July 2, 2012 / 9:56 AM / 5 years ago

STOCKS NEWS THAILAND-Thaicom hits 7-week high on Q2 hopes

Shares in satellite operator Thaicom Pcl jumped to a seven-week high on expectations of higher revenue from its iPSTAR satellite, boding well for profits for April-June quarter, brokers said.

Thaicom shares were up 4.79 percent at 15.30 baht ($0.48), pushing them up 50 percent so far this year, well above a 15 percent gain of the broader stock market. The benchmark SET index was up 1.3 percent.

Broker Thanachart Securities rated the stock ‘buy’.

“Thaicom is expected to post profits this year onwards after several years of losses. Profits for the second quarter should be higher both year on year and quarter on quarter on the back of iPSTAR business,” it said in a report.

1627 (0927 GMT)

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


13:59 STOCKS NEWS THAILAND: Bangkok Bank falls on loan growth concerns

Shares in Bangkok Bank Pcl BBL.BK, the country’s biggest bank, fell as much as 1.8 percent, underperforming the banking sector and the broader stock market, amid concerns of weak loan growth.

At the midsession break of 0530 GMT, Bangkok Bank shares were down 1.6 percent at 188.5 baht ($5.94). The banking subindex was up 0.8 percent while the benchmark SET index gained 1 percent.

Broker Thanachart Securities said it has downgraded the stock’s rating to ‘hold’ from ‘buy’, with a lower target price of 190 baht ($5.98) from 200 baht. Loan growth was expected to fall to 8 percent in 2013 from an estimated 13 percent in 2012, it said.

“BBL has been slow on tapping into retail loans which has led to a relatively slower growth in fee income compared to the industry,” it said.

1327 (0627 GMT)

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


10:39 STOCKS NEWS THAILAND: Sriracha Construction surges on debut

Shares in construction firm Sriracha Construction Pcl SRICHA.BK gained as much as 25 percent on their stock market debut with the share price surging to 18.8 baht ($0.59), compared to the initial public offer price of 15 baht.

Sriracha shares were trading at 17.70 baht, with about 31 million shares having changed hands. The broader stock market was up 0.94 percent.

Broker Asia Plus Securities rated the stock a ‘buy’, with a target price of 19.56 baht, citing the stock’s low valuation, trading at 6 times price to earnings and its high dividend yield of 8.3 percent.

1035 (0335 GMT)

Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com $1 = 31.76 baht

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