BKK:BAY

Phillip Securities Upgrades Bank of Ayudhya to Buy from Accumulate; Price Target is THB48

Bank of Ayudhya (BKK:BAY) has an average rating of overweight and mean price target of 45.58 baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Kasikorn Securities Downgrades Bank of Ayudhya to Neutral from Buy; Price Target is THB47.50

Bank of Ayudhya (BKK:BAY) has an average rating of overweight and mean price target of 44.92 baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Fitch Affirms Three Thai Banks on High Support Possibility

Fitch Ratings on Tuesday affirmed the ratings of three Thailand-based banks, reflecting the high likelihood of extraordinary support from their shareholders or parents.The rating agency maintained the long-term issuer default rating of TMBThanachart Bank (BKK:TTB) at BBB, Bank of Ayudhya (BKK:BAY) at BBB+, and United Overseas Bank (Thai) at A-, among other ratings.Fitch expects a high likelihood of extraordinary support from the Thai government for TMBThanachart Bank if required, given its status as a domestic systemically important bank due to its scale and financial system connections.Bank of Ayudhya and United Overseas Bank (Thai) also have a high probability of support from their respective parents, Japan's Mitsubishi UFJ Financial Group (TYO:8306) and United Overseas Bank (SGX:U11).Bank of Ayudhya and United Overseas Bank (Thai) have an AAA(tha) national long-term rating, reflecting the lowest expectation of default risk compared to other Thai issuers, while TMBThanachart Bank has an AA+(tha) rating.

Tisco Securities Upgrades Bank of Ayudhya to Buy from Hold; Price Target is THB33.50