Logo of Phnom Penh Post newspaper Phnom Penh Post - Stock Roundup: Samart Corp closes on eight-month high

Stock Roundup: Samart Corp closes on eight-month high

Stock Roundup: Samart Corp closes on eight-month high

STOCKS in Thai companies with operations in Cambodia performed strongly in Bangkok last week, following positive profit forecasts and new contracts.

Krung Thai Bank, one of Cambodia’s 28 commercial banks and Thailand’s second-biggest lender, closed at the end of last week on 13.3 baht (US$0.41) per share on the Stock Exchange of Thailand – its highest price since April 7.

On Thursday, Bloomberg reported that KGI Securities increased its profit forecast for the bank this year by 13 percent to 14.5 billion baht on strong loan growth and low non-performing loans.

Meanwhile, Thai telecommunication services company Samart Corp – owner of Cambodia Air Traffic Control – said Tuesday that its 99.17 percent subsidiary, One To One Contacts Co, had secured two call centre contracts totalling 525 million baht with Thai government agencies.

The company rose to its highest level in more than eight months to close that day, and ultimately the week, at 6.50 baht per share.

But Thai satellite operator Thaicom, majority owner of Cambodia's mobile operator Mfone, fell last week after reports that a government committee said it may need a new satellite.

Thaicom stock fell 3.2 percent to 6.1 baht, the biggest one-day fall in two weeks.

According to Bloomberg, Thaicom chief executive Arak Chonlatanon said the company had not received any formal notification from any state agencies.

Nevertheless, the stock fell a further 1.64 percent on Friday’s trading, closing the week at 6 baht.

However, Thaicom’s shares remain higher than its May 4 close of 5.2 baht, when the SET peaked before Bangkok was engulfed in political chaos.

Indeed, for some investors, the political instability is an “opportunity to buy”, according to the portfolio manager of Daiwa Securities Trust’s Thai Capital Fund Vijchu Chantatab.

In a statement released Friday, he pointed to the SET’s gain of 10.6 percent in the past month. The Daiwa fund, which invests only in Thai-listed companies, released the statement urging investors to heed the opportunity.

MOST VIEWED

  • Shanxi wins bid to build sections of new Siem Reap airport

    Shanxi Mechanization Construction Group recently won the bid to build two sections of the new Siem Reap Angkor International Airport project in Cambodia for 290 million yuan ($42.16 million). The existing Angkor International Airport in Siem Reap, 5km from the famous ancient temple complex and world tourism

  • Cambodia rejects call by UN for open invite

    Cambodia has rejected a UN Human Rights Council (UNHRC) recommendation submitted by five countries at the Universal Periodic Review (UPR) calling on the Kingdom to issue a standing invitation to UN special procedures to visit at any time. The rejection was part of the 25 recommendations

  • Cambodia’s medical system is due for a check-up

    In Cambodia, many high-ranking government officials and public figures seek medical treatment abroad – including Prime Minister Hun Sen. With this in mind, it is not surprising that many locals also seem to often distrust local healthcare facilities. Cambodia has one of the fastest growing economies

  • VIP prison scrapped amid much criticism

    The Ministry of Interior announced on Thursday that Cambodia’s first privately run prison, which was to allow prisoners with enough money to upgrade to more comfortable cells, has been scrapped. Ministry spokesman Khieu Sopheak said studies had found that no other country in the