Reuters: Hot Stocks: STOCKS NEWS THAILAND-Macquarie says prefers petrochemical firms to refiners

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STOCKS NEWS THAILAND-Macquarie says prefers petrochemical firms to refiners May 14th 2012, 06:39 Mon May 14, 2012 2:39am EDT Macquarie Research said shares in petrochemical producers are more attractive than those of refiners as they have less chance of being hit by surprise upturns in supply. "Unlike refining, olefins have less scope for surprise ... capacity (increases), which leaves us more comfortable with the idea of a multi-year upcycle in petrochemicals," Macquarie said in a research note. The broker downgraded its rating on Bangchak Petroleum to underperform from neutral and Thai Oil to neutral from outperform. It maintained PTT Global Chemical's parent company, PTT, at outperform and upped its target price to 409 baht from 404 baht. "The spike in global olefin capacity additions happened in 2010, whereas with refining, the peak in additions happened in 2009. Combined with a soft patch in global growth late in 2011, this means that petrochemicals are currently emerging from a price trough," Macquarie said. At 0535 GMT, shares in PTT were unchanged at 336 baht, after earlier hitting 338 baht. Refiners Bangkok Petroleum and Thai Oil were down 0.84 percent at 23.70 baht and 0.39 percent at 64.50 baht respectively. The broader energy index edged down 0.05 percent. 1251 (0551 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com ************************************************************ 11:46 STOCKS NEWS THAILAND-Big C Supercenter falls as new shares traded Shares in Thai supermarkets group Big C Supercenter Pcl fell as much as 6 percent on the first day 23.61 million new shares offered in a private placement started trading on concerns of earnings dilution. The company offered the shares in the placement at 176 baht ($5.70) each early this month. For company statement click (nSEThCD0Ta) By 0423 GMT, Big C shares were trading down 3.6 percent at 213 baht ($6.83), falling at one point to 208 baht. The broader SET index was up 0.82 percent. 1123 (0423 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Muralikumar Anantharaman viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:13 STOCKS NEWS THAILAND: PTT up after strong Q1 Shares in PTT Pcl edged up after Thailand's top energy firm beat market expectations to post a record net profit due to higher income from its upstream unit, rising gas sales and improved margins on oil products. PTT shares climbed 0.6 percent to 338 baht, while the broader SET index edged up 0.22 percent. Nineteen out of 23 analysts tracking the company have given it buy or strong buy ratings, with four rating it as a hold. Broker Citigroup maintained its buy rating on the stock, with a target price of 442 baht ($14.18). "A cheap valuation and a better second-half outlook support our buy call," the broker said in a report. 1044 (0344 GMT) For the company statement, click (nSETxw7ySa) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.175 baht) Link this Share this Digg this Email Reprints

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