STOCKS NEWS THAILAND-Siam Makro falls to 3-week low after weak Q3
Shares in Siam Makro Pcl fell 6.9 percent to 430 baht, a three-week low, after the cash-and-carry wholesaler reported weaker-than-expected earnings for the third quarter.
"Third-quarter sales revenue turns softer, up 14.3 percent YoY but down 1 percent QoQ possibly due to weak food price inflation witnessed in the first half rather than weak sales volume growth," Citigroup said in a report.
Citi maintained its 'sell' rating on the stock citing expensive valuation.
"While the company has delivered 24 percent YoY growth in its nine-month result, it still trails high consensus expectations," it said.
Siam Makro shares had risen 83 percent so far this year, outperforming a 61 percent gain of the commerce subindex and a 28 percent gain of the main SET index.
1025 (0325 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Gopakumar Warrier; firstname.lastname@example.org)
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