Bank of Ayudhya (BAY)

22/10/2015 Earnings Brief: "3Q15: Beat on cut in provisions and non-NII" - Sell (TP Bt30)
22/07/2015 Earnings Brief: "2Q15: Beat on asset quality and non-NII" - Sell (TP Bt30)
22/04/2015 Earnings Brief: "1Q15: Positive from integration with BTMU" - Sell (TP Bt33)
21/01/2015 Earnings Brief: "4Q14: Beat estimates on one-off items" - Sell (TP Bt30)
20/10/2014 Earnings Brief: "3Q14: Good top line recovery but rising NPLs" - Sell (TP Bt30)
22/07/2014 Earnings Brief: "2Q14: Modest recovery, as expected" - Sell (TP Bt30)
07/07/2014 Company Update: "Irrational high valuation on light free float" - Sell (TP Bt30)
21/04/2014 Earnings Brief: "Sell: Huge miss in 1Q14, cut 2014 EPS and TP 15%" - Downgrade to Sell (TP Bt28)
20/01/2014 Earnings Brief: "4Q13A: Misses on higher provisions" - Neutral (TP Bt33)
23/12/2013 Company Update: "Undervalued, but still faces downside risk" - Neutral (TP Bt39)
19/12/2013 Company Update: "VTO done, BTMU ends with a 72% stake" - Neutral (TP Bt39)
18/10/2013 Earnings Brief: "3Q13A: Finally feeling the heat of used car NPLs" - Neutral (TP Bt39)
01/10/2013 Company Update: "3Q13F: Just so-so; upside limited at VTO price" - Neutral (TP Bt39)
19/09/2013 Industry Update: "Green light for BTMU deal = limited upside" - Downgrade to Neutral
22/08/2013 Industry Update: "Downside risk to loan growth largely priced in" - Buy
19/07/2013 Earnings Brief: "2Q13A: Misses on large countercyclical provisions" - Buy
05/07/2013 Company Update: "2Q13F: Good, with upside risk from BTMU" - Buy
03/07/2013 Company Update: "BTMU to make tender offer for BAY shares" - Buy
24/06/2013 Company Update: "Japan's MUFG to buy 51% in BAY" - Buy
19/04/2013 Earnings Brief: "1Q13A: Meets expectations" - Buy
03/04/2013 Company Update: "1Q13F preview: Behind the curve" - Buy
21/01/2013 Earnings Brief: "4Q12A: In line, ROE still moving up" - Buy
25/12/2012 Company Update: "New strategic partner" - Buy
24/12/2012 Company Update: "The show will go on" - Buy
19/10/2012 Earnings Brief: "3Q12A: NIM misses, but lift to Buy on price upside" - Buy
01/10/2012 Company Update: "3Q12F: Operational improvements continuing" - Neutral
27/09/2012 Company Update: "GE sells BAY: upgrade to Neutral on share price fall" - Upgrade to Neutral
18/09/2012 Company Update: "Sell into M&A speculation rally" - Sell
13/09/2012 Company Update: "Downgrade to Sell on M&A speculation rally" - Sell
19/07/2012 Earnings Brief: "2Q12A: In line with expectations - Neutral
05/07/2012 Company Update: "2Q12F: Earnings growth to beat sector's" - Neutral
23/04/2012 Earnings Brief: "1Q12A: Positive surprises on NIM, opex" - Neutral
04/04/2012 Company Update: "Raise TP on a cut in provision forecast" - Neutral
14/02/2012 Industry Update: "Big relief on finalized FIDF charge, deposit competition"
26/01/2012 Company Flash: "Buys HSBC Thailand's retail business" - Neutral
23/01/2012 Earnings Brief: "4Q11A: As bad as expected" - Neutral