Reuters: Hot Stocks: STOCKS NEWS THAILAND-Esso rises to 3-month highs on strong volume

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STOCKS NEWS THAILAND-Esso rises to 3-month highs on strong volume Aug 9th 2012, 06:47 Thu Aug 9, 2012 2:47am EDT Shares of small refiner Esso (Thailand) Pcl climbed to their highest in three months on strong trading volume amid renewed appetite for refinery stocks underpinned by expectations of an improving earnings outlook. At the midsession break of 0530 GMT, Esso shares were up 4.7 percent at 11.2 baht, rising 27.2 percent since hitting their 2012 low of 8.8 baht on May 31 that reflected concerns about the impact of weak global oil prices on second-quarter earnings. Esso shares are up 3.7 percent so far this year, in line with a modest 2.5 percent gain of the energy subindex. The broader stock market has risen 19.1 percent so far this year. About 59.4 million Esso shares changed hands on Thursday, 3.59 times the average full-day volume over the past 30 sessions. Esso rally was seen as a catch-up play to recent gains in large peer Thai Oil Pcl which rose 4.3 percent on Wednesday and was up 3.4 percent at the midday break. "Refinery numbers are pretty supportive to the third quarter performance. We think the refinery sector should see a good turnaround in earnings after the weak second quarter," said strategist Adisak Phupipathirankul of Thanachart Securities. "We recommend buying Esso as a laggard play and it is an alternative to Thai Oil for investors to have exposures in the sector," he said. 1330 (0630 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:01 STOCKS NEWS THAILAND-CIMB ups BEC World target price after record Q2 CIMB Research raised its target price on shares of BEC World Pcl BEC.BK 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 .SETMP but broadly in line with a 18.4 percent rise of the broader market .SETI. 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 (Full Story) "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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