Thailand’s stock market settled lower by 3.96 points or 0.27% at 1,447.20 points with a trading value of 39.5 billion baht. An analyst noted that the SET Index mirrored regional market fluctuations, attributing the lack of positive catalysts for foreign fund inflow. Additionally, foreign investors were seen reducing their exposure in anticipation of potential risks associated with the upcoming US election.
JP Morgan has upgraded the target price of Advanced Info Service Public Company Limited (SET: ADVANC) to THB 330 per share, citing a move to extend the target to December 2025 and an upward revision in the full-year forecasted net income for 2026. The surge in profit expectations is primarily attributed to reduced spectrum expenses.
The new target price by JP Morgan on ADVANC is now the highest among all analyst recommendations in the market, which has 24% upside from the closing price of THB266 per share on October 29, 2024.
Thai Oil published a statement to address the on-going issue and further clarify about the situation on October 30, 2024.
Thai Oil wrote that back in 2021, the company had approved the amendment of the EPC contract that included an additional budget of $550 million. Meanwhile, the EPC contract also includes performance bonds made by UJV amounting to 10% of the total contract value as security to secure its performance of the EPC contract and as security for potential damages.
Additionally, Thai Oil stated that the gathering affected its operations in that certain area, but did not cause an indefinite postponement of the CFP project’s commencement of commercial operation as reported by some media.
