Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB downgrades Asian Property to neutral

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STOCKS NEWS THAILAND-CIMB downgrades Asian Property to neutral May 16th 2012, 06:08 Wed May 16, 2012 2:08am EDT CIMB Research downgraded Asian Property Development Pcl to neutral from outperform, seeing a weak profit outlook for the housing developer. It maintained its stock target price of 6.48 baht ($0.21). AP shares were down 2.14 percent at 6.85 baht at the midsession break at 0530 GMT. The broader SET index fell 2.04 percent. Asian Property tripled its January-March earnings to 421 million baht boosted by condominium sales and lower corporate tax. For the company statement, click The company told analysts it now expected gross margins of around 35 percent for condominiums and 30-31 percent for single detached houses and townhouses, the broker said in a report. "We came back from AP's post first quarter results analysts' meeting yesterday with a less bullish view ... Management guided for weaker gross margins by saying that the era of high gross margins of close to 40 percent has passed," CIMB said. "With a softer second quarter outlook and downside risk for 2012 sales, we recommend investors take profit and switch to Sansiri Pcl and Pruksa Real Estate Pcl for cheaper valuations with more upside than downside risk," it said. 1237 (0537 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:51 STOCKS NEWS THAILAND: Siam Cement up; Siam Makro down on MSCI index change Shares in Siam Cement Pcl SCC.BK gained as much as 2.4 percent to 347 baht ($11.05), the highest since May 9, after top industrial conglomerate was added to the MSCI Emerging Markets Index. For story click (nL1E8GFL2Z) Shares in Siam Makro Pcl MAKR.BK dropped as much as 5.7 percent to a three week low of 366 baht ($11.75) as the hypermarket operator was removed from MSCI Global Small Cap index. Stocks that were taken out of the index fell, including Home Product Center Pcl HMPR.BK which fell 3.2 percent to 12.3 baht and Siam City Cement Pcl SCCC.BK which slid 3.5 percent. Tata Steel (Thailand) Pcl TSTH.BK which was down 1.2 percent at 0.8 baht and Thai Union Frozen Products Pcl TUF.BK that shed 2.6 percent to 75 baht were other stocks that fell after being taken out of the index. 1046 (0346 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Ramya Venugopal; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.32 baht) Link this Share this Digg this Email Reprints

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