Reuters: Hot Stocks: STOCKS NEWS THAILAND-TMB Bank up after stake sell report

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STOCKS NEWS THAILAND-TMB Bank up after stake sell report May 11th 2012, 07:04 Fri May 11, 2012 3:04am EDT Shares in TMB Bank Pcl rose in active volume after Kao Hoon newspaper quoted a market source as saying Singapore's state-owned investor Temasek Holdings Pvt Ltd was courting shareholders including ING Groep NV and the Ministry of Finance to buy their stakes in the mid-sized bank. The acquisition price was expected to be in a range of 2.1-2.5 baht ($0.07-$0.08) per share, the newspaper said. TMB gained as much as 6.7 percent to 1.76 baht ($0.06), the highest since April 4, with about 421 million shares traded, 4.26 times the average full-day volume over the last 30 sessions. According to bourse data, the Finance Ministry owns 26.09 percent of TMB while ING holds 25.2 percent plus 5.92 percent through non-voting depository receipts. Broker Kiatnakin Securities rated the stock a sell, with a target price of 1.56 baht. "It was a bit about speculation ... There has been no confirmation yet, either from TMB or the Ministry of Finance," the broker said in a report. Temasek and TMB Bank declined to comment, while the Ministry of Finance was not available for comment. 1356 (0656 GMT) (Reporting by Viparat Jantraprap and Manunphattr Dhanananphorn in Bangkok; Kevin Lim in Singapore; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:24 STOCKS NEWS THAILAND: PTT Global Chemical gains despite weak oil prices Shares in PTT Global Chemical Pcl PTTGC.BK gained 1.54 percent to 65.75 baht, after hitting a high of 66 baht at one point, while brokers remained positive on its earnings outlook despite concerns over weaker oil prices. PTT Global Chemical's first quarter net profit jumped 143 percent from last quarter to 9.85 billion baht ($316.52 million), in line with market expectation. "Despite weaker oil prices prompting concerns over second quarter earnings, we still expect that the prices won't slump too severely. In the mid-term, the oil price decline will help boost the company's refinery business and aromatics," Broker Maybank Kim Eng said in a research note. "Furthermore, PTT Global Chemical operates on low production cost, giving it an advantage among its peers," the broker said. Maybank gave the shares a buy rating with target price at 78 baht. Several brokers expect the petrochemical industry to continuously improve in the last half of this year until 2013. 1118 (0418 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) ************************************************************ 10:41 STOCKS NEWS THAILAND-Citigroup raises Robinson target price Citigroup raised its target price for Robinson Department Store Pcl ROBI.BK to 39 baht ($1.25) from 37 baht ($1.19), reflecting strong first quarter results and an earnings upgrade for the full year. But the broker said it maintained sell rating on the stock which was trading at 56 baht ($1.80), up 1.82 percent. "The current share price has clearly priced in strong earnings growth driven by resilient sales growth momentum post flood, steady gross margin and corporate income tax cuts. Thus we maintain sell," Citigroup said in a report. The broader SET index .SETI was down 0.23 percent. Robinson reported a 47 percent increase in January-March quarter net profit to 564 million baht ($18.12 million) boosted by strong sales and lower corporate income tax. "Despite slowly recovering consumer confidence post flood from a rock bottom, Robinson has delivered impressive sales growth," the broker said in a report. The broker said it raised 2012-2014 earnings estimates by 28-30 percent. For the company statement, click (nSETllcDca) 1039 (0339 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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