Reuters: Hot Stocks: STOCKS NEWS THAILAND-Raimon Land hits 12-day high

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STOCKS NEWS THAILAND-Raimon Land hits 12-day high May 28th 2012, 04:31 Mon May 28, 2012 12:31am EDT Shares in real-estate developer Raimon Land Pcl rose as much as 3.3 percent to a 12-day high of 1.57 baht, after several brokers rated the stock a 'buy' on expectations The River -- its high-end condominium project in Bangkok -- would boost profit growth in the second half of 2012. Despite company executives on Friday saying Raimon planned to postpone the transfer of The River's property to its clients to mid-June, brokers said the 1-billion-baht ($31.58 million) asset transfer would prop up second-quarter earnings, after a loss of 70 million baht in the first quarter. "Second quarter's earnings are expected to see a 1-billion-baht increase driven by the asset transfer of The River in mid-June, which well help see a recovery in profit of around 100 million baht," Trinity Securities said in a research note. "The third and fourth quarters are expected to see outstanding performances from the transfer as well, with an estimated 3 billion baht per quarter, totalling around 500 to 600 million baht in profit each," it added. The broker also forecast a net profit of 1.18 billion baht in 2012, driven by sales of the condominium. Trinity rated the shares a 'buy', with a target price of 2 baht. The stock later eased to up 0.6 percent at 1.53 baht, while the main Thai index was down 0.5 percent. 1118 (0418 GMT) ($1 = 31.7 Baht) (Editing by Sunil Nair) Link this Share this Digg this Email Reprints

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