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Krungthai Card Public Company (KTC-R) Fair Value & Analysis

Financial Services · TH · Market cap 101B THB (≈ $3.1B) · ISIN TH0689010R18

What is Krungthai Card Public Company really worth?

KC Krungthai Card Public Company KTC-R · BK
Price37.50 THB
Fair Value38.66 THB
Upside+3.1%
Quality73/100

A solid business, currently priced close to our fair value of 38.66 THB.

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Strengths

Healthy Growth (revenue 5y +5.1 %/yr)
Highly profitable · 40.1% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/15)
Wide moat 78/100

For context

·4.72% dividend yield
Evidence: High Range 20.22 THB – 63.47 THB

Fair value as of: Aug 27, 2026

From 13 valuation models · updated 9 days ago

Share price −3.8% over the past month.

What runs behind every stock

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

What matters now

  • The model range is unusually wide (20.22 THB to 63.47 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

69.40 THB 22.71 THB Fair Value 38.66 THB Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range 22.71 THB – 69.40 THB · fair‑value band 20.22 THB – 63.47 THB · the 37.50 THB price screens below the 38.66 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Krungthai Card Public Company (KTC-R) currently trades at 37.50 THB, while our model-based Fair Value estimate is 38.66 THB, implying the stock looks roughly 3.0% fairly valued today. The Quality Score stands at 73/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of 44.68 THB per share, and 7 of the 13 models we run sit above the 37.50 THB price. Bear case: the Asset-Based group reads lowest at 11.47 THB, and 6 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Krungthai Card Public Company generated revenue of 20.2B THB at a net margin of 40.1%. Revenue grew 6.9% year over year. It earns a return on equity of 18.0%. Net debt stands at 53.7B THB. Fundamentals as of Aug 27, 2026

Our scenario range runs from 20.22 THB (bear case) to 63.47 THB (bull case); at 37.50 THB, the current price sits within 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 14% 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 −48% fair-value upside, at 3%, KTC-R screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.9271 THB per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence 30.96 THB 66.72 THB 128.09 THB 74
Owner Earnings 25.61 THB 60.07 THB 121.10 THB 71
Rev-Margin DCF 8.83 THB 21.82 THB 38.91 THB 69
All 13 models by family
DCF Models
Owner Earnings 25.61 THB 60.07 THB 121.10 THB 71
5Y P/E Exit 18.10 THB 40.99 THB 67.08 THB 68
10Y P/E Exit 22.18 THB 44.68 THB 76.29 THB 61
Earnings-Based
Graham-Dodd 20.22 THB 98.11 THB 135.14 THB 64
Lynch FV 26.27 THB 37.53 THB 48.79 THB 61
Dividend Discount
Gordon GGM 12.12 THB 25.20 THB 39.98 THB 66
DDM Multi-Stage 12.12 THB 21.25 THB 26.45 THB 66
Multiples
P/E Multiple 29.00 THB 38.66 THB 48.33 THB 63
P/B Multiple 17.98 THB 23.97 THB 29.97 THB 55
Asset-Based
NCAV (Graham) 8.56 THB 11.47 THB 17.12 THB 54
Growth DCF
Growth DCF best evidence 30.96 THB 66.72 THB 128.09 THB 74
Rev-Margin DCF 8.83 THB 21.82 THB 38.91 THB 69
Economic Profit
Residual Income 19.43 THB 24.95 THB 72.55 THB 66

Widest divergence: DCF Models (44.68 THB) versus Asset-Based (11.47 THB). Highest evidence: Growth DCF (74).

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Key figures & financial health

P/E ratio 11.9
P/S ratio 3.71 P/E × margin
EPS (TTM) 3.14 THB price ÷ EPS = P/E 11.9
Dividend yield 4.7% payout 56.4%
Net margin 31.1% FY2025
Return on equity 18.0% TTM
More key figures
Profitability
Return on assets (EBIT) 8.8% avg 5y
Operating margin 52.4% TTM
Growth
Revenue (TTM) 20.2B THB TTM
Revenue growth (YoY) +6.9% 3y avg +7.6%
EPS growth (YoY) +16.7%
Balance sheet & cash flow
Free cash flow 9.1B THB FY2025
Net debt 53.7B THB FY2025 · ≈ 5.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 67 · Market factors (momentum, volatility) 72

Profitability 52
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 79
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 100
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Krungthai Card Public Company Limited engages in the credit card, personal loan, and other related businesses in Thailand. It also involved in the merchant acquiring, payment services, provincial retail lending business, occupational retail lending business, e-money business, and hire purchase and leasing business.

Full company description

Krungthai Card Public Company Limited engages in the credit card, personal loan, and other related businesses in Thailand. It also involved in the merchant acquiring, payment services, provincial retail lending business, occupational retail lending business, e-money business, and hire purchase and leasing business. Krungthai Card Public Company Limited was incorporated in 1996 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 Card Public Company reported revenue of 24.7B THB in FY2025 versus 18.2B THB in FY2021, a compound +8.0%/yr. Reported net income was 7.7B THB in FY2025, compounding +6.9%/yr from FY2021.

Growth Quality 79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
24.7B THB
Latest YoY
+5.8%
Avg. revenue 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.
+7.6%
Avg. revenue 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.
+5.1%
Avg. revenue growth/yr (23Y) 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.
+13.7%
Value creation/yr (5Y, in THB) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+12.6% (7.9 + 4.7)
Revenue +8.0%/yr
FY21 18.2B THB
FY22 19.8B THB
FY23 22.2B THB
FY24 23.3B THB
FY25 24.7B THB
Net income +6.9%/yr
FY21 5.9B THB
FY22 7.1B THB
FY23 7.3B THB
FY24 7.4B THB
FY25 7.7B THB
Character of growth · EPS growth decomposed (2014-2025) +15.3 % p.a.
Revenue per share +6.3 %

of which total revenue +6.1 % · buybacks/dilution +0.2 %

EBIT margin +9.3 %
Tax rate −0.3 %
Residual (interest, one-offs) −0.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Krungthai Card Public Company Fair Value". https://www.fairvalue-calculator.com/stock/KTC-R

Peer Group

Credit Services · 326 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 73 · Top 25%
Fair Value upside +3% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 52% · Above median
Revenue growth 7% · Below median
Dividend yield (TTM) 4.7% · Above median
Debt / equity 0.95× · Higher than median

Valuation Multiples vs Credit Services median · lower = cheaper

P/E (TTM) 11.9× · Pricier than median
P/B 2.28× · Pricier than 75% of peers
P/S (TTM) 4.98× · Pricier than median
P/FCF 0.3× · Cheaper than median
EV/EBITDA 11.4× · Cheaper than median
PEG 2.41× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE37 · sector 34
FUTURE35 · sector 40
PAST72 · sector 31
HEALTH52 · sector 59
DIVIDEND94 · sector 55

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 Credit Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Visa Inc V $379.66 $198.27 −48%
Mastercard Incorporated MA $591.73 $221.87 −63%
American Express Company AXP $334.16 $206.40 −38%
Capital One Financial Corporation COF $215.67 $117.51 −46%
Bajaj Finance Limited BAJFINANCE ₹1,093 ₹397.70 −64%
PayPal Holdings PYPL $61.47 $77.12 +25%
Shriram Finance Limited SHRIRAMFIN ₹1,134 ₹553.82 −51%
Synchrony Financial, SYF $78.05 $137.28 +76%
SoFi Technologies, Inc SOFI $18.06 $5.02 −72%
Cholamandalam Investment and Finance Company CHOLAFIN ₹1,866 ₹796.47 −57%

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Frequently asked questions

Is Krungthai Card Public Company (KTC-R) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 38.66 THB versus a price of 37.50 THB, about +3% upside (fairly valued).
What is the fair value of KTC-R?
Our model-based fair value for Krungthai Card Public Company is 38.66 THB (as of Aug 27, 2026), built from audited fundamentals. The current price: 37.50 THB.
What is the quality score of KTC-R?
Krungthai Card Public Company has a Quality Score of 73/100. 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 Card Public Company (KTC-R)?
Krungthai Card Public Company reported trailing-twelve-month revenue of about 20.2B THB (latest available figure, as of Aug 27, 2026).
What is the net profit margin of KTC-R?
The net profit margin of Krungthai Card Public Company is about 40.1%, meaning it keeps roughly 40.1% of revenue as net income. Based on the latest reported figures.
Does Krungthai Card Public Company pay a dividend?
Krungthai Card Public Company currently shows a dividend yield of about 4.72% relative to its recent price (as of Aug 27, 2026).
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