Reuters: Hot Stocks: STOCKS NEWS THAILAND-Kasikorn raises Thai Union Frozen; price at 9-day low

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS THAILAND-Kasikorn raises Thai Union Frozen; price at 9-day low May 21st 2012, 04:31 Mon May 21, 2012 12:31am EDT Kasikorn Securities raised the target price for Thai Union Frozen Products Pcl to 64 baht from 60 baht with a neutral rating, on expectation that the firm's expansion plan will help boost its yearly revenue. Shares in Thai Union Frozen, the world's largest canned tuna producer, were trading at 71.75 baht, their lowest in nine days. The share price fell to 71.50 baht at one point. The main Thai index was down 1.12 percent. "We expect the company to grow its revenue by 13 percent to 3.7 billion dollars during 2012 from its continued expansion in sardine and mackerel products," Kasikorn said in a research note. The broker also said the company previously raised 9.6 billion baht($31.91 million)in capital from its rights offering subscription, which is likely to be used to buy other seafood brands to enlarge its position in the global seafood market. "We believe Thai Union Frozen wants to take advantage of the current slowdown in the European Union to acquire good assets," the broker added. However, Kasikorn said it maintains Charoen Pokphand Foods as its preference in the sector due to Thai Union Frozen's higher current trading price. Shares in rival Charoen Pokphand Foods were down 2.85 percent to 37.75 baht. 1112 (0412 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) ($1 = 31.34 Baht) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions