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STOCKS NEWS THAILAND-CIMB cuts PTTEP price target; shares fall
CIMB Research cut its price target on PTT Exploration and Production Pcl to 185 baht from 190 baht, citing the company's revised capital expenditure plan and production target. It maintained an 'outperform' rating on the stock.
PTTEP shares were down 1.2 percent at 161.5 baht. The stock has fallen 1.2 percent so far this year compared with a 0.9 percent rise in the broader energy subindex.
"The revised capex plan and production target are a minor surprise to us and market, due to the higher-than-expected capex for the development of existing projects and exploration for future projects," the broker said in a report.
"We cut our 2012-15 earnings forecasts by 6.4 percent to reflect higher financial costs and trim our target price almost 3 percent," it said.
On Monday, PTT Exploration set its five-year capital expenditure at $24.67 billion for 2013-2017, revising the figure to reflect changes in its business strategies.
1000 (0300 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair)
09:37 STOCKS NEWS THAILAND-Citi raises Krung Thai Bank price target
Citi Research raised its price target on Krung Thai Bank Pcl KTB.BK to 25.5 baht from 23 baht, citing strong revenue outlook and lower risk of future provision.
The stock fell 0.97 percent to 20.5 baht on Monday after it reported weaker-than-expected fourth-quarter results due to high provision as the new company management tried to bolster its balance sheet. (Full Story)
"Despite the provision, Krung Thai Bank 2012 profit still grew by 39 percent and we expect progress on core business to drive 2013 profit growth of 40 percent," the broker said in a report dated Jan 21.
"With strong revenue momentum ... plus lower future provision risk, we raise EPS by 9-14 percent," it said.
Krung Thai Bank shares have risen 4.6 percent so far this year versus a 0.7 percent gain of the broader banking subindex .SETB.
0920 (0220 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu)
($1 = 29.73 baht)
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