STOCKS NEWS THAILAND-Workpoint surges to its highest in over a month
Shares of Workpoint Entertainment Pcl surged 5.93 percent to its highest in 41 days at 35.75 baht as brokers remained upbeat on the company's plan to drive up ad rate and airtime.
"We maintain a positive view on Workpoint as being a leading content provider on free TV and satellite TV with high growth potential driven by more airtime, higher utilisation and rising ad rate," Maybank Kim Eng Securities said in a note.
The company is expected to launch three new programs on free TV, while hiking its ad rate for seven TV programs by 10 percent and satellite TV ad rate from 6,000 baht per minute to 10,000 baht to 15,000 baht per minute.
Workpoint had recently teamed up with PSI Holding to launch its new satellite TV operator, Freesize Broadcasting Company Limited. The company is expected to operate two new satellite TV stations, with one of them scheduled to start in 2013. [ID: nSETbt1Ds2]
Several brokers rated the shares a 'buy' on expectations that the company's expansion in satellite TV will boost next year's earnings.
Broker Kiatnakin Securities revised up Workpoint's 2013 earnings forecast to 583 million baht ($19.01 million), while Phillip Securities expected 589.99 million baht.
1118 (0418 GMT)
(Reporting by Sinsiri Tiwutanond in Bangkok; Editing by G.Ram Mohan)
($1 = 30.68 Baht)