Reuters: Hot Stocks: STOCKS NEWS THAILAND-Krungsri upgrades Somboon Advance; shares pare losses

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STOCKS NEWS THAILAND-Krungsri upgrades Somboon Advance; shares pare losses Aug 6th 2012, 09:42 Mon Aug 6, 2012 5:42am EDT Krungsri Securities upgraded its rating on Thai auto parts firm Somboon Advance Technology Pcl to 'buy' from 'hold' and raised its target price to 34 baht from 31 baht, citing positive management guidance and upward revision of earnings forecasts. Somboon shares were trading flat at 30.5 baht, erasing an early loss of 0.8 percent. The stock has risen 45.2 percent so far this year, well above the 17.7 percent rise in the broader stock market. "We came away from analyst meeting last week optimistic over SAT's earnings and margin outlook this year. Earnings in the second quarter should be strong and continue to grow in the second half onward," the broker said in a report. The company's core profit for the second quarter was expected to rise 101 percent year-on-year to 205 million baht ($6.49 million), with core profit for full year 2012 rising 120 percent year-on-year to 954 million baht, it said. The broker expected rising auto parts orders along with expanding Thai vehicle production, the government's incentive measures of providing a tax rebate for first-time car buyers and expansions by key customers including Mitsubishi and Kubota. 1629 (0929 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 13:28 STOCKS NEWS THAILAND-CIMB sees further gains CIMB Research expects Thai shares to further extend their gains by up to 12 percent this year on the back of favourable second-quarter earnings and as private investment and consumer spending remain supportive. The broker has a target of 1,350 and an 'overweight' rating on the benchmark SET index .SETI for end-2012. "We believe the Thai market will continue to do well...," CIMB said in a report. It also has an 'overweight' rating the agriculture, petrochemical, banking and healthcare sectors. At the midday break of 0530 GMT, the SET index was up 0.7 percent at 1,206. It has risen 17.6 percent so far this year, Southeast Asia's third-best performer, following the 20.9 percent gain of the Philippines .PSI index and the 20.4 percent rise of Vietnam .VNI stocks. 1302 (0602 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.565 baht) Link this Share this Digg this Email Reprints

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