Reuters: Hot Stocks: STOCKS NEWS THAILAND-Thanachart Capital hits 20-month high

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STOCKS NEWS THAILAND-Thanachart Capital hits 20-month high Sep 19th 2012, 09:20 Wed Sep 19, 2012 5:20am EDT Shares in Thanachart Capital Pcl climbed to their highest in 20 months after the company reported strong loan growth for the first eight months of this year, with analysts projecting further growth in its core hire purchase le n ding this year. Thanachart Capital shares were up 0.7 percent at 37 baht, climbing at one point to 37.25 baht, the highest since January 7 2011. The stock has risen 38 percent this year versus a 36 percent gain of the broader banking subindex. TCAP's net lending was 671 billion baht ($21.72 billion) in August, up 10.5 percent year on year. Bualuang Securities said the bank's eight-month loan growth may help the company achieve an 11 percent full-year loan growth, which the broker expects. "We expect TCAP to sustain lending momentum through September and beyond, as major automobile makers have ramped up production to meet strong demand for new cars, boosted by the government's first-time car buyer tax rebate scheme," it said. The broker rated the stock a 'buy', with target price of 45 baht. Eight out of 20 analysts tracking the company rated the stock a 'buy' or 'strong buy', nine have a 'hold' and three put a 'sell' or 'strong sell, according to Thomson Reuters Starmine. 1604 (0904 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ************************************************************ 10:08 STOCKS NEWS THAILAND-Citi raises PTTEP target; upgrades to 'neutral' Citigroup raised its price target for Thailand's energy explorer PTT Exploration and Production Pcl PTTE.BK to 162 baht from 147 baht and upgraded the stock's rating to 'neutral' from 'sell', citing positive production volume growth in 2013. PTTEP shares were up 0.32 percent at 158 baht while the energy subindex .SETEN was up 0.06 percent and the broader SET index .SETI was up 0.16 percent. Citi expects PTTEP's production volume to grow by 16.6 percent in 2013 driven by the long-awaited start-up of the Montara oil field, and contributions from Bongkot South gas field and Vietnam 16-1 oil field. The broker is cautious of capital increase plans. "We believe PTTEP's aggressive production target in the medium term and capital costs involved in Cove could lead to large capital requirement and possibly another capital increase," the broker said. "The current capital raising plan of $3 billion has not yet completed, implying a share price overhang at least until the end of year," it said. The stock has fallen 6.5 percent so far in 2012, underperforming a 3.9 percent gain of the energy subindex and a 24 percent rise of the broader SET index. 1004 (0304 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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