IPO Watch: Ngern Tid Lor — Bank of Ayudhya's Finance Arm
We value NTL at Bt29/sh, implying a market cap of US$2.3bn. The BAY subsidiary has a lowest NPL than peers.
The market leader in sales and leaseback should see earnings CAGR accelerate to 58% and see dividends doubling annually.
Key risks include regulatory interest rate cap, interest rate volatility, and funding scarcity.