Thanachart Securities cut its target price on Siam Cement Pcl, Thailand's biggest industrial conglomerate, to 410 baht ($13.28) from 427 baht ($13.83), reflecting weak first quarter earnings and lower earnings forecast for the full year.
The brokerage maintained its buy rating on the stock.
"We believe first quarter is the trough and expect results to improve sequentially supported by higher chemical spreads and contribution from associates," the broker said in a research note.
On Thursday, Siam Cement shares gained 2.4 percent, to 342 baht, putting them up 9.3 percent for the year.
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0941 (0241 GMT)
(Reporting by Viparat Jantraprap; Editing by Richard Borsuk) email@example.com) ($1 = 30.885 baht)