STOCKS NEWS THAILAND-Ch Karnchang jumps on strong Q2, Laos project
Shares in Ch Karnchang Pcl, Thailand's biggest construction firm by market value, gained as much as 6.8 percent to a seven-week high driven by strong quarterly earnings and a deal to build a hydropower plant in Laos.
Ch Karnchang posted on Wednesday April-June net profit of 1.3 billion baht ($41.47 million), more than a four-fold rise from the same quarter a year ago.
Twelve of 14 analysts tracking the company rated the stock a 'strong buy' or 'buy', one had 'hold' and another 'sell', according to Thomson Reuters StarMine.
Maybank Kim Eng Securities, which has a 'buy' on the stock, said the new hydroelectric power plant development contract in Laos, valued at 17 billion baht, boosted the company's backlog to 158 billion baht which would support its revenue over 4-5 years.
Ch Karnchang shares were up 5.8 percent at 21.8 baht, making it the top percentage gainer on the SET100 index which tracks Thai large caps. 1534 (0834 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Jijo Jacob)
($1 = 31.35 baht)
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