Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB starts Thaicom with outperform, shares hit 7-year high

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STOCKS NEWS THAILAND-CIMB starts Thaicom with outperform, shares hit 7-year high Aug 22nd 2012, 08:33 Wed Aug 22, 2012 4:33am EDT CIMB Research initiated coverage of Thaicom Pcl with an 'outperform' rating and a price target of 22.7 baht, citing the prospect of strong earnings growth underpinned by new satellite capacity and higher demand for television channels. Thaicom shares were up 2.94 percent at 17.5 baht, climbing at one point to 17.6 baht, the highest since May 2005. The stock has risen 71.6 percent in 2012, well above a 20.1 percent gain in the broader SET index. The broker said it expected core net profit growth of 25-91 percent for 2012-2014. "Our earnings forecasts are conservative, factoring in the gradual take-up of Thaicom 6 capacity, Thaicom 4's backlog and loss-making Mfone," it said in a report. "Potential re-rating catalysts are the bulk sale of Thaicom 4 capacity, stronger presales for Thaicom 6 and a dividend surprise." (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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