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MARKETS | Tony Chua, Thailand

Kim Eng Thailand targets bigger profits this year

The company is optimistic that Asia’s economic growth, while Asian currencies appreciate as against weakening US dollar will drive company’s earnings up.

The local stock brokerage market leader Kim Eng Securities expects both revenue and profit growth this year on favourable investment sentiment.

Chief executive Montree Sornpaisarn said Asia's strong economic growth would continue to attract foreign inflows for several more years.

The double trend of appreciating Asian currencies and a weakening US dollar also bodes well for regional equities, he said.

Kim Eng forecasts the Stock Exchange of Thailand index will reach 1,234 points this year, up about 15% from current levels, with average daily trading of 30.3 billion baht ($999.34 million), up from 28.6 billion ($943.27 million) last year.

"The political situation should also be more stable this year. We all know a new crisis would only be bad for the country," Mr Montree told an investors' briefing yesterday.

This year, Kim Eng achieved first-quarter revenue of 780 million ($25.72 million), up by 43% year-on year, for a net profit of 193 million ($6.36 million), up by 41%. For all of 2010, revenue was 3.11 billion baht ($102.52 million) for a net profit of 821 million ($27.06 million).

Mr Montree also reported that next year's liberalisation of commission fees would have only a minor effect on the company.

View the full story in Bangkok Post.

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