Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿33.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Banks industry in Thailand. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿60.44 per share. Price Target Changed • May 26
Price target increased by 12% to ฿30.75 Up from ฿27.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿32.25. Stock is up 45% over the past year. The company is forecast to post earnings per share of ฿4.85 for next year compared to ฿4.31 last year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.90 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (6.5%). Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿1.17 (up from ฿1.02 in 1Q 2025). Revenue: ฿31.4b (up 16% from 1Q 2025). Net income: ฿8.62b (up 14% from 1Q 2025). Profit margin: 28% (in line with 1Q 2025). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Reported Earnings • Mar 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿4.32 (up from ฿4.04 in FY 2024). Revenue: ฿116.6b (up 8.8% from FY 2024). Net income: ฿31.7b (up 6.9% from FY 2024). Profit margin: 27% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Declared Dividend • Feb 28
Final dividend increased to ฿0.90 Dividend of ฿0.90 is 100% higher than last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 4.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (23% forecast payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ฿4.32 (vs ฿4.04 in FY 2024) Full year 2025 results: EPS: ฿4.32 (up from ฿4.04 in FY 2024). Revenue: ฿116.5b (up 8.8% from FY 2024). Net income: ฿31.7b (up 6.9% from FY 2024). Profit margin: 27% (in line with FY 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Announcement • Jan 14
Bank of Ayudhya Public Company Limited Appoints Senior Executives Krungsri (Bank of Ayudhya PCL) has announced the appointment of two senior executives. Duangdao Wongpanitkrit has been named chief finance and strategy officer. She has more than 35 years of leadership experience. She is currently an MUFG executive officer. She will work to co-develop the group's strategic plan and direction. The firm has also appointed Hiroshi Kurihara as head of the corporate strategy and planning group, and chief transformation officer. The executive has more than 26 years of experience. Major Estimate Revision • Jan 06
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿146.9b to ฿159.3b. EPS estimate increased from ฿3.82 to ฿4.41 per share. Net income forecast to grow 7.0% next year vs 0.2% growth forecast for Banks industry in Thailand. Consensus price target up from ฿25.85 to ฿28.10. Share price was steady at ฿26.50 over the past week. Price Target Changed • Jan 05
Price target increased by 13% to ฿28.10 Up from ฿24.85, the current price target is an average from 2 analysts. New target price is 7.0% above last closing price of ฿26.25. Stock is up 7.6% over the past year. The company is forecast to post earnings per share of ฿4.41 for next year compared to ฿4.04 last year. Reported Earnings • Nov 19
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿1.19 (up from ฿1.04 in 3Q 2024). Revenue: ฿31.9b (up 17% from 3Q 2024). Net income: ฿8.78b (up 14% from 3Q 2024). Profit margin: 28% (in line with 3Q 2024). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 21
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿1.19 (up from ฿1.04 in 3Q 2024). Revenue: ฿31.9b (up 17% from 3Q 2024). Net income: ฿8.78b (up 14% from 3Q 2024). Profit margin: 28% (in line with 3Q 2024). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Declared Dividend • Aug 29
First half dividend of ฿0.40 announced Dividend of ฿0.40 is the same as last year. Ex-date: 10th September 2025 Payment date: 25th September 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (21% payout ratio) and is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 29
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿1.13 (up from ฿1.12 in 2Q 2024). Revenue: ฿27.5b (flat on 2Q 2024). Net income: ฿8.30b (up 1.1% from 2Q 2024). Profit margin: 30% (in line with 2Q 2024). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Bank of Ayudhya Public Company Limited (SET:BAY) acquired an additional 16.33% stake in Tidlor Holdings Public Company Limited (SET:TIDLOR) from Siam Asia Credit Access PTE LTD. Bank of Ayudhya Public Company Limited (SET:BAY) acquired an additional 16.33% stake in Tidlor Holdings Public Company Limited (SET:TIDLOR) from Siam Asia Credit Access PTE LTD on August 13, 2025. Bank’s shareholding in TIDLOR has increased from 30.18 percent to 46.51 percent of its total issued and paid-up share.
Bank of Ayudhya Public Company Limited (SET:BAY) completed the acquisition of an additional 16.33% stake in Tidlor Holdings Public Company Limited (SET:TIDLOR) from Siam Asia Credit Access PTE LTD on August 13, 2025. Reported Earnings • Jul 19
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿1.13 (up from ฿1.12 in 2Q 2024). Revenue: ฿27.5b (flat on 2Q 2024). Net income: ฿8.30b (up 1.1% from 2Q 2024). Profit margin: 30% (in line with 2Q 2024). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 30
Bank of Ayudhya Public Company Limited Announces Resignation of Masakazu Osawa as Director and A Member of the Nomination and Remuneration Committee, Effective May 28, 2025 Bank of Ayudhya Public Company Limited at its board of directors meeting held on May 28, 2025 the board resolved the resignation of Mr. Masakazu Osawa from the bank's director and a member of the nomination and remuneration committee, effective May 28, 2025. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (6.9%). Reported Earnings • Apr 19
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿1.02 (down from ฿1.03 in 1Q 2024). Revenue: ฿27.1b (up 3.3% from 1Q 2024). Net income: ฿7.53b (flat on 1Q 2024). Profit margin: 28% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿4.04 (down from ฿4.48 in FY 2023). Revenue: ฿107.1b (up 4.0% from FY 2023). Net income: ฿29.7b (down 9.8% from FY 2023). Profit margin: 28% (down from 32% in FY 2023). The decrease in margin was driven by higher expenses. Non-performing loans: 4.19% (up from 3.27% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 28
Final dividend of ฿0.45 announced Dividend of ฿0.45 is the same as last year. Ex-date: 6th May 2025 Payment date: 22nd May 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Bank of Ayudhya Public Company Limited, Annual General Meeting, Apr 24, 2025 Bank of Ayudhya Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Announcement • Feb 26
Bank of Ayudhya Public Company Limited Proposes Dividend for the Six-Month Period Ended December 31, 2024, Payable on 22 May 2025 Bank of Ayudhya Public Company Limited at its AGM to be held on 24 April 2025, proposed dividend for the six-month period ended December 31, 2024 for 7,355,761,773 ordinary shares at the rate of THB 0.45 each. Record date for the right to receive dividends 07 May 2025; Ex-dividend date: 06 May 2025; Payment date: 22 May 2025. Reported Earnings • Jan 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿4.04 (down from ฿4.48 in FY 2023). Revenue: ฿107.5b (up 4.3% from FY 2023). Net income: ฿29.7b (down 9.8% from FY 2023). Profit margin: 28% (down from 32% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 19
Third quarter 2024 earnings released: EPS: ฿1.04 (vs ฿1.10 in 3Q 2023) Third quarter 2024 results: EPS: ฿1.04 (down from ฿1.10 in 3Q 2023). Revenue: ฿27.1b (up 3.0% from 3Q 2023). Net income: ฿7.67b (down 5.2% from 3Q 2023). Profit margin: 28% (down from 31% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿28.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Thailand. Total loss to shareholders of 4.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿52.18 per share. Reported Earnings • Sep 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿1.12 (down from ฿1.15 in 2Q 2023). Revenue: ฿27.7b (up 14% from 2Q 2023). Net income: ฿8.21b (down 2.6% from 2Q 2023). Profit margin: 30% (down from 35% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 30
First half dividend of ฿0.40 announced Dividend of ฿0.40 is the same as last year. Ex-date: 11th September 2024 Payment date: 26th September 2024 Dividend yield will be 3.4%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (10% payout ratio) and is expected to be well covered in 3 years' time (24% forecast payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 28
Bank of Ayudhya Public Company Limited Announces Interim Cash Dividend for the Six-Month Period Ended June 30, 2024, Payable on September 26, 2024 Bank of Ayudhya Public Company Limited announced interim cash dividend of THB 0.40 per share for the six-month period ended June 30, 2024, payable on September 26, 2024. Record date for the right to receive dividends is September 12, 2024. Ex-dividend date is September 11, 2024. Price Target Changed • Aug 21
Price target decreased by 12% to ฿26.00 Down from ฿29.50, the current price target is an average from 2 analysts. New target price is 7.4% above last closing price of ฿24.20. Stock is down 23% over the past year. The company is forecast to post earnings per share of ฿4.23 for next year compared to ฿4.48 last year. Reported Earnings • Jul 20
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿1.12 (down from ฿1.15 in 2Q 2023). Revenue: ฿27.7b (up 13% from 2Q 2023). Net income: ฿8.21b (down 2.6% from 2Q 2023). Profit margin: 30% (down from 35% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Jul 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.0%). Announcement • Apr 26
Bank of Ayudhya Public Company Limited Approves Dividend for the Six Months Ended December 31, 2023, Payable on May 23, 2024 Bank of Ayudhya Public Company Limited announced at the AGM held on April 24, 2024, approved dividend payment for the six months ended December 31, 2023 to the holder of 7,355,761,773 ordinary shares at the rate of THB 0.45 per share totaling THB 3,310,092,797.85 while on September 21, 2023, the bank has paid the interim dividend payment for the six month period ended June 30, 2023 to the holder of 7,355,761,733 ordinary shares at the rate of THB 0.40 per shares. Record date is May 8, 2024. Payment date is May 23, 2024. Reported Earnings • Apr 20
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: ฿1.03 (down from ฿1.18 in 1Q 2023). Revenue: ฿26.3b (up 8.7% from 1Q 2023). Net income: ฿7.54b (down 13% from 1Q 2023). Profit margin: 29% (down from 36% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ฿4.48 (up from ฿4.18 in FY 2022). Revenue: ฿103.3b (up 16% from FY 2022). Net income: ฿32.9b (up 7.2% from FY 2022). Profit margin: 32% (down from 34% in FY 2022). The decrease in margin was driven by higher expenses. Non-performing loans: 3.27% (up from 2.91% in FY 2022). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Bank of Ayudhya Public Company Limited Proposes Dividend for the Six-Month Period Ended December 31, 2023, Payable on May 23, 2024 Bank of Ayudhya Public Company Limited proposed cash dividend of THB 0.45 per share, Record date for the right to receive dividends: 08-May-2024, Ex-dividend date: 07-May-2024 and Payment date: 23-May-2024. Declared Dividend • Mar 01
Final dividend of ฿0.45 announced Dividend of ฿0.45 is the same as last year. Ex-date: 7th May 2024 Payment date: 23rd May 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.6%. Sustainability & Growth Dividend is well covered by earnings (19% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.0% over the next 3 years. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jan 19
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ฿4.48 (up from ฿4.18 in FY 2022). Revenue: ฿103.3b (up 16% from FY 2022). Net income: ฿32.9b (up 7.2% from FY 2022). Profit margin: 32% (down from 34% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 27
Price target decreased by 12% to ฿33.00 Down from ฿37.50, the current price target is an average from 2 analysts. New target price is 14% above last closing price of ฿29.00. Stock is down 7.9% over the past year. The company is forecast to post earnings per share of ฿4.45 for next year compared to ฿4.18 last year. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2023 results: EPS: ฿1.10 (up from ฿1.10 in 3Q 2022). Revenue: ฿26.3b (up 13% from 3Q 2022). Net income: ฿8.10b (flat on 3Q 2022). Profit margin: 31% (down from 35% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 30
Upcoming dividend of ฿0.40 per share at 2.5% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 25
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: ฿1.15 (up from ฿1.07 in 2Q 2022). Revenue: ฿24.3b (up 10% from 2Q 2022). Net income: ฿8.43b (up 7.6% from 2Q 2022). Profit margin: 35% (in line with 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • Aug 24
Bank of Ayudhya Public Company Limited Announces Interim Cash Dividend for the Six-Month Period Ended June 30, 2023, Payable on September 21, 2023 Bank of Ayudhya Public Company Limited announced interim cash dividend of THB 0.40 per share for the six-month period ended June 30, 2023, payable on September 21, 2023. Record date for the right to receive dividends is September 7, 2023. Ex-dividend date is September 6, 2023. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: ฿1.15 (up from ฿1.07 in 2Q 2022). Revenue: ฿24.3b (up 9.9% from 2Q 2022). Net income: ฿8.43b (up 7.6% from 2Q 2022). Profit margin: 35% (in line with 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • May 24
Bank of Ayudhya Public Company Limited (SET:BAY) completed the acquisition of 50% of stake in SHBank Finance Company Limited from Saigon - Hanoi Commercial Joint Stock Bank (HNX:SHB). Bank of Ayudhya Public Company Limited (SET:BAY) agreed to acquire 50% of stake in SHBank Finance Company Limited from Saigon - Hanoi Commercial Joint Stock Bank (HNX:SHB) for approximately THB 2.3 billion on August 25, 2021. The Board of Bank of Ayudhya Public Company Limited approved the deal. As of August 27, 2021, General Meeting of Shareholders of SHB and Board of Directors approved the divestment of SHB in SHBANK Finance Company Limited. The transaction is subject to approval from Bank of Ayudhya Public Company Limited’s shareholders, Bank of Thailand and State Bank of Vietnam. This Transaction is also subject to satisfactory regulatory approvals from the Bank of Thailand, and/or other relevant regulators in Thailand and other countries. Total assets of THB 6,164.8 million and shareholder equity of THB 1,530.5 million on June 30, 2021. Kiatnakin Phatra Securities Public Company Limited acted as financial advisor to Bank of Ayudhya. On October 29, 2021, the Extraordinary General Meeting of Shareholders of Bank of Ayudhya Public Company Limited (SET:BAY) approved the transaction. In December 2021, Bank of Thailand approved the transaction.Bank of Ayudhya Public Company Limited (SET:BAY) completed the acquisition of 50% of stake in SHBank Finance Company Limited from Saigon - Hanoi Commercial Joint Stock Bank (HNX:SHB) on May 23, 2023. Upcoming Dividend • May 02
Upcoming dividend of ฿0.45 per share at 2.9% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.3%). Reported Earnings • Apr 22
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: ฿1.18 (up from ฿1.01 in 1Q 2022). Revenue: ฿24.2b (up 14% from 1Q 2022). Net income: ฿8.68b (up 17% from 1Q 2022). Profit margin: 36% (up from 35% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 4.4%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: ฿0.98 loss per share (improved from ฿2.00 loss in 3Q 2021). Net loss: ฿7.18b (loss narrowed 51% from 3Q 2021). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Wittaya Watcharawittayakul was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 21
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿22.68 (up from ฿0.86 in 3Q 2021). Revenue: ฿23.4b (up 19% from 3Q 2021). Net income: ฿8.07b (up 27% from 3Q 2021). Profit margin: 35% (up from 32% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Banks industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Aug 30
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 22 September 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (3.4%). Reported Earnings • Jul 22
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Net income: ฿7.83b (down 46% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿1.01 (up from ฿0.88 in 1Q 2021). Revenue: ฿21.4b (up 5.4% from 1Q 2021). Net income: ฿7.42b (up 14% from 1Q 2021). Profit margin: 35% (up from 32% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 24%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • May 03
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Tongurai Limpiti was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 21
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿1.01 (up from ฿0.88 in 1Q 2021). Revenue: ฿21.4b (up 5.9% from 1Q 2021). Net income: ฿7.42b (up 14% from 1Q 2021). Profit margin: 35% (up from 32% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 24%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿4.59 (up from ฿3.13 in FY 2020). Revenue: ฿91.1b (up 18% from FY 2020). Net income: ฿33.8b (up 47% from FY 2020). Profit margin: 37% (up from 30% in FY 2020). The increase in margin was driven by higher revenue. Non-performing loans: 2.61% (up from 2.55% in FY 2020). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 24%, compared to a 36% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Reported Earnings • Jan 21
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿4.59 (up from ฿3.13 in FY 2020). Revenue: ฿91.3b (up 18% from FY 2020). Net income: ฿33.8b (up 47% from FY 2020). Profit margin: 37% (up from 30% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 25%, compared to a 39% growth forecast for the banks industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Major Estimate Revision • Dec 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿4.14 to ฿4.65. Revenue forecast steady at ฿122.5b. Net income forecast to shrink 7.6% next year vs 14% growth forecast for Banks industry in Thailand . Consensus price target broadly unchanged at ฿36.00. Share price was steady at ฿35.50 over the past week. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ฿0.86 (vs ฿0.83 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿19.6b (up 3.4% from 3Q 2020). Net income: ฿6.36b (up 4.0% from 3Q 2020). Profit margin: 32% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Aug 31
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 22 September 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (2.5%). Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS ฿1.98 (vs ฿0.89 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿30.7b (up 55% from 2Q 2020). Net income: ฿14.5b (up 124% from 2Q 2020). Profit margin: 47% (up from 33% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ฿1.98 (vs ฿0.89 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿30.7b (up 54% from 2Q 2020). Net income: ฿14.5b (up 124% from 2Q 2020). Profit margin: 47% (up from 33% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jun 08
Price target increased to ฿34.67 Up from ฿32.26, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿33.75. Stock is up 26% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.88 (vs ฿0.96 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿20.3b (down 4.9% from 1Q 2020). Net income: ฿6.50b (down 7.5% from 1Q 2020). Profit margin: 32% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿31.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in Thailand. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿36.29 per share. Upcoming Dividend • May 03
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 27 May 2021. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (2.9%). Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿3.44 to ฿3.82. Revenue forecast unchanged at ฿116.0b. Net income forecast to grow 24% next year vs 17% growth forecast for Banks industry in Thailand. Consensus price target of ฿31.83 unchanged from last update. Share price fell 3.9% to ฿37.25 over the past week. Reported Earnings • Apr 21
First quarter 2021 earnings released: EPS ฿0.88 (vs ฿0.96 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿20.3b (down 4.9% from 1Q 2020). Net income: ฿6.50b (down 7.5% from 1Q 2020). Profit margin: 32% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Is New 90 Day High Low • Mar 05
New 90-day high: ฿35.75 The company is up 40% from its price of ฿25.50 on 04 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿29.98 per share. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 18% share price gain to ฿35.75, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.7x. This compares to an average P/E of 11x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 9.5%. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS ฿3.13 (vs ฿4.45 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿77.3b (down 17% from FY 2019). Net income: ฿23.0b (down 30% from FY 2019). Profit margin: 30% (down from 35% in FY 2019). The decrease in margin was driven by lower revenue. Non-performing loans: 2.49% (up from 2.16% in FY 2019). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.09%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 47%, compared to a 44% growth forecast for the Banks industry in Thailand. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ฿3.13 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿77.3b (down 17% from FY 2019). Net income: ฿23.0b (down 30% from FY 2019). Profit margin: 30% (down from 35% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 22
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.09%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 52%, compared to a 40% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Jan 13
New 90-day high: ฿35.00 The company is up 76% from its price of ฿19.90 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿29.20 per share. Price Target Changed • Jan 12
Price target raised to ฿26.76 Up from ฿24.83, the current price target is an average from 7 analysts. The new target price is 22% below the current share price of ฿34.25. As of last close, the stock is up 16% over the past year. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 24% share price gain to ฿33.25, the stock is trading at a trailing P/E ratio of 9.4x, up from the previous P/E ratio of 7.5x. This compares to an average P/E of 9x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Dec 25
New 90-day high: ฿33.25 The company is up 67% from its price of ฿19.90 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿28.64 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿26.50 The company is up 26% from its price of ฿21.00 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿23.54 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.83 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿19.0b (down 11% from 3Q 2019). Net income: ฿6.11b (down 6.9% from 3Q 2019). Profit margin: 32% (up from 31% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 46%, compared to a 39% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Nov 11
New 90-day high: ฿22.40 The company is up 2.0% from its price of ฿22.00 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿23.28 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to ฿22.40, the stock is trading at a trailing P/E ratio of 6.3x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 9x in the Banks industry in Thailand. Total return to shareholders over the past three years is a loss of 38%. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿26.1b, down 20% from the prior year. Total revenue was ฿80.7b over the last 12 months, down 15% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 23
Third-quarter earnings released: Earnings beat expectations Earnings per share (EPS) surpassed analyst estimates by 15% at ฿0.83. Revenue is forecast to grow 45% over the next year, compared to a 37% growth forecast for the Banks industry in Thailand. Is New 90 Day High Low • Oct 19
New 90-day low: ฿18.80 The company is down 16% from its price of ฿22.50 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿22.02 per share. Is New 90 Day High Low • Sep 30
New 90-day low: ฿19.50 The company is down 16% from its price of ฿23.20 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿22.16 per share.