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STOCKS NEWS THAILAND-Auto-parts makers at 7-yr highs; auto sales surge in July
Shares in auto-parts manufacturers rose to their highest in more than seven years, outperforming the broader stock market, after data showed car and truck sales hit record high in July.
At the midday break at 0530 GMT, the auto-parts subindex was up 1 percent at 487.09, having hit 489.21, the highest since February 2005. The sector was up 42 percent in 2012, well above a 19.2 percent gain of the SET index.
Leading the pack, shares in auto-lamp maker Thai Stanley Electric Pcl, which counts Honda and Mitsubishi among its key buyers, rose 2.4 percent to 218 baht. It hit 219 baht at one point, the highest level seen since 2003.
Car and truck sales rose 80.6 percent year on year in July to 131,646 units, the Federation of Thai Industries said in a statement. Car makers boosted production to meet rising orders, in part due to the government's tax incentives, it said.
1303 (0603 GMT) (Reporting by Viparat Jantraprap in Bangkok; email@example.com)
11:30 STOCKS NEWS THAILAND-CIMB raises Airports of Thailand target price
CIMB Research raised its target price for Airports of Thailand Pcl AOT.BK to 90 baht from 74 baht, while keeping its 'outperform' rating on the airport operator's stock, saying the prospect of passenger fee hike was supportive to earnings.
Airports of Thailand shares fell 0.4 percent to 65.5 baht. The stock has gained 46 percent in 2012 boosted by strong air traffic growth and rising earnings. Its net profit for the nine months ended June rose 70 percent to 5 billion baht ($158.60 million).
The broader SET index .SETI was down 0.23 percent. It has risen 19.2 percent so far in 2012.
AOT had sought a hike in passenger fee at all its airports in March and its management aimed for Sept. 13 for implementation, the broker said.
"We believe chances of regulatory approval are good, potentially providing catalysts for its earnings and share price ... Despite its recent share-price run-up, AOT is still worth owning," the broker said.
For the company earnings statement, click (Full Story)
1118 (0418 GMT)
($1 = 31.525 baht)
(Reporting by Viparat Jantraprap in Bangkok; firstname.lastname@example.org)
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