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ASEAN STOCK WATCH Asean Affairs   20  April  2011

Asean will see a rally today

Shayne Heffernan

Asean will see a rally today after a better than expected trading day in New York.

Asean regional fundamentals are strong and growth is seen as being stable, the region is also enjoying a great deal of political stability.

Overnight in the USA

Materials companies were the top percentage gainers on the S&P. Steel Dynamics (NASDAQ:STLD) forecast strong growth, lifting other steel makers.

The stock rose 4.8 percent to 18.30 while the Dow Jones U.S. steel sector .DJUSST climbed 2.6 percent. The S&P materials index .GSPM rose 2.6 percent.

The DJIA .DJI closed up 65.16 pts, or 0.53 percent, at 12,266.75.

The Standard & Poor's 500 .SPX closed up 7.48 pts, or 0.57 percent, at 1,312.62.

The NAS Composite Index .IXIC closed up 9.59 pts, or 0.35 percent, at 2,744.97. June Gold finished higher by 0.1 percent to 1494.20 oz, and May silver gained 2.1 percent to finish at 43.745 oz.

Both metals rallied on a continued flight to safety over sovereign debt concerns, strength in crude oil, as well as weakness in the US dollar.

Gold rallied to a new all time high at 1500.05, and silver once again marked fresh 31 yr highs at 43.97 oz.

June Crude Oil, the new front month contract, finished higher by 0.4 percent to 108.24 bbl. It recovered overnight losses to finish with a 1.03 gainer, helped by weakness in the US dollar.

May Nat Gas finished higher by 3.1 percent to 4.26 per MMBtu, helped by cooler than average temperatures across the country.

Jakarta will rally again today lifted by the news that Telekomunikasi Indonesia will allocate up to Rp 3 trillion ($346 million) to buy back publicly held shares in a move that analysts say is meant to suppress the share drop in the market.

Shayne Heffernan best buys are Timah, Telekomunikasi

Indonesia’s largest telecommunications operator, also known as Telkom, said in a statement on Tuesday that it would gradually buy back 2.07 percent, or 416.6 million shares, of its series B stocks over 18 months.

Telkom said it would seek shareholders’ approval for the plan in a general meeting scheduled on May 19.

Rinaldi Firmansyah, Telkom’s president director, said the move was one of the firm’s strategies to improve capital management and to meet earnings per share as well as return on equity targets.

Timah, Indonesia's largest tin producer, slid 1.8 percent to Rp 2,800 after tin futures retreated 2.3 percent to $32,350 a metric ton in London on Monday.

In Jakarta yesterday the JCI rose 5.68 points, or 0.15 percent, to close at 3,732.65. About three billion shares worth Rp 3.5 trillion ($402.5 million) changed hands, with gainers beating decliners 96 to 95.

The rupiah edged down slightly to 8,677 against the dollar on Tuesday from 8,672 the day before.

Rusman Heriawan, chairman of the country’s Central Statistics Agency (BPS), said on Tuesday that the nation’s consumer prices may fall 0.2 percent in April.

Philippines Stocks Preview Philex, Semirara, Lepanto

Philippines will see a good days trading today, foreign investors have returned and the outlook is positive.

Shayne Heffernan best buys are Philex, Semirara, Lepanto

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.

Semirara Mining Corporation is engaged in exploring, developing, and mining coal resources in Semirara Island. The Company is a subsidiary of DMCI Holdings, Inc. The Company generates 98% of its revenues through sales of coal and 2 percent coal handling services. The Corporation has a long term supply contract with National Power Corporation (NPC) for its power plants in Calaca, Batangas.

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.

In Manila yesterday the Philippine Stock Exchange index lost 23.98 points or 0.56 percent to finish at 4,245.21. The downturn was tempered by hefty gains posted by the mining/oil counter which surged by 2.86 percent.

Mining stocks rallied led by Philex, Semirara, Lepanto and Nickel Asia were among the mining stocks that gained.

PLDT, Metrobank, ICTSI, EDC, Megaworld, BPI, Ayala Land, First Gen, Banco de Oro, Aboitiz Power and Metro Pacific Investments traded in the red.

There was also further profit-taking on gaming stock LR as partner Belle announced that the opening of their casino venture had been pushed back to the second quarter of 2012.

Bursa Malaysia is overdue for a rally and today is the day.

Shayne Heffernan best buys are CIMB and Maybank.

CIMB Group Holdings Berhad, formerly known as Bumiputra-Commerce Holdings Berhad, is engaged in investment holding, management company, property management and provision of consultancy services. The Company operates in six segments: Consumer Banking, which includes retail banking, business banking, direct banking and cards and CIMB express; Corporate and Investment Banking, which include investment banking, corporate finance, corporate banking, international banking and transactional services, equity capital markets, retail and institutional equities, equity derivatives, and equity investment and trading; Treasury and Investment, which includes foreign exchange, money market, derivatives and trading of capital market instruments; Asset Management and Insurance, which includes fund management, unit trust, private equity and venture capital activities; Foreign Banking Operations, and Support and others, which includes investment holding, property management and other related services.

Malayan Banking Berhad (Maybank) is engaged in the business of banking and finance. Through its subsidiaries, Maybank operates in six segments, which include consumer banking, business and corporate banking, global market, investment banking, insurance and asset management and international banking. Its global market segment comprises the full range of products and services relating to treasury activities and services, including foreign exchange, money market, derivates and trading of capital market instruments. Its investment banking segment comprises the business of an investment bank, discount house and securities broker. Its insurance and asset management segment comprises the business of underwriting all classes of general and life insurance, offshore investment life insurance, general takaful and family takaful, asset and fund management, nominee and trustee services and custodian services.

In Kuala Lumpur yesterday the KLCI index lost 6.39 points or 0.42 percent to close at 1521.


The Winners were IOICORP (+4 sen to RM5.33), HLBANK (+14 sen to RM10.64), UMW (+3 sen to RM7.15), PLUS (+1 sen to RM4.47) and KLK (+2 sen to RM20.90).

The Losers were AMMB (-14 sen to RM6.28), CIMB (-5 sen to RM8.25), MAYBANK (-5 sen to RM8.66), AXIATA (-4 sen to RM4.70) and PETCHEM (-7 sen to RM7.21).

The Finance Index fell 0.54 percent to 13918.99 points, the Properties Index dropped 0.09 percent to 1100.22 points and the Plantation Index rose 0.27% to 7595.5 points.

The market traded within a range of 7.78 points between an intra-day high of 1522.72 and a low of 1514.94 during the session.

Trading volume increased to 1040.08 mil shares worth RM1393.41 mil as compared to Monday’s 1032.24 mil shares worth RM1496.12 mil.

Market breadth was negative with 295 gainers as compared to 455 losers.

Thai Stocks have been trading in a narrow range for the last few days but should start moving forward today.

Shayne Heffernan best buys are Thanachart, Siam Commercial

Thanachart Capital Public Company Limited is a Thailand-based financial holding company. The Company and its subsidiaries provide financial services, including investment and securities services, leasing services and banking services. It is also engaged in the provision of life and non-life insurance policies, as well as real estate operations and asset management.

As of December 31, 2009, the Company's subsidiaries included Thanachart Bank PCL, Thanachart Securities PCL, Thanachart Insurance Co., Ltd., and Thanachart Group Leasing Co., Ltd. On March 12, 2010, the Company announced that Thanachart Bank PCL is to buy a 47.58 percent stake in Siam City Bank PCL and make a tender offer for the remaining shares.

Siam Commercial Bank PCL (the Bank), headquartered in Ratchadapisek, Bangkok, Thailand, is engaged in retail and corporate banking.

Its major financial services include retail, commercial, and investment banking, as well as a host of other products and services offered through the Siam Commercial Bank Group. Its retail services include home loans, personal credit, car hire purchase, credit cards, ATM cards, debit cards, currency exchange facilities, and overseas remittances, as well as investment and bancassurance products.

Its corporate banking businesses include cash management related services, international trade financing, treasury products, debt and capital market products, corporate advisory, investment banking and other related financial services. As of December 31, 2009, the Bank has 15 subsidiaries, as well as 447 branches in Bangkok and vicinity, 540 branches upcountry and three branches in overseas.

In Bangkok yesterday the Stock Exchange of Thailand (SET) composite index gained 5.21 points or 0.48 per cent, to close at 1,095.88 points. The trade value was 37.29 billion baht, with 4.31 billion shares traded.

Top five most active

SCC closed at 380.00 baht, up by 11.00 or 2.98 percent.

CPF closed at 28.75 baht, up by 1.00 or 3.60 percent.

PTT closed at 377.00 baht, up by 2.00 or 0.53 percent.

BANPU closed at 772.00 baht, down by 8.00 or 1.03 percent.

THAI closed at 39.00 baht, up by 2.00 or 5.41 percent.

Singapore Exchange was down 1.6 per cent to S$7.95 yesterday after posting a 10 percent on-year drop for its Q3 profit to S$67 million.

Singapore Exchange is a strong buy at these levels and has a very positive outlook.

Singapore Exchange Limited (SGX) is a Singapore-based investment holding company.

The Company is principally engaged in the provision of management and administrative services, treasury management and provision of contracts processing services. SGX operates in three segments: securities market, derivatives market and other operations. Its securities market segment provides listing, trading, clearing, depository, market data, member services and connectivity, and issuer services for the securities market.

The derivatives market segment provides trading, clearing, market data, member services and connectivity for the derivatives market. SGX's securities products include bonds, debentures and loan stocks; business trusts; equities; exchange traded funds (ETFs); global depository receipts(GDRs); infrastructure funds; real estate investment trusts (REITs) and warrants. During the fiscal year ended June 30, 2010 (fiscal 2010), the Company held a 50 percent interest in Chi-East Pte. Ltd. (Chi-East).

Keppel Corp, which lost 0.32 percent to S$12.52 also looks over sold.

Keppel Corporation Limited is a Singapore-based investment holding and management company. The principal activities of the company along with its subsidiaries consist of offshore oil-rig construction, shipbuilding and ship repair and conversion; environmental engineering, power generation and network and logistics; property development and investment and property fund management, and investments.

Singapore Straits Times Index (STI) shed 0.6 per cent, or 19.01 points, to at 3,125.37.

Volume totaled 1.01 billion shares worth S$1.33 billion. Losers beat gainers 287 to 173, with 775 issues unchanged.

The numbers took into account costs related to the failed takeover bid of the Australia Securities Exchange of S$12 million.



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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