Reuters: Hot Stocks: STOCKS NEWS THAILAND-CP All near 1-week low after weak Q2 profits

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STOCKS NEWS THAILAND-CP All near 1-week low after weak Q2 profits Aug 8th 2012, 04:18 Wed Aug 8, 2012 12:18am EDT Shares in CP All Pcl fell to their lowest in more than one week after the country's largest convenience store chain reported weaker-than-expected second quarter earnings as rising wages ate into its net profit margin. CP All shares were down 1.5 percent at 33.25 baht. The stock had risen 29.5 percent so far this year, outperforming a 18.6 percent gain in the broader index. CP All, a proxy for domestic consumption in Thailand, posted an April-June net profit of 2.6 billion baht ($82.6 million), up from 2.17 billion a year earlier, and compared with the 2.8 billion baht forecast by 13 analysts surveyed by Reuters. Broker Kasikorn Securities said it rated the stock 'underperform' with a target price of 28 baht. "While the same-store sales growth improved significantly during the second quarter, we believe the rising labour costs are a threat to the company's profitability," it said in a report. 1108 (0408 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:42 STOCKS NEWS THAILAND-Thai Oil up as H2 outlook outweighs Q2 loss Shares in top oil refiner Thai Oil Pcl TOP.BK 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 .SETI. 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. (Full Story) "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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