Reuters: Hot Stocks: STOCKS NEWS THAILAND-Indorama Ventures edges up on recovery hopes

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STOCKS NEWS THAILAND-Indorama Ventures edges up on recovery hopes May 15th 2012, 05:37 Tue May 15, 2012 1:37am EDT Shares in the country's largest polyester producer, Indorama Ventures Pcl, gained 0.83 percent to 30.25 baht, the first rise after six consecutive sessions of falls. Last week, the company reported a first quarter net profit of 1.69 billion Thai baht ($53.90 million), an 84.7 percent drop from the previous year but a turnaround from a net loss in the last quarter. Several brokers rated the shares a buy on expectations that profits will continue to recover this year. "We see this moment as an opportunity for re-investment in the shares again, thanks to an increase in production," Kiatnakin Securities said in a research note. Kiatnakin maintained a buy rating with target price at 46 baht. 1137 (0437 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) ********************************************************** 11:21 STOCKS NEWS THAILAND: Citigroup raises Land & Houses target price 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. 1115 (0415 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Ramya Venugopal; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.355 baht) ($1 = 31.3550 Thai baht) (Editing by Jonathan Thatcher) Link this Share this Digg this Email Reprints

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