Reuters: Hot Stocks: STOCKS NEWS THAILAND-Kasikornbank surges on strong Q1 profit

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STOCKS NEWS THAILAND-Kasikornbank surges on strong Q1 profit Apr 19th 2012, 04:40 Thu Apr 19, 2012 12:40am EDT Shares in the country's fourth-largest lender Kasikornbank Pcl surged nearly 5 percent to a seven-day high after it reported a better-than-expected 47 percent rise in quarterly net profit on Wednesday. Several brokers upgraded earnings forecasts and target prices of Kasikornbank. CIMB Securities raise its target prie to 180 baht from 161 baht and increased its 2012-2014 net profit forecast, the broker said in a note on Thursday. At 0430 GMT, Kasikornbank jumped nearly 5 percent to 158.50 baht, the highest in five days. The main Thai index was 0.7 percent higher. DBS Vickers Securities gave the shares a "buy" rating with target price at 167 baht. "We are likely to upgrade our full-year projection for the company's 2012 net profit and maintain Kasikornbank as our top pick within the banking sector, since it has the highest net interest margin and fee income continues to grow strongly," the broker said in a research note. 1101 (0401 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; Sinsiri.Tiwutanond@thomsonreuters.com) **************************************************************** STOCKS NEWS THAILAND-Citi ups SCB target price aft er Q1 Citigroup has raised its target price of Siam Commercial Bank (SCB) to 164 baht from 144 and revised up its 2012-2014 earnings forecasts by 6-8 percent after Thailand's third-largest lender reported a record quarterly profit. "Better loan growth and stronger net interest margin are key earnings upgrade," Citi said in a research note on Wednesday. At 0345 GMT, SCB shares shot up 3.2 percent to 145 baht, outperforming the benchmark index's rise of 0.12 percent. SCB reported a net profit of 10.3 billion baht ($333 million), with its core earnings up 29 percent from a year earlier. Citi said it maintained SCB, Kasikornbank Pcl and Bank of Ayudhya as "top buys" for the Thai banks. Kasikornbank stock jumped 3.64 percent to 156.50 baht. Thailand's fourth-largest lender reported better-than-expected 47 percent rise in first quarter earnings. 1045 (0345 GMT) ($1 = 30.89 baht) (Reporting by Khettiya Jittapong in Bangkok; Editing by Martin Petty) Link this Share this Digg this Email Reprints

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