Reuters: Hot Stocks: STOCKS NEWS THAILAND-Siam Cement seen posting weak Q2; shares fall

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STOCKS NEWS THAILAND-Siam Cement seen posting weak Q2; shares fall Jul 6th 2012, 03:33 Thu Jul 5, 2012 11:33pm EDT Shares in Siam Cement Pcl fell to their lowest in almost a week on expectations that the industrial conglomerate would report a fall in net profit for the second quarter hurt by weak results of its core petrochemical business. Siam Cement shares were down 0.93 percent at 319 baht, falling at one point to 318 baht, the lowest since July 2. The broader stock market was up 0.03 percent. Citigroup forecast Siam's net profit to fall 42 percent to 4.35 billion baht for the April-June quarter, year-on-year. "First-half estimated profit should come at 34 percent of consensus fiscal year forecast, possibly leading to further earnings downgrades and a cap on the share price in the medium term," it said in a report. Citigroup maintained its 'buy' rating on the stock, citing strong domestic consumption supporting Siam's cement and building material businesses, with a target price of 388 baht. "Non-chemical business should partly offset chemical weakness until the next cyclical upturn," it said. 1032 (0332 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 09:58 STOCKS NEWS THAILAND: Barclays starts PTTEP with overweight Barclays Capital initiates coverage on Thailand's energy firm PTT Exploration and Production Pcl PTTE.BK with an 'overweight' rating and a 12-month price target of 220 baht, offering a 23.6 percent potential upside. PTT Exploration shares closed up 0.3 percent at 178 baht on Thursday. "PTT Exploration & Production (PTT E&P), as Thailand's main oil and gas producer, offers leverage, in our view, to the tight South East Asian natural gas market, high returns and robust production growth in the medium term," Barclays said in a report. "With the shares trading at a 20 percent discount to its local market and the potential that the company does not execute its proposed bid for Cove Energy and focuses on regional exploration opportunities and/or smaller asset deals, we take a positive view," it said. 0948 (0248 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.51 baht) Link this Share this Digg this Email Reprints

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