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Aeon soars on earnings outlook

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Aeon Thana Sinsap (Thailand) Plc (AEONTS), the Thai consumer loans unit of Japan's biggest credit-card company, gained to a record in Bangkok trading on speculation a rise in the minimum wage and government moves to increase domestic spending will boost earnings. 

The shares jumped 5.4% to 92.75 baht at the noon trading break in Bangkok, heading for the highest close since the stock listed in 2001. The shares surged 12% on Tuesday after Aeon Thana reported third-quarter profit of 487.1 million baht (US$15.9 million), compared with a loss of 520.1 million baht a year earlier. The benchmark SET Index (SET) rose 0.3%.

Profit in the nine months ended Nov 20 was 1.14 billion baht, from a loss of 40.4 million baht a year earlier, the company said on Tuesday. Aeon Thana, controlled by Japan’s Aeon Credit Service Co, joins companies including Krungthai Card Pcl (KTC) and Siam Commercial Bank Pcl (SCB) in reporting higher net income from individual loans as wage rises and government tax incentives spur domestic spending on vehicles and other consumer products.

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