Reuters: Hot Stocks: STOCKS NEWS THAILAND-Tipco Foods up on Q2 earnings hopes

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STOCKS NEWS THAILAND-Tipco Foods up on Q2 earnings hopes Jun 14th 2012, 04:16 Thu Jun 14, 2012 12:16am EDT Shares in Tipco Foods Pcl gained after the company said it expects to post strong second-quarter earnings and it plans to boost exports of canned pineapple in new markets amid weak demand of its buyers in Europe. Tipco shares rose 3.9 percent to 6.6 baht, the highest since May 21, outperforming the broader market which fell 0.1 percent. Local newspaper Than-hoon quoted a company executive as saying strong sales of fruit juices due to hot weather have boosted its sales and it was exploring new markets, including the Middle East, to increase its future revenues. 1047 (0347 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 09:46 STOCKS NEWS THAILAND: Citigroup raises Amata's target price Citigroup raised its target price on Thailand's biggest industrial estate developer Amata Corporation Pcl AMAT.BK 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 .SETI 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) ($1 = 31.575 baht) Link this Share this Digg this Email Reprints

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