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STOCKS NEWS THAILAND-Toyo-Thai at record high on project hopes
Shares in contractor Toyo-Thai Corp Pcl rose as much as 4.6 percent to an all-time high of 28.75 baht on expectations of an increase in revenue from upcoming projects.
Toyo-Thai shares were up 2.7 percent at 28.25 baht, having hit 28.75 baht. The stock had more than doubled so far in 2012, making it one of top performers on Thai benchmark SET index which had gained 25.4 percent.
Broker Thanachart Securities raised its target price on the stock to 35 baht from 21.2, while kept its 'buy' rating, citing upcoming construction projects in Qatar and Myanmar.
"The upgrade was mainly due to the likelihood for Toyo-Thai to win the two big projects worth a total of 12 billion baht which will also help strengthen its profile," it said in a report.
1207 (0507 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Anand Basu; email@example.com)
11:30 STOCKS NEWS THAILAND-PTTEP at 1-mth high after shareholders approve cap raising plan
Shares in oil and gas explorer PTT Exploration and Production Pcl PTTE.BK hit a one month high after its shareholders approved a 98 billion baht ($3.1 billion) share sale to support aggressive expansion plans. (Full Story)
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 .SETEN.
"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.
1117 (0417 GMT)
(Reporting by Viparat Jantraprap in Bangkok; firstname.lastname@example.org)
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