Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi lowers target on PTT Global Chemical

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STOCKS NEWS THAILAND-Citi lowers target on PTT Global Chemical May 31st 2012, 04:05 Thu May 31, 2012 12:05am EDT Citigroup cut its target price on PTT Global Chemical Pcl 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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