Bank of Ayudhya

TUESDAY, JUNE 12, 2012
Bank of Ayudhya

All signs still point north Outperform - maintained Share price: Bt28.25 Target price: Bt33.00

Bank of Ayudhya Plc (BAY)
While Europe dominates the headlines, BAY indicated that the bank is being kept busy by its larger retail client base. We remain confident of the stock’s re-rating potential. The upcoming 2Q results should provide further assurance that this potential can become a reality. BAY remains one of our top picks among Thai banks. Our target price is still set to 1.8x FY12 P/BV (GGM: 15% ROE, 11.7% COE, 7.5% growth). Maintain Outperform.