Shares in Thailand's biggest coal miner Banpu Pcl fell as much as 2.5 percent to their lowest in nearly three years as weak coal prices weighed on its earnings outlook.
Banpu shares were down 1.7 percent at 399 baht, falling at one point to 396 baht. It has dropped nearly 27 percent so far this year, underperforming the broader energy subindex which had fallen 2.8 percent.
Eighteen out of 21 analysts tracking the company rate the stock 'buy' or 'strong buy', two putting it at hold and one rating strong sell.
Krungsri Securities had a 'buy' rating, with a target price of 595 baht, saying the beaten-down stock is attractively valued.
The broker forecast 2013 net profit growth of 15 percent, boosted by higher sales volumes from Australian mines and a repricing of forward contracts for domestic sale in Australia.
"The stock has come off on concern over increased interest in shale gas in the United States... Our buy rating reflects an attractive valuation, trading on a low 1.5x P/BV vs the regional peer average 1.9x and a dividend of 12.25 baht for 2012, or a yield of 2.8%," it said.
1317 (0617 GMT)
(Reporting by Viparat Jantraprap in Bangkok; firstname.lastname@example.org)