Reuters: Hot Stocks: STOCKS NEWS THAILAND-Phillip downgrades auto parts; buoyant data priced in

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STOCKS NEWS THAILAND-Phillip downgrades auto parts; buoyant data priced in Aug 20th 2012, 04:32 Mon Aug 20, 2012 12:32am EDT Phillip Securities downgraded its rating on shares of auto parts companies to 'neutral' from 'overweight', citing the sector's rich valuations recently boosted by strong auto sales numbers. The auto parts subindex edged up 0.03 percent. The sector was up 42 percent so far in 2012, outpacing a 19 percent gain of the broader SET index. The sector index rose to a seven-year high on Friday after data showed that car and truck sales hit record high in July. Auto parts firms posted higher earnings for April-June quarter along with a recovery of the automotive industry hit by the floods in late 2011 and due to launches of new eco car models, outweighing higher wage costs in the quarter. "Although rising production volume during the remaining parts of this year will enhance companies' earnings, we perceive the news have already been reflected in their share prices," the broker said in a report. Phillip said investors still can selectively buy into part suppliers such as AAPICO Hitech Pcl which would benefit from production at Ford's new plant. It set price target for the stock at 20.4 baht. The stock was down 1.1 percent at 18.4 baht. 1131 (0431 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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