Reuters: Hot Stocks: STOCKS NEWS THAILAND-Market may see more outflows-One Asset

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STOCKS NEWS THAILAND-Market may see more outflows-One Asset Jun 14th 2012, 09:06 Thu Jun 14, 2012 5:06am EDT Foreign selling in the Thai stock market will probably continue until the third quarter of 2012 due to rising risks in major economies including Europe, the United States and China, according to One Asset Management. The outflows would keep any gains for the broader market in check and, in the worst case scenario, the benchmark SET index could fall by end-2012 to 980, a level last seen in November last year, the fund's executive vice-president Win Udomrachtavanich said. On any rebound, the index could rise to test 1,290 this year, he told reporters. "Foreign selling may continue running from the second quarter to the third quarter because of the unfavourable economy of Europe, United States and China. But outflows may not be that big and the market downside should be more limited," he said. According to Thomson Reuters data, foreign investors recorded net sales of $575 million worth of Thai shares so far in the second quarter to Wednesday. They had bought Thai shares worth a net $2.7 billion in the first quarter. 1540 (0840 GMT) (Reporting by Satawasin Staporncharnchai in Bangkok; satawasin.staporncharnchai@thomsonreuters.com) ************************************************************ 12:41 STOCKS NEWS THAILAND: STP&I jumps on overseas works Shares in steel maker STP&I Pcl STPI.BK gained as much as 6.4 percent on expectations of strong revenue growth, mainly boosted by steel structure construction contracts and plans to bid on others. At the midsession break of 0530 GMT, STP&I shares were up 5.5 percent at 28.75 baht ($0.91), climbing at one point to 29 baht, the highest since May 17. The broader market .SETI was up 0.48 percent. Broker DBS Vickers Securities rated the stock a buy, with a target price of 36 baht, citing revenues from the Australian Ichthys onshore liquefied natural gas project and the company's plan to bid for several other projects, mainly LNG projects in Australia. "We expect the company's earnings momentum to be on an uptrend till 2014 ... Its 2013 net profit may surge 95 percent on the back of revenue from a construction of Ichthys onshore liquefied natural gas project," it said in a report. 1234 (0534 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:16 STOCKS NEWS THAILAND: Tipco Foods up on Q2 earnings hopes Shares in Tipco Foods Pcl TIPC.BK gained after the company said it expects to post strong second-quarter earnings and it plans to boost exports of canned pineapple in new markets amid weak demand of its buyers in Europe. Tipco shares rose 3.9 percent to 6.6 baht, the highest since May 21, outperforming the broader market .SETI which fell 0.1 percent. Local newspaper Than-hoon quoted a company executive as saying strong sales of fruit juices due to hot weather have boosted its sales and it was exploring new markets, including the Middle East, to increase its future revenues. 1047 (0347 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 09:46 STOCKS NEWS THAILAND: Citigroup raises Amata's target price Citigroup raised its target price on Thailand's biggest industrial estate developer Amata Corporation Pcl AMAT.BK to 20.5 baht from 19.1 baht, reflecting an earnings upgrade due to strong industrial land sales. Amata shares gained 1.3 percent to 15.8 baht on Wednesday, outperforming the broader market .SETI which fell 0.41 percent. "Following strong year-to-date business momentum, we raise our sales and gross profit margin forecasts for Amata, resulting in fiscal year 2012-2014 estimated earnings rising by 4-22 percent," Citigroup said in a research note. "Despite downbeat global growth sentiment, strong Japanese yen remains a key factor driving outbound Japanese foreign direct investment. Upbeat year-to-date BOI statistics also confirm Thailand as an attractive destination for Japan's FDI." Citi maintained its 'buy' rating on the stock. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.575 baht) Link this Share this Digg this Email Reprints

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