Shares in Banpu Pcl fell 2.2 percent to a seven-month low of 526 baht ($16.90) after the top coal miner reported a 70 percent fall in quarterly net profit.

Banpu posted a net profit of 2.8 billion baht ($89.97 million) for January-March period, down from 9.16 billion baht a year earlier when it booked a gain from the sale of a Chinese subsidiary.

Stripping out the extraordinary gain, the first quarter net profit was down 2.5 percent from a year earlier.

Nineteen out of 21 analysts tracking the company have a buy or strong buy rating, one rates it as a hold and one has a sell rating.

Broker Kasikorn Securities said it maintained the stock outperform, with target price of 795 baht ($25.55). CIMB Securities also kept outperform rating, with target price of 695 baht ($22.33).

"Earnings from the coal business fell 4 percent year on year ... On the bright side, net income from the power business rebounded," CIMB said in a report.

"As 52 percent of coal sales in Indonesia have already been locked in at $100 per tonne, earnings should remain strong despite recent coal price weakness," the broker said.

Banpu expected higher sales in 2012 due to rising coal volume to 47-48 million tonnes, compared with last year's 42 million tonnes, it said in a statement.

For the company statement, click (nSET17sFla)

1524 (0824 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapweth@thomsonreuters.com)