Reuters: Hot Stocks: STOCKS NEWS THAILAND-KGI cuts Indorama Ventures target price

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STOCKS NEWS THAILAND-KGI cuts Indorama Ventures target price Jun 19th 2012, 06:19 Tue Jun 19, 2012 2:19am EDT KGI Securities cut its target price on shares of Indorama Ventures Pcl, the country's biggest polyester producer, to 43.5 baht from 50 baht, following an earnings downgrade along with weaker margins. The broker maintained its 'outperform' rating on the stock. At the mid-session break of 0530 GMT, Indorama shares were down 0.9 percent at 29.25 baht. The stock has fallen 31 percent since it touched an intraday high of 42.5 baht in mid-February due to concerns about the impact of global slowdown on petrochemical demand. The broader stock market edged down 0.01 percent. "Due to the prolonged weak margins in polyester chain and probable stock loss in the second quarter, we cut our 2012 earnings forecast for IVL to 15.6 billion baht from 17.5 billion baht," the broker said in a report. "Nevertheless, we believe the recent drop in IVL's share price offers a buying opportunity for medium-term investors, as we expect the current drop in demand to be just temporary, especially for IVL's products," it said. 1306 (0606 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 11:56 STOCKS NEWS THAILAND: TMB Bank falls after Siam denies talks Shares in TMB Bank Pcl TMB.BK edged lower, underperforming other banking shares and the broader stock market, after Siam Commercial Bank Pcl SCB.BK denied a news report that it was negotiating for a possible merger with TMB. TMB Bank shares were down 0.6 percent at 1.55 baht, with about 173 million shares traded, 1.88 times the average volume over the last 30 sessions. The bank subindex .SETB was up 1.1 percent and the main SET index .SETI was up 0.5 percent. Shares in Siam Commercial Bank gained 0.7 percent to 142.5 baht. The finance ministry was seeking to sell its 26 percent stake in TMB to Siam Commercial Bank, likely in a share swap deal, Kao-hoon newspaper quoted a ministry source as saying. For the statement, click (Full Story) 1152 (0452 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:46 STOCKS NEWS THAILAND: DBS cuts Banpu target price to 600 baht DBS Vickers Securities cut its target price on shares of Thailand's biggest coal miner Banpu Pcl BANP.BK to 600 baht from 700 baht, reflecting the impact of weak coal prices on the company's 2012 earnings. The broker kept its 'buy' rating on the stock. Banpu shares fell 0.4 percent to 462 baht in morning trade. The stock had fallen about 23 percent so far in the April-June quarter along with the weakness in coal prices. About 15 percent of the company's coal sales volume was not covered by fixed price contract and price hedging, the broker said in a report. "Overall, the impact on Banpu's 2012 earnings will be limited ... We expect demand to recover in a hot season because China will need coal for power production," it said. 1032 (0332 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.47 baht) Link this Share this Digg this Email Reprints

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