Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi cuts Siam Cement target price

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STOCKS NEWS THAILAND-Citi cuts Siam Cement target price Jul 26th 2012, 03:15 Wed Jul 25, 2012 11:15pm EDT Citigroup cut its target price on Thailand's biggest industrial conglomerate Siam Cement Pcl to 380 baht ($11.99) from 388 baht, reflecting weaker earnings from the chemicals business. Siam Cement shares were up 0.63 percent at 318 baht while the broader stock market was up 0.46 percent. The broker maintained its 'buy' rating on the stock due to strong domestic cement and building material demand, it said in a report. "We cut earnings by 3-9 percent for 2012-13E on lower associated income from the chemical business," it said. The restart of Siam Cement's 26 percent-owned Bangkok Synthetics plant at Map Ta Phut industrial estate, where a fire broke out in May, would be two months later than the broker's previous expectation, it said. For related story, click (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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