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STOCKS NEWS THAILAND-Bualuang ups Central Plaza price target
November 9, 2012 / 8:27 AM / 5 years ago

STOCKS NEWS THAILAND-Bualuang ups Central Plaza price target

Bualuang Securities raised its price target for hotelier Central Plaza Hotel Pcl to 26 baht from 17 baht, reflecting an earnings upgrade based on strong prospect of hotel earnings at home and overseas.

Central Plaza shares were up 0.9 percent at 23.2 baht, climbing at one point to 23.6 baht, an intraday high. The stock had more than doubled so far in 2012, well above a 44 percent gain of the tourism and leisure subindex.

“Central Plaza will post impressive hotel numbers for 2013, with the best revenue per available room growth in the sector. We expect a re-rating, prompted by record ROE of 21 percent and 30 percent profit growth in 2013,” the broker said. It has a ‘buy’ rating on Central Plaza shares.

The broker raised its net profit forecasts by 6 percent for 2013 and 8 percent for 2014 to incorporate full-year consolidations of two Maldives hotels and positive outlook of food businesses.

1506 (0806 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

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11:04 STOCKS NEWS THAILAND-Oishi plunges 21 pct after Q3 loss

Shares in Oishi Group Pcl plunged as much as 21 percent to a three-month low of 160.5 baht after the food and beverage firm reported a third-quarter net loss because of weaker beverage sales in a highly competitive market.

Oishi shares were down 19 percent at 165 baht, while the broader SET index was up 0.17 percent.

The Oishi stock has gained 161 percent so far in 2012, outperforming a 42 percent rise of the food and beverage subindex and a 26 percent gain of the SET index.

Oishi’s results missed forecasts, with broker Phillip Securities projecting a net profit of 226 million baht ($7.36 million) for the quarter. “We are reviewing our full-year forecast and may lead to a price target cut,” said an analyst at Phillip.

1059 (0402 GMT)

For the company statement, click

Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu; viparat.jantraprapaweth@thomsonreuters.com

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