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STOCKS NEWS THAILAND-Amata up on strong Q3 results; automobile to boost earnings outlook
November 13, 2012 / 5:06 AM / 5 years ago

STOCKS NEWS THAILAND-Amata up on strong Q3 results; automobile to boost earnings outlook

Amata Corp Pcl rose 1.31 percent to 15.50 baht after Thailand’s top industrial estate operator posted a strong third-quarter net profit due to continuous land sales growth.

Amata Corp reported 388 million baht ($12.67 million) in third-quarter earnings on Monday, a 173 percent rise from a year earlier.

Several brokers rated the stock a ‘buy’, citing strong land sales helped by the automobile industry’s expansion plan.

Trinity Securities also has a ‘buy’ rating with target price of 21 baht.

“Support from industrial growth, especially from the automobile industry, helped to double the land sales,” Trinity said in a research note.

“Ready-built factories also helped to double the rent, all of which are likely to support earnings this year until 2014,” the broker added.

The broader Thai index was down 0.23 percent.

1145 (0445 GMT) ($1 = 30.64 Baht) (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Anand Basu; sinsiri.tiwutanond@thomsonreuters.com)

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11:00 STOCKS NEWS THAILAND-Minor International gains on better-than-expected Q3 earnings

Shares in Thailand’s top listed hotel and fast-food operator, Minor International Pcl, gained 1.04 percent to 19.50 baht, on a better-than-expected third-quarter earnings, while brokers remained positive about hotel outlook.

The company reported a strong third-quarter net profit of 585.4 million baht ($19.11 million) on Monday.

For the company statement, click

CIMB Securities maintained an ‘outperform’ rating on the shares with target price at 24 baht.

“Minor’s third-quarter results beat our forecast by 27 percent and consensus by 26 percent. Hotel performance was strong, as expected, while good cost control and lower tax rates helped boost the bottomline,” CIMB said in a note.

“The outlook remains bright on the back of strong tourist arrivals and higher income,” the broker added.

Several brokers said they expected Minor to see stronger earnings momentum well into the fourth-quarter as Thailand enters high season for tourism.

“The positive sentiment from the high season for tourism in the fourth quarter will lend benefits to the hotel business with high margin and a higher occupancy rate,” said broker Asia Plus Securities.

1051 (0351 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by G.Ram Mohan; sinsiri.tiwutanond@thomsonreuters.com)

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