Reuters: Hot Stocks: STOCKS NEWS THAILAND-CP All drops 2.6 percent despite strong Q1

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STOCKS NEWS THAILAND-CP All drops 2.6 percent despite strong Q1 May 9th 2012, 05:13 Wed May 9, 2012 1:13am EDT (Adds shares) Shares in CP All Pcl dropped 2.6 percent to 37.50 baht, after jumping 5.4 percent on Tuesday ahead of the release of January-March results after the close. The country's largest convenience store chain reported a 32 percent rise in quarterly earnings as business recovered after supply problems caused by last year's flooding and hot weather in March pushed up beverage sales. Kasikorn Securities gave the shares an "underperform" rating despite the strong first-quarter results due to its high share price. "While the company is of world-class quality and is the most direct play on growing Thailand consumption, we believe its premium valuation to global peers is not justified," the broker said in a research note. Trinity Securities said the price could drop 10 percent, especially with new shares due to start trading on May 22. It recommended selling in the short term. 1203 (0503 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) ************************************************* 11:32 STOCKS NEWS THAILAND-Pruksa at 1-week low after weak Q1 Pruksa Real Estate Pcl fell as much as 3 percent to its lowest in a week after the housing developer reported a 13.4 percent fall in January-March net profit as massive flooding late last year continued to hurt sales. The share price fell to 16 baht, having hit 15.9 baht at one point. The broader SET index was down 0.98 percent. Six out of 20 analysts tracking the company have a buy or strong buy rating, five rate it as a hold and nine have a sell or strong sell rating. Broker Kasikorn Securities said it maintained its outperform rating on the stock, with a target price of 21 baht ($0.68). "Despite the decline, this is better than we and the market expected," Kasikorn said in a report. "We maintain our earnings projections, as its project transfer momentum will be more back-end loaded in the second half." For the company statement, click 1125 (0425 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Nick Macfie; viparat.jantraprapweth@thomsonreuters.com) ************************************************* 09:43 STOCKS NEWS THAILAND: Citigroup downgrades Home Product to neutral Citigroup cut its rating on Home Product Center Pcl HMPR.BK to neutral from buy, saying the stock appeared fully valued. The broker maintained a target price at 14 baht ($0.45). On Tuesday, Home Product shares ended up 0.7 percent at 14.2 baht. Home Product reported a 50 percent increase in January-March quarter net profit to 610 million baht ($19.68 million), driven by strong post-flood demand for materials to rebuild homes and lower corporate income tax. For the company statement, click (nSETFK67ka) "Since early November, the stock has delivered about 50 percent return and achieved our target price. So we downgrade to neutral from buy," Citigroup said in a report. "Despite strong sales, gross margin, outlet growth and rising interest expense could cap earnings growth," it said. 0929 (0229 GMT) (Reporting by Viparat Jantraprap; Editing by Ed Lane; viparat.jantraprapaweth@thomsonreuters.com)) ($1 = 30.995 baht) Link this Share this Digg this Email Reprints

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