Reuters: Hot Stocks: STOCKS NEWS THAILAND-Central Pattana hits 8-day high

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STOCKS NEWS THAILAND-Central Pattana hits 8-day high May 25th 2012, 05:21 Fri May 25, 2012 1:21am EDT Thailand's largest shopping mall developer Central Pattana Pcl rose 1.65 percent on Friday to its highest in eight days, as brokers remained positive about its growth outlook. Shares in Central Pattana traded as high as 46.25 baht, while the main Thai index was down 0.31 percent. Bualuang Securities rated the shares the top pick of the sector with a buy rating and target price of 58 baht, on hopes that the company will see average growth of 25.2 percent per year in the next three years. "The strong growth in rent will likely help to increase its estates' value at a faster rate than expected, in addition its new and planned projects will support this growth in the long-term," Bualuang said in a research note. Bualuang said it expects Central Pattana to achieve a record high in rent income after the company achieved 10.8 percent rent growth for its existing properties in the first quarter. The broker added that the company planned to launch five new projects in 2013 and 2014. (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Daniel Magnowski; sinsiri.tiwutanond@thomsonreuters.com)

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