Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citigroup raises Amata's target price

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STOCKS NEWS THAILAND-Citigroup raises Amata's target price Jun 14th 2012, 02:46 Wed Jun 13, 2012 10:46pm EDT Citigroup raised its target price on Thailand's biggest industrial estate developer Amata Corporation Pcl 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 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. 0929 (0229 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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