(Corrects headline and first paragraph to say CIMB maintains rating, instead of upgrades)
CIMB Securities maintained its ‘outperform’ rating on Pruksa Real Estate Pcl and raised its price target sharply to 35.20 baht from 25.55 baht, anticipating stronger earnings at the home-builder this year.
At 0411 GMT, Pruksa Real Estate shares were up 1.69 percent at 30 baht. The broader SET index was down 0.19 percent.
“Pruksa announced its 2013 business plan with an ambitious ... presales target of 35.4 billion baht ($1.2 billion), an increase of 21 percent year-on-year, and revenue of 33.9 billion baht ($1.1 billion), an increase of 26 percent year-on-year,” CIMB said in a report.
According to CIMB, 78 projects could be launched this year, compared to 30 last year.
“Management stays positive on the property market and is less concerned about oversupply or bubbles as demand has been created through new markets, products and location,” it said.
1111 (0411 GMT) ($1 = 29.9850 Thai baht) (Reporting by Pairat Temphairojana; Editing by Sunil Nair)