Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB ups BEC World target price after record Q2

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STOCKS NEWS THAILAND-CIMB ups BEC World target price after record Q2 Aug 9th 2012, 03:01 Wed Aug 8, 2012 11:01pm EDT Aug 8 (Reuters) - CIMB Research raised its target price on shares of BEC World Pcl to 63 baht from 54 baht, citing the broadcaster's strong second-quarter earnings. The broker maintained an 'outperform' rating on the stock. On Wednesday, BEC World shares closed up 1.4 percent at 53.5 baht. It was up 18.9 percent so far this year, underperforming a 26.5 percent gain of the media subindex but broadly in line with a 18.4 percent rise of the broader market. The company said its net profit for April-June quarter rose 22 percent year on year to 1.24 billion baht ($39.33 million). For the company statement, click "BEC should capitalise on its market dominance and pricing advantage to break record profits until media fragmentation takes effect in 2015. Record high revenues in 2Q12 affirmed the muted impact from the rivalry of satellite TV," CIMB said in a report. "BEC would be in a good position to produce record profits over the next two to three years. Hence, we revise our estimates up by 1-7 percent, raise our target price by 16 percent and maintain BEC as a top pick in the Thai media sector," it said. 0947 (0247 GMT) ($1 = 31.525 baht) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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