Reuters: Hot Stocks: STOCKS NEWS THAILAND-Bumrungrad rebounds on gains from sale of hospital arm

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STOCKS NEWS THAILAND-Bumrungrad rebounds on gains from sale of hospital arm Jul 11th 2012, 05:32 Wed Jul 11, 2012 1:32am EDT Shares in hospital firm Bumrungrad Hospital Pcl rose as much as 2.8 percent as a gain on the sale of hospital arm Bangkok Chain Hospital Pcl and a good outlook for the medical industry bolstered its earnings potential. Bumrungrad shares were up 2.2 percent at 81.25 baht ($2.57), rebounding from a 3 percent drop on Tuesday amid weakness in hospital shares triggered by losses in Bangkok Chain Hospital. Broker KGI Securities raised its target price for BH to 97 baht from 80 baht, while keeping the 'outperform' rating, reflecting an earnings upgrade and an estimated gain of 611 million baht from the hospital sale to be recorded in the third quarter. "BH is still the key beneficiary of the up-cycle in medical tourism and its earnings growth over the next three years is still superior to those of the market despite no earnings contribution from Bangkok Chain Hospital," it said in a report. "We see the recent divestment in Bangkok Chain Hospital as positive news for BH not a negative since it allows BH to exit from a non-synergic partner with decent gain on divestment," the broker said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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