Earnings Report /
Thailand

Bank of Ayudhya PCL: Profit was 9% above our projection

  • Earnings beat our estimate by 9%

  • BAY reported a 3Q22 profit of Bt8.1bn

  • 3Q22 lending increased 0.8% QoQ

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
21 October 2022

Our 2023 earnings projection is Bt33.5bn, up 9% YoY, driven by lending (chiefly, corporate business) and non-NII expansion. We anticipate a dividend yield for 2023 of 3.6%. Our investment horizon rolls over to YE23 with a new target price of Bt40, pegged to a PBV of 0.8x.

Earnings beat our estimate by 9%

BAY reported a 3Q22 profit of Bt8.1bn, up by 26.8% YoY and 3.0% QoQ. The result was 9% above our projection (but was in line with the Bloomberg consensus). Pre-provision operating profit came to Bt16.5bn, up by 3% YoY and 1% QoQ. 9M22 earnings comprise 78% of our old full-year forecast of Bt30.0bn.