Reuters: Hot Stocks: STOCKS NEWS THAILAND-KGI raises Kasikornbank target price

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STOCKS NEWS THAILAND-KGI raises Kasikornbank target price Jul 19th 2012, 05:13 Thu Jul 19, 2012 1:13am EDT KGI Securities raised the target price on Thailand's fourth-largest lender Kasikornbank Pcl to 200 baht ($6.31) from 190 baht, and maintained a n 'outperform', citing strong earnings in the first six months of this year. The broker also revised upwards the bank's earnings forecast for 2012 and 2013. Kasikornbank shares were down 1.8 percent at 163 baht, while the broader index was down marginally. It reported a better-than-expected 28 percent rise in April-June earnings, boosted by strong loan growth and higher revenue from its insurance business. Its six-month net profit jumped 37 percent to 18.4 billion baht. "With the bank's strong first-half earnings and the potentially stronger lending momentum, as well as earnings, in the second half, we revised up our 2012-13 forecasts by 15 percent and 11 percent, respectively, mainly on higher non-net interest income (NII)," KGI said. For the company statement, click 1203 (0503 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.72 baht) Link this Share this Digg this Email Reprints

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