Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB raises Robinson Department target on expansions

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STOCKS NEWS THAILAND-CIMB raises Robinson Department target on expansions Aug 30th 2012, 02:41 Wed Aug 29, 2012 10:41pm EDT CIMB Research raised its price target on shares of Robinson Department Store Pcl to 80 baht from 50 baht, citing better earnings prospects on the back of expansions into the fast-growing Thai upcountry market. The broker maintained its 'outperform' rating on the stock. Robinson shares closed 2.4 percent lower at 61.5 baht on Wednesday. The stock was up 44.7 percent in 2012, outpacing a 39 percent gain of the commerce subindex. Robinson's 77 percent upcountry market share and its more rapid expansions compared to competitors would enable robust sales and same store sales growth (SSSG), resulting in an increase in margins and earnings, it said in a report. "The recent boom in upcountry growth has played a significant part in Robinson's success. We maintain the view that upcountry Thailand will continue to prosper over the mid-term given rising incomes, urbanisation, populist policies and easy bank credit," it said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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