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1. Company Snapshot

1.a. Company Description

Krung Thai Bank Public Company Limited provides various commercial banking products and services.The company operates through three segments: Retail Banking, Wholesale Banking, and Treasury and Investment.It provides various retail banking products and services, including current, savings, and fixed deposit accounts; time and foreign currency deposits; personal and housing loans; debit, travel, cash and top up, and credit cards; investment services; travel, motor, and home asset insurance products; money transfer, payment and top up, foreign exchange, and overseas education services; and e-banking services.


The company also offers SME loans for small and medium businesses; and international business loans.In addition, it provides corporate banking products and services comprising cash management services, such as collection, liquidity management, and transfer and payment services; fixed deposit and current accounts; foreign currency and term deposits; cards; Fx, interest rate, equity, commodity, and credit derivatives; financial advisory services related to merger and acquisition transactions; financial advisory, underwriting, and selling agent services for products offered through the equity capital markets; project finance advisory and feasibility study services, as well as e-banking services; and investment solutions, such as government and corporate bonds, structured notes, and investment units.The company provides its services through a network of branches in Thailand and various centers internationally.


Krung Thai Bank Public Company Limited was founded in 1966 and is headquartered in Bangkok, Thailand.

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1.b. Last Insights on KTB1

Krung Thai Bank Public Company Limited's recent performance has been positively driven by its robust earnings, underpinned by a resilient Thai economy and strong corporate loan growth. The bank's strategic focus on digital transformation and innovation has also yielded results, enhancing its service offerings and customer engagement. Furthermore, with a dividend yield of over 3.3%, the bank's shares have become increasingly attractive to income-seeking investors. A recent rating upgrade by a reputable agency underscores the bank's solid financial fundamentals.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Ant International, National ITMX to boost Thai-Chinese payment connectivity

Oct -27

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NITMX, Ant International and Krungthai Bank Expand Payment Connectivity Between Thailand and China via PromptPay

Oct -27

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Societe Generale: shares & voting rights as of 31 August 2025

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.09%)

6. Segments

Retail Banking

Expected Growth: 1.2%

Krung Thai Bank's 1.2% retail banking growth driven by increasing demand for digital banking services, expansion of branch network, and strategic partnerships. Additionally, the bank's focus on customer-centric approach, competitive interest rates, and innovative product offerings have contributed to the growth. Furthermore, the Thai government's initiatives to promote financial inclusion and economic growth have also supported the segment's expansion.

Wholesale Banking

Expected Growth: 1.5%

Krung Thai Bank's Wholesale Banking segment growth of 1.5% is driven by increasing demand for corporate loans and cash management services from large Thai corporations, expansion into high-growth industries such as renewable energy and infrastructure, and strategic partnerships with local businesses to enhance trade finance capabilities.

Other

Expected Growth: 0.8%

Krung Thai Bank's 'Other' segment growth of 0.8% is driven by increasing fee income from bancassurance and investment products, as well as rising demand for digital payment services. Additionally, the bank's strategic partnerships and investments in fintech companies have contributed to the growth.

Elimination

Expected Growth: 0.0%

Elimination from Krung Thai Bank Public Company Limited is attributed to stagnant growth of 0.0%. This is driven by lack of innovation, inefficient cost structure, and failure to adapt to changing market conditions, resulting in stagnant revenue and profitability.

Treasury and Investment

Expected Growth: 1.8%

Treasury and Investment segment of Krung Thai Bank Public Company Limited grew 1.8% driven by increasing government bond yields, rising demand for investment products, and effective asset liability management. Additionally, the bank's strategic partnerships and diversified investment portfolio contributed to the growth, while a stable economic environment and favorable regulatory policies supported the segment's expansion.

7. Detailed Products

Personal Banking

Krung Thai Bank offers a range of personal banking services, including deposit accounts, credit cards, personal loans, and investment products.

Corporate Banking

Krung Thai Bank provides corporate banking services, including cash management, trade finance, and treasury services, to support businesses of all sizes.

Commercial Banking

Krung Thai Bank offers commercial banking services, including lending, deposit, and cash management products, to support small and medium-sized enterprises (SMEs).

Investment Banking

Krung Thai Bank provides investment banking services, including mergers and acquisitions, equity and debt capital markets, and restructuring advisory services.

Treasury Services

Krung Thai Bank offers treasury services, including foreign exchange, interest rate, and commodity hedging, to help clients manage their financial risks.

Digital Banking

Krung Thai Bank provides digital banking services, including online banking, mobile banking, and e-wallet services, to support customers' digital lifestyles.

Credit Cards

Krung Thai Bank offers a range of credit cards, including cashback, rewards, and travel cards, to support customers' lifestyle and spending habits.

Loans

Krung Thai Bank provides personal and business loans, including mortgage, auto, and personal installment loans, to support customers' financial needs.

Investment Products

Krung Thai Bank offers a range of investment products, including mutual funds, unit trusts, and fixed income securities, to support customers' investment goals.

8. Krung Thai Bank Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Krung Thai Bank Public Company Limited is medium due to the presence of alternative banking services and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers for Krung Thai Bank Public Company Limited is low due to the bank's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Krung Thai Bank Public Company Limited is medium due to the bank's dependence on technology and infrastructure providers.

Threat Of New Entrants

The threat of new entrants for Krung Thai Bank Public Company Limited is high due to the increasing trend of digital banking and fintech startups.

Intensity Of Rivalry

The intensity of rivalry for Krung Thai Bank Public Company Limited is high due to the competitive banking industry in Thailand.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.95%
Debt Cost 5.97%
Equity Weight 49.05%
Equity Cost 5.97%
WACC 5.97%
Leverage 103.86%

11. Quality Control: Krung Thai Bank Public Company Limited passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 10.0

Momentum: 7.5

Volatility: 8.3

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DNB Bank

A-Score: 7.2/10

Value: 6.2

Growth: 4.9

Quality: 5.5

Yield: 9.4

Momentum: 8.5

Volatility: 9.0

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Krung Thai Bank

A-Score: 7.2/10

Value: 7.2

Growth: 6.1

Quality: 7.0

Yield: 8.3

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Erste Bank

A-Score: 6.8/10

Value: 6.4

Growth: 4.6

Quality: 6.2

Yield: 7.5

Momentum: 9.5

Volatility: 6.3

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M&T Bank

A-Score: 6.6/10

Value: 6.6

Growth: 5.6

Quality: 6.8

Yield: 6.0

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

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Truist

A-Score: 5.8/10

Value: 4.8

Growth: 2.8

Quality: 5.5

Yield: 8.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.75$

Current Price

0.75$

Potential

-0.00%

Expected Cash-Flows