Reuters: Hot Stocks: STOCKS NEWS THAILAND-Khonburi Sugar gains, despite concern over shortage

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STOCKS NEWS THAILAND-Khonburi Sugar gains, despite concern over shortage May 28th 2012, 06:12 Mon May 28, 2012 2:12am EDT Sugar miller Khonburi Sugar Pcl gained 1.04 percent to 9.7 baht, while brokers said concern over a supply shortage may drag down the company's profit for 2012. Maybank Kim Eng Securities rated the shares a "speculative buy" with a target price of 12.3 baht, while expecting Khonburi Sugar's 2012 profit to drop by 767 million baht ($31,600) from the previous year due to a 12 percent fall in sugarcane supply. "It is expected that global sugar production for the year 2012 to 2013 will rise, especially from Asia and Europe ... this would put pressure on Khonburi Sugar's export prices in 2013," Maybank said in a research note. However, sugar exports could peak in the second and third quarters, helping the company post stronger profits in the following quarters, the broker said. In addition, its lower valuation compared to its peer Khon Kaen Sugar Pcl still renders the shares attractive, despite profit risks in 2013, it added. At 0558 GMT, rival Khon Kaen Sugar shares remained flat at 12.4 baht. 1258 (0558 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) ******************************************************** 11:31 STOCKS NEWS THAILAND: Raimon Land hits 12-day high 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) (Editing by Sunil Nair) ($1 = 31.7 baht) Link this Share this Digg this Email Reprints

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