Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB raises Sino Thai price target

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STOCKS NEWS THAILAND-CIMB raises Sino Thai price target Sep 25th 2012, 04:47 Tue Sep 25, 2012 12:47am EDT CIMB Research raised its price target for Sino Thai Engineering Pcl, a Thai construction company, to 28 baht from 18.5 baht, while maintaining an 'outperform' rating, citing strong prospects of revenue growth helped by infrastructure projects. Sino Thai shares were up 0.5 percent at 18.8 baht. The stock has risen 52.9 percent so far this year versus a 1.1 percent gain of Italian-Thai Development Pcl and a 17.2 percent rise of Ch Karnchang Pcl. "With a strong balance sheet and solid earnings record, we believe Sino Thai will continue to outperform Italian Thai and Ch Karnchang," CIMB said in a report. "Although Sino Thai is not very close to this government, we believe there are too few contractors around to handle big government projects. And with backlogs equivalent to 2.4 years of revenue, we do not foresee major problems for Sino Thai," it said. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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