Thailand Stocks: Glow Energy, Quality Houses, Thai Reinsurance
The SET Index (SET) rose 1.6 percent to 1,207.29, the largest increase since Feb. 16. The gauge has gained 17 percent this year, on course for the steepest quarterly advance since the three months ended Sept. 30, 2010.
Insurance companies: Thailand raised the foreign ownership limit for domestic insurance companies to 49 percent from 25 percent, the industry regulator said. The move will help strengthen the financial position and competitiveness of Thai insurance companies, Pravej Ongartsittigul, the secretary- general of the Office of Insurance Commission, said on the agency’s website. The agency’s board approved the increase yesterday.
Glow Energy Pcl (GLOW) , a power producer, advanced 3.2 percent to 57.25 baht. The company will pay a cash dividend of 1.238 baht a share, compared with 1.179 baht a year earlier.
G Steel Pcl (GSTEEL) , a steelmaker, slid 12 percent to 0.46 baht, the largest drop since Sept. 26. The company will not make a dividend payment for 2011 because of losses, it said in a regulatory filing. G Steel’s board yesterday approved a plan seeking to restructure 29.4 billion baht ($957 million) of debt with creditors, it said.
Indorama Ventures Pcl (IVL) , Thailand’s biggest polyester maker, rose 1.3 percent to 38.25 baht, halting a three-day slide. The company will sell five-year and 10-year bonds, according to an advertisement published in today’s Krungthep Turakij newspaper. Indorama is offering a coupon of between 4.45 percent and 5.20 percent for the five-year bonds. The company will pay a coupon of 5.10 percent to 6 percent for the 10-year bonds.
Quality Houses Pcl (QH) , a property developer, climbed 1.1 percent to 1.84 baht, the biggest increase since March 16. The company was upgraded to trading buy from hold by Narumon Ekasamut, an analyst at Bualuang Securities Pcl. A trading buy suggests that the stock may rise 15 percent or more over the next three months, according to Bualuang in a report today.
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