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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 8.3x - 9.2x | 8.7x |
| Selected Fwd P/E Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | ฿110.74 - ฿122.40 | ฿116.57 |
| Upside | -6.2% - 3.7% | -1.2% |
| Benchmarks | - | Full Ticker |
| Kasikornbank Public Company Limited | - | SET:KBANK |
| TISCO Financial Group Public Company Limited | - | SET:TISCO |
| Krung Thai Bank Public Company Limited | - | SET:PINGAN80x |
| CIMB Thai Bank Public Company Limited | - | SET:CIMBT |
| Thai Credit Bank Public Company Limited | - | SET:CREDIT |
| SCB X Public Company Limited | - | SET:SCB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| KBANK | TISCO | PINGAN80x | CIMBT | CREDIT | SCB | |||
| SET:KBANK | SET:TISCO | SET:PINGAN80x | SET:CIMBT | SET:CREDIT | SET:SCB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 4.3% | -1.0% | 8.4% | 7.2% | 38.5% | 1.7% | ||
| 3Y CAGR | 8.0% | 0.6% | 26.6% | 5.3% | 23.3% | 7.3% | ||
| Latest Twelve Months | 7.9% | -5.9% | 14.8% | 118.7% | 32.4% | 3.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 32.5% | 39.8% | 32.9% | 19.4% | 33.7% | 31.7% | ||
| Prior Fiscal Year | 29.6% | 39.6% | 32.6% | 15.1% | 37.9% | 34.1% | ||
| Latest Fiscal Year | 31.8% | 38.7% | 34.2% | 23.0% | 35.0% | 33.9% | ||
| Latest Twelve Months | 31.7% | 38.4% | 34.6% | 25.1% | 36.7% | 34.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.5x | 4.4x | 2.4x | 1.1x | 1.8x | 3.0x | ||
| LTM P/E Ratio | 7.8x | 11.5x | 6.9x | 4.2x | 4.9x | 8.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 4.2x | 6.9x | 11.5x | |||||
| Historical LTM P/E Ratio | 9.0x | 9.4x | 13.2x | |||||
| Selected P/E Multiple | 8.3x | 8.7x | 9.2x | |||||
| (x) LTM Net Income | 45,164 | 45,164 | 45,164 | |||||
| (=) Equity Value | 375,175 | 394,921 | 414,667 | |||||
| (/) Shares Outstanding | 3,367.1 | 3,367.1 | 3,367.1 | |||||
| Implied Value Range | 111.42 | 117.29 | 123.15 | |||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 111.42 | 117.29 | 123.15 | 118.00 | ||||
| Upside / (Downside) | -5.6% | -0.6% | 4.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KBANK | TISCO | PINGAN80x | CIMBT | CREDIT | SCB | |
| Value of Common Equity | 373,169 | 78,664 | 301,883 | 12,884 | 20,128 | 397,319 | |
| (/) Shares Outstanding | 2,369.3 | 800.7 | 13,976.1 | 34,822.3 | 1,234.8 | 3,367.1 | |
| Implied Stock Price | 157.50 | 98.25 | 21.60 | 0.37 | 16.30 | 118.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 157.50 | 98.25 | 21.60 | 0.37 | 16.30 | 118.00 | |
| Trading Currency | THB | THB | THB | THB | THB | THB | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |