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STOCKS NEWS THAILAND-Phillip cuts Banpu price target after downbeat guidance
August 21, 2012 / 5:12 AM / 5 years ago

STOCKS NEWS THAILAND-Phillip cuts Banpu price target after downbeat guidance

Phillip Securities lowered its price target for coal miner Banpu Pcl to 568 baht from 640 baht, citing downbeat management guidance on the outlook of coal sales volume and selling price. It maintained ‘buy’ rating on the stock.

Banpu shares were unchanged at 464 baht. It is down 15 percent this year, underperforming a 20.2 percent gain of the broader SET index.

Prolonged coal price weakness and deteriorating economic conditions in Europe led Banpu to cut its 2012 coal sales volume target to 41 million tonnes, with lower average coal selling price forecast for the year of $93 per tonne, the broker said.

“The above cuts prompt us to trim our 2012 net profit outlook for BANPU to 11.3 billon baht. Looking ahead into 2013, coal sales volume is set to rise to 44-45 million tonnes. But average selling prices are expected to fall slightly from 2012 to $85 per tonne,” it said.

1200 (0500 GMT)

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

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10:23 STOCKS NEWS THAILAND-KGI cuts Amata Corp price target after weak H1

KGI Securities (Thailand) cut its price target on industrial estate developer Amata Corporation Pcl AMAT.BK 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 .SETI.

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.

1004 (0304 GMT)

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

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