February 7, 2013 / 5:00 AM / in 5 years

STOCKS NEWS THAILAND-Rojana up; strong 2013 earnings seen

Shares in Rojana Industrial Park Pcl hovered around a four-and-half-year high in strong trade on expectations the industrial estate developer would report strong earnings this year, mainly boosted by land sales to Honda.

Rojana shares were up 2.3 percent at 13.5 baht, having earlier hit 13.6 baht, the highest since July 2008. About 11.3 million shares have changed hands so far, 1.9 times the average full-day volume over the past 30 sessions.

Broker DBS Vickers in a research note said its expects the company’s earnings from core operations to hit a record high of 1.7 billion baht ($57.12 million) this year. It rated the stock a ‘buy’, with a target price of 15.6 baht.

Rojana has sold 1,600 rais (640 acres) of land at its industrial estate to a Thai unit of Japanese carmaker Honda Motor Co. Ltd, which would be booked as revenue over the next 2-3 years, the broker said.

Five out of six analysts tracking the company rated the stock a ‘buy’ or ‘strong buy’ while one has a ‘hold’ rating, according to Thomson Reuters StarMine.

The broader SET index was down 0.5 percent.

1146 (0446 GMT)

($1 = 29.76 baht)

Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair

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