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Baht/$ 34.05/10 (Bid/Ask)
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13,350
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IN Brief
PETROCHEMICALS :PTT Aromatics & Refining Plc (PTTAR) has not yet resumed production at one of its two crude oil refining units after a heat exchanger malfunctioned.
"We haven't set any date for the resumption as we are fixing the problem," president Chainoi Puankosoom said yesterday. "It will affect our sales in the third quarter."
The closed plant has a capacity of 145,000 barrels a day. The unscheduled shutdown on Aug 21 may pressure earnings this year, as gains from refining crude may decline.
PTTAR said on Aug 22 that it would take at least four days to fix the heat exchanger, which keeps the crude distillation unit from overheating.
PTTAR's gross refining margin dropped 31% to $4.94 a barrel in the second quarter from a year earlier. Its bigger rival Thai Oil Plc had a margin of $9.60, up 22%.
Mr Chainoi forecast crude prices for the rest of the year should stay between US$100 and $120 per barrel and would average $120 next year on emerging market demand.
Investment hedging, international politics and the high cost for new refinery investments would also keep prices high, he added.
PTTAR shares closed yesterday at 21.40 baht, unchanged, in trade worth 130.4 million baht. BLOOMBERG
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LH may miss target
PROPERTY :Land & Houses, the country's biggest residential developer, said yesterday that its 2008 revenue would fall slightly short of its target of a 13-14% rise as political disorder delayed house purchases.
LH, which had reduced tax costs in the second quarter after government tax breaks took effect, still hopes to post good double-digit growth in annual net profit, as expected, due to lower costs and price increases, senior executive vice-president Adisorn Thananun-narapool said.
"Revenues for this year should be slightly below target because of the political situation," he told Reuters. "We still expect double-digit growth for the bottom line after our first-half growth of 46%."
LH last year earned a net profit of 3.16 billion baht on revenue of 19.8 billion. Twelve analysts polled by Reuters Estimates forecast a 34% rise in 2008 net profit to 4.23 billion baht.
LH shares closed yesterday at 6.55 baht, up 10 satang, in trade worth 112.5 million baht. REUTERS
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CPN issue rated A+
FINANCE : Tris Rating has assigned a rating of A+ to Central Pattana Plc's proposed issue of up to 1.5 billion baht in senior debentures. Existing debentures were confirmed at A+, with the outlook stable.
Tris said the ratings reflected CPN's leading position in retail property development, proven record in managing high-quality shopping centres, reliable cash flow from contract-based rental and service income, and conservative financial policy. The ratings also take into consideration aggressive expansion plans and the slowdown in Thailand's economic growth as a result of an uncertain political situation and higher inflation.
CPN shares closed yesterday on the SET at 20.70 baht, up 40 satang, in trade worth 13.4 million baht.
14-day yield 3.7%
DEBT MARKET : The Bank of Thailand yesterday sold 70 billion baht in 14-day bills for an average yield of 3.73139% with bid coverage of 1.67 times.
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