Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB raises Krung Thai Bank price target; shares retreat at midday

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STOCKS NEWS THAILAND-CIMB raises Krung Thai Bank price target; shares retreat at midday Sep 20th 2012, 05:49 Thu Sep 20, 2012 1:49am EDT CIMB Research raised its price target for Thailand's state run Krung Thai Bank Pcl to 21 baht from 18 baht, and upgraded the stock's rating to 'outperform' from 'neutral', saying it raised forecasts for both net profit and loan growth. At the midsession break of 0530 GMT, Krung Thai Bank shares were down 1.1 percent at 18 baht, climbing at one point to 18.3 baht, the highest since Aug. 25, 2011. "After its ongoing cash call, KTB will have a balance sheet that is ready for growth ... KTB has an undoubted capacity to fund asset growth given its quasi-government status. Its funding cost is the second lowest among its peers," it said. The broker said it raised loan growth forecasts from below-peer levels to parity with peers at 11 percent in 2012 and 10 percent each in 2013 and 2014. "Though we raise net profit numbers for higher loan and fee growth, EPS falls because of the dilution from the rights issue," it said. The stock had risen 28.4 percent so far this year versus a 35 percent gain of the broader banking subindex. 1243 (0543 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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