Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi raises Thai Oil price target

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STOCKS NEWS THAILAND-Citi raises Thai Oil price target Sep 7th 2012, 04:57 Fri Sep 7, 2012 12:57am EDT Citigroup raised its price target on refiner Thai Oil Pcl to 74 baht from 67 baht, expecting an earnings rebound in the second half along with improved gross refining margins, lower crude premium and resilient aromatics and lube spreads. The broker maintained its 'buy' rating on the stock. Thai Oil shares were up 1.2 percent at 66.25 baht, outperforming a 0.3 percent gain of the energy subindex and a 0.4 percent rise of the broader SET index. Reflecting a better earnings outlook, the stock gained 15.2 percent since July versus the energy subindex and the SET index which rose 0.7 percent and 6.7 percent, respectively. Improving earnings momentum into the third and the fourth quarter would drive Thai Oil's share price performance in the medium term, Citi said in a report. "TOP still trades below mid cycle valuation at 6.3 times 2013E EV/EBITDA and 9.6 times 2013E price to earnings ... We expect TOP's operating performance to revert to a strong profit in the third quarter from huge loss in the second quarter," it said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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