Reuters: Hot Stocks: STOCKS NEWS THAILAND-Kasikorn cuts PTT Global Chemical target price

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS THAILAND-Kasikorn cuts PTT Global Chemical target price Jul 30th 2012, 03:48 Sun Jul 29, 2012 11:48pm EDT Kasikorn Securities cut its target price for petrochemical firm PTT Global Chemical Pcl to 72 baht ($2.28) from 86 baht, while maintaining the 'outperform' rating, citing the impact of lower oil prices and higher feedstock prices on earnings. PTT Global Chemical shares were up 0.9 percent at 57.75 baht, falling 5.3 percent for the year and underperforming the broader market, which was up 15.5 percent. "Following our July 12 oil price changes, we lower our crude-oil-linked petrochemical prices. We also increase our ethane feedstock assumptions by an average of 7 percent to factor in our expectation of an inter-company feedstock adjustment," it said in a report. The broker expected an 82 percent fall in second quarter net profit to 1.5 billion baht, due to a correction in crude oil prices. The company is due to report the quarterly result by the middle of August. 1032 (0332 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:08 STOCKS NEWS THAILAND-CIMB lowers target for Precious Shipping CIMB Research cut its target price for Precious Shipping Pcl PSL.BK to 14.3 baht ($0.45) from 14.85 baht and downgraded its rating on the shipper to 'underperform' from 'neutral', citing weak earnings for the first six months and an earnings downgrade for the full year. Precious Shipping shares ended unchanged at 14.3 baht on Friday. The stock has fallen 11.7 percent so far this year, underperforming a 14.9 percent gain of the broader stock market .SETI. The company reported a net loss of 27.8 million baht for the first six months compared to last year's 510 million baht net profit. (Full Story) "We slash our EPS forecasts as we delay our fleet purchase assumptions and cut average rate forecasts on weak spot rates ... Spot handysize rates will likely hover around current low levels until end-2013," CIMB said in a report. 0949 (0249 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.53 baht) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions