STOCKS NEWS THAILAND-Thaicom jumps on 2012 profit

Wed Feb 13, 2013 11:06pm EST

Shares in Thaicom Pcl gained as much as 3.4 percent to 24.70 baht after the satellite operator reported a 2012 net profit of 174 million baht ($5.84 million), compared with a net loss of 490 million baht the previous year.

The tech subindex was up 0.2 percent and the broader SET index was 0.4 percent higher.

Maybank Kim Eng Securities rated the stock an 'accumulate buy', with a fair value of 29.3 baht. It expects Thaicom earnings to jump significantly in 2013 by 439 percent to 938 million baht ($31.48 million).

"Upside for Thaicom will be the signing of a new contract with TOT for 100 percent service on IPstar from the current 50 percent level," it said in a report.

"In March, Thaicom will sign a contract for IPstar services in China, as well ... After the Thaicom 6 satellite is launched, it will immediately begin to contribute profit as the total contracts have reached the breakeven point," it said.

1050 (0350 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama Dwivedi)

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