Kasikornbank Public Co (KPCPY) AI Stock Analysis

• Market Cap: $13.82B
• Dividend Yield: 5.29%
• Average Volume (3M): 4.36K
• Price to Earnings (P/E): 9.7
• Beta (1Y): 0.25
• Revenue Growth: -6.81%
• EPS Growth: 12.40%
• Country: US
• Employees: 11,219
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.54
• Shares Outstanding: 592,331,900
• 10 Day Avg. Volume: 157
• 30 Day Avg. Volume: 4,360
• PEG Ratio: -65.54
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 1.80
• P/FCF Ratio: 3.89
• Enterprise Value/Market Cap: 24.01
• Enterprise Value/Revenue: 1.39
• Enterprise Value/Gross Profit: 2.00
• Enterprise Value/Ebitda: 4.35
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $27.00 ▲(9.40% Upside)
• Action: Downgraded Date: 03/03/26
• Date: Action: Downgraded 03/03/26

The score is driven primarily by a solid but not top-tier financial profile: improving revenue and steady profitability are offset by higher 2025 debt and volatile cash-flow consistency. Valuation is a key positive with a low P/E and strong dividend yield. Technicals are moderately supportive, with price above longer-term averages but momentum readings largely neutral.

Positive Factors

Revenue Acceleration

Sustained revenue acceleration in 2025 indicates the bank is regaining top-line momentum across lending and fee businesses. Durable revenue growth supports scalable earning power, allows reinvestment in digital channels and product distribution, and underpins medium-term profit expansion.

Growing Equity Base

A steadily growing equity base strengthens capital buffers and regulatory headroom, enabling continued lending and balance-sheet expansion. This improves resilience to credit cycles, supports risk-weighted asset growth, and preserves strategic optionality for acquisitions or capital returns.

Improved 2025 Cash Conversion

A near 1.0x free-cash-flow-to-net-income conversion in 2025 signals improving earnings quality and cash generation. Reliable cash conversion supports dividend capacity, debt servicing and reinvestment, strengthening long-term financial flexibility when sustained across cycles.

Negative Factors

Debt Spike in 2025

A pronounced increase in total debt in 2025 raises leverage and funding risk, reducing financial flexibility. Even with higher equity, sudden debt buildup can elevate interest expense, constrain capital allocation, and heighten sensitivity to higher rates or funding market stress over the medium term.

Volatile Cash Generation

Multi-year volatility in operating and free cash flow undermines confidence in recurring cash availability. Inconsistent FCF complicates planning for dividends, loan growth and reserves, and increases reliance on external funding during weak years, making long-term capital strategy less predictable.

Margin/Profitability Pressure

Earnings slipping while revenue rises indicates margin compression or rising costs/provisions. Persistent margin pressure can limit return-on-assets and equity, requiring sustained revenue mix improvement or cost control to restore profitability and maintain competitive returns over time.

Kasikornbank Public Co Business Overview & Revenue Model

Company Description

Kasikornbank Public Company Limited, together with its subsidiaries, provides commercial banking products and services in Thailand and internationally. The company's personal banking products and services include savings, current, fixed deposit, and foreign currency accounts; personal, home, and auto loans; debit and credit cards; life and non-life insurance products; investment products, such as mutual funds, stocks, and derivatives/futures exchange; money transfer and bill payment, cheque and draft, and foreign exchange services; and digital banking services. It also offers various products and services for small and medium enterprises, including savings, current, and fixed deposits; working capital, commercial, and special loans, as well as letters of guarantee; collection and payment services; life, non-life, and group insurance products; and import, export, and money transfer services. In addition, the company provides various products and services for corporate customers, such as cash management solutions, including current, savings, special savings deposit, and fixed deposit accounts, as well as collection, payment, liquidity management, and electronic service solutions; international trade solutions comprising import and export, global money transfer, guarantee, and trade finance solutions; working capital loans, term loans, special loans, and letters of guarantee; supply chain financing; life, non-life, and group insurance products; and foreign exchange and derivatives, corporate finance, securities, investment, and business card services. Further, it offers auto and equipment leasing, and venture capital management services. The company operates 839 branches. Kasikornbank Public Company Limited was founded in 1945 and is headquartered in Bangkok, Thailand.

How the Company Makes Money

Kasikornbank generates revenue primarily through interest income from loans, which constitutes a significant portion of its earnings. The bank provides various types of loans, including personal, home, and business loans, and earns interest on these loans over time. Additionally, the bank earns non-interest income through fees and commissions related to its financial services, such as account maintenance fees, transaction fees, and fees for investment services. Moreover, Kasikornbank engages in wealth management and investment banking activities, which also contribute to its revenue streams. Strategic partnerships with fintech companies and other financial institutions enhance its service offerings and customer reach, further bolstering its earnings potential.

Kasikornbank Public Co Financial Statement Overview

Summary

Income statement strength (74) reflects improving revenue momentum and solid profitability, but slight net income slippage suggests margin pressure. Balance sheet (63) is supported by growing equity, offset by a sharp rise in total debt in 2025 that increases risk. Cash flow (58) is the main drag due to multi-year volatility and prior weak/negative free cash flow despite better 2025 conversion.

Income Statement

Revenue shows a generally improving trajectory, with a strong acceleration in 2025 (annual revenue growth ~10.7%) following modest growth in 2024. Profitability remains solid for a regional bank, with net margins consistently in the high-teens to low-20s range (2025 ~18.5% vs. 2024 ~20.5%). However, net income slipped slightly in 2025 despite higher revenue, indicating some margin pressure and less clean earnings leverage than the top tier.

Balance Sheet

Equity has steadily grown over the period, supporting a large and expanding asset base, which is a positive signal for balance-sheet resilience. Leverage looks moderate in most years (debt-to-equity ~0.30–0.46 from 2020–2024). A key concern is the sharp rise in total debt in 2025 versus 2024, which weakens the risk profile even though equity also increased. (Some provided 2025 leverage and return metrics appear unavailable/zeroed, so the assessment relies on the debt and equity levels and the multi-year trend.)

Cash Flow

Cash generation is mixed and somewhat volatile. 2025 shows strong operating cash flow and free cash flow, with free cash flow nearly matching net income (close to 1.0x), which is supportive of earnings quality. However, free cash flow fell materially in 2025 (down ~36%) after an unusually strong 2024, and the prior years include very weak/negative free cash flow (notably 2022 negative and 2023 very low), highlighting variability that reduces confidence in consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	257.36B	236.93B	227.52B	192.00B	179.13B
Gross Profit	183.74B	162.02B	153.32B	127.50B	129.55B
EBITDA	75.23B	72.41B	64.61B	55.17B	59.30B
Net Income	47.70B	48.60B	42.41B	35.77B	38.05B
Balance Sheet
Total Assets	4.56T	4.33T	4.28T	4.25T	4.10T
Cash, Cash Equivalents and Short-Term Investments	441.86B	778.74B	676.58B	682.91B	770.31B
Total Debt	272.09B	185.59B	199.69B	159.32B	217.08B
Total Liabilities	3.89T	3.69T	3.69T	3.68T	3.57T
Stockholders Equity	581.42B	563.35B	532.28B	503.27B	476.71B
Cash Flow
Free Cash Flow	119.39B	68.78B	643.25M	-9.47B	236.32B
Operating Cash Flow	120.35B	77.86B	9.54B	503.93M	241.75B
Investing Cash Flow	-154.60B	-60.15B	-8.01B	25.78B	-251.22B
Financing Cash Flow	-54.96B	-20.29B	-9.90B	-29.13B	7.48B

Kasikornbank Public Co Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 24.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KPCPY, the sentiment is Negative. The current price of 24.68 is above the 20-day moving average (MA) of 24.67, above the 50-day MA of 24.59, and above the 200-day MA of 21.97, indicating a neutral trend. The MACD of -0.47 indicates Positive momentum. The RSI at 40.10 is Neutral, neither overbought nor oversold. The STOCH value of 20.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KPCPY.

Kasikornbank Public Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPCPY	68 Neutral	$13.82B	9.73	9.09%	5.29%	-6.81%	12.40%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BCH	67 Neutral	$19.55B	14.56	21.25%	5.56%	-11.64%	-8.75%
SHG	65 Neutral	$28.38B	18.46	8.70%	2.86%	-4.88%	4.84%
WF	65 Neutral	$15.98B	6.51	9.31%	3.71%	-2.90%	16.10%
BSBR	57 Neutral	$21.73B	9.97	11.15%	4.98%	1.13%	-11.93%
BSAC	56 Neutral	$14.95B	12.58	21.37%	4.29%	12.43%	56.30%