Aequitas Research - Bank of Ayudhya (BAY) ... Ngern Tid Lor IPO

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Aequitas Research

Sumeet Singh

EUR 96.23 For Business Accounts Only

Ngern Tid Lor IPO

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$1bn via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly owned by Bank of Ayudhya and CVC Capital Partners. As per Oliver Wyman’s estimates, NTL had a 16% market share in the vehicle lending market in Thailand, as of 2019.

NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. It offers motor insurance, compulsory motor insurance, personal accident insurance, cancer insurance, and loan insurance. As of Dec 2020, it had over 730,000 accounts with total outstanding loans of THB51.3bn. In 2020, it generated non-life insurance premium sales of THB4bn.

We have covered various aspects of the deal in our earlier notes, Ngern Tid Lor Pre-IPO - Pre-COVID growth track record has been very strong and Ngern Tid Lor Pre-IPO - Peer comparison - Playing catch up after being left behind.

In this note we’ll talk about valuation and deal dynamics.

15/04/2021 6 EN

Underlyings

Bank of Ayudhya

Bank of Ayudhya Public Co. is engaged in commercial banking business. Co. has two segments: retail,which provides a range of banking products and services including current and savings accounts, fixed deposits, bill of exchange, housing loan, credit cards, personal loans and sale finance loans, hire-purchase and leasing, wealth management and bancassurance products; and commercial, which provides products and services comprising a range of credit facilities from short term working capital, cash management, trade finance, transactional banking and treasury and money markets products. As of Dec 31 2014, Co. had total assets of Baht1,214.27 trillion and total deposits of Baht837.56 billion.

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TH0023010000 Stock Exchange of Thailand Thailand

NGERN TID LOR PCL

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Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Ngern Tid Lor IPO

Bank of Ayudhya Public Company Limited: Update to credit analysis

Moody's Ratings announces completion of a periodic review of ratings of Bank of Ayudhya Public Company Limited

Regional Morning Meeting Notes: Tuesday, December 03, 2024

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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