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STOCKS NEWS THAILAND-Thanachart Securities recommends "sell" for Tisco
April 20, 2012 / 5:05 AM / 5 years ago

STOCKS NEWS THAILAND-Thanachart Securities recommends "sell" for Tisco

Thanachart Securities gave Thailand’s Tisco Financial Group Pcl , a “sell” rating with a target price of 32 baht, seeing downside in the company’s spread.

“The high FIDF fee will be offset by lower deposit costs, therefore we still see a downside to the spread and net interest margin for Tisco Financial,” the broker said in a research note.

“We have not seen any upside to the projected profit and target price, while shares’ value is uninteresting and return on equity had surpassed its highest,” the broker added.

On Thursday, the company said in a statement that it expects second-quarter loan growth to be higher than the first quarter as recovery in economy boosts domestic consumption. .

At 0436 GMT, Tisco Financial Group was up 1.21 percent to 41.75 baht.

1150 (0450 GMT)

(Reporting by Sinsiri Tiwutanond in Bangkok; Sinsiri.Tiwutanond@thomsonreuters.com)

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STOCKS NEWS THAILAND-Quality Houses outpe rforms on strong pre-sales

Shares in the residential property developer, Quality Houses Pcl rose 1.12 percent to 1.80 baht, while the main index was up 0.32 percent.

Several brokers expected the company’s first quarter earnings to recover on strong pre-sales performance.

Krungsri Securities rated the shares a “speculative buy” with target price at 1.95 baht.

“Although Quality Houses was one of the operators that was hit the hardest by the floods last year, first quarter’s pre-sales and better earnings are providing a positive outlook for the rest of the year,” the broker said in a research note.

It projected the company to a 237 million baht ($7.68 million) first quarter net profit, as new projects and strong demand for residential assets should boost the company’s pre-sales.

1102 (0402 GMT)

Reporting by Sinsiri Tiwutanond in Bangkok; Sinsiri.Tiwutanond@thomsonreuters.com $1 = 30.88 Baht Editing by Martin Petty

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