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ASEAN STOCK WATCH Asean Affairs   27  April  2011

Asean markets will see a good rally today

Shayne Heffernan

Asean Markets will see a good rally today.

Overnight Wall Street rallied and the S&P 500 hit its highest mark since June 2008 Tuesday as positive corporate results added to optimism about the US economic growth outlook.

The DJIA .DJI closed up 115.49 pts, or 0.93 percent, at 12,595.37.

The Standard & Poor's 500 .SPX closed up 11.99 pts, or 0.90 percent, at 1,347.24.

The NAS Composite .IXIC closed up 21.66 pts, or 0.77 percent, at 2,847.54.

Commodities had a relatively quiet session Tuesday.

Crude Oil prices spent the day near the Neutral line before they settled with a 0.1 percent loss at 112.11 bbl.

Nat Gas prices spent most of the session in the "Red", but staged a late in the day recovery and finished flat at 4.39 per MMBtu.

The Precious metals were unable to reclaim the gains that they lost Monday. I

Gold prices closed with a fractional loss at 1501.40 oz.

Silver settled with a 0.8 percent loss at 44.70 oz.

Commodities failed to benefit from the "Greenback's" struggle, as the US dollar set a new 52-week low against a basket of major foreign currencies Tuesday; it was last quoted at a 0.3 percent loss.

Bangkok is overdue for a rally today, Shayne Heffernan best buys are Banpu, Bangkok Bank, MFC Asset.


Banpu Public Company Limited (Banpu) is a Thailand-based company engaged in coal mining and power businesses. The Company has operations in Thailand and overseas, including Indonesia and the People’s Republic of China. Banpu supplies coal through its mines in the Lampang and Payao Provinces and via imported coal from Indonesia. The Company's current operations in Indonesia are located in Jorong, Indominco, Kitadin, Trubaindo and Bharinto. In China, Banpu has mining projects in Daning, Hebi and Gaohe. As of December 31, 2009, the Company has for subsidiaries, namely Banpu Minerals Co., Ltd., Banpu Power Co., Ltd., BP Overseas Development Co., Ltd. and Banpu Power International Co., Ltd. On April 6, 2009 and June 22, 2009, the Company incorporated Banpu Australia Co. Pty Ltd. and Banpu Power Development Co., Ltd., respectively.

Bangkok Bank

Bangkok Bank Public Company Limited is a commercial bank in Thailand. It has eight business units, which include corporate, commercial, business, consumer, international banking, treasury, special asset management unit (SAM)/recovery and investment banking. Corporate includes a range of products, including cash management, project financing, custodial services and syndicated loan management services. The Bank has 15 overseas branches, two wholly owned subsidiary and one representative office. These are located in the United States, England, Japan, Hong Kong, China, Taiwan, Singapore, Malaysia, Myanmar, Indonesia, Laos, Vietnam and the Philippines. It also provides banking and funds transfer services, foreign exchange trading service and extensive advisory services, including assistance in finding regional partners and guidance about local regulations. In addition, SAM has been the model for troubled debt restructuring in Thailand.

MFC Asset

MFC Asset Management Public Company Limited (MFC) is a Thailand-based fund management company. MFC is licensed to operate four businesses, which consists of investment management, provident fund manager, private fund management and securities registrar. The Company provides its service in the fund management and a membership registration system to state enterprises, private sectors, educational institutions and cooperatives. As of December 31, 2009, MFC managed 109 mutual funds, which consist of 55 local funds, 30 foreign investment funds, two country funds, 18 property funds, three special funds and one Vayupak fund. In addition, the Company also managed 44 provident funds and 25 private funds. During the year ended December 31, 2009, the Company had three subsidiaries, namely MF Holdings Co., Ltd., MFC Real-Estate Assets Management Co., Ltd. and MFC Advisory Co., Ltd.

In Bangkok yesterday The Stock Exchange of Thailand (SET) composite index on Tuesday lost 8.48 points, or 0.77 percent, to close at 1,096.95 points. The market value was 28.39 billion baht, with 3.98 billion shares traded.

Top five most active;

JAS closed at 3.42 baht, up by 0.20 or 6.21 percent.

BBL closed at 171.00 baht, down by 5.00 or 2.84 percent.

BANPU closed at 752.00 baht, down by 8.00 or 1.05 percent.

SCB closed at 117.50 baht, down by 1.00 or 0.84 percent.

PTT closed at 376.00 baht, down by 3.00 or 0.79 percent.

Shayne Heffernan best buys in Singapore today are Keppel Corp, Sembcorp Marine, Sembcorp Industries

Keppel Corp is a bargain after falling 9 percent to S$11.74, 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.

Sembcorp Marine was also oversold yesterday down 5.3 percent at S$5.67.Sembcorp Marine Ltd. is an investment holding company engaged in the provision of management services. The Company operates in two segments: ship and rig repair, building and conversion, and ship chartering.

The Company’s wholly owned subsidiaries include Bulk Trade Pte Ltd, which is engaged in bulk trading; Dolphin Shipping Company Private Limited, which is engaged in ship owning and chartering; JPL Corporation Pte Ltd, which is engaged in investment holding; Jurong Integrated Services Pte Ltd, which is engaged in steel fabrication work, and Jurong SML Pte Ltd, which is engaged in ship building, ship repair and related services.

Sembcorp Industries was also oversold and is great value after falling 2.5 percent to S$5.38.

Sembcorp Industries Ltd is an investment holding company. The Company’s principal activities include investment holding, as well as the corporate headquarter, which gives direction and provides management services to its subsidiaries, and production and supply of utilities services, terminalling and storage of petroleum products and chemicals.

The Company operates in five segments: Utilities, Marine, Environment, Industrial Parks and Others / Corporate. The Company’s subsidiaries include Sembcorp Utilities Pte Ltd, Sembcorp Cogen Pte Ltd, Sembcorp Gas Pte Ltd, Sembcorp Air Products (Hyco) Pte Ltd, Sembcorp Utilities (UK) Limited, Sembcorp Marine Ltd, Sembcorp Environment Pte. Ltd., Sembcorp Industrial Parks Ltd, and Sembcorp Design and Construction Pte Ltd. In August 2010, SembCorp Industries Limited announced that its inactive wholly owned subsidiary, SUT Seraya Pte Ltd had been placed under Member’s Voluntary Liquidation.

In Singapore yesterday the Straits Times Index fell 15.89 points to close at 3,171.83.

Volume was 1.04 billion shares.

Losers led gainers 252 to 168.

Shayne Heffernan best buys in Malaysia today are Sime Darby, Unisem, Mitrajaya


Bursa Malaysia listed Unisem Bhd has been upgraded to a strong buy by Shayne Heffernan with a 2012 price target of RM3.

Unisem (M) Berhad (UNISEM) is a semiconductor packaging and test services provider in Malaysia. The Company offers integrated suite of packaging and test services, such as wafer bumping, wafer probing, wafer grinding, as well as range of lead frame and substrate integrated circuits packaging, wafer level chipscale packaging and radio frequency, analog, digital and mixed-signal test services.

Its turnkey services include design, assembly, test, failure analysis, and electrical and thermal characterization.

The Company’s direct subsidiaries are Unisem II Sdn. Bhd., Unisem Advanced Technologies Sdn. Bhd., Unisem (Europe) Holdings Limited, Unisem Chengdu Co., Ltd., Unisem (Mauritius) Holdings Limited and Unisem International (Chengdu) Ltd. Operations are carried out in Malaysia, the United Kingdom, the People’s Republic of China, Indonesia and United States of America.

Mitrajaya Holdings Bhd has been upgraded to a Strong Buy by Shayne Heffernan with a 2012 price target of 4.10MYR.

Mitrajaya Holdings Berhad is a Malaysia-based investment holdings company. The principal activities of the subsidiary companies are investment holdings, civil engineering, building and road construction works, as well as property development and property management.

Shayne Heffernan strong buy, Sime Darby, the world’s largest listed palm oil producer, will make its first investment in Africa, with the establishment of plantations in Liberia in April.

Sime Darby is Malaysia’s second-largest company by value, with a market capitalisation of 47 billion ringgit. It owns more than 5,000 square kilometres (1,930 square miles) of palm oil plantations in Malaysia and Indonesia.

Sime Darby was granted a 63-year concession in 2009 to develop 220,000 hectares (543,500 acres) of land in Liberia, will begin planting oil palm on 10,000 hectares in the first phase.

“This foray is most significant as it allows us to explore opportunities for further growth and development in other emerging markets and regions,” said Franki Anthony Dass, executive vice-president of Sime Darby Plantation.

Sime Darby, which already has palm oil plantations in Malaysia and Indonesia, will invest 70 million ringgit ($23 million) in the project, Dass added in a statement.

Palm oil, which is used extensively as biofuel and for making processed foods and toiletries, has been vilified by environmentalists for causing deforestation and threatening species such as orangutans and rhinos.

In Kuala Lumpur yesterday KLCI ended 3.29 points or 0.22 percent higher at 1,527.34 after opening at 1,525.72.The market traded within a range of 7.07 points between an intra-day high of 1527.56 and a low of 1520.49 during the session.


The Winners were YTL (+8 sen to RM1.68), MAYBANK (+7 sen to RM8.73), TENAGA (+6 sen to RM6.08), SIME (+5 sen to RM9.05) and AXIATA (+3 sen to RM4.72).

The Losers were GENTING (-8 sen to RM11.50), HLBANK (-10 sen to RM10.30), CIMB (-1 sen to RM8.20), PETCHEM (-2 sen to RM7.23) and MISC (-2 sen to RM7.47).

The Plantation Index shed 1.13 points to 7,604.96 but the Finance Index gained 11.15 points to 13,929.17 and the Industrial Index added 0.64 of a point to 2,759.93.

Volume on the Main Market increased to 793.167 million shares, worth RM1.221 billion, from 740.481 million shares, worth RM967.042 million, recorded yesterday.

Shayne Heffernan best buy in Manila today is the mining sector which was hit hardest yesterday falling 3.8 percent, most oversold and the best value today Lepanto, Semirara 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.


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.


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.

Yesterday in Manila the Philippine Stock Exchange index lost 25.80 points to finish at 4,305.57.

AGI, PLDT, DMCI, Metrobank, Ayala Land, Megaworld, First Gen, Metro Pacific Investments, Aboitiz Power, ICTSI and BDO also weighed down the PSEi. Non-index stock Cebu Air also fell on heavy trade.

Meanwhile, Security Bank, Lopez Holdings, EDC, Manila Water and BPI were among the few that bucked the day's downturn.

It was announced last week before the Holy Week break that Security Bank was set to join the 30-company PSEi effective May 9, replacing China Bank.

Turnover amounted to P5.2 billion.

There were 52 advancers against 84 decliners and 46 unchanged stocks.

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in economics and brings with him 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 more than $500 million and one that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

The Indonesia Stock Exchange (IDX) has 423 listed companies with a combined market capitalization of Rp 3,205 trillion ($371.8 billion). The JCI reached a record high on Thursday, closing at 3,801.08, before declining 0.3 percent to close at 3,788.54 on Monday.

The JCI climbed 46 percent last year to 3,703.51, the strongest performer among Asia-Pacific countries in 2010.

Shayne Heffernan Best Buys are Lippo Karawaci, Borneo Lumbung Energi, Adaro Energy

Adaro Energy, Indonesia's second-largest coal miner, fell 1.1 percent to Rp 2,225 and looks very oversold.

Adaro Energy Tbk is an Indonesia-based integrated coal mining company. The Company, through its subsidiaries, is engaged in coal mining and trading and other related services, such as coal infrastructure and logistics. The Company has three direct subsidiaries, namely PT Alam Tri Abadi, PT Saptaindra Sejati and PT Makmur Sejahtera Wisesa.

Borneo Lumbung Energi and Metal was also oversold falling 1.7 percent to Rp 1,690.

PT Borneo Lumbung Energi & Metal Tbk. is an Indonesia-based company engaged in coal mining activity. The Company’s subsidiaries are PT Asmin Koalindo Tuhup (AKT), which is engaged in coal mining business, and PT Borneo Mining Services, which is engaged in the rental business of coal mining-related heavy equipment. The Company through its subsidiary, AKT, is involved in hard coking coal mining in Central Kalimantan, Indonesia, and markets the product in China, India, Japan, Taiwan, Turkey and South Korea.

Lippo Karawaci

PT Lippo Karawaci Tbk is an Indonesia-based residential and commercial urban developer. The Company’s business segments are urban development, large scale integrated development, retail malls, healthcare, hospitality and infrastructure, and property and portfolio management.

Its activities include the design and development of residential areas and its infrastructure, operating shopping malls, operating private hospitals and operating hotels.

Its urban development projects include Lippo Village, Tanjung Bunga and San Diego Hills Memorial Park.

It operates Sun Plaza, Bandung Indah Plaza, Mal Lippo Cikarang and Metropolis Town Square, among others.

The Company’s properties include Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Soliam Hospitals Surabaya and The Aryaduta Hotel and Country Club Karawaci.

JCI lost 13.67 points, or 0.4 percent, to close at 3,774.87. About 5 billion shares worth Rp 3.6 trillion ($417.6 million) changed hands. Gainers edged decliners 101 to 96.

The rupiah retreated from a seven-year high as regional currencies weakened.


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.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


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