February 21, 2013 / 4:10 AM / 5 years ago

STOCKS NEWS THAILAND-Thaicom at 18-year highs on strong IPSTAR sales

Shares in satellite operator Thaicom Pcl gained as much as 6.4 percent to touch 18-year highs after management outlook on strong sales of IPSTAR capacity prompted analyst upgrades.

Thaicom shares, the most actively-traded stock by market turnover, were up 2.7 percent at 28.25 baht, having hit 29 baht, the highest since February 1995.

About 19.9 million shares changed hand in early trade, 1.1 times its average full-day volume in the past 30 sessions.

Maybank Kim Eng Securities raised the stock’s price target to 34 baht from 29.3 baht, while CIMB raised the stock price target to 32.5 baht from 27.5 baht.

“Its CEO is very confident of selling IPSTAR’s entire capacity in China to Synertone next month. This will double the utilisation rate from 25 percent in 2012,” CIMB said in a report.

Eight out of 12 analysts tracking the company rated the stock a ‘buy’ or ‘strong buy’, three put ‘hold’ and one has ‘strong sell’, according to Thomson Reuters StarMine.

1047 (0347 GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Prateek Chatterjee

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