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Thailand Stocks: Land & Houses, L.P.N. Development, G Steel

Thailand’s SET Index (SET) rose 16.25, or 3 percent, to 556.47, its highest close since Oct. 3. More than three shares climbed for each that dropped.

Property developers: Land & Houses Pcl (LH) , Thailand’s biggest homebuilder, jumped 11 percent to 4.4 baht on expectations equity market gains may boost the outlook for home sales. Quality Houses Pcl (QH) rose 12 percent to 1.3 baht, its highest close since Oct. 7. Preuksa Real Estate Pcl (PS) advanced 4.3 percent to 7.25 baht.

“Investors have turned more positive towards property developers, with easing political concern and rising share prices,” said Thaninee Satirareungchai, an analyst at KGI Securities (Thailand) Pcl.

Glow Energy Pcl (GLOW) , a Thai power producer controlled by Paris-based Suez SA, rose 7.5 percent to 28.75 baht, its highest close since Sept. 22. The company had its stock price estimate raised to 35 baht from 32 baht at Credit Suisse Group AG., which cited potential cost savings on new power plants. Credit Suisse maintained its “outperform” rating on the stock.

L.P.N. Development Pcl (LPN) , Thailand’s fourth-biggest publicly traded property developer by sales, gained 6.7 percent to 4.16 baht, its highest close since Sept. 19. Macquarie increased L.P.N.’s 12-month stock price estimate to 4.7 baht from 3.8 baht, citing the company’s better-than-expected gross margins and three new projects.

PTT Pcl (PTT) , Thailand’s biggest oil company, climbed 4.3 percent to 218 baht. Goldman, Sachs & Co. raised the company’s rating to “buy” from “neutral” and increased its stock price estimate to 290 baht from 155 baht. Goldman said earnings from oil and gas exploration “may stay resilient as higher oil prices offset lower gas prices.”

PTT Exploration & Production Pcl (PTTEP) , the nation’s only publicly traded oil and gas explorer, rose 8.1 percent to 127.5 baht, the most since March 10. Goldman raised the company’s rating to “buy” from “sell” and increased its target price to 140 baht from 72.

Supalai Pcl (SPALI) , the Thai property developer, gained 3.4 percent to 3.02 baht, its highest close since Aug. 13. The company’s revenue may grow 20 percent this year after putting 11 new projects up for sale, Bangkok Post reported, citing Varunee Lapitananuvat, a deputy managing director. The company said 2008 revenue grew 26 percent to 6.17 billion baht ($179 million) in a Feb. 23 filing to the stock exchange. Varunee was not immediately available for comment.

G Steel Pcl (GSTEEL) , the second-largest maker of hot- rolled steel, slid 8 percent to 0.34 baht. The company yesterday reported a first-quarter net loss of 4.75 billion baht, from a profit of 1.49 billion baht a year earlier. Its shares resumed trading today after being suspended yesterday.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net.

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