Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citigroup raises Land & Houses target price

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STOCKS NEWS THAILAND-Citigroup raises Land & Houses target price May 15th 2012, 04:21 Tue May 15, 2012 12:21am EDT Citigroup raised its target price for Land & Houses Pcl , Thailand's biggest housing developer, to 8.5 baht ($0.27) from 7.9 baht ($0.25) as it upgraded 2012 earnings to reflect a gain from asset divestment and higher rental income. Citi also reiterated its buy rating on the stock. Land & Houses shares climbed 1.4 percent to 7.3 baht ($0.23) The broader SET index edged up 0.12 percent. The broker said it raised 2012 estimated net profit by 14.7 percent to 4.38 billion baht ($139.69 million), taking into account a divestment gain of 413 million baht ($13.17 million). Improving presales and earnings growth momentum warranted a re-rating for Land & Houses, the broker said in a report. "Strong pre-sales are attributable to both demand recovery and the launch of new luxury single detached house project. Due to high unit value, we see upside to Land & Houses' pre-sales target ... if take-up rate of this single detached house project is faster than expected," it said. (Reporting by Viparat Jantraprap in Bangkok; Editing by Ramya Venugopal; viparat.jantraprapaweth@thomsonreuters.com)

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