July 13, 2012 / 7:42 AM / 7 years ago

STOCKS NEWS THAILAND-Bualuang raises target for Tisco; shares hit 1-week high

Bualuang Securities raised Tisco Financial Group Pcl’s target price by 7 percent to 46 baht ($1.45) per share and upgraded the earnings projection for the full year, following a management guidance on strong loan growth in the second half.

The broker upgraded its stock rating to ‘buy’ from ‘hold’.

At the midsession break of 0530 GMT, Tisco shares were up 0.7 percent at 38.25 baht, climbing at one point to 38.75 baht, the highest in more than one week.

Tisco posted a 6.6 percent rise in April-June quarter net profit on higher interest income and strong loan growth. The company raised its 2012 loan growth target to 20 percent after a 13.5 percent loan growth in the first half, the broker said.

“We have upgraded our TISCO 2012-13 earnings projections by 3 percent and 10 percent, respectively,” it said in a report.

“However, we have raised our 2012 loan loss provision assumption by 12 percent to 1.4 billion baht, which reflects write-offs related to the fourth quarter flooding and provisioning against the possibility of Sahaviriya Steel Industry’s loan failing to perform,” it said.

The broker said Tisco’s lending to Sahaviriya was 4 billion baht ($125.73 million) — a portion of a syndicated loan that financed Sahaviriya’s purchase of a billet plant in Britain.

1418 (0718 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)

$1 = 31.815 baht

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below