BANGKOK: Citigroup raised Thai Pruksa Real Estate Pcl's share price target to 10.9 baht from 9.7 baht to reflect a higher earnings forecast but kept a "sell" rating on the stock.
"We revise up our target price to 10.9 baht (from 9.7 baht) due to a higher earnings forecast and higher 2012 estimate target P/E of 7.0 times (from 6.5 times) due to higher return on equity (ROE) assumptions," Citi Investment Research said in a note dated Jan. 30.
The broker said it had upgraded its earnings forecast by 18.5 percent for 2011 due to lower-than-expected cancellations and by 3.9 percent for 2012 on higher revenue assumptions.
At 0302 GMT, Pruksa shares were up 0.7 percent at 13.90 baht while the broader index was 0.6 percent higher.
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