Reuters: Hot Stocks: STOCKS NEWS THAILAND-PTTEP at 1-mth high after shareholders approve cap raising plan

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STOCKS NEWS THAILAND-PTTEP at 1-mth high after shareholders approve cap raising plan Oct 30th 2012, 04:30 Tue Oct 30, 2012 12:30am EDT Shares in oil and gas explorer PTT Exploration and Production Pcl hit a one month high after its shareholders approved a 98 billion baht ($3.1 billion) share sale to support aggressive expansion plans. PTTEP shares were up 0.9 percent at 163 baht, climbing at one point to 163.5 baht, the highest since Sept. 28. Uncertainty about the capital raising plan which will have a dilutive effect on earnings per share had sent the stock nearly 3 percent lower so far in 2012, versus a 1.9 percent gain of the energy subindex. "The capital increase approval is overall positive for PTTEP. We expect limited downside risk to the stock price going forward because the potential dilution effect on earnings per share should have priced in," said broker Kiatnakin Securities. The broker rated the stock a 'buy', with a target price of 177 baht, citing its forecast of an earnings growth in 2013 and a dividend return of 2.1 percent in the second half of 2012 and 4.4 percent in 2013. (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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