Reuters: Hot Stocks: STOCKS NEWS THAILAND-Charoen Pokphand Foods hits year high

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STOCKS NEWS THAILAND-Charoen Pokphand Foods hits year high Apr 23rd 2012, 05:34 Mon Apr 23, 2012 1:34am EDT Shares in the country's top agribusiness company, Charoen Pokphand Foods, rose 1.32 percent to a year high of 38.50 baht, after hitting 38.75 baht in early trade. Several brokers expected the company to deliver a record first quarter earnings numbers thanks to its insurance business divestments' shares sales and valuation of new assets. KTB securities rated the shares a strong buy with target price at 50 baht, while expecting a first quarter net profit of 5.95 billion baht ($192.37 million), 71 percent higher from previous year. The broker cited strong performances from its overseas subsidiaries and associates, including its chinese-operated Charoen Pokphand Group (CPP), and insurance business divestment as key drivers in the company's first quarter performance, despite a lag in its main business due to low season and weaker meat prices in the market. "We maintained a long-term positive outlook for Charoen Pokphand Foods, with its five-year sales target expected to double from present due to the company's continuous strong performance. "In the short-term, Charoen Pokphand Foods still has positive catalyst to support its performances in the second and third quarters as its overseas subsidiaries and associates continue to grow strongly each year," KTB said in a research note. 1207 (0507 GMT) (Reporting by Sinsiri Tiwutanond; sinsiri.tiwutanond.thomsonreuters.com@reuters.net) **************************************************************** STOCKS NEWS THAILAND-Citi downgrades Bangkok Bank to neutral Citigroup on Monday downgraded its rating on Bangkok Bank Pcl to "neutral" from "buy", saying the country's top lender had weak net interest margins and that its insurance product sales following last year's floods had lagged its peers. The broker took the step despite Bangkok Bank reporting a 25 percent rise in first-quarter net profit on Friday on strong loan growth, adding that the stock had limited potential for further rises. Citi raised its target share price to 200 baht from 198 baht and maintained a positive outlook on the company, however. "Bangkok Bank remains well-positioned to benefit from a capex cycle and post-flood reinvestment with its strong presence in corporate and SMEs," Citi analysts wrote in a note. At 0412 GMT, Bangkok Bank shares were down 1.04 percent at 191 baht, after marking 193 baht in early trade. (Reporting by Sinsiri Tiwutanond; sinsiri.tiwutanond.thomsonreuters.com@reuters.net) ($1 = 30.93 Baht) (Editing by Martin Petty) Link this Share this Digg this Email Reprints

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