Shares in Thailand’s third-largest private power producer Glow Energy Pcl fell more than one percent, extending their losses for a second session, amid concerns about a delay of its power plant project and an impact on earnings.
Glow shares were trading down 1.6 percent at 62 baht ($1.94) by 0439 GMT, underperforming the energy subindex and the broader market, which fell 0.1 percent and 0.67 percent, respectively.
Glow suffered a 4.6 percent decline on Friday, the biggest daily loss in more than three weeks.
Broker Kasikorn Securities said it rated the stock ‘underperform,’ with target price of 45 baht.
“GLOW’s Gheco-One IPP project is set to be delayed further from the previously-guided end-of-May start date. We expect a delay of at least one month with a -3 percent net impact to our 2012 estimated profits forecast,” the broker said in a report.
(Reporting by Viparat Jantraprap in Bangkok; email@example.com)
$1 = 31.9 baht