KGI Securities (Thailand) cut its price target on industrial estate developer Amata Corporation Pcl to 19 baht from 20 baht, reflecting the company's weaker-than-expected earnings for the first half of 2012 and an earnings downgrade.
The broker maintained its 'outperform' rating on the stock.
Amata Corp shares were up 1.8 percent at 17 baht. The share is up 34.9 percent in 2012, outperforming the 19.8 percent gain of the broader SET index.
KGI said Amata's first-half earnings of 389 million baht ($12.34 million) accounted for 25 percent of the broker's forecast and cut its 2012 earnings estimate for the company by 4.7 percent to 1.45 billion baht. The broker said it expected better earnings in the second half.
"The feedback from AMATA's management at yesterday's analyst meeting confirmed the positive outlook for the second half, but was less bullish on land sales momentum as there is some concern about the economic slowdown in China and the euro zone crisis," KGI said in a report.
(Reporting by Viparat Jantraprap in Bangkok; email@example.com)