STOCKS NEWS THAILAND-MC Group surges on debut on growth outlook

Wed Jul 3, 2013 11:27pm EDT

Related Topics

Shares in MC Group Pcl surged 15 percent to 17.2 baht on its market debut against an IPO price of 15 baht, with analysts citing strong earnings growth boosted by branch expansions and production efficiency lifting profit margins.

Other commerce shares were up 0.25 percent while the broader SET index edged 0.7 percent higher.

MC Group, a ready-to-wear clothing and lifestyle retailer, raised 12 billion baht ($386 million) via an initial public offering last week to fund its expansion plans.

Broker Kasikorn Securities forecast a record profit of 770 million baht ($24.77 million) this year. It projected a 25 percent growth in earnings for 2014, up 22 percent in 2015.

It rated the stock a 'buy', with a target price of 23.5 baht.

1017 (0317 GMT)

($1 = 31.09 baht) (Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair)