Krungthai Card Public Company Limited

KTC.BK

Financial - Credit Services · Financial Services

Price

39.00 THB

+0.00 (+0.00%)

Market Cap

100.55B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−4.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.58B (2021) → 2.45B (2025)

Krungthai Card Public Company Limited, known as KTC, is a Thai financial services company that issues credit cards and personal loans to everyday consumers in Thailand. Its main products include the KTC credit card, the KTC PROUD revolving loan, and various installment loan products aimed at working adults and middle-income earners. KTC is one of the largest credit card issuers in Thailand and is a subsidiary of Krungthai Bank, one of the country's major state-linked banks.

KTC makes money by charging interest and fees on credit card balances and personal loans, which explains its very high gross margin. It operates almost entirely within Thailand, serving millions of cardholders through a network of branches, online channels, and partnerships with retailers. Its connection to Krungthai Bank gives it a funding advantage and a large built-in customer base. The key risk KTC faces is rising household debt levels in Thailand, which could increase loan defaults and pressure profitability if economic conditions weaken.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$0 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Krungthai Card Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

32.9%

Excellent — 32.9% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.6%

Steady sales growth (+9.6% YoY)

EPS YoY

+11.6%

Earnings growing (+11.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

67%

Modest — 67% of profit becomes cash

FCF Margin

21.3%

Converts sales into free cash efficiently (21.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

7.90x

Adequate interest coverage (7.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

12.0x

Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

4.57%

Healthy income — 4.57% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+53.9%

Dividend growing fast (53.9% YoY)

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