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)