Reuters: Hot Stocks: STOCKS NEWS THAILAND-DBS cuts Banpu target price to 600 baht

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STOCKS NEWS THAILAND-DBS cuts Banpu target price to 600 baht Jun 19th 2012, 03:46 Mon Jun 18, 2012 11:46pm EDT DBS Vickers Securities cut its target price on shares of Thailand's biggest coal miner Banpu Pcl 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)

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