Strategy Note /

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.

Athaporn Arayasantiparb
Athaporn Arayasantiparb

CFA - Managing Director, Head of Research

MCorp Review
21 January 2021
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