Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

 

Home  >>  Daily News  >>  ASEAN STOCK WATCH


ASEAN STOCK WATCH Asean Affairs   7  April  2011

Asean to Hit Highs

Shayne Heffernan

www.livetradingnews.com

Asean Markets are ready to set new all time highs, strong regional growth and a positive over night session in the USA will help lead the rally.

The ever depreciating USD will drive more foreign investors to the ASEAN Exchanges this month. The DJIA .DJI closed up 32.85 pts, or 0.26 percent, at 12,426.75.

The Standard & Poor's 500 .SPX closed up 2.91 pts, or 0.22 percent, at 1,335.54.

The Nasdaq Composite Index .IXIC closed up 8.63 pts, or 0.31 percent, at 2,799.82 Singapore stocks should be ready for another rally today and the Political noise surrounding the SGX takeover of the ASX will not stop the growth of Singapore.

The there has been much written about the takeover and the Singapore Exchange’s CEO Magnus Böcker, most of it was not true, Magnus Böcker has not lost SGX holders $1.5b SGX as an investment has never looked better and the possibility of an exchange buying Singapore is remote. Singapore is one of the fastest growing exchanges in the world and is continuing to attract new business constantly.

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 50% interest in Chi-East Pte. Ltd. (Chi-East).

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 29.46 11.63 16.27 18.34
P/E High – Last 5 Yrs. 24.87 106.64 112.07 90.53
P/E Low – Last 5 Yrs. 15.43 11.29 84.78 12.30
Beta 1.23 1.19 0.99 1.31
Price to Sales (TTM) 13.80 4.28 4.98 2.25
Price to Book (MRQ) 12.33 0.88 1.41 3.10
Price to Tangible Book (MRQ) 14.87 0.71 1.84 5.59
Price to Cash Flow (TTM) 27.29 9.29 16.11 65.17
Price to Free Cash Flow (TTM) 38.93 7.40 3.02 60.65
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 3.30 1.48 1.76 1.66
Dividend Yield – 5 Year Avg. 4.12 0.74 1.30 2.48
Dividend 5 Year Growth Rate 1.92 77.03 6.76 -4.83
Payout Ratio(TTM) 96.90 15.64 15.69 43.69

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 14.29 3.01 19.75 10.07
Sales (TTM) vs TTM 1 Yr. Ago 5.37 4.26 11.47 10.41
Sales – 5 Yr. Growth Rate 18.42 44.87 16.10 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 3.28 -0.48 83.53 77.22
EPS (TTM) vs TTM 1 Yr. Ago -3.14 - - -
EPS – 5 Yr. Growth Rate 24.38 33.55 8.66 4.62
Capital Spending – 5 Yr. Growth Rate 23.54 25.48 8.66 3.51

 

Hutchison Port Hldg Trust Hutchison Port Holdings Trust (HPH Trust) is a container port business trust and provides unit holders with an opportunity to invest in the trading hub by throughput, the Pearl River Delta. HPH Trust is engaged in the Portfolio Container Terminals and Portfolio Ancillary Services.

HPH Trust principally invests in, develops, operates and manages deep-water container ports1 in the Pearl River Delta. HPH Trust may also invest in other types of port assets, including river ports, which are complementary to the deep-water container ports operated by HPH Trust, as well as undertake certain port ancillary services including, but not limited to, trucking, feedering, freight-forwarding, supply chain management, warehousing and distribution services. Hutchison Port Holdings Management Pte. Limited is the Trustee-Manager of HPH Trust.

In Singapore yesterday the Straits Times Index gained 0.8 percent to close at 3,170.33, the highest level since February 8.

Singapore still offers bargains as the index trades at an average 14.4 times estimated earnings, compared with about 15.6 times at the end of 2010.

Thailand is coming back from a Public Holiday today, in Bangkok Tuesday the Stock Exchange of Thailand (SET) composite index on Tuesday lost 2.53 points, or 0.23 percent, to close at 1,076.13 points. The market value was 30.89 billion baht, with 4.86 billion shares traded. Shayne Heffernan best buys are PTTEP

PTT Exploration and Production PCL announced its PTTEP Canada International Finance Limited unit has raised USD 700 million for the Company through its issue of unsecured and unsubordinated debentures to foreign institutional investors. They carry a coupon of 5.692 percent per annum with a 10-year tenor. They have been rated BBB+ by Standard and Poor’s.

PTT Exploration and Production Public Company Limited is a Thailand-based company engaged in the exploration, extraction, production and development of petroleum products. It produces crude oil, condensate, natural gas and liquefied petroleum gas (LPG).

Banpu

Banpu Public Company Limited, through its subsidiaries, engages in coal mining and coal-fired power generation businesses primarily in Thailand, Indonesia, and the People’s Republic of China. It engages in the exploration, mining, and trading of coal.

The company holds interests in various coal properties, including various mines in Lampang and Phayao provinces in Thailand; coal assets in Kalimantan in Indonesia; and the mines located in Henan and Shanxi provinces, in the People’s Republic of China.

It offers its coal products to customers, including coal-fired power plants, cement, petrochemical, paper, plastic, textile, and chemical industries. The company also invests in and operates coal-fired power projects, through which it involves in the production and trading of power. The company was founded in 1983 and is headquartered in Bangkok, Thailand. Yesterdays most active were as follows;

IRPC closed at 6.25 baht, up by 0.15 or 2.46 percent.

BANPU closed at 782.00 baht, down 4.00 or 0.51 percent.

TRUE closed at 6.20 baht, down 0.10 or 1.59 percent.

STA closed at 32.25 baht, up by 1.75 or 5.74 percent.

PTTEP closed at 192.00 baht, down 1.50 or 0.78 percent.

Cash is no longer king and the value of the USD is being eroded which means everyone must rethink their investment strategy and adjust their portfolio holdings.

While many think that if they live in the USA and earn in USD nothing will change, I can assure you that those days are over, growing worldwide demand for food, energy, goods and services has an impact at all retail outlets in the USA.

Every investor, institutional or individual must now balance their portfolio based on currency exposure.

The IMF’s John Lipsky has warned that “the average public debt ratio of advanced countries will exceed 100 percent of their GDP for the first time since the war” by the end of this year, and that this debt is unsustainable, risking a new fiscal crisis for some.

The massive sovereign debt problems of the US and Eurozone also clearly run the risk of sharply increasing future inflation as their currency wars export inflationary pressure around the world. This will result in real investment losses in long-term fixed interest bonds (as well as in cash), since debt that cannot be repaid from taxes will need to be printed by means of ever larger rounds of quantitative easing (money printing) measures.

All this simply implies an accelerating erosion of the value and purchasing power of money. Investors can protect themselves from rising inflationary risks by investing in or gaining exposure to real scarcity, traditional safe haven assets like gold, as well as other commodities, I would include things like agricultural land and soft commodities as well. Dividend stocks will become the next big thing as the Fed intends to hold rates low for an extended period.

Your dividend portfolio should be comprised of businesses that are generating a good mix of revenue in a number of currencies, it should include foreign companies, ADR’s and ETf’s. These need to be well researched and have a strong history of dividend payments.

That dividend portfolio should be 50% foreign non USD derived income at least, it should feature Food, Commodities, Soft Commodities, Agriculture, Energy and companies in that vertical.

Exposure to these asset classes, as part of a diversified portfolio, can generally provide better inflation- protection than a portfolio mostly comprising bonds or cash.

Heffcap offers such a balancing and review service for clients that qualify as institutional or accredited investors. For the general public we publish some of our research on www.livetradingnews.com.

Manila broke through the 4200 mark and is looking to add to gains and set new record highs, investor sentiment has been positive and that carried through in new York trading overnight. Shayne Heffernan best buys are Metrobank and Aboitiz Equity.

Metropolitan Bank & Trust Company is a Philippines-based bank. The Company principal business activities involve deposit-taking and lending, trade finance, remittances, treasury, investment banking and thrift banking. It provides investment banking services through First Metro Investment Corporation (FMIC) and retail banking through Philippine Savings Bank (PSBank).

The Bank is also a major participant in the foreign exchange market in the Philippines of over 800 local and international branches, offices and agencies. The Company provides services, such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, trading and remittances and trust services.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 17.31 15.87 16.21 18.34
P/E High – Last 5 Yrs. 15.52 30.22 111.77 90.53
P/E Low – Last 5 Yrs. 9.43 9.59 84.63 12.30
Beta 1.29 1.26 0.99 1.31
Price to Sales (TTM) 1.95 3.48 4.97 2.25
Price to Book (MRQ) 1.57 1.05 1.42 3.10
Price to Tangible Book (MRQ) 1.82 1.38 1.85 5.59
Price to Cash Flow (TTM) 13.92 18.63 15.67 65.17
Price to Free Cash Flow (TTM) 2.14 0.89 3.09 60.65
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 0.86 1.82 1.76 1.66
Dividend Yield – 5 Year Avg. 1.84 1.75 1.29 2.48
Dividend 5 Year Growth Rate 4.56 8.62 6.81 -4.83
Payout Ratio(TTM) 14.56 11.83 15.64 43.69

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago -1.25 7.44 19.68 10.07
Sales (TTM) vs TTM 1 Yr. Ago -7.37 7.61 11.41 10.41
Sales – 5 Yr. Growth Rate 6.98 16.67 16.09 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 59.11 56.46 83.34 77.22
EPS (TTM) vs TTM 1 Yr. Ago 49.90 - - -
EPS – 5 Yr. Growth Rate 5.94 5.94 8.63 4.62
Capital Spending – 5 Yr. Growth Rate 28.59 10.04 8.63 3.51

 

Aboitiz Equity Aboitiz Equity Ventures, Inc. (AEV) is a holding and management company of the Aboitiz Group, a conglomerate in the Philippines. AEV’s core businesses, conducted through its various subsidiaries and affiliates, are grouped into five main categories: power distribution and generation, financial services, food manufacturing, transport, and portfolio investments (parent company/others). AEV’s power segment is engaged in power generation and sale of electricity. The food manufacturing segment is engaged in the production of flour and feeds, and swine breeding.

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 12.02 4.79 4,631,374,703.50 18.34
P/E High – Last 5 Yrs. 9.24 37.96 66.73 90.53
P/E Low – Last 5 Yrs. 6.03 17.22 14.19 12.30
Beta 0.66 1.34 1.14 1.31
Price to Sales (TTM) 2.88 0.40 1.45 2.25
Price to Book (MRQ) 3.91 0.66 1.12 3.10
Price to Tangible Book (MRQ) 4.10 0.80 1.50 5.59
Price to Cash Flow (TTM) 8.12 3.86 10.48 65.17
Price to Free Cash Flow (TTM) 18.88 10.02 34.64 60.65
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 3.77 1.02 1.32 1.66
Dividend Yield – 5 Year Avg. 4.35 1.11 1.19 2.48
Dividend 5 Year Growth Rate 34.08 10.27 9.14 -4.83
Payout Ratio(TTM) 14.90 5.80 17.83 43.69

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 55.68 5.55 12.07 10.07
Sales (TTM) vs TTM 1 Yr. Ago 169.40 6.27 7.42 10.41
Sales – 5 Yr. Growth Rate 15.58 5.92 7.93 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 130.42 79.42 134.28 77.22
EPS (TTM) vs TTM 1 Yr. Ago 194.20 - - -
EPS – 5 Yr. Growth Rate 23.14 23.77 12.14 4.62
Capital Spending – 5 Yr. Growth Rate 54.27 13.24 15.69 3.51

 

The transportation segment provides domestic sea and land transportation service. The financial services segment is engaged in banking operations. The parent company and others segment include the operations of the Company, air transport services and real property business of the Company. AEV’s significant subsidiaries include Aboitiz Power Corporation, Aboitiz Transport System (ATSC) Corporation and Pilmico Foods Corporation.

Yesterday in Manila the Philippine Stock Exchange index added 45.43 points or 1.09 percent to finish at 4,212.52.

News about China’s fresh monetary tightening, which in the past was a sentiment dampener, was shrugged off and instead read as a sign of confidence in favorable growth momentum across the region.

The property, services and mining/oil counters led the day’s upswing, respectively up by 3.2percent, 1.4 percent and 2.3 percent, although all other counters were also up. Value turnover amounted to P5.5 billion. There was P266 million in net foreign buying for the day.

There were 89 advancers, 46 decliners and 40 unchanged stocks.

The Winners were EDC, Aboitiz Power, PLDT, DMCI Holdings, First Gen, Metro Pacific Investments, SM Investments, Filinvest Land, Lepanto Mining, ICTSI, Leisure & Resorts, Megaworld, FPH, Nickel Asia, SM Prime, Banco de Oro.

Jakarta is moving higher as fresh rounds of foreign investors and positive sentiment are lifting the quality regional stocks.

Shayne Heffernan Best Buys are Mitrabahtera Segara Sejati is a good buy on a dip, the coal transport company, jumped 11.25 percent to Rp 1,780 on its listing debut, having raised Rp 280 billion in an initial public offering in March to expand its business.

Aneka Tambang, the nation’s second-largest gold and nickel producer, rose 1.1 percent to Rp 2,325 but still has good room for gains as metals rise.

In Jakarta yesterday the JCI rose 41.86 points, or 1.14 percent, to 3,727.80. About 4.7 billion shares worth Rp 5.8 trillion ($673 million) changed hands. Gainers outnumbered decliners 140 to 66.

The rupiah strengthened to 8,652 against the dollar on Wednesday, from 8,659 the previous day, on speculation Bank Indonesia will not intervene in the local currency to help curb inflation. Shayne Heffernan strong buy Bank Mandiri, Indonesia’s biggest bank by assets, gained 2.3 percent to Rp 6,800. The bank plans to buy a 60 percent stake in an Indonesian insurance company, Asuransi Dharma Bangsa, in the third quarter, according to Bank Mandiri’s finance director, Pahala Mansury.

In Kuala Lumpur yesterday the KLCI index lost 0.18 points to close at 1552.

Today the exchange should see some further gains, Shayne Heffernan best buys are CIMB and Maybank

CIMB

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.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 16.73 15.87 16.27 18.34
P/E High – Last 5 Yrs. 17.35 30.22 112.07 90.53
P/E Low – Last 5 Yrs. 10.13 9.59 84.78 12.30
Beta 1.35 1.26 0.99 1.31
Price to Sales (TTM) 5.21 3.48 4.98 2.25
Price to Book (MRQ) 2.66 1.05 1.41 3.10
Price to Tangible Book (MRQ) 4.58 1.38 1.84 5.59
Price to Cash Flow (TTM) 14.19 18.63 16.11 65.17
Price to Free Cash Flow (TTM) 0.89 0.89 60.65
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 1.51 1.82 1.76 1.66
Dividend Yield – 5 Year Avg. 1.57 1.75 1.30 2.48
Dividend 5 Year Growth Rate 18.51 8.62 6.76 -4.83
Payout Ratio(TTM) 54.91 11.83 15.69 43.69

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 14.22 7.44 19.75 10.07
Sales (TTM) vs TTM 1 Yr. Ago 5.97 7.61 11.47 10.41
Sales – 5 Yr. Growth Rate 13.14 16.67 16.10 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 4.31 56.46 83.53 77.22
EPS (TTM) vs TTM 1 Yr. Ago 25.43 - - -
EPS – 5 Yr. Growth Rate 26.65 5.94 8.66 4.62
Capital Spending – 5 Yr. Growth Rate 10.04 8.66 3.51

 

Maybank

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.

 

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 15.78 15.89 16.27 18.34
P/E High – Last 5 Yrs. 49.15 30.31 112.07 90.53
P/E Low – Last 5 Yrs. 11.88 9.62 84.78 12.30
Beta 0.96 1.26 0.99 1.31
Price to Sales (TTM) 5.10 3.48 4.98 2.25
Price to Book (MRQ) 2.25 1.06 1.41 3.10
Price to Tangible Book (MRQ) 2.72 1.39 1.84 5.59
Price to Cash Flow (TTM) 14.66 17.82 16.11 65.17
Price to Free Cash Flow (TTM) 0.89 3.02 60.65
% Owned Institutions - - - -

 

Dividends

Company Industry Sector S&P 500
Dividend Yield 7.93 1.82 1.76 1.66
Dividend Yield – 5 Year Avg. 4.52 1.74 1.30 2.48
Dividend 5 Year Growth Rate -5.43 8.74 6.76 -4.83
Payout Ratio(TTM) 93.73 11.84 15.69 43.69

 

Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 9.43 7.41 19.75 10.07
Sales (TTM) vs TTM 1 Yr. Ago 0.87 7.62 11.47 10.41
Sales – 5 Yr. Growth Rate 7.69 16.66 16.10 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 11.37 56.63 83.53 77.22
EPS (TTM) vs TTM 1 Yr. Ago 221.99 - - -
EPS – 5 Yr. Growth Rate 2.02 5.89 8.66 4.62
Capital Spending – 5 Yr. Growth Rate 6.93 10.04 8.66 3.51

 

Most active MAA, DBE-WA, MPAY, PERISAI, BENALEC, DBE-WA, FITTERS-WA, KURASIA, PJI-WA and FITTERS. Trading volume decreased to 1571.62 mil shares worth RM2065.54 mil as compared to Tuesday’s 1600.15 mil shares worth RM1969.93 mil.

The Winners were GENTING (+20 sen to RM11.22), MAYBANK (+7 sen to RM9.15), GENM (+9 sen to RM3.77), HLBANK (+20 sen to RM10.10) and MAXIS (+2 sen to RM5.39).

The Losers were IOICORP (-17 sen to RM5.55), CIMB (-6 sen to RM8.28), TENAGA (-3 sen to RM6.18), YTL (-7 sen to RM7.60) and GAM (-3 sen to RM3.87). Market breadth was positive with 490 gainers as compared to 310 losers.

The Finance Index increased 0.18 to 14164.57 points, the Properties Index up 0.15% to 1110.96 points and the Plantation Index down 0.78 percent to 7763.78 points. The market traded within a range of 4.06 points between an intra-day high of 1553.90 and a low of 1549.84 during the session.

 

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.


 


Comment on this Article. Send them to  your.views@aseanaffairs.com
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below 

Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code



 
Today's  Stories    7  April 2011 Subsribe Now !
• Hyundai begins Cambodian car assembly line Subcribe: Asean Affairs Global Magazine
• Bali Confronts Its Problems Asean Affairs Premium
• Malaysia agricultural sector expands halal
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

 
• Malaysia’s #2 palm oil company investigated
• Philippine manufacturers to pay less tax

• Philippine truck production imperiled

• Film piracy holds back Thailand  

• Troubled regions still good markets p

Asean Analysis    April 2011

Advertise Your Brand

• A tale of two different regions

Sponsor Our Events

Asean Stock Watch    April 2011

p

• Asean to Hit Highs

p

Global News Impacting Asia    17 November 2010

p

• Bank of America sees Asian inflation

p

• Lloyd’s increases insurance push in Malaysia

p

• Wells Fargo analyst on euro

p

• Obama’s visit to Asia

p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

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

 

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com