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STOCKS NEWS THAILAND-Chonburi Concrete up on upbeat view from management
July 16, 2012 / 6:38 AM / 5 years ago

STOCKS NEWS THAILAND-Chonburi Concrete up on upbeat view from management

Shares in Chonburi Concrete Product Pcl gained 5.3 percent after its managing director said the company expected increased demand for concrete products to support earnings in the future and that it planned to clear retained losses by 2014.

Chonburi Concrete shares rose to 2.76 baht ($0.09) at the midsession break of 0530 GMT, with about 9.3 million shares having changed hands, 1.86 times the average full-day volume in the last 30 days.

The gain helped erase a big portion of the 6.5 percent loss over the previous two sessions.

The Nation newspaper quoted managing director Chakrit Theepakornsukkasame as saying that the company expected higher revenue of up to 2.3 billion baht this year amid growing demand for ready-to-use concrete and prefabricated products.

The company also aimed to clear its retained losses of 285 million baht by 2014, he said.

1319 (0619 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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12:59 STOCKS NEWS THAILAND: Banks set for strong Q2 reporting-Citi

Citigroup said banks are likely to report overall strong earnings for the April-June quarter and big banks with diversified earnings sources look set to outperform small banks seen suffering from rising cost of funds.

“With loan growth running at 15 percent year on year pace, the sector should report overall strong earnings,” said Citi in a research note dated July 13.

The broker said it expected earnings beat from banks with diversified revenue including Kasikornbank Pcl KBAN.BK and Bank of Ayudhya Pcl BAY.BK and strong top line growth from those such as Siam Commercial Bank Pcl SCB.BK.

Small banks might continue to suffer from the rising cost of funds as bills of exchange regulatory fee continues to trickle in, it said.

Big banks are due to release their quarterly results this week, followed by the earnings announcements by non-financial firms which run to the middle of August.

Citi expected weak quarterly profits for non-financials, with carrier Thai Airways International Pcl THAI.BK likely to miss estimates due to weak long-haul passenger yields.

Quarterly results of the refinery and chemicals sector would be weak due to inventory losses while the retail sector results would be soft due to rising costs on wage increases, it said.

At the mid session break of 0530 GMT, the bank subindex .SETB edged up 1.05 percent while the broader market .SETI was up 0.68 percent.

1251 (0551 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

$1 = 31.655 baht

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