Shares in True Corp Pcl fell as much as 6.1 percent to a two-week low, underperforming other telecoms firms, as the third-biggest telecoms company is expected to report a net loss for the third quarter.
At the midday break of 0530 GMT, True Corp shares were down 3.5 percent at 5.5 baht, having hit 5.35 baht, the lowest since Sept. 20. Thailand’s top mobile phone operator Advanced Info Service gained 0.5 percent and second-ranked Total Access Communication Pcl slid 0.6 percent.
A Kiatnakin Securities analyst expects the third-quarter net loss to be close to the 2.2 billion baht for the second quarter.
“Concerns about the quarterly loss will continue to weigh on the stock sentiment,” the broker said in a report.
Hopes about upcoming bids for 3G licensing have partly supported a 75 percent rise in True Corp shares in 2012, well above a 49 percent gain of Advanced Info and a 30 percent rise of Total Access Communication.
Six out of 14 analysts tracking the company put a ‘hold’ rating on the stock, 5 rated a ‘sell’ or ‘strong sell’ and three had a ‘buy’ or ‘strong buy’, according to Thomson Reuters’ StarMine.
For the company’s earnings statement, click (Reporting by Viparat Jantraprap in Bangkok; Editing by Anand Basuviparat.firstname.lastname@example.org)
09:38 STOCKS NEWS THAILAND-Citi raises Krung Thai Bank price target
Citigroup raised its price target for Krung Thai Bank Pcl KTB.BK to 23 baht from 21.64 baht and kept its ‘buy’ rating on the stock, as it expected the state-run bank’s third-quarter results to be strong.
Shares of the second-largest bank in the country rose 1.1 percent to 18.5 baht on Thursday. The stock has risen 32 percent so far this year versus a 38 percent gain of the banking subindex .SETB and a 27 percent rise of the broader SET index .SETI.
The broker forecast the quarterly earnings ended September to rise 43 percent year-on-year to 7.9 billion baht ($258 million), boosted by SME and retail loan growth. It raised 2013 earnings estimate by 2 percent, citing loans to infrastructure projects.
“With government expecting to play a significant role in boosting the economy with a 2.3 trillion baht program, Krung Thai Bank should stand to gain from its relationship with government and state entities,” it said in a report.
Listed commercial banks are due to report their third-quarter earnings from mid-October.
Reporting by Viparat Jantraprap in Bangkok; email@example.com; Editing by Jijo Jacob