STOCKS NEWS THAILAND-Padaeng Industry near 17-mth high on rising zinc prices
Shares in Padaeng Industry Pcl climbed to a near 17-month high on heavy volume as rising zinc prices boosted hopes of strong earnings for Southeast Asia's only zinc producer.
For zinc prices, click
Padaeng shares were up 2 percent at 15.3 baht, climbing at one point to 16 baht, their highest level since September 2011. About 30 million shares changed hands, 37.43 times the average full day volume in the last 30 sessions.
The stock had risen 18.8 percent so far this year versus a 7.6 percent gain of the main SET index. 1500 (0800 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Anand Basu)
11:10 STOCKS NEWS THAILAND-Total Access Communication down after Q4 profit miss
Shares in Total Access Communication Pcl DTAC.BK edged down 0.3 percent to 87.75 baht, underperforming a 0.2 percent gain in the broader stock market .SETI, after the telecoms firm's fourth-quarter earnings fell short of estimates.(Full Story)
Total Access shares had fallen 0.3 percent so far this year versus a 1.1 percent gain of the tech subindex .SETIC and a 7.8 percent gain of the main SET index. Brokers are cautious about the company's spending on network expansions.
"Despite strong seasonality, DTAC's fourth-quarter core net profit fell 9 percent quarter on quarter, due mainly to higher costs related to 3G/850MHz," CIMB Securities said in a report.
The broker reiterated an 'underperform' rating on the stock, citing DTAC's 3G strategy that could heighten its capital expenditure and earnings risks in the medium term. Its target price on the stock is 95 baht.
"The CFO said that DTAC will issue debentures to finance 3G capex and improve its capital efficiency by managing excess cash through lumpy dividend," CIMB said.
DTAC declared a 1.66 baht quarterly dividend per share, 152 percent dividend payout versus the company's 80 percent minimum payout policy, the broker said.
For the company dividend statement, click (Full Story) 1057 (0357 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Gopakumar Warrier)
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