Reuters: Hot Stocks: STOCKS NEWS THAILAND-KGI cuts Thai Oil target price to 73 baht

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STOCKS NEWS THAILAND-KGI cuts Thai Oil target price to 73 baht May 21st 2012, 07:48 Mon May 21, 2012 3:48am EDT KGI Securities (Thailand) cut its price target on Thai Oil Pcl to 73 baht ($2.33) from 85 baht ($2.71), partly reflecting the impact of weak oil market on earnings of the country's biggest refiner. The broker downgraded the stock to "neutral" from "outperform". Thai Oil shares fell 1.27 percent to 58.25 baht. At one point, they were at 58 baht, their lowest in more than six months. The stock has fallen 20 percent this quarter, underperforming the broader market's 4.9 percent loss. The price of oil has declined 13 percent quarter-to-date following uncertainties in the euro zone, KGI said in a report. "We expect Thai Oil's quarterly earnings to repeat the trend seen last year where they peak in the first quarter and drop in the subsequent quarters on the absence of stock gain. As such, the share price seems to have no short-term catalyst," the broker said. 1440 (0740 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Gopakumar Warrier) ************************************************************ STOCKS NEWS THAILAND: Kasikorn raises Thai Union Frozen; price at 9-day low Kasikorn Securities raised the target price for Thai Union Frozen Products Pcl TUF.BK 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 .SETI 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 CPF.BK 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

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