CIMB Research raised its price target on Tisco Financial Group Pcl to 55 baht from 38 baht, citing the financial firm's strong third-quarter results and the broker's upgrades of full-year loan growth, non-interest income and net interest margin.
Tisco shares closed unchanged at 48.5 baht on Thursday. They have gained 27.6 percent in 2012, underperforming a 36.4 percent gain of the broader banking subindex .
Tisco, which reported earnings after market hours, posted a 6 percent rise in third-quarter net profit at 953 million baht ($31 million) and a nine-month net profit of 2.7 billion baht, up 5 percent.
The strong results were due to rapid loan growth, high non-interest income and loan-related fees. For the company statement, click
CIMB said it upgraded the stock to 'neutral' from 'underperform'.
"While the stock could perform well due to continued solid results in the next few quarters, we stop short of sounding too upbeat as we remain wary of its medium-term earnings visibility," the broker said in a report.
Other listed Thai banks are due to announce their third quarter results over the next two weeks.
0907 (0207 GMT)
(Reporting by Viparat Jantraprap in Bangkok; email@example.com; Editing by Prateek Chatterjee)
($1 = 30.685 baht)
Keywords: MARKETS THAILAND STOCKSNEWS/