Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi raises PTTEP target; upgrades to 'neutral'

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STOCKS NEWS THAILAND-Citi raises PTTEP target; upgrades to 'neutral' Sep 19th 2012, 03:08 Tue Sep 18, 2012 11:08pm EDT Citigroup raised its price target for Thailand's energy explorer PTT Exploration and Production Pcl 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 was up 0.06 percent and the broader SET index 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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