STOCKS NEWS THAILAND-KGI raises EGCO target price

Broker KGI Securities raised its target price on utility firm Electricity Generating Pcl to 129 baht from 120 baht, reflecting the acquisition of a new power producing contract.

KGI maintained its 'outperform' rating on the stock.

Shares of Thailand's second-largest private power producer were up 1.4 percent at 106 baht, outperforming the broader market which fell 0.9 percent.

"EGCO has been granted a new Independent Power Producer (IPP) contract of 900MW, which reinforces our positive view of the company," the broker said in a research report.

"In addition, we see a number of potential catalysts including a new round of 4,500MW IPP bidding ... and new overseas acquisition," it said.

For related story, click (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

($1 = 31.6 baht)