Bloomberg News

Bank of Ayudhya Falls to Two-Week Low After Maybank Downgrade

December 30, 2011

Dec. 30 (Bloomberg) -- Bank of Ayudhya Pcl, a Thai lender, fell to a two-week low in Bangkok trading after Maybank Kim Eng Securities Thailand Pcl downgraded the stock to “hold” because of the limited scope for further price gains.

The shares fell 0.9 percent to 22 baht as of 11:08 a.m. local time, poised for its lowest close since Dec. 15.

The stock has rallied 20 percent over the past month on speculation Bank of Ayudhya may buy HSBC Holdings Plc’s retail banking business in Thailand, and there is now “limited upside” to Maybank King Eng’s target price for the stock of 22 baht, analyst Woraphon Wiroonsri wrote today in a note to clients.

To contact the reporter on this story: Tony Jordan in Bangkok at tjordan3@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net


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