November 6, 2012 / 3:40 AM / 5 years ago

STOCKS NEWS THAILAND-Siam Makro falls to 3-week low after weak Q3

Shares in Siam Makro Pcl fell 6.9 percent to 430 baht, a three-week low, after the cash-and-carry wholesaler reported weaker-than-expected earnings for the third quarter.

"Third-quarter sales revenue turns softer, up 14.3 percent YoY but down 1 percent QoQ possibly due to weak food price inflation witnessed in the first half rather than weak sales volume growth," Citigroup said in a report.

Citi maintained its 'sell' rating on the stock citing expensive valuation.

"While the company has delivered 24 percent YoY growth in its nine-month result, it still trails high consensus expectations," it said.

Siam Makro shares had risen 83 percent so far this year, outperforming a 61 percent gain of the commerce subindex and a 28 percent gain of the main SET index.

1025 (0325 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Gopakumar Warrier; viparat.jantraprapaweth@thomsonreuters.com)

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