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ASEAN STOCK WATCH Asean Affairs   21  April  2011

Asean Markets will head to record highs

Shayne Heffernan

ASEAN Markets will head to record highs today after a strong overnight session on Wall St.

The DJIA .DJI closed up 186.79 pts, or 1.52 percent, at 12,453.50.

The Standard & Poor's 500 .SPX closed up 17.72 pts, or 1.35 percent, at 1,330.36.

The NAS Composite Index .IXIC closed up 57.54 pts, or 2.10 percent, at 2,802.51.

The Jakarta Composite Index hit a record high Wednesday, as expectations of revenue growth and faith in Indonesia’s economic fundamentals helped attract significant capital inflows.

That trend will continue today.

Shayne Heffernan best buys are Astra Agro Lestari and Bumi Resources

Astra Agro Lestari, Indonesia's largest listed plantation company, rose 1.8 percent to Rp 22,950 as Palm oil futures gained for a third day, adding 1.1 percent to 3,290 ringgit ($1,091) per ton in Kuala Lumpur.

Astra Agro Lestari still has more room for growth as Palm Oil futures will continue to rally.

PT Astra Agro Lestari Tbk engages in the plantation of oil palm and rubber in the Republic of Indonesia. It produces fresh fruit bunches, kernel, and crude palm oil.

The company's plantations and mills are primarily located in Java, Sumatra, Kalimantan, and Sulawesi.

As of Dec. 31, 2009, it had rights to cultivate a total area of 241,295 hectares with a total planted area of 207,305 hectares; and managed plasma plantations of approximately 57,239 hectares of planted area. The company was founded in 1988 and is headquartered in Jakarta, Indonesia.

PT Bumi Resources Tbk is an Indonesia-based company engaged exploration and exploitation of coal deposits, including coal mining, and oil exploration activities.

It has four core business segments: coal mining, which comprises exploration and exploitation of coal deposits, including mining and selling coal; services, which represent marketing and management services; oil and gas, which covers the exploration of oil and gas, and gold, which covers the exploration of gold. The Company and its subsidiaries are operating in Indonesia, the United Kingdom, Japan and Australia.

In Jakarta yesterday the JCI rose 62.11 points, or 1.7 percent, to close at Rp 3,794.76. About 5.9 billion shares worth Rp 5.9 trillion ($684.4 million) changed hands. Gainers beat decliners 148 to 68.

The rupiah strengthened 0.3 percent to 8,648 against the US dollar as of the market’s close on Wednesday, from 8,677 on Tuesday.

More gains are to be expected in Manila today after a strong overnight session in Europe and USA.

Shayne Heffernan best buys are Jollibee, San Miguel

San Miguel Brewery Inc. (SMB) is a Philippines-based company engaged in the manufacture and sale of fermented and malt-based beverages, particularly beer of all kinds and classes.

It has five breweries located across the Philippines and a developed distribution system serving 463,357 retail outlets. The company offers a portfolio of 10 brands: Pale Pilsen, Red Horse, San Mig Light, Super Dry, Cerveza Negra, San Mig Strong Ice, Gold Eagle, San Miguel Premium All-Malt, Oktoberfest Brew (a seasonal beer), and Cali, a malt-based non-alcoholic drink. The Company is a subsidiary of San Miguel Corporation.

Jollibee Foods is a Philippines-based Corporation engaged in the development, operation and franchising of restaurants under the brand name Jollibee.

In the Philippines, the Company also has, as subsidiaries, Fresh N Famous Foods, Inc., which develops, operates and franchises restaurants under the trade names Chowking, Greenwich, Delifrance, Manong Pepe's and Red Ribbon Bakeshop, Inc. (through Red Ribbon Holdings, Inc.), which develops, operates and franchises restaurants under the Red Ribbon trade name.

It also has subsidiaries and affiliates overseas, which develop and operate its international brands, Yonghe King, Chun Shui Tang, Hongzhuangyuan and Lao Dong.

At December 31, 2009, there were 686 Jollibee stores in the Philippines, 355 franchised and 331 Company owned. There were also 57 Jollibee stores overseas, including the United States, Vietnam, Hong Kong, Brunei and Jeddah. They offer food products that are prepared on-site based on original Company recipes.

In Manila yesterday Philippine Stock Exchange index recouped 29.56 points or 0.7 percent to finish at 4,274.77, a new high for this year. The main index thus advanced by a modest 23.13 points or 0.5 percent this shortened trading compared to last Friday's close.

The upswing was led by the mining/oil and property counters which rose by 2.76 percent and 1.52 percent, respectively.

Turnover was heavier at P5.5 billion compared to around P4 billion in previous days despite the earlier anticipated unwinding ahead of a long break.

There were 89 advancers versus 53 decliners while 41 stocks were unchanged.

Sentiment was buoyed by the overnight rebound in Wall Street as the Dow Jones Industrial Index recouped 65.16 points or 0.53 percent to 12,266.75.

Bursa Malaysia will open higher tomorrow and the Shayne Heffernan best buys are Bursa Malaysia Bhd, C.I. Holdings

Bursa Malaysia, the country's stock exchange operator, yesterday said first-quarter profit rose 44 per cent from the corresponding period a year earlier as government efforts to spur economic growth bolstered trading volumes.

Net income in the three months ended March 31 climbed to RM40.5 million (S$16.7 million) from RM28.1 million a year ago, the Kuala Lumpur-based company said. Revenue advanced 32 per cent to RM116.1 million.

C.I. Holdings Bhd's pre-tax profit for the nine months ended March 31, 2011 rose to RM41.513 million from RM35.286 million in the same period last year.

In a filing to Bursa Malaysia, the company said its revenue increased to RM440.329 million from RM375.984 million.

For the third quarter, the company registered a lower pre-tax profit of RM11.229 million, down 18 per cent from RM13.692 million.

Its revenue was higher at RM140.097 million from RM137.704 million.

In Kuala Lumpur yesterday the KLCI index gained 9.49 points or 0.62% to close at 1531.


The Winners were GENTING (+40 sen to RM11.50), IOICORP (+8 sen to RM5.41), TENAGA (+9 sen to RM6.11), PETCHEM (+12 sen to RM7.33) and DIGI (+42 sen to RM29.20).

The Losers were YTLPOWR (-1 sen to RM2.24), GAM (-1 sen to RM3.75) and PETGAS (-2 sen to RM11.22).

Trading volume increased to 1270.95 mil shares worth RM1809.54 mil as compared to Tuesday’s 1040.08 mil shares worth RM1393.41 mil.

The market traded within a range of 4.26 points between an intra-day high of 1530.16 and a low of 1525.90 during the session.

The Finance Index increased 0.25% to 13954.27 points, the Properties Index up 0.04 percent to 1100.71 points and the Plantation Index rose 0.38% to 7624.23 points.

Market breadth was positive with 473 gainers as compared to 288 losers.

Singapore will advance on a 1.29 percent rally yesterday after Wall St staged a strong rebound overnight.

The Singapore dollar hit a record low of 1.2400 per the US dollar helped by demand from interbank speculators and funds. Monetary Authority of Singapore was not spotted buying the greenback, dealers said. The city-state's currency gave up some of earlier gains on option-related supplies, but it is seen rising again.

Shayne Heffernan best buys are CapitaMall and City Developments

Singapore property developer City Developments said its joint venture has secured a S$1.6 billion ($1.3 billion) loan partly to finance the construction of South Beach, a commercial development in Singapore.

The five-year S$1.6 billion secured term loan is provided by a syndicate comprising DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation, The Hongkong and Shanghai Banking Corp and Sumitomo Mitsui Banking Corp, it said in a statement.

Part of the funds will also be used to refinance the S$800 million bank loan facility for the project, which is a joint venture between City Developments and Malaysia's IOI , the statement said.

CapitaMall Trust Management said its distribution per unit (DPU) for the first quarter stood at 2.29 Singapore cents.That is up three per cent from the 2.23 Singapore cents reported in the same period a year ago.

The trust said that this is largely due to contributions from Clarke Quay, which was acquired in July 2010, as well as robust rental renewals.Net property income for the quarter ended March 31 was up by 8.2 percent on-year to about S$105.7 million.

CEO of CapitaMall Trust Management, Simon Ho, said that going forward, the firm will continue to explore opportunities for selective acquisitions and greenfield developments.

The trust is a unit of property developer CapitaLand.

In Singapore yesterday the Straits Times Index (STI) rose 40.43 points to close at 3,165.80.

Overall volume traded was 1.46 billion shares worth S$1.75 billion.

Gainers outnumbered losers 352 to 162.

Oil and commodities stocks, which were among the main losers on Tuesday, led the bourse higher. Sembcorp climbed 4.0 percent to S$5.50 and Noble Group rose 3.2% to S$2.24.

Palm oil plays also rose, with Wilmar International 1.9% higher at S$5.27 and Olam International up 1.4 percent at S$2.95.

Meanwhile gaming group Genting Singapore, which owns the Resorts World Sentosa casino resort, gained 2.4 percent to S$2.18.

Exports continue to drive the Thai economy and Thai agricultural companies are trading at a discount.

Thai exports continued to grow at an impressive rate above 30 percent in March, pushing first-quarter growth to 28.26 percent year-on-year, supported by a strong rise in farm exports, according to Commerce Minister Porntiva Nakasai.

Export value reached a monthly record of US$21.26 billion, up 30.9 percent year-on-year. The baht value was 646.28 billion, up 20.8 percent.

Farm and agro-industrial product exports were worth $4.18 billion, up 43.6% year-on-year and accounting for 20 percent of total exports. The value of rubber exports rose 117%, rice 38.9%, tapioca 22 percent and other foods 21.2 percent.

Shayne Heffernan best buys Sri Trang Agro-Industry, Patum Rice Mill

Sri Trang Agro-Industry Public Company Limited is a Thailand-based company engaged in the manufacture of rubber products.

The Company’s product includes rubber smoked sheet (RSS), which are used as a raw material in the production of other products, including automobile tires, pipes, shoes and parts of automobiles; block rubber, which is used in the automobile tire industry, and used as substitute to grade-3 rubber smoked sheet, and concentrated latex, which can be used as a raw material in the production of latex examination gloves, condoms, and elastic rubber thread.

Its customers are categorized in three groups: automobile tire manufactures, such as Bridgestone, Michelin, Yokohama, Hankook, Continental, Goodyear, Pirelli, and tire manufacturers in China; trading companies in Japan and other importers in Asia, China, Taiwan, Korea, America and Europe, and domestic customers, including automobile tire, motorcycle tire, and elastic rubber thread manufacturers

Patum Rice Mill & Granary Public Company Limited is a Thailand-based company engaged in the production and distribution of milled rice under the brands Mah Boon Krong Rice and Patta Rice. The Company also manufactures rice flour, crude bran oil and extracted bran.

It distributes its products in both domestic and overseas markets. The Company operates a production site in Pathumthani Province with a production capacity of 320,000 tons of unmilled rice per annum. It also has a production facility in Nakhorn Ratchasima Province with a production capacity of 10,000 tons of rice flour per annum. It has one subsidiary named PRG Granary Company Limited which operates a rice silo and warehouse

In Bangkok yesterday The Stock Exchange of Thailand main index went up 11.48 points or 1.05 to close at 1,107.36 points at the end of trading session on Wednesday Afternoon. The trade value was 43.96 billion baht.

Top five most active

PTT closed at 384.00 baht, up 7.00 baht (1.86 percent)

SCB closed at 166.00 baht, up 2.00 baht (1.75 percent)

BBL closed at 182.50 baht, up 2.00 baht (1.11 percent)

KBANK closed at 128.50 baht up 0.50 baht (0.39 percent)

CPF closed at 28.50 baht, down 0.25 baht (0.87 percent)



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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