Reuters: Hot Stocks: STOCKS NEWS THAILAND-Robinson Department Store at 16-year highs

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STOCKS NEWS THAILAND-Robinson Department Store at 16-year highs May 2nd 2012, 06:20 Wed May 2, 2012 2:20am EDT Shares in Robinson Department Store Pcl hit their highest in almost 16 years amid optimism about the earnings outlook of the department store operator. Out of 17 analysts tracking the company, nine have a buy or strong buy rating, six rate it as a hold and two have a sell and strong sell rating. At the midsession break, which began at 0530 GMT, Robinson shares were up 3.3 percent at 55 baht, climbing at one point to 55.75 baht, the highest since October 1996. Broker Trinity Securities said it upgraded the stock to buy from hold, with a target price of 63 baht ($2.05). The broker forecast a 30 percent increase in January-March earnings citing a spending spree, a recovery in tourism and revenue from new stores. Broker KGI Securities said it raised its full-year earnings forecast by 2 percent to 2.15 billion baht ($69.92 million), reflecting better-than-expected new store sales growth. "The improved number would be mainly from consistent launches of marketing activities and a new product mix that would draw consumer attention to the mall and reduce cannibalization on its nearby malls," KGI said in a report. 1253 (0553 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Richard Borsuk) (viparat.jantraprapaweth@thomsonreuters.com) ********************************************* 12:39 STOCKS NEWS THAILAND-Thanachart lowers PTTEP target price Thanachart Securities lowered its target price on PTT Exploration and Production Pcl PTTE.BK, Thailand's second-biggest energy firm by market value, to 175 baht ($5.69) from 176 baht ($5.72) and maintained its hold rating. PTTEP shares were trading up 0.56 percent at 179 baht, coming off an intraday high of 180.5 baht. The stock has gained 5.9 percent this year, underperforming broader market's .SETI 20.6 percent climb and a 10.6 percent rise in the energy subindex .SETEN on concern about a possible capital increase to help fund a bid for Cove Energy COVE.L. Royal Dutch Shell agreed in April to acquire Cove for $1.8 billion, raising its offer match a bid by PTTEP, which has said it is considering its options. "Although a capital increase may be delayed as the likelihood of a counterbid for Cove is minimal, the issue will remain as a share price overhang this year as the company seeks major acquisitions to meet its production target," the broker said in a report. "Despite a strong first quarter 2012 and an upgrade to earnings, we see no catalysts for the share price," it said. 1220 (0520 GMT) (Reporting by Viparat Jantraprap in Bangkok; editing by Richard Pullin; viparat.jantraprapaweth@thomsonreuters.com) ********************************************* 10:26 STOCKS NEWS THAILAND-Citi raises target price on Thai Oil Citigroup raised its target price on Thai Oil Pcl TOP.BK, Thailand's biggest oil refiner, to 78 baht ($2.54) from 75 baht ($2.44) and maintained its buy rating. The brokerage expected the earnings outlook for Thai Oil in 2012 to remain positive thanks to higher paraxylene output from August 2012 -- a completion of aromatics upgrading project, inventory gain, and corporate tax saving. Thai Oil shares were trading up 2.6 percent at 69.25 baht by 0325 GMT. They have gained around 18 percent so far this year. Thai Oil's valuation looked attractive at 8.7 times 2012 estimated price to earnings versus regional peer average of 11.3 times, Citigroup said. The refiner would also benefit from a lower corporate tax rate of 23 percent this year, compared with the normal 30 percent rate. "TOP has derated by 12 percent from its 2012 peak in February, partly reflecting its crude disadvantage versus Singapore gross refining margin (GRM). However, we believe near-term earnings should be largely supported by inventory gain and lower effective tax rate," the broker said in a report dated April 30. 1019 (0319 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Kim Coghill; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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