Reuters: Hot Stocks: STOCKS NEWS THAILAND-Soybean meal, pork prices weigh on CP Foods

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STOCKS NEWS THAILAND-Soybean meal, pork prices weigh on CP Foods Jul 23rd 2012, 05:16 Mon Jul 23, 2012 1:16am EDT Shares in Charoen Pokphand Foods Pcl hit their lowest in almost seven months as rising prices of soybean meal raw material and weaker selling prices of pork weighed on the company's earnings. CP Foods shares were down 5 percent at 33.25 baht, the lowest since January 4, with 37.9 million shares having changed hands, 1.13 times the average full-day volume in the last 30 sessions. "There are concerns about higher prices of soybean meal which will adversely affect the cost of animal feed production," said an analyst at Asia Plus Securities. The analyst said weaker domestic pork prices are expected to affect profit for the third quarter. 1155 (0455 GMT) (Reporting by Wirat Buranakanokthanasan in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:58 STOCKS NEWS THAILAND: Big C Supercenter falls to 7-week lows Shares in Big C Supercenter Pcl BIGC.BK fell to their lowest in almost seven weeks after the supermarkets group reported a net profit for April-June quarter, which analysts said fell short of their forecasts. Big C shares were down 3.3 percent at 208 baht ($6.56), having hit 207 baht earlier, the lowest since June 6. The broader stock market .SETI was down 1.38 percent. Big C posted a quarterly net profit of 1.4 billion baht, up 27 percent year-on-year but down 22 percent quarter-on-quarter. For the company statement, click (Full Story) "BIGC announced a disappointing second quarter net profit," said broker Kasikorn Securities. "BigC reported second quarter gross margin of 21.5 percent, down 105 basis points year on year, despite continued sales growth. We believe aggressive competition in the hypermarket space put overall gross margin under pressure." It rated the stock 'underperform', with target price of 130 baht, adding that "We believe the current high PER multiple is not justified by the expensive PE multiple of 26 times, and maintain our underperform rating on the stock." 1050 (0350 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.685 baht) Link this Share this Digg this Email Reprints

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