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ASEAN STOCK WATCH Asean Affairs   12  April  2011

Asean Markets are headed for a mixed day

Shayne Heffernan

Asean markets are headed for a mixed day after a flat overnight session in New York . Strong earnings from Alcoa did not see a big rally in the afterhours trading pointing to a flat session in Asia today.

The DJIA .DJI closed + 1.06 pts, or 0.01 percent, at 12,381.11.

The Standard & Poor's 500 .SPX closed down 3.71 pts, or 0.28 percent, at 1,324.46.

The NAS Composite Index .IXIC closed down 8.91 pts, or 0.32%, at 2,771.51.

U.S. crude oil futures ended 2.5 percent lower as investors heeded a recommendation from top brokerage Goldman Sachs (NYSE:GS) that they take profits after the recent rally.

Jakarta will trade lower today unless Alcoa deliver very strong earnings after the USA close.

Shayne Heffernan ASEAN Stars best buys are

PT International Nickel Indonesia Tbk

PT International Nickel Indonesia Tbk is an Indonesia-base nickel producer. The Company's main activities are the exploration and mining, processing, storage, transportation and marketing of nickel and associated products. The Company's production facility and mine are in Sorowako, Sulawesi, where it has a contract agreement until 2025. It produces nickel matte from lateritic ores at its mining and processing facilities near Sorowako on the island of Sulawesi.

PT Indocement Tunggal Prakarsa Tbk

PT Indocement Tunggal Prakarsa Tbk is an Indonesia-based cement company. The Company and its subsidiaries are engaged in manufacturing and sale of cement, ready mix concrete and aggregates quarrying. Its other activities include trading and investment. The Company's products include Ordinary Portland Cement (OPC), Portland Composite Cement (PCC), Oil Well Cement (OWC), White Cement (WC) and White Mortar TR30. Its cement business includes the operations of 12 plants located in West Java and South Kalimantan, with a total combined annual production capacity of approximately 17.1 million tons.

In Jakarta yesterday the JCI rose 4.03 points to close at 3,745.84. About 4.4 billion shares worth Rp 4.9 trillion ($568.4 million) changed hands. Decliners beat gainers 108 to 92.

The rupiah strengthened two points to 8,649 against the US dollar as of the market’s close on Monday. Policy makers were expected to continue tolerating appreciation as the government tries to manage inflation.

Shayne Heffernan strong buy and ASEAN Stars member Perusahaan Perkebunan London Sumatra Indonesia, the second-largest listed plantation firm, rose 3.2 percent to Rp 2,425.

Another Shayne Heffernan strong buy and ASEAN Stars member Timah, Indonesia’s biggest tin producer, gained 2.6 percent to Rp 2,900. Futures of the metal rose 1.4 percent to $33,500 per ton in after-hours trading in London, extending a record high.

Manila will see a continued fall today unless earnings on Wall St change investor sentiment.

Shayne Heffernan best buys today are Lepanto and Philex.

Lepanto Consolidated Mining Company (Lepanto) is engaged in gold bullion production. Lepanto produces gold from its Victoria and Teresa operations, both located in Mankayan, Benguet. Lepanto’s subsidiaries include Shipside, Inc., which is engaged in the hauling business; Diamond Drilling Corporation of the Philippines is in the business of providing diamond drilling services, and Lepanto Investment and Development Corporation (LIDC) is in the insurance business.

Lepanto, through LIDC, owns 80 percent of Diamant Boart Philippines, Inc. a manufacturer of industrial diamond tools for mining exploration, marble cutting and the construction industry. Lepanto owns 60 percent of Far Southeast Gold Resources, Inc, another mining company with resources in Mankayan, Benguet.

Philex Mining Corporation is a Philippines based company. The Company is engaged in the exploration, development and utilization of mineral resources.

The Company primarily produces copper, gold and silver as its products. In September 2008, Philex Mining Corporation announced that its subsidiary, Philex Petroleum Corporation completed the acquisition of Forum Energy plc. In February 2009, the Company acquired 50 percent interest in Anglo American Exploration (Philippines), Inc.

In April 2010, Philex Mining Corporation, through its wholly owned subsidiary, Philex Gold Holdings Inc., acquired Philex Gold Inc.

Bursa Malaysia may well see another fall today unless Alcoa earnings can lift investor sentiment today.

Shayne Heffernan Best Buys Kuala Lumpur Kepong and IOI Corp

Kuala Lumpur Kepong Berhad (KLK) is engaged in the business of producing and processing palm products and natural rubber on its plantations.

The company’s subsidiaries are engaged in the business of plantation, manufacturing, retailing, property development and investment holding. The Company has a plantation land bank of more than 240,000 hectares in Malaysia (Peninsular and Sabah) and Indonesia (Belitung, Sumatera and Kalimantan).

It operates in six business segments: plantation, manufacturing, retailing, property development, investment holding and others. Its subsidiaries include P.T. Sekarbumi Alamlestari, P.T. Langkat Nusantara Kepong and KLK Bioenergy Sdn Bhd.

IOI Corp

IOI Corporation Berhad is engaged in investment holding and the cultivation of oil palm and processing of palm oil.

The company operates in five segments: plantation, which is engaged in the cultivation of oil palm and rubber and processing of palm oil; property development, which is engaged in the development of properties; property investment, which is engaged in the investment in shopping mall, office complex and other properties; resource-based manufacturing, which is engaged in the manufacturing of oleochemicals, specialty oils and fats, palm oil refinery and palm kernel crushing, and other operations, which is engaged in the management and operation of hotels and resorts, landscape services and other operations.

During the fiscal year ended June 30, 2010, the company produced 3,405,090 tons, 732,275 tons and 170,876 tons of fresh fruit bunches, crude palm oils and palm kernels, respectively. In 2010, the company disposed its entire shareholdings in IOI Pelita Kanowit Sdn Bhd.

In Kuala Lumpur the KLCI index lost 13.49 points or 0.87 percent to close at 1544 on Monday.

The market traded within a range of 19.01 points between an intra-day high of 1559.68 and a low of 1540.67 during the session.


The Winners were DIGI (+34 sen to RM29.68), BAT (+64 sen to RM48.00) and MAXIS (+1 sen to RM5.36).

The Losers were GENTING (-28 sen to RM11.10), PETCHEM (-24 sen to RM7.29), AXIATA (-9 sen to RM4.70), IOICORP (-8 sen to RM5.57) and AMMB (-17 sen to RM6.40).

Trading volume decreased to 1470.45 mil shares worth RM2179.21 mil as compared to Friday's 1669.37 mil shares worth RM2118.81 mil.

Market breadth was negative with 179 gainers as compared to 724 losers. The Finance Index fell 0.52 percent to 14177.35 points, the Properties Index dropped 1.63 percent to 1107.08 points and the Plantation Index down 1.22 percent to 7720.44 points.

Singapore may well open lower today and Shayne Heffernan best buys are

Yangzijiang, CapitaMalls Asia

CapitaMalls Asia Limited, formerly CapitaLand Retail Limited, is engaged in investment holding and provision of management services. It has an integrated shopping mall business model that includes real estate investment, development, shopping mall operations, asset management and fund management capabilities.

It has interests in and manages 86 retail properties in 48 cities throughout Singapore, China, Malaysia, Japan and India. Its shopping malls include ION Orchard and Plaza Singapura in Singapore, Xizhimen Mall and Wangjing Mall in Beijing, Gurney Plaza in Malaysia, Vivit Square in Japan and Forum Value Mall in India.

In April 2010, the company announced the establishment of its wholly owned subsidiary, Esposito Investments Limited.

In June 2010, it announced the establishment of its wholly owned subsidiary, CMMT Investment Limited.

In June 2010, it announced the establishment of its wholly owned subsidiaries, Energy Trustee Pte. Ltd. and CMA Singapore Investments (3) Pte. Ltd.

Singapore Listed Yangzijiang Shipbuilding (Holdings) Ltd said it has entered into a total of six shipbuilding contracts in the month of March 2011, with an aggregate value of US$214.2 million.

The new contracts secured comprise two units of 82,000 DWT (deadweight tonnage) bulk carriers, two units of 10,000 DWT bulk carriers and two units of 4,800 TEU (twenty-foot equivalent unit) container ships, the mainboard-listed company said in a statement.

The vessels secured in the contracts are scheduled for deliveries from year 2012 to 2013 and therefore, there will not have any impact on the earnings for the financial year ending Dec. 31, 2011.

Including the above secured orders, the company had in total secured 14 shipbuilding contracts with an aggregate value of US$512.3 million in the first quarter of 2011.

In Singapore yesterday the Straits Times Index at 3,160.44, down 0.84 per cent, or 26.87 points.

About 1.2 billion shares exchanged hands.

Losers beat gainers 331 to 144.

In Thailand tomorrow the day may well be mixed, even though the overnight session on Wall St was flat Alcoa reported solid profits.

Shayne Heffernan best buys are Lohakit,

Lohakit Metal Public Company Limited is a Thailand-based company engaged in the manufacture and distribution of stainless steel products. Its products include cold rolled coils, cold rolled sheets, ornamental tubes, automotive pipes, galvanized steel sheets and electro-galvanized coils.

The company also supplies special grade stainless steel pipes under the brand name D-Stainless. In addition, the company provides polishing services for rolled stainless steel sheets and coils, as well as cutting and drilling. As of March 31, 2010, the company had two subsidiaries: Auto Metal Company Limited and Stainless Thanglueak Company Limited, which was formerly known as D-Stainless Company Limited.

Permsin Steel Works Public Company Limited is a Thailand-based company engaged in the steel business. The company’s line of products include cold rolled steel coil (CRC), electro-galvanized steel, high tensile galvanized C-channel, C-line, C-U, T-bar metal roofing and walling. CRC is used in many industries, such as furniture, electrical appliance and pipe industry.

It also provides cutting and slitting services, as well as rolled forming metal sheet design and cost estimation services. The company has seven slitting machines and four cutting machines. It has four production sites located in Samutsakorn and Prachuabkirikan provinces.

The company’s subsidiary is S.C. Steel Works Co., Ltd.

Asia Fiber Public Company Limited is a Thailand-based company engaged in the manufacture and distribution of nylon products. Its products are usually purchased by industrial users that then incorporate the nylon into their own end goods.

The company has four primary product segments: nylon chip, which is used to make synthetic fabric; filament yarn; textured yarn and fabric. It also offers dyeing and finishing services.

It has a production capacity of 21,600 tons of nylon chips per annum, 10,800 tons per annum of synthetic filament, 3,648 tons per annum of elasticized yarn, and 21 million yards of taffeta per annum. Its production facility is located in Samutprakarn Province.

In Bangkok yesterday The Stock Exchange of Thailand main index went down 6.36 points or 0.59 percent to close at 1,076.33 points at the end of trading session on Monday Afternoon. The trade value was 25.80 billion baht.

Applications for investment privileges filed with the Board of Investment (BoI) in the first quarter of the year were up 58 per cent, to 453 projects, over the same period last year, Industry Minister Chaiwut Bannawat said on Monday.

The total investment value was 117.80 billion baht, an increase of 13 per cent over the first quarter of 2010, Mr Chaiwut said.

The biggest group, with a combined investment capital of 30.30 billion baht, was for projects in the petrochemical, paper and plastics industries. This was a 10-fold increase on the same period last year, he added.

Top five most active;

PTT stood at 368.00 baht, down 8.00 baht (2.13%)

BANPU stood at 782.00 baht, unchanged

PTTEP stood at 193.00 baht, down 3.50 baht (1.78%)

TTA stood at 20.70 baht, down 0.10 baht (0.48%)

CPF stood at 26.50 baht, up 1.25 baht (4.95%)

On the Commodities Front

Commodities finish mixed on the day. Industrials (+0.9%) were the largest advancer, and energy (-1.2%) was the largest decliner Monday.

May Crude Oil fell 2.5% to settle at 109.92 bbl.

Reports of a cease fire in Libya, + reports of a large firm taking profits on a basket trade of commodities which included Crude Oil, dampened Crude's price today, as it marked a low at 109.55 bbl, and is extending the sell off after hours marking fresh lows at 109.23 bbl.

May Nat Gas finished higher by 1.8% to 4.11 per MMBtu. Today's gains are off a rebound following Nat Gas' recent 6 session sell off.

In overnight trade, May Silver rallied to fresh 31 yr highs at 41.97 oz, but by the close of pit trade Monday, it had given back those gains to finish near the flat line at 40.61 oz. and Silver has extended its sell off in electronic trade, where it marked a low of 40.11 oz. It was an uneventful session for Jun Gold, as it finished lower by 0.5% to 1468.10 oz on the day.

Shayne Heffernan brings more than 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over US$500m and 1 that reach a peak market cap of US$15billion. He has managed and overseen start-ups in Mining, Shipping, Technology and Financial Services.


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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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