Banks: Slowing economic growth will curb demand for new loans and increase non-performing debt, Kelvin Teo and Roy Ramos, analysts at Goldman Sachs Group Inc., wrote in a note today. Falling interest rates will also add pressure to banks' net interest margins, the analysts said.
Bangkok Bank Pcl (BBL) , Thailand's biggest lender, dropped 1.50 baht, or 2.1 percent, to 71.50, the biggest drag on the benchmark index. Goldman cut its 12-month stock price estimate on Bangkok Bank to 100.40 baht from 141 baht. Siam Commercial Bank Pcl (SCB) , the third-biggest bank, declined 1 baht, or 1.8 percent, to 53.5 baht, the lowest since Oct. 31. The bank's stock price estimate was lowered to 66.20 baht from 81 baht at Goldman.
Bank of Ayudhya Pcl (BAY TB), the fifth-largest, retreated 0.40 baht, or 3.8 percent, to 10.2 baht, the lowest since Oct. 31. The bank's rating was downgraded to ``neutral'' from ``buy'' at Goldman. The lender's stock price estimate was also lowered to 12.40 baht from 24.40 baht. Thanachart Capital Pcl (TCAP) lost 0.40 baht, or 6.6 percent, to 5.70, completing a four-day, 22 percent slide.
Asian Insulators Pcl (AI) , Thailand's biggest maker of electrical porcelain insulators, dropped 0.06 baht, or 1.6 percent, to 3.60, its lowest close since the company listed its stock in September 2004. The company had a net loss of 17 million baht ($485,091) in the three months ended Sept. 30, from a profit of 61 million baht a year earlier, the company said in a filing today. That was its first quarterly loss since the three months ended Dec. 31, 2006.
Diamond Roofing Tiles Pcl (DRT) , a maker of roofing products, slid 0.17 baht, or 11 percent, to 1.32, its largest decline since Dec. 19, 2006. Net income tumbled 60 percent to 34.8 million baht, or 0.03 baht a share, in the third quarter, the company said in a filing today.
GFPT Pcl (GFPT) , the country's second-biggest publicly traded poultry meat producer, jumped 1.10 baht, or 6.6 percent, to 17.90, its biggest advance since July 23. The company reported net income tripled to 418.3 million baht, or 3.34 baht a share.
KCE Electronics Pcl (KCE) , a maker of electronic components, lost 0.10 baht, or 7.3 percent, to 1.26, the lowest since January 1990. The company's third-quarter net income tumbled 84 percent to 10.32 million baht from a year earlier, as it booked foreign exchange losses.
Metrostar Property Pcl (METRO) , a property developer, gained 0.05 baht, or 4.2 percent, to 1.23, the highest since Oct. 6. The company posted a profit of 502 million baht in the three months to Sept. 30 from a net loss of 937,000 baht.
Sahaviriya Steel Industries Pcl (SSI) , the nation's biggest steelmaker, dropped 0.01 baht, or 3.1 percent, to 0.31, its lowest close since April 2002. The Thai steelmaker may relocate its first iron smelting plant to China or Vietnam due to better incentives, the Bangkok Post reported, citing President Win Viriyaprapaikit.
Thai Storage Battery Pcl (BAT3K) , the country's biggest publicly traded battery maker, slid 3 baht, or 9.1 percent, to 30, the lowest since May 3, 2002. The company had a net loss of 68 million baht in the third quarter from a profit of 83 million baht a year earlier.
Thai Wire Products Pcl (TWP) , a maker of steel wire for construction, jumped 1.15 baht, or 13 percent, to 10.20, the steepest climb since Aug. 13. Net income more than doubled to 79 million baht, or 2.93 baht a share, the company said in a filing to the stock exchange today.
Tongkah Harbour Pcl (THL) , the nation's only publicly traded gold miner, climbed 0.05 baht, or 5.6 percent, to 0.95, the most since Nov. 3. The company had a net income of 29 million baht in the third quarter, from a net loss of 42 million baht a year earlier.