Reuters: Hot Stocks: STOCKS NEWS THAILAND-CIMB raises Siam Cement price target

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STOCKS NEWS THAILAND-CIMB raises Siam Cement price target Oct 25th 2012, 02:43 Wed Oct 24, 2012 10:43pm EDT CIMB Research raised its price target on industrial conglomerate Siam Cement to 445 baht from 410 baht, while keeping an 'outperform' rating, citing strong growth potential, solid domestic earnings and a recovery in petrochemical margins. Siam Cement shares were down 0.27 percent at 365 baht on Wednesday after reporting a third quarter earnings of 6.4 billion baht ($208.27 million), down 13 percent year-on-year but up 50 percent quarter-on-quarter. It had risen 16.6 percent so far in 2012, underperforming a 26.3 percent gain of the broader SET index. The stock was trading at 10 times 2014 P/E, below its historical average of 11 times, CIMB said in a report. "The quarter on quarter improvement in the third quarter core earnings reflects Siam Cement's superior product portfolio with limited downside from petrochemicals and continued growth of non-petrochemical earnings. It remains our top pick for earnings growth momentum and sustainability," the broker said. 0933 (0233 GMT) For the company statement, click (Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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