Reuters: Hot Stocks: STOCKS NEWS THAILAND-Krung Thai Bank climbs on better-than-expected quarterly net

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STOCKS NEWS THAILAND-Krung Thai Bank climbs on better-than-expected quarterly net Jul 20th 2012, 03:43 Thu Jul 19, 2012 11:43pm EDT Krung Thai Bank climbed 1.88 percent to 16.30 baht, having hit 16.40 baht at one point, after it reported a better-than-expected 40 percent rise in quarterly net profit on Thursday thanks to higher net income and lower tax costs. (ID:nL3E8IB28A) Several brokers rated the shares a 'buy', on expectations that the better-than-expected quarterly profit should put the bank on course to continued growth. However, CIMB Securities kept its 'neutral' rating for Krung Thai with target price at 18 baht, citing risks of credit charge hike and leadership change as well as the overhang of an equity call. "We do not expect an extended rally in its share price... Its low coverage ratio leaves limited room for the unexpected and management may have to rectify this", CIMB Securities said. "The bank is a major lender to the steelmaker Sahaviriya Steel Industries, whose deterioration of credit standing could trigger a sudden hike in provisioning", the broker added. (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com)

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