Reuters: Hot Stocks: STOCKS NEWS THAILAND-PTT Global Chemical gains despite weak oil prices

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STOCKS NEWS THAILAND-PTT Global Chemical gains despite weak oil prices May 11th 2012, 04:24 Fri May 11, 2012 12:24am EDT (Adds stocks) Shares in PTT Global Chemical Pcl gained 1.54 percent to 65.75 baht, after hitting a high of 66 baht at one point, while brokers remained positive on its earnings outlook despite concerns over weaker oil prices. PTT Global Chemical's first quarter net profit jumped 143 percent from last quarter to 9.85 billion baht ($316.52 million), in line with market expectation. "Despite weaker oil prices prompting concerns over second quarter earnings, we still expect that the prices won't slump too severely. In the mid-term, the oil price decline will help boost the company's refinery business and aromatics," Broker Maybank Kim Eng said in a research note. "Furthermore, PTT Global Chemical operates on low production cost, giving it an advantage among its peers," the broker said. Maybank gave the shares a buy rating with target price at 78 baht. Several brokers expect the petrochemical industry to continuously improve in the last half of this year until 2013. 1118 (0418 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) *********************************************************** 10:41 STOCKS NEWS THAILAND-Citigroup raises Robinson target price Citigroup raised its target price for Robinson Department Store Pcl to 39 baht ($1.25) from 37 baht ($1.19), reflecting strong first quarter results and an earnings upgrade for the full year. But the broker said it maintained sell rating on the stock which was trading at 56 baht ($1.80), up 1.82 percent. "The current share price has clearly priced in strong earnings growth driven by resilient sales growth momentum post flood, steady gross margin and corporate income tax cuts. Thus we maintain sell," Citigroup said in a report. The broader SET index was down 0.23 percent. Robinson reported a 47 percent increase in January-March quarter net profit to 564 million baht ($18.12 million) boosted by strong sales and lower corporate income tax. "Despite slowly recovering consumer confidence post flood from a rock bottom, Robinson has delivered impressive sales growth," the broker said in a report. The broker said it raised 2012-2014 earnings estimates by 28-30 percent. For the company statement, click (nSETllcDca) 1039 (0339 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Sanjeev Miglani;viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.12 baht) Link this Share this Digg this Email Reprints

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