Thai Hot Stocks-PTT Chemical down on Q3, CPF hits 16-year peak

BANGKOK, Nov 11 (Reuters) - Thailand's benchmark stock index was up 0.6 percent at 712.42 in thin turnover of 9.05 billion baht ($271.8 million) at 0517 GMT on Wednesday. Stocks on the move include: PTT CHEMICAL FALLS ON Q3 DROP, UNDERPERFORM RATING Thailand's largest olefins maker lost 0.3 percent to 73 baht after the company posted a 43 percent fall in third-quarter net profit due mainly to a drop in product spreads from a year earlier. "The narrower product spreads remained the main reason for lower earnings year-on-year," said KGI Securities. "Given an expectation of lower product spread, which would lead to poorer earnings quarter-on-quarter, and overhang from the Map Ta Phut issue, we maintain an underperform rating with a target price of 59 baht," the broker said. 0516 GMT CHAROEN POKPHAND TOUCHES 16-YR HIGH, RAISES ESTIMATE The country's largest chicken exporter soared over 5 percent to 10.20 baht, hitting its highest level since Dec. 1993 of 10.40 baht at one stage, after it said its 2009 net profit could hit a record high due to strong exports and growing foreign business. Phillip Securities, which gave a "buy" rating with a target price of 11.30 baht, said it had upgraded its projection by 24 percent from its previous forecasts despite an expected weaker fourth-quarter performance. "The stronger-than-expected nine month results have enabled us to revise up our 2009 projection by another 24 percent from our previous projection," it said. Nine-month profit came to 8.08 billion baht. "We project sales for the year at 161.7 billion baht, up by 4 percent year-on-year ... and the net profit will increase by 236 percent to 10.5 billion baht," the broker added. 0520 GMT PTT DOWN AFTER Q3, CUT TARGET PRICE - BROKER Top oil and gas major fell 0.4 percent to 247 baht, adding to a 1.6 percent fall a day earlier, after the company reported a 5 percent drop in quarterly net profit, dented by lower earnings from exploration and refining. Kim Eng Securities said in a note to clients that the result was better than expected, buoyed by gains from its refining and petrochemical businesses and higher-than-expected foreign exchange gains. The broker said it kept a "buy" rating on the stock but cut its target share price to 297 baht from 323 baht. 0352 GMT BANPU HITS MORE THAN 2-WK HIGH ON BETTER Q3 The country's top coal miner gained 0.9 percent to 452 baht, coming off its highest since Oct. 26 of 454 at one stage, after its third-quarter net earnings rose a higher-than-expected 22 percent, helped by higher coal sale volume from Indonesia mines. 0354 GMT LAND & HOUSES UP AFTER SOUND Q3 Thailand's biggest house builder added 1.6 percent to 6.40 baht after posting a better-than-expected 35 percent rise in quarterly earnings after its home sales surged as consumer confidence improved. Kiatnakin Securities recommended a speculative buy on the stock with a target share price of 7.25 baht, expecting a strong 2010 performance due mainly to condominium sales. The broker said it forecast the company would pay a dividend of 0.19 baht in the second half of this year, accounting for a 3 percent dividend yield. 0356 GMT EGCO FLAT, PROJECT START-UP DELAYED The second-largest private power firm was unchanged at 75.25 baht after reporting a flat net earnings of 2.01 billion baht in the third quarter. The company said in a statement its 25 percent owned Nam Theun 2 power plant in Laos, which is now 99.5 percent completed, would begin its start-up operation in early 2010 instead of mid-December this year as planned. 0357 GMT - For the Thai press digest click on - For Thailand's IPO diary click on - For Thailand's stock exchange news click on - For Thailand corporate earnings: - For Thailand economic forecast: ($1=33.30 Baht) (Reporting by Ploy Ten Kate; Editing by Alan Raybould) (([e-mail]; [phone], Reuters Messaging: [e-mail])) * ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E.

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