Financials Kasikornbank

Equities

KBANK

TH0016010009

Banks

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
134 ^THB	0.00%		+0.75%	-0.74%

Apr. 23	News Highlights : Top Financial Services News of the Day - Tuesday at 4 PM ET	DJ
Apr. 23	Thai PM asks banks to top lower interest rates to help economy	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	361,382	267,734	336,445	349,476	319,859	317,490	-	-
Enterprise Value (EV) ¹	361,382	267,734	336,445	349,476	319,859	317,490	317,490	317,490
P/E ratio	9.33 x	9.1 x	9 x	9.98 x	7.68 x	7.1 x	6.53 x	6.17 x
Yield	3.31%	2.21%	2.29%	2.71%	4.81%	4.83%	5.28%	5.74%
Capitalization / Revenue	2.25 x	1.73 x	2.06 x	2.02 x	1.66 x	1.63 x	1.59 x	1.54 x
EV / Revenue	2.25 x	1.73 x	2.06 x	2.02 x	1.66 x	1.63 x	1.59 x	1.54 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.89 x	0.63 x	0.73 x	0.72 x	0.63 x	0.57 x	0.54 x	0.51 x
Nbr of stocks (in thousands)	2,393,260	2,369,328	2,369,328	2,369,328	2,369,328	2,369,328	-	-
Reference price ²	151.0	113.0	142.0	147.5	135.0	134.0	134.0	134.0
Announcement Date	1/21/20	1/21/21	1/21/22	1/19/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	160,491	154,891	163,349	173,258	192,654	194,670	199,830	206,135
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	87,762	84,895	92,305	98,505	107,685	106,744	108,818	109,601
Operating Margin	54.68%	54.81%	56.51%	56.85%	55.9%	54.83%	54.46%	53.17%
Earnings before Tax (EBT) ¹	53,750	41,347	51,973	46,585	55,845	57,522	64,441	67,097
Net income ¹	38,727	29,487	38,053	35,769	42,405	44,907	48,775	52,057
Net margin	24.13%	19.04%	23.3%	20.65%	22.01%	23.07%	24.41%	25.25%
EPS ²	16.18	12.42	15.77	14.78	17.58	18.87	20.53	21.73
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	5.000	2.500	3.250	4.000	6.500	6.466	7.073	7.696
Announcement Date	1/21/20	1/21/21	1/21/22	1/19/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	-	42,523	40,613	41,510	-	41,735	-	-	46,574	48,070	94,644	47,115	50,895	50,152	49,323	48,704	48,067	49,947	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	22,045	23,223	23,441	-	23,484	28,358	-	26,781	27,223	-	27,294	26,387	29,439	26,498	-	-	-	-
Operating Margin	-	-	51.84%	57.18%	56.47%	-	56.27%	-	-	57.5%	56.63%	-	57.93%	51.85%	58.7%	53.72%	-	-	-	-
Earnings before Tax (EBT)	-	-	12,466	13,887	13,589	-	13,536	5,574	-	14,089	14,439	-	14,501	12,815	17,755	-	-	-	-	-
Net income ¹	9,550	19,521	9,901	11,211	10,794	-	10,574	3,191	-	10,741	10,994	21,735	11,282	9,388	13,486	11,337	-	-	-	-
Net margin	-	-	23.28%	27.6%	26%	-	25.34%	-	-	23.06%	22.87%	22.97%	23.95%	18.45%	26.89%	22.99%	-	-	-	-
EPS ²	4.020	8.100	4.180	4.580	4.560	9.140	4.290	1.350	-	4.380	4.640	9.020	4.600	3.960	5.530	5.300	5.580	4.850	-	-
Dividend per Share ²	-	-	-	-	-	-	-	3.500	3.500	-	-	-	-	6.000	-	-	-	7.500	-	-
Announcement Date	7/20/20	7/21/21	1/21/22	4/21/22	7/21/22	7/21/22	10/21/22	1/19/23	1/19/23	4/21/23	7/21/23	7/21/23	10/20/23	1/19/24	4/22/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	7.1%	7.4%	7.38%	8.29%	8.27%	8.51%	8.45%
ROA (Net income/ Total Assets)	1.2%	0.85%	0.98%	0.86%	0.9%	1.03%	1.13%	1.13%
Assets ¹	3,227,228	3,469,073	3,881,347	4,159,243	4,711,671	4,369,210	4,335,451	4,603,184
Book Value Per Share ²	170.0	179.0	195.0	206.0	213.0	237.0	249.0	263.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	1/21/20	1/21/21	1/21/22	1/19/23	1/19/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kasikornbank

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

134 THB

Average target price

145.4 THB

Spread / Average Target

+8.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Banks

	1st Jan change	Capi.
KASIKORNBANK	-0.74%	8.79B
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BANK OF AMERICA CORPORATION	+15.30%	304B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+24.61%	256B
WELLS FARGO & COMPANY	+23.32%	212B
CHINA CONSTRUCTION BANK CORPORATION	+26.24%	191B
BANK OF CHINA LIMITED	+32.89%	172B
HSBC HOLDINGS PLC	+9.21%	164B
ROYAL BANK OF CANADA	+8.46%	151B
COMMONWEALTH BANK OF AUSTRALIA	+8.94%	136B

Other Banks