Reuters: Hot Stocks: STOCKS NEWS THAILAND-PTTEP rises to two-month high

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STOCKS NEWS THAILAND-PTTEP rises to two-month high Sep 28th 2012, 05:27 Fri Sep 28, 2012 1:27am EDT Shares in PTT Exploration and Production Pcl 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 and a 26.4 percent rise of the broader SET index . 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 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. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com); Editing by Jijo Jacob

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