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STOCKS NEWS THAILAND-Major Cineplex up after higher profit forecast
June 25, 2013 / 9:26 AM / in 4 years

STOCKS NEWS THAILAND-Major Cineplex up after higher profit forecast

Shares in Major Cineplex Group Pcl, Thailand’s biggest cinema operator, rose after it revised its earnings forecast for this year to between 25 and 30 percent from 10 to 15 percent previously.

Chief Executive Officer Vicha Poolvaraluck said the company adjusted its earnings forecast after a strong second quarter. The company also plans to raise ticket prices by an average 3 percent.

Vicha said that by the end of 2013 the company would have 500 cinemas, against 435 currently. Plans for investment in Myanmar should be finalised this year, he added.

Shares in Major Cineplex rose 0.98 percent to 20.60 baht, while the broader SET index was up 2 percent.

1620 (0920 GMT)

(Reporting by Pairat Temphairojana; Editing by Jijo Jacob) **************************************************************** 12:58 STOCKS NEWS THAILAND-Phillip upgrades CH Karnchang to “buy” on backlog, growth

Phillip Securities upgraded its rating on CH Karnchang CK.BK to “buy” with a price target of 26.33 baht, saying profit growth at the construction company is expected to be strong this year, with a solid margin outlook and better profits from affiliates.

“Net profit is projected to accelerate from 568 million to 6.5 billion baht,” Phillip said.

CH Karnchang has a sizable backlog of 115 billion baht ($3.70 billion), with three new large-scale contracts worth a total of 26 billion baht pending contract signing, Phillip Securities said in a research note.

“In light of sizable backlog, which is more than six times greater than revenue it achieved in 2012, we expect Karnchang to deliver revenue growth of 60 percent,” Phillip said.

According to the research house, CH Karnchang is expected to book a huge gain of up to 868 million baht from the partial divestment of Bangkok Metro PCL BMCL.BK in the second quarter of 2013.

At the midsession break, shares in CH Karnchang PCL CK.BK were stable at 19.90 baht, falling slightly after climbing to 20.60 baht in the morning. The broader SET index is down 1.35 percent.

($1 = 31.0500 Thai baht) (Reporting by Pairat Temphairojana; Editing by Supriya Kurane)

Reporting by Pairat Temphairojana

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