Reuters: Hot Stocks: STOCKS NEWS THAILAND-Siam Cement falls after fire at affiliate

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STOCKS NEWS THAILAND-Siam Cement falls after fire at affiliate May 8th 2012, 03:58 Mon May 7, 2012 11:58pm EDT Shares in industrial conglomerate Siam Cement Pcl fell to their lowest in a week following an explosion and fire at a facility of affiliate Bangkok Synthetics Co Ltd on Saturday on Thailand's biggest industrial estate, Map Ta Phut. Broker DBS Vickers Securities expected the impact on Siam Cement's earnings to be limited, and broker Citigroup maintained its "buy" recommendation, with a target price of 432 baht ($13.95). Siam Cement shares were down 0.86 percent at 347 baht, falling at one point to 345 baht, the lowest since April 27. Bangkok Synthetics' operations have been suspended. Siam Cement initially estimated that they could restart in a month or two but public concern over environmental issues could prolong the suspension, broker Citigroup said in a report. It put Bangkok Synthetics' contribution to Siam Cement's estimated 2012 earnings at around 2.4 billion baht, or 8.6 percent of estimated earnings. If the problem lasted for only one quarter, the impact would be limited to 2.1 percent of estimated earnings, it said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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