Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citigroup bullish on bank, property, telecoms

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STOCKS NEWS THAILAND-Citigroup bullish on bank, property, telecoms Jun 26th 2012, 06:04 Tue Jun 26, 2012 2:04am EDT Citigroup is bullish on sectors with visible growth, including bank, property and telecoms as they will outshine sectors like energy which have more exposure to the global economy. For the broader market, the SET index may continue to move in a trading range amid deteriorating external growth sentiment, including Europe and China, and rising domestic political heat, the risks behind market correction from May peak, it says. At the midsession break of 0530 GMT, the benchmark SET index edged up 0.1 percent at 1,148.59, falling nearly 8 percent from 1,247.72, the highest level in almost 16 years hit on May 3. "We do see earnings downgrades in energy, chemical and transportation from weakening global growth outlook, and in retail and food from rising wages, but earnings upside in banks and property from buoyant private investment activities and in telco from the imminent 3G licensing," Citigroup said in a note. The broker has a 'buy' rating on Kasikornbank Pcl, Bank of Ayudhya Pcl, Advanced Info Service Pcl , Land and Houses Pcl, Supalai Pcl and Amata Corp Pcl. 1236 (0536 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 09:26 STOCKS NEWS THAILAND: CIMB cuts Thai Airways target price CIMB Research cut its target price for Thai Airways International Pcl THAI.BK to 26 baht ($0.82) from 27 baht, reflecting an earnings downgrade and concerns about the impact of a recent management change on the airline's performance. The brokerage maintained neutral rating on the airline. Thai Airways shares were down 2.3 percent at 21.6 baht on Monday, underperforming the broader market .SETI which ended 0.5 percent lower. The stock had risen 8 percent so far this year compared with a 11.9 percent climb of the market .SETI. "Airlines are facing a formidable competitive environment amid increasing risk to long-haul and freight demand. Yet, THAI is bidding farewell to its reform-minded captain. This, at best, complicates matters even more and is most untimely," CIMB said. "We are doubtful about the continuity of reforms at the airline and cut our fiscal year 2013-14 core net profit estimates as we assume less effective cost control," it said in a report. 0852 (0152 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com; Editing by Jijo Jacob) Link this Share this Digg this Email Reprints

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