STOCKS NEWS THAILAND-Susco at 18-year high after buying Petronas stations
Shares in Susco Pcl gained as much as 10.7 percent to touch their highest since September 1994 on expectations the oil retailer would get a strong revenue boost from its recent acquisition of petrol stations of Malaysia's Petronas.
Susco shares were up 9.1 percent at 2.64 baht, climbing at one point to 2.68 baht.
The stock has risen around 15 percent since Sept. 17 when it announced the acquisition of Petronas's assets, outperforming a 0.7 percent fall of the energy subindex and a 2.2 percent gain of the broader SET index.
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The Petronas assets would generate around 15 billion baht ($487 million) of revenue per year from the next year, which would double the revenue base for Susco, bolstering the stock's valuation, broker Bualuang Securities said in a report.
"We expect Susco's forward price to earnings multiple of 10.5 times, falling from its current price to earnings of 15.5 times, on the back of the acquired Petronas assets," it said in note to clients.
1108 (0408 GMT)
(Reporting by Viparat Jantraprap in Bangkok; email@example.com) (Editing by Jijo Jacob)