Reuters: Hot Stocks: STOCKS NEWS THAILAND-CP Foods down on Q2 concerns

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STOCKS NEWS THAILAND-CP Foods down on Q2 concerns Jul 4th 2012, 06:52 Wed Jul 4, 2012 2:52am EDT Shares in Charoen Pokphand Foods Pcl lost as much as 5.3 percent on expectations the food company would report weak earnings for the second quarter due to higher costs and weak meat prices. At the midsession break of 0530 GMT, Charoen Pokphand Foods shares were down 3.95 percent at 36.5 baht ($1.16), falling at one point to 36 baht, the lowest since May 24. About 83 million shares had changed hands, 4.4 times the average full-day volume in the last 30 days. The broader stock market was down 0.14 percent. Maybank Kim Eng Securities expected April-June earnings to fall 20-30 percent. Higher feedstock prices increased costs of production for chicken and pork while selling prices were lower than last year when low supply helped boost prices, it said. The broker kept buy rating for the stock, citing an improving outlook, with target price of 44.5 baht. "We do expect earnings to recover in the third quarter along with improving meat prices. CPF is estimated to resume exporting 10,000 tonnes of frozen chicken to European Union after the ban lifting from July 1," it said in a report. 1309 (0609 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:46 STOCKS NEWS THAILAND: Bangchak falls after fire at refinery Shares in refiner Bangchak Petroleum Pcl BCP.BK fell after a fire hit its 125,000-barrel-per-day refinery in Bangkok, which will be shut down for at least 30 days. Bangchak shares were down 1.28 percent at 23.10 baht. The broader stock market .SETI was up 0.2 percent. Broker Krungsri Securities rated the stock 'sell', with target price of 23 baht. "We initially expect the fire impact on its third quarter earnings ... Given that the company has insurance coverage for all risks and business interruption, we think the impact should be limited," it said in a research note to clients. For stories, click (Full Story) and (Full Story) 1039 (0339 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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