Reuters: Hot Stocks: STOCKS NEWS THAILAND-Big C Supercenter falls due to private placement

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STOCKS NEWS THAILAND-Big C Supercenter falls due to private placement May 3rd 2012, 03:06 Wed May 2, 2012 11:06pm EDT Shares in Thailand's Big C Supercenter Pcl fell more than 3 percent on Thursday after the supermarkets group said it would sell new shares in a private placement at a price lower than the market. At 0300 GMT, Big C shares were down 3.3 percent at 189 baht. The main stock index was down 0.02 percent. Big C told the exchange it offered 23.6 million shares in a private placement at 176 baht ($5.70), with the subscription period running from May 3 to May 8. For company statement click (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ******************************************** 09:10 STOCKS NEWS THAILAND-Citigroup raises Big C target price Citigroup raised its target price on hypermaket operator Big C Supercenter Pcl BIGC.BK to 100 baht ($3.24) from 71 baht ($2.30), reflecting an upgrade of its 2012 earnings forecast after strong first-quarter earnings, but kept its "sell" rating. On Wednesday, Big C shares closed up 2.9 percent at 195.5 baht ($6.34) and hit an intraday record high of 197.5 baht after it reported better than expected quarterly results. For the company statement, click "Following the impressive first quarter result, we revise up our 2012-2014 estimates by 37-63 percent and target price taking into account improving rental income outlook, resilient same store sales (SSS) growth post floods, and change in funding and expansion estimates," Citi said in a report dated May 2. The brokerage said it maintained its "sell" rating on Big C due to its expensive valuation, rising competition and wage cost pressures from the minimum wage policy. "While Big C has not quantified the impact of the minimum wage policy, we believe it will face more cost pressures than other retailers in the department store and specialty segments." 0847 (0147 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Richard Pullin; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 30.86 baht) Link this Share this Digg this Email Reprints

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