Ticon Falls to 16-Month Low After Citigroup Downgrades Rating

Ticon Industrial Connection Pcl (TICON), a Thai factory developer, slumped to a 16-month low in Bangkok trading after Citigroup Inc. downgraded the stock’s rating to “sell” from “buy” because of flooding.

The shares dropped 3 percent to 9.60 baht as of 10:12 a.m. local time, heading for the lowest close since June 11, 2010. Citigroup also cut the share-price estimate to 8.70 baht from 12.80 baht, it said in a report dated yesterday.

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

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net

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