Reuters: Hot Stocks: STOCKS NEWS THAILAND-Thaicom surges after receiving satellite licence

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STOCKS NEWS THAILAND-Thaicom surges after receiving satellite licence Jun 27th 2012, 08:24 Wed Jun 27, 2012 4:24am EDT Shares in Thaicom Pcl surged 3.7 percent to 14 baht, after it was awarded a licence to launch a new communications satellite by the National Broadcasting and Telecommunications Commission. Kiatnakin Securities said the news should help boost the company's shares. The broker kept its 'buy' rating and target price of 18.10 baht on Thaicom shares. "The license to operate the Thaicom 7 satellite will help complete the company's MOU with Hong Kong's Asia Satellite Telecommunication and secure their slot at the 120 degrees east orbital location," Kiatnakin said in a research note. "The Thaicom 7 satellite should benefit from cost saving, since providing service on the licence will reduce its fees to 5.75 percent from 20.5 percent currently," the broker added. 1500 (0800) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com) *********************************************************** 12:57 STOCKS NEWS THAILAND: Banks up after cabinet delays cut in deposit protection limit Banking shares climbed 2 percent to one-week high after the cabinet's decision to postpone a plan to reduce the amount of deposit protection helped ease concerns of rising competition in fundraising and pressure on profit margins. At the midsession break of 0530 GMT, the bank subindex .SETB was up 2 percent, led by a 2.8 percent gain to 145 baht ($4.56) by Siam Commercial Bank Pcl SCB.BK and a 2.6 percent rise to 29.25 baht by Bank of Ayudhya Pcl BAY.BK. Maybank Kim Eng Securities said the move was positive for liquidity of Thai banks and their deposit transaction costs as they would enjoy lower funding costs and can avoid raising funds through bond issuance. "The smaller banks are expected to receive a higher benefit than the big banks as they have many under 1 million baht deposit accounts," the broker said in a report. The cabinet decided on Tuesday to keep the deposit guarantee limit at 50 million baht ($1.57 million) per person per bank for three more years, putting off a plan to cut the amount to 1 million baht per customer per bank starting August 11. 1253 (0553 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.8 baht) Link this Share this Digg this Email Reprints

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