: that much free cash flow Kasikornbank PCL DRC produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kasikornbank PCL (KPCUF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kasikornbank PCL DRC it is $8.65 per share (as of Sep 24, 2026), against a price of $7.21. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Kasikornbank PCL DRC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KPCUF trades below its calculated fair value: price $7.21, fair value $8.65, a gap of about +20% (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 KPCUF?
No. The price is what the market pays today ($7.21); the fair value is what the company's own numbers justify ($8.65). For Kasikornbank PCL DRC the two are $1.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kasikornbank PCL DRC worth?
The market values Kasikornbank PCL DRC at about $15.3B (market capitalisation, as of Sep 24, 2026). Per share that is $7.21; our models calculate a fair value of $8.65 per share.
What do the bullish and bearish scenarios say about KPCUF?
Our models span a range for Kasikornbank PCL DRC: cautious scenario $6.47, base $8.65, optimistic $11.26 per share (as of Sep 24, 2026, price $7.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KPCUF?
Kasikornbank PCL DRC trades at a price-to-earnings ratio of 11.1 (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 $8.65 is built from several models across several years. Other multiples: PEG 2.2, P/B 0.9, P/S 3.3, EV/EBITDA 4.4.
What is the PEG ratio of KPCUF?
The PEG ratio of Kasikornbank PCL DRC is 2.22 (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 Kasikornbank PCL (KPCUF)?
Balance-sheet figures for Kasikornbank PCL DRC (as of Sep 24, 2026): return on equity 8.5%, debt of 0.38 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
Which stocks are comparable to Kasikornbank PCL DRC?
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 Kasikornbank PCL DRC stock attractive at the current price?
The data as of Sep 24, 2026: price $7.21, calculated fair value $8.65 (+20%), Quality Score 65/100, 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 KPCUF calculated?
We run Kasikornbank PCL DRC 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 $8.65, 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. Kasikornbank PCL DRC currently trades 20 % 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 Kasikornbank PCL (KPCUF)?
The closing price on Sep 23, 2026 was $7.21. Our model-based fair value is $8.65, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kasikornbank PCL DRC right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Kasikornbank PCL (KPCUF) come from?
Earnings per share at Kasikornbank PCL DRC grew +3.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.9 %, EBIT margin −2.7 %, tax rate −0.3 %, residual (interest, one-offs) +0.6 %. 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 Kasikornbank PCL DRC
How large is the market capitalisation of Kasikornbank PCL (KPCUF)?
The market capitalisation of Kasikornbank PCL DRC is $15.3B. 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 Kasikornbank PCL (KPCUF)?
The price-to-sales ratio of Kasikornbank PCL DRC is 2.06 (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 Kasikornbank PCL (KPCUF)?
Earnings per share at Kasikornbank PCL DRC are $0.6500 (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kasikornbank PCL (KPCUF)?
The dividend yield of Kasikornbank PCL DRC is 5.8% (payout 64.0%). 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 Kasikornbank PCL (KPCUF)?
The net margin of Kasikornbank PCL DRC is 18.5% (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 Kasikornbank PCL (KPCUF)?
The return on equity (ROE) of Kasikornbank PCL DRC is 8.5% (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 Kasikornbank PCL (KPCUF)?
On an EBIT basis the return on assets of Kasikornbank PCL DRC is 1.3% (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 Kasikornbank PCL (KPCUF)?
The operating margin of Kasikornbank PCL DRC is 51.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kasikornbank PCL (KPCUF)?
Revenue at Kasikornbank PCL DRC is growing +1.1% versus a year earlier (3y avg +11.6%). 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 Kasikornbank PCL (KPCUF)?
Earnings per share at Kasikornbank PCL DRC are growing +10.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Kasikornbank PCL (KPCUF) hold?
Kasikornbank PCL DRC holds more cash than debt, 115B THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 24, 2026