STOCKS NEWS THAILAND-Krungsri cuts AIS to 'hold'; seen overvalued

Wed Dec 26, 2012 4:07am EST

Krungsri Securities cut its rating on Advanced Info Service Pcl (AIS) to 'hold' from 'buy', citing a limited upside to the current stock price. The broker maintained the stock's 2013 fair value at 222 baht.

AIS shares were unchanged at 210 baht, down from the intra-day high of 212 baht. It has risen 50 percent so far this year versus a 35 percent gain of the benchmark SET index .

"We reduce our rating from 'buy' to 'hold' as the stock currently provides limited upside," Krungsri Securities said in a report.

The broker forecast a 35 percent increase in full-year 2012 core profit to 3.6 billion baht ($32.65 million), rising 11 percent in 2013 to 39.4 billion baht, due to a larger non-voice market and stronger demand for popular smart phones.

1553 (0853 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu)

($1 = 30.625 baht)