STOCKS NEWS THAILAND-Siam Commercial Bank hits 15-year high
Shares of Siam Commercial Bank, Thailand's third-largest lender, climbed 0.9 percent to their highest in 15 years at 172.50 baht as a brokerage expected the company's earnings next year to be robust from strong loan and fee income growth.
"We believe Siam Commercial Bank will report higher growth than its rivals in 2013 from its emphasis on high-yield loans, while its capital base remains strong," broker Tisco Securities said in a note.
The broker also noted that the stock price was still comparatively lower than its rival Kasikornbank, the fourth-largest lender in the country.
Siam Commercial shares were up 0.6 percent at 170.00 baht, while those of Kasikornbank were up 1.54 percent at 197.50 baht.
The banking subindex gained 0.54 percent. (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Gopakumar Warrier)
11:45 STOCKS NEWS THAILAND-Ananda Development opens lower than IPO
Real estate developer Ananda Development Pcl, opened at 4.14 baht on its first day of trading, falling below its initial public offering price of 4.20 baht.
Several brokers said despite profit recovery hopes in 2013 due to existing backlog, they find the shares unattractive compared to its peers as they expect the company not to pay dividend until 2014 since it is still in an investment period.
Kiatnakin Securities gave the shares a 'hold' rating with a target price at 4.40 baht.
"We are concerned over the company's ability to maintain its profitability and transfer schedule, which will have an impact on the continuity of revenue recognition in the future," Kiatnakin said in a note.
While DBS Vickers Securities rated the stock "fully valued" with target price at 4.17 baht, citing similar reasons, it expected the company to achieve a small profit in the first half of 2013 since most of the condominium transfers will occur in the second half.
The broker said it preferred Raimon Land Pcl over the newly listed company, citing strong 2012 net profit and 2013 backlog on top of existing earnings growth.
Raimon Land shares dropped 1.52 percent to 1.95 baht.
Shares in Ananda Development were at 4.04 baht, while the broader SET index was down 0.29 percent.
1141 (0441 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Gopakumar Warrier)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills two, more missing
- Malaysia military source says missing jet veered to west |
- EU moves towards travel bans, asset freezes for Russians |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia