Reuters: Hot Stocks: STOCKS NEWS THAILAND-Maybank Kim Eng starts Kiatnakin with buy

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STOCKS NEWS THAILAND-Maybank Kim Eng starts Kiatnakin with buy May 31st 2012, 09:26 Thu May 31, 2012 5:26am EDT Maybank Kim Eng Securities initiated coverage of Kiatnakin Bank Pcl with a buy rating and a price target of 41 baht ($1.29), citing an improved outlook for the small sized bank following a merger with Phatra Capital Pcl. Kiatnakin shares rose 0.8 percent to 33.25 baht by 0904 GMT. They have gained 3.9 percent this year to Thursday, underperforming a 11.2 percent gain of the broader market . "We are positive on the Kiatnakin and Phatra merger with expected high business synergy. This will help boost earnings growth and raise long-term profitability," the broker said in a report. "The current share price is undemanding at 0.86 times price to book value and 7.5 times price to earnings, combined with a 6-8 percent dividend yield," Maybank Kim Eng said. 1605 (0905 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:04 STOCKS NEWS THAILAND: Citi lowers target on PTT Global Chemical Citigroup cut its target price on PTT Global Chemical Pcl PTTGC.BK to 68 baht ($2.13) from 80 baht ($2.51), citing uncertainty about changes in feedstock costs. The broker, however, maintained its buy rating on the stock due to its cheap valuation. PTT Global Chemical shares fell 2.24 percent to 54.5 baht by 0323 GMT. The stock has fallen around 10.3 percent since last Thursday. "Market expectations that PTTGC's net back pricing contract with PTT would be revised led to sell-off pressure last week," Citi said in a report dated May 30. There is uncertainty over when and how the new gas price contract would be changed, and the stock is likely to trade at a discount versus Asian chemical peers to reflect business risks faced by minority shareholders, the broker said. 1033 (0333 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:26 STOCKS NEWS THAILAND: Asia Aviation up over 8 pct on debut Shares of Asia Aviation Pcl AAV.BK, owner of the Thai affiliate of Malaysia-based budget carrier AirAsia Bhd AIRA.KL, rose as much as 8 percent above their initial public offer price in their debut on Thailand's main stock exchange. By 0302 GMT, Asia Aviation shares were trading at 3.84 baht ($0.12), 3.78 percent above the IPO price of 3.7 baht ($0.12). Trading volume was at a high of 330 million shares. Asia Aviation, a holding company that owns 51 percent of budget carrier Thai AirAsia, raised 4.5 billion baht ($141.18 million) in its initial public offering this month.(nL4E8GH5YB) 1000 (0300 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.8750 baht) Link this Share this Digg this Email Reprints

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