Reuters: Hot Stocks: STOCKS NEWS THAILAND-Sahaviriya Steel falls after Q1 loss

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STOCKS NEWS THAILAND-Sahaviriya Steel falls after Q1 loss May 15th 2012, 08:30 Tue May 15, 2012 4:30am EDT Shares in steelmaker Sahaviriya Steel Industries PCL fell as much as 2.8 percent to the lowest in more than five months after it reported a quarterly net loss partly due to higher costs. Sahaviriya shares were down 1.4 percent at 0.7 baht ($0.02), falling at one point to 0.69 baht ($0.02), the lowest since December 2. The broader SET index was up 1.4 percent. It had a net loss of 2.8 billion baht ($89.30 million) for the January-March quarter compared with a net profit of 5.5 billion Thai baht for the same quarter last year. The higher cost was expected to come from its blast furnace in Teesside, Britain, which started production in April, brokers said. For the company statement, click 0812 GMT ************************************************************ 12:53 STOCKS NEWS THAILAND: Thai Rubber at 4-month low after Q1 loss Shares in Thai Rubber Latex Corporation (Thailand) Pcl fell as much as 9.6 percent after the manufacturer of latex concentrate and disposable rubber gloves reported a quarterly net loss due in part to lower latex prices and higher energy costs. At the midsession break of 0530 GMT, Thai Rubber Latex shares were down 8.4 percent at 3.26 baht ($0.10), having fallen at one point to 3.22 baht ($0.10), the lowest since Jan. 20. The broader SET index was up 0.3 percent. It posted a net loss of 25.6 million baht ($816,500) for the January-March quarter, compared with a net profit of 255 million baht ($8.13 million) a year earlier. The industry faced weak market conditions from the fourth quarter of 2011 to the first quarter of 2012, the company said in a statement. "There had been continued concern about the economic situation in Europe and the Unites States. This concern pressured demand for natural rubber," it said, adding that China's tighter credit policy and lower car sales also hurt demand. For the company statement, click ************************************************************ 12:37 STOCKS NEWS THAILAND: Indorama Ventures edges up on recovery hopes Shares in the country's largest polyester producer, Indorama Ventures Pcl IVL.BK, gained 0.83 percent to 30.25 baht, the first rise after six consecutive sessions of falls. Last week, the company reported a first quarter net profit of 1.69 billion Thai baht ($53.90 million), an 84.7 percent drop from the previous year but a turnaround from a net loss in the last quarter. Several brokers rated the shares a buy on expectations that profits will continue to recover this year. "We see this moment as an opportunity for re-investment in the shares again, thanks to an increase in production," Kiatnakin Securities said in a research note. Kiatnakin maintained a buy rating with target price at 46 baht. 0437 GMT ********************************************************** 11:21 STOCKS NEWS THAILAND: Citigroup raises Land & Houses target price Citigroup raised its target price for Land & Houses Pcl LH.BK, Thailand's biggest housing developer, to 8.5 baht ($0.27) from 7.9 baht ($0.25) as it upgraded 2012 earnings to reflect a gain from asset divestment and higher rental income. Citi also reiterated its buy rating on the stock. Land & Houses shares climbed 1.4 percent to 7.3 baht ($0.23) The broader SET index .SETI edged up 0.12 percent. The broker said it raised 2012 estimated net profit by 14.7 percent to 4.38 billion baht ($139.69 million), taking into account a divestment gain of 413 million baht ($13.17 million). Improving presales and earnings growth momentum warranted a re-rating for Land & Houses, the broker said in a report. "Strong pre-sales are attributable to both demand recovery and the launch of new luxury single detached house project. Due to high unit value, we see upside to Land & Houses' pre-sales target ... if take-up rate of this single detached house project is faster than expected," it said. 0415 GMT (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.355 baht) (Editing by Jacqueline Wong) Link this Share this Digg this Email Reprints

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