November 14, 2012 / 4:21 AM / in 5 years

STOCKS NEWS THAILAND-Land and Houses hits 19-day high on Q3 profit

Shares in Land and Houses Pcl rose more than 2 percent to 9.10 baht, their highest in more than two weeks, after the company posted strong third-quarter earnings backed by sales growth and commercial estate development plans.

The country’s biggest housing developer on Tuesday reported third-quarter earnings of 1.52 billion baht ($49.54 million), a 68 percent rise over the previous year.

Broker Trinity Securities maintained its ‘buy’ rating on the shares while raising the target price to 10.50 baht from 8.80, citing the company’s plans to expand into commercial estate to back growth.

“Higher investment in condominium developments, especially into market segments outside of Bangkok, along with higher rental income from commercial retail spaces and share profits from Home Product Center, Quality Construction Products, and Quality Houses, helped to boost the company’s profit,” Trinity said in a research note.

“The sector to keep an eye on with growth potential is commercial estate, particularly retail shopping malls in the outer Bangkok area since in the next 5 years we will see several mass transit routes completed,” the broker added.

At 0415 GMT, Land and Houses was up 2.84 percent at 9.05 baht, while the broader Thai index was down 0.02 percent.

(Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Anupama Dwivedi;

$1 = 30.69 Baht

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