Shares in VGI Global Media Pcl surged as much as 73
percent at their market debut as a strong prospect of
advertising income attracted investors, brokers said.
VGI shares were up 60.7 percent at 56.25 baht, far above
their IPO price of 35 baht and outperforming the media subindex
, which was down 0.16 percent. The broader SET index
edged down 0.06 percent.
The media firm said its net profit for three months ended
June 30 nearly doubled to 160 million baht ($5.21 million). VGI
provides media service in the mass transit, department store and
office building sectors.
Broker Asia Plus Securities rated the stock a 'buy', with
target price of 50 baht, based on 20 times forward price to
earnings versus 18.6 times for the media sector.
VGI raised 3.08 billion baht in initial public offering
early this month, the second-biggest IPO on the main Bangkok
exchange this year, after Asia Aviation Pcl's 4.5
billion baht IPO in May.
1106 (0406 GMT)
For the company statement, click
(Reporting by Viparat Jantraprap and Wirat
Buranakanoktanasarn in Bangkok;
firstname.lastname@example.org); Editing by Jijo
($1 = 30.725 baht)