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Thailand Stocks: Shin, Advanced Info, Sri Trang, Thai Airways

Thailand’s SET Index (SET) rose for the third day, climbing 11.82, or 1.6 percent, to close at 733.19, its highest close since Jan. 19. The Thai financial markets were closed yesterday for a public holiday.

Temasek-controlled companies: Shin Corp. (SHIN TB), a Thai holding company majority-owned by Singapore’s Temasek Holdings Pte, dropped 3.5 percent to 28 baht, its steepest decline since Oct. 15. Advanced Info Service Pcl (ADVANC) , the nation’s biggest mobile-phone company, fell 4.3 percent to 84.25 baht, the most since Nov. 24. Thaicom Pcl (THCOM) , a satellite monopoly, slid 11 percent to 5.4 baht, its biggest drop since Oct. 27, 2008.

The Supreme Court on Feb. 26 ruled that former Prime Minister Thaksin Shinawatra abused his power to benefit those companies before selling his stake in Shin Corp. to Temasek. The court seized 46.4 billion baht ($1.4 billion) that Thaksin’s children and relatives earned from the 2006 sale of Shin Corp to Temasek. The three companies said today the court ruling was “not binding” on them.

Land & Houses Pcl (LH) , the country’s largest property developer by market value, gained 3.4 percent to 6.15 baht, its highest close since Jan. 13. The company said today it plans to invest as much as 7.5 billion baht ($228 million) this year. Total revenue this year may grow 15 percent, Naporn Sunthornchitcharoen, senior executive vice president, said at a briefing in Bangkok.

Regional Container Lines Pcl (RCL) , a Thai sea-cargo shipping company, dropped 5.7 percent to 9.15 baht, its biggest decline since Oct. 15. The company’s full-year net loss widened to 3.79 billion baht in 2009 from 837 million baht a year earlier, it said after the market close on Feb. 26.

Sri Trang Agro-Industry Pcl (STA) , the nation’s biggest publicly traded rubber producer, jumped 10 percent to 31.75 baht, its highest close since Feb. 27, 1998. Net income last year more than tripled to 2.14 billion baht ($65.2 million), or 10.71 baht a share.

Thai Airways International Pcl (THAI) , the country’s largest carrier, advanced 9.7 percent to 25 baht, on course for its highest close since May 26, 2008. The airline will pay a dividend of 0.25 baht a share for its 2009 operation, it said in a regulatory filing today. The company last year scrapped the dividend payment after the 2008 loss.

Thai Sugar Terminal Corp Pcl (TSTE) , an operator of warehouses and storages for commodities, slumped 19 percent to 6.7 baht, the most since Oct. 7, 2008. Net income dropped 40 percent to 109 million baht, or 0.83 baht a share, in 2009, the company said on Feb. 26.

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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