Kasikorn Securities lowered its 12-month price target for refiner Bangchak Petroleum Pcl to 18.10 baht ($0.57), while maintaining an 'underperform' rating, citing a weaker earnings outlook after a fire at the company's refinery in Bangkok last week.
Bangchak shares fell 0.93 percent to 21.20 baht, a drop of more than 9 percent since the fire incident on July 4. The broader stock market was up 0.23 percent.
"We cut our 2012 earnings forecast to reflect reduced operating rates and inventory losses," the broker said in a report.
"While insurance is said to be in place to cover business interruption, we see risks to the amount and timing of the insurance recovery. A full earnings recovery is not expected until the fourth quarter," it said.
1129 (0429 GMT)
(Reporting by Viparat Jantraprap in Bangkok; email@example.com)
($1 = 31.76 baht)