Fri Sep 28, 2012 4:25am EDT
Shares in leading telecoms firms pushed higher, outperforming the broader SET index, as Thailand's imminent third-generation (3G) auction for the 2.1-gigahertz spectrum bolstered their earnings outlook.
Advanced Info Service Pcl, Thailand's biggest mobile phone operator, rose 1.4 percent to 216 baht, while second-ranked Total Access Communication Pcl gained 1.6 percent at 93.5 baht, after hitting an all-time high of 94 baht.
DTAC's Singapore-listed shares rose 3.86 percent to $2.96.
True Corp, which owns unlisted True Move, Thailand's third-largest mobile operator, gained 2.5 percent at 6.15 baht. The main SET index was up 0.94 percent at 1,298.23.
"We expect ADVANC will bid for 15 MHz out of a total of 45 MHz that will be available ... Once it obtains a license, it estimates it will take six months or until mid-2013 to complete its 3G network," Krungsri Securities said in a report.
"Among cell phone operators, ADVANC appears the most able to bid for a license given cash on hand of more than 40 billion baht," the broker said.
Telecoms regulator National Broadcasting and Telecommunications Commission (NBTC) is likely to announce qualified bidders on Oct. 9, setting Oct. 16 as an auction date. Winning bidders will be announced on Oct. 22.
1504 (0804 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)
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12:27 STOCKS NEWS THAILAND-PTTEP rises to two-month high
Shares in PTT Exploration and Production Pcl PTTE.BK rose to a two-month high after the energy explorer changed the terms of its $3.1 billion share offer, a move that would improve its finances and help ease concerns about potential earnings dilution.
PTT Exploration shares were up 0.3 percent at 162 baht, climbing at one point to 164 baht, the highest since July 20.
The stock jumped 2.9 percent on Thursday after the share offering details emerged. The stock has fallen 3.6 percent so far this year versus a 3.2 percent gain of the energy subindex .SETEN and a 26.4 percent rise of the broader SET index .SETI.
The fund raised could improve net debt-to-equity profile for PTTEP, Citigroup said in a report.
"If the plan is approved by shareholders, PTTEP intends to use around 950 million sterling to refinance the bridge financing related to the Cove Energy COVE.L acquisition," the broker said.
"We estimate this would lower 2013E net D/E to 47.0 percent from 64.2 percent on our existing forecast, and increase our net profit forecast by 2.5 percent due to interest cost savings," it said.
For the story, click (Full Story)
1203 (0503 GMT)
(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com); Editing by Jijo Jacob
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