STOCKS NEWS THAILAND-Minor International gains on better-than-expected Q3 earnings
Shares in Thailand's top listed hotel and fast-food operator, Minor International Pcl, gained 1.04 percent to 19.50 baht, on a better-than-expected third-quarter earnings, while brokers remained positive about hotel outlook.
The company reported a strong third-quarter net profit of 585.4 million baht ($19.11 million) on Monday.
For the company statement, click
CIMB Securities maintained an 'outperform' rating on the shares with target price at 24 baht.
"Minor's third-quarter results beat our forecast by 27 percent and consensus by 26 percent. Hotel performance was strong, as expected, while good cost control and lower tax rates helped boost the bottomline," CIMB said in a note.
"The outlook remains bright on the back of strong tourist arrivals and higher income," the broker added.
Several brokers said they expected Minor to see stronger earnings momentum well into the fourth-quarter as Thailand enters high season for tourism.
"The positive sentiment from the high season for tourism in the fourth quarter will lend benefits to the hotel business with high margin and a higher occupancy rate," said broker Asia Plus Securities.
1051 (0351 GMT)
(Reporting by Sinsiri Tiwutanond in Bangkok; Editing by G.Ram Mohan; email@example.com)
($1 = 30.64 Baht)
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