Reuters: Hot Stocks: STOCKS NEWS THAILAND-Thai Oil up as H2 outlook outweighs Q2 loss

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STOCKS NEWS THAILAND-Thai Oil up as H2 outlook outweighs Q2 loss Aug 8th 2012, 03:42 Tue Aug 7, 2012 11:42pm EDT Shares in top oil refiner Thai Oil Pcl hit a three-month high as expectations of an earnings recovery in the second half outweighed a big net loss in the second quarter due to an inventory loss at its refining operations. Thai Oil shares were up 3.15 percent at 65.5 baht, climbing at one point to 66 baht. The stock is up 12 percent so far this year, underperforming a 18.4 percent gain in the broader stock market. Thai Oil, nearly half-owned by top energy firm PTT Pcl PTT.BK, posted an April-June net loss of 6.9 billion baht ($219 million), versus a profit of 3.24 billion a year earlier. "The results were weaker than the market expectation. We cut 2012-2014 estimated earnings by 4.0-7.5 percent to reflect higher-than-expected stock loss and lower chemical margins," broker Citigroup said in a report. The broker maintained a 'buy' rating on the stock, with a target price of 67 baht, citing improving operating performance into the second half. "Barring stock gain/loss, TOP's core operating profit should regain momentum if Murban crude premium over Dubai further narrows. We expect better margins from aromatic unit in the third quarter upon completion of PX upgrading," it said. 1031 (0331 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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