Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi raises target on PTT to 442 baht

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STOCKS NEWS THAILAND-Citi raises target on PTT to 442 baht Apr 30th 2012, 03:17 Sun Apr 29, 2012 11:17pm EDT Citigroup raised its target price on PTT Pcl, Thailand's biggest energy firm 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 by 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 year to date, PTT has underperformed SET by 8 percent year to date," Citigroup said in a report dated April 27. "The recent share price weakness has ignored the resiliently high oil price fuelling earning 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) Link this Share this Digg this Email Reprints

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