Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB cuts Thai Airways target price

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS THAILAND-CIMB cuts Thai Airways target price Jun 26th 2012, 02:26 Mon Jun 25, 2012 10:26pm EDT CIMB Research cut its target price for Thai Airways International Pcl 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 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. "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. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com; Editing by Jijo Jacob)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions