Reuters: Hot Stocks: STOCKS NEWS THAILAND-Hemaraj Land up on upbeat land sales target

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STOCKS NEWS THAILAND-Hemaraj Land up on upbeat land sales target Jun 1st 2012, 06:06 Fri Jun 1, 2012 2:06am EDT Shares in Hemaraj Land and Development Pcl rose after the industrial land developer told analysts that it had raised its land sales target for the year thanks to strong demand. Thirteen out of 14 analysts tracking the company rate the stock at 'buy' or 'strong buy', with one rating it at 'hold'. Broker KGI Securities rated the stock 'outperform', with a target price of 3.10 baht ($0.10). Hemaraj shares were up 2.2 percent at 2.84 baht at the midsession break of 0530 GMT, outperforming the broader market which was down 1.1 percent. KGI Securities said it upgraded its 2012 earnings forecast to 2.37 billion baht, up more than five times from a year earlier. It also raised 2013 earnings forecast for the company to 3.0 billion baht, an increase of 26 percent. "After joining Hemaraj's analyst meeting, we are confident that the company will be able to show strong land sales in the second quarter and make a new land sales record of 2,000 rai this year," KGI Securities said in a report. "It has a number of potential new customers and expansion plans for existing customers. Management also guided that land sales during the second quarter remain strong, mainly from the automotive industry," it said. 1234 (0534 GMT) (Reporting by Viparat Jantraprap in Bangkok; Viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.815 baht) Link this Share this Digg this Email Reprints

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