Mon Apr 30, 2012 5:41am EDT
Thailand's benchmark SET index extended gains in the afternoon trading session, reaching a new 16-year high on foreign buying and strong demand for laggard banking stocks, traders said.
By 0905 GMT, Thai main index was trading up 1.27 percent at 1,227.17, the highest since July 11, 1996. Shares in Kasikornbank Pcl jumped 4.8 percent to 162.5 baht and Siam Commercial Bank Pcl gained 4.4 percent to 154.50 baht.
Foreign investors bought shares for around 1.2 billion baht ($38.97 million) in the morning session, traders said.
"Banks have seen a bit strong pick up, with some banks actually more attractively valued after their better than expected first quarter results," said Viwat Techapoonphol, strategist of broker Tisco Securities.
The index is likely to test 1240 and 1250 in the next few weeks, as some underperforming stocks, including telecoms shares, might gain further after earnings announcement, he said. Listed firms are due to to release the first quarter results by May 15.
1618 (0918 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)
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13:17 STOCKS NEWS THAILAND-Thai Vegetable Oil at 7-month highs
Shares in Thai Vegetable Oil Pcl TVO.BK gained as much as 3.1 percent to seven-month highs in active volume amid expectations of rising demand for soybean meal and higher product margins.
Out of 10 analysts tracking the company, five have a "buy" or "strong buy" rating, four rate it as a "hold" and only one has a "sell" rating.
Broker Asia Plus Securities said it raised its 2012 earnings forecast by 34 percent to 1.5 billion baht ($48.72 million), with a target price of 26.53 baht. The broker upgraded its rating on the stock to "buy" from "hold".
Thai Vegetable shares were up 2.64 percent at 23.30 baht, with 5.2 million shares traded, 1.67 times its average full-day volume traded over the past 30 sessions.
"The soybean prices are on an uptrend due to tightening supply ... it should help boost TVO's profitability," it said.
1303 (0603 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)
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12:03 STOCKS NEWS THAILAND-Central Pattana at record on Q1, MSCI hopes
Central Pattana Pcl CPN.BK, Thailand's largest shopping-centre developer, hit an all-time high on expectations of strong January-March results and hopes that the stock will be included in an upcoming review of the MSCI index.
Broker Maybank Kim Eng Securities rated the stock an accumulative buy, with a target price of 55 baht ($1.79).
At 0454 GMT, Central Pattana was up 3.1 percent at 50.50 baht. It has risen almost 34 percent this year.
Maybank Kim Eng Securities said Central Pattana would post strong first-quarter results, partly boosted by revenue from flagship Central World shopping mall and the reopening of its core CentralPlaza Ladprao mall after renovation.
"We expect CPN to post better earnings both quarter-on-quarter and year-on-year ... More foreign capital will tend to flow into CPN as it is likely to be added to the MSCI Thailand index, which will be announced on May 16 and effective May 31," the broker said.
1135 (0435 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Chris Lewis; viparat.jantraprapaweth@thomsonreuters.com)
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11:16 STOCKS NEWS THAILAND-Media shares up on digital TV hopes
Media companies traded higher after a news report that the Thai telecommunications regulator plans to open bidding for digital TV licences, brokers said.
The National Broadcasting and Telecommunications Commission (NBTC) was considering holding digital TV licensing auctions late this year, according to the report.
Broker Finansia Syrus Securities said media shares were a good speculative buy, citing the news.
Among outperformers, Workpoint Entertainment Pcl WORK.BK gained as much as 4.1 percent to 32 baht, topping Friday's record closing high of 30.75 baht. GMM Grammy Pcl GRAM.BK rose 2.1 percent to 23.6 baht.
"It seems too early with this limited information to evaluate the benefit to the sector, but we think it's still good for speculative buying," Finansia said in a report.
1105 (0405 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Chris Lewis; viparat.jantraprapaweth@thomsonreuters.com)
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10:17 STOCKS NEWS THAILAND-Citi raises target on PTT to 442 baht
Citigroup raised its target price on PTT Pcl PTT.BK, Thailand's biggest energy company by market value, to 442 baht ($14.36) from 399 baht ($12.96), and maintained its "buy" rating.
The brokerage upgraded its earning estimates for 2012-2014 by 25-42 percent based on higher oil price forecasts, resilient gas demand estimates and volume growth in exploration and production and petrochemicals for 2012-2014.
PTT shares were trading up 0.9 percent at 347 baht at 0314 GMT, putting them up 9.1 percent for the year.
The stock was currently trading at an attractive 1.4 times 2012 estimated price-to-book value, the broker said.
"Despite a resilient oil price in the year to date, PTT has underperformed the SET by 8 percent in the year to date," Citigroup said in a report dated April 27.
"The recent share price weakness has ignored the resiliently high oil price, fuelling earnings momentum, but has focused on the ongoing European debt concerns and the minor 5.8 billion baht write-off of its Egyptian gas pipeline investment."
($1 = 30.79 baht)
1014 (0314 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)
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