Reuters: Hot Stocks: STOCKS NEWS THAILAND-KGI upgrades Siam Makro to neutral on H2 outlook

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STOCKS NEWS THAILAND-KGI upgrades Siam Makro to neutral on H2 outlook Aug 24th 2012, 06:53 Fri Aug 24, 2012 2:53am EDT KGI Securities upgraded its rating on cash-and-carry wholesaler Siam Makro Pcl to 'neutral' from 'underperform', citing positive management guidance on retail business outlook as supportive to second-half earnings growth. Its 2013 stock price target is 400 baht. At the midsession break of 0530 GMT, Siam Makro shares were down 1.93 percent at 356 baht, coming off their day's high of 363 baht. The stock has gained 49 percent in 2012 versus a 40.2 percent rise in the commerce subindex. The broader SET index has risen 20.3 percent in the year. "MAKRO's unrivaled lead position in cash-and-carry business, less pressure from the government's price control policy and high purchasing power for its customers would help it post impressive earnings in the second half," it said. 1335 (0635 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 12:03 STOCKS NEWS THAILAND-PTTEP falls to 3-week low amid capital raising overhang Shares in oil and gas company PTT Exploration and Production Pcl PTTE.BK fell to their lowest in three weeks as its cancellation of a shareholders' meeting to approve a capital increase raised doubts over the success of the plan. PTTEP shares were down 1 percent at 148.5 baht, falling at one point to 148 baht, the lowest since Aug. 3. The stock dropped over 16 percent from its high in July amid concerns over the capital raising. That compares with a 2.6 percent gain by the broader SET index .SETI for the same period. State-backed PTTEP has postponed a shareholder meeting called to approve a $3.1 billion fundraising and may change the terms to address minority investor concerns about dilution. The stock slid 1.32 percent on Thursday following the news. Broker CIMB Securities said uncertainty over the timeframe and final structure of the capital increase would pressure the share price. Its stock target price is 170 baht. "Until the capital raising is completed, we maintain our neutral stance. To derive our target price, we continue to apply a 20 percent discount to its discount cash flow value to reflect the capital-raising uncertainty," it said in a report. For PTTEP story, click (Full Story) 1149 (0449 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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