Reuters: Hot Stocks: STOCKS NEWS THAILAND-Bualuang upgrades TMB Bank on strong loan growth

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STOCKS NEWS THAILAND-Bualuang upgrades TMB Bank on strong loan growth Jul 31st 2012, 05:42 Tue Jul 31, 2012 1:42am EDT Bualuang Securities raised its target price for TMB Bank Pcl to 1.72 baht ($0.05) from 1.6 baht and upgraded its rating to 'trading buy' from 'hold', citing a strong loan growth outlook. TMB Bank shares rose 1.34 percent to 1.51 baht, climbing at one point to 1.54 baht, the highest in more than one week. "Strong SME-fueled loan growth and the Bank of Thailand's soft funding totaling 40 billion baht prompted us to revise up our TMB FY12 and FY13 lending forecasts to 12 percent and 10 percent, respectively from 10 percent and 8 percent," it said. The broker said it raised its earnings projections by 3 percent to 5.2 billion baht for 2012 and by 4 percent to 6.5 billion baht for 2013. The bank's net profit for the first six months of 2012 was 2.3 billion baht, nearly unchanged from last year. For the company statement, click 1224 (0524 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 09:29 STOCKS NEWS THAILAND-CIMB upgrades PTT Global Chemical, raises target CIMB Research upgraded PTT Global Chemical Pcl PTTGC.BK to 'outperform' from 'neutral' and raised its target price after the petrochemicals maker announced a new pricing formula for its gas purchase from parent PTT Pcl PTT.BK. "The sooner-than-expected announcement of the gas feedstock pricing revision and the only slightly larger impact would remove the share price overhang," broker CIMB said while raising its price target for the stock to 77 baht from 65 baht. PTT Global Chemical shares closed up 2.6 percent at 58.75 baht on Monday. The stock had fallen 3.7 percent so far this year, underperforming a 16.4 percent gain of the broader market .SETI. "We believe the change will significantly reduce the margin risk for PTTGC for many years, given that the new formula reflects an oil price assumption range of between $70/bbl and $130/bbl, and a HDPE-naphtha spread range of $450-600/tonne, sufficiently capturing future price volatility," CIMB said in a report. PTT Global Chemical said on Monday the new pricing formula would increase its petrochemical feedstock costs by 8 percent. (Full Story) 0911 (0211 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.58 baht) Link this Share this Digg this Email Reprints

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