Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB downgrades Advanced Info Service to underperform

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STOCKS NEWS THAILAND-CIMB downgrades Advanced Info Service to underperform Jul 18th 2012, 02:18 Tue Jul 17, 2012 10:18pm EDT CIMB Research downgraded Thailand's biggest mobile phone operator Advanced Info Service Pcl (AIS) to 'underperform' from 'neutral', reflecting a stretched valuation and concerns of rising costs related to 3G businesses. The broker said its stock target price was 175 baht ($5.55). AIS shares closed up 0.48 percent at 209 baht on Tuesday, climbing at one point to an intraday record high of 215 baht. "2013 earnings will disappoint due to 3G cost and benefit mismatches. We believe consensus estimates for 2013 EBITDA are too optimistic," the broker said in a report. "With its record-high share price, AIS is all set for a correction when it disappoints the market with below-view earnings in FY13. The share price is trading at 2SD above its 5-year average P/E and EV/EBITDA, indicating sizeable downside risk," it said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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