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ASEAN STOCK WATCH Asean Affairs   8  April  2011

Asean Stock Exchange News

Shayne Heffernan

Asean Markets will open a little lower today after a second major earthquake hit Japan overnight.

Wall St fell sharply on the news but recovered during the day.

The DJIA .DJI closed minus 17.26 pts, or 0.14 percent, at 12,409.49.

The Standard & Poor's 500 .SPX closed minus 2.03 pts, or 0.15 percent, at 1,333.51.

The NAS .IXIC closed off 3.68 pts, or 0.13 percent, at 2,796.14.

On the US Commodities Front: Industrials (+1.4 percent) and softs (+1 percent) led the gainers in commodities Thursday, and Coffee futures rallied 2.9 percent.

May Crude Oil finished higher by 1.4 percent to 110.30 bbl as it made a clear break above 110 to notch highs at $110.44, a new 2.5 yr high. Crude Oil last traded at these levels on Sept. 22, 2008, when it rose to 130, on the crushing of the US currency by news of the US700B+ Wall St rescue package from the US government.

Today the run up comes on worries about the chaos in the MENA region, specifically Israel-Gaza and Nigeria.

May Nat Gas fell 2.3 percent to close at 4.06 per MMBtu. The sell-off in Nat Gas marked the fifth straight session sell-off and came from this morning's inventory data, which showed a smaller-than-expected Nat Gas draw down.

It was a quiet session for precious metals: Jun Gold finished + 0.1 percent to $459.30 oz, and May Silver added 0.4 percent to 39.55 oz.

Singapore will open lower and it will be a great opportunity to buy quality. Sembcorp

Sembcorp Marine, one of the world's largest rig-builders, said yesterday that its Jurong Shipyard unit has signed two contracts worth a total of US$427.6 million (S$539 million) to build two jackup rigs for United States offshore driller Noble Corporation.

The rigs are scheduled for delivery in the third quarter of 2013 and the first quarter of 2014, Sembcorp Marine said in a filing to the Singapore Exchange.

Sembcorp Marine said the rigs will be suitable for operations in challenging environments and harsh conditions, including extreme temperature areas such as in the Middle East and in the North Sea. The rigs will be capable of operating in waters of 400 ft and drilling to depths of 30,000 ft.

Singapore's Keppel Corp , the world's largest oil rig builder, said on Sunday that Jasper Investments had exercised an option to order a second jackup rig worth $180 million.

The KFELS B Class rig, which will be able to operate in water depths of 400 feet and drill up to 30,000 feet deep, will be delivered in the first half of 2013.

Jasper, a Singapore-based investment firm, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas companies.

The Singapore the central bank will release its half-yearly monetary review on April 14 and is widely expected to tighten policy further, allowing the local currency to strengthen some more to combat imported inflation.

Separately, the government will release the city-state's first quarter advance GDP growth estimates on the same day. Both releases are scheduled for 8.00am.

The Monetary Authority of Singapore (MAS) may either sanction a small, immediate jump in the local dollar or signalling it will let the currency rise at a faster pace over time, a poll of economists by Reuters showed.

Inflationary pressures stemming from higher oil prices and a tight job market may prompt the MAS to tighten policy further, despite potential weakness in the global economy arising from problems in Japan and the Middle East, economists said.

However, the MAS is unlikely to act as aggressively as economists had expected back in February when the government raised its 2011 inflation outlook, a move that sparked a rally in the Singapore dollar.

In Singapore the Straits Times Index closed at 3,171.65, up 0.04 percent, or 1.32 points.

About 1.6 billion shares exchanged hands.

Gainers beat losers 244 to 206.

Jakarta will see a lower open today and possibly come back under 3700 after a lackluster overnight session in New York.

Shayne Heffernan best buys are Krakatau Steel and Adhi Karya

PT Krakatau Steel (Persero) Tbk is an Indonesia-based company engaged in steel industry. It has six production plants and produces hot rolled coil/plate, cold rolled coil/sheet and wire rod.

The Company’s products are being used in general construction and welding, pipes and tubes, automotive components and frameworks, oil and gas pipelines, gas tubes, ship constructions, galvanized sheet, porcelain enamelware, wire, nail and mesh, bolt and screw, spring bed and electrode wires.

Its subsidiaries are PT KHI Pipe Industries, PT Krakatau Wajatama, PT Meratus Jaya Iron & Steel, PT Krakatau Daya Listrik, PT Krakatau Tirta Industri, PT Krakatau Bandar Samudera, PT Krakatau Industrial Estate Cilegon, PT Krakatau Engineering, PT Krakatau IT and PT Krakatau Media.


Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 7.18 56.37 23.11 18.34
P/E High – Last 5 Yrs. -- 290.64 76.66 90.53
P/E Low – Last 5 Yrs. 27.21 10.97 84.78 12.30
Beta -- 1.73 1.34 1.31
Price to Sales (TTM) 1.03 3.83 2.56 2.25
Price to Book (MRQ) 2.81 0.35 2.48 3.10
Price to Tangible Book (MRQ) 2.81 0.39 2.60 5.59
Price to Cash Flow (TTM) 6.35 63.27 21.04 65.17
Price to Free Cash Flow (TTM) 563.50 7.95 23.56 60.65
% Owned Institutions - - - -



Company Industry Sector S&P 500
Dividend Yield -- 0.98 1.02 1.66
Dividend Yield – 5 Year Avg. -- 1.21 1.50 2.48
Dividend 5 Year Growth Rate -- 7.26 16.98 -4.83
Payout Ratio(TTM) 0.00 8.72 11.43 43.69


Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 14.98 21.71 328.94 10.07
Sales (TTM) vs TTM 1 Yr. Ago -- 21.06 24.80 10.41
Sales – 5 Yr. Growth Rate -- 18.47 13.61 7.42
EPS (MRQ) vs Qtr. 1 Yr. Ago 190.62 54.72 85.15 77.22
EPS (TTM) vs TTM 1 Yr. Ago -- - - -
EPS – 5 Yr. Growth Rate -- 11.41 24.23 4.62
Capital Spending – 5 Yr. Growth Rate -- 37.71 20.28 3.51


Adhi Karya PT Adhi Karya (Persero) Tbk is an Indonesia-based construction company. Its business segments are construction, which includes construction of roads and bridges, irrigation, ports, hotels, hospitals, schools and commercial buildings; engineering, procurement and construction (EPC), which is an extended business of the Company as a support to its core business, and investment, which covers the Company’s investment in the infrastructure business and related industries.

The Company's subsidiaries include PT Adhi Realty, Adhi Oman LLC, PT Duri Indah Raya, PT Adhicon Persada and Adhi Multipower, Pte., Ltd.


Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 7.79 43.06 5,152,287,969.23 18.27
P/E High – Last 5 Yrs. 21.95 83.77 66.79 90.62
P/E Low – Last 5 Yrs. 4.38 12.81 14.20 12.29
Beta 1.78 1.04 1.14 1.31
Price to Sales (TTM) 0.27 4.25 1.45 2.25
Price to Book (MRQ) 1.71 0.56 1.12 3.09
Price to Tangible Book (MRQ) 1.76 0.64 1.50 5.58
Price to Cash Flow (TTM) 7.45 30.68 10.49 66.91
Price to Free Cash Flow (TTM) -- 4.80 34.46 60.63
% Owned Institutions - - - -



Company Industry Sector S&P 500
Dividend Yield 3.36 1.69 1.34 1.66
Dividend Yield – 5 Year Avg. 2.09 0.80 1.29 2.49
Dividend 5 Year Growth Rate 7.64 6.63 9.14 -4.99
Payout Ratio(TTM) 26.21 82.81 17.81 43.65


Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago -8.85 -1.39 12.13 10.01
Sales (TTM) vs TTM 1 Yr. Ago -26.44 5.74 7.48 10.34
Sales – 5 Yr. Growth Rate 13.39 25.07 7.99 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago 17.98 34.88 134.66 77.08
EPS (TTM) vs TTM 1 Yr. Ago 17.14 - - -
EPS – 5 Yr. Growth Rate 20.17 25.83 12.12 4.56
Capital Spending – 5 Yr. Growth Rate -33.03 27.62 15.69 3.47


In Jakarta yesterday the JCI gained 2.79 points, or 0.07 percent, to 3,730.58. About 3.4 billion shares worth Rp 4.9 trillion ($563.5 million) changed hands, with decliners beating gainers 107 to 98.

The rupiah weakened to trade at 8,677 to the US dollar at the close on Thursday, from 8,652 on Wednesday, on speculation Bank Indonesia is curbing gains in the currency.

Shayne Heffernan strong buy Aneka Tambang, Indonesia’s second-largest nickel producer, rose 1.1 percent to Rp 2,350. Nickel futures for three-month delivery surged 4 percent to $26,430 per ton in London.

Shayne Heffernan's other strong buy Bank Rakyat Indonesia, the nation’s second-largest bank by assets, gained 4.2 percent to Rp 6,200.

Manila may test support levels today as the market looks certain to open lower.

Shayne Heffernan Best Buys are Cebu Air and SM Prime

Cebu Air, Inc. (CEB) is a Philippines-based company. The Company is engaged in aviation industry. It operates a route network serving 50 domestic routes and 23 international routes with a total of 1,832 scheduled weekly flights.

It operates from four hubs, including the Ninoy Aquino International Airport (NAIA) in Pasay City; Mactan-Cebu International Airport located in Metropolitan Cebu; Diosdado Macapagal International Airport in Clark, Pampanga; and Davao International Airport in Davao City.

As of Dec. 31, 2010, the company operated a fleet of 31 aircraft which comprises of 10 Airbus A319, 14 Airbus A320, and seven ATR 72-500 aircraft. It operates its Airbus aircraft on both domestic and international routes and operates the ATR 72-500 aircraft on domestic routes, including destinations with runway limitations. The average aircraft age of the company’s fleet is approximately 3.1years as of Dec. 31, 2010.

Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 6.93 1.55 5,152,287,969.23 18.27
P/E High – Last 5 Yrs. 9.63 41.92 66.79 90.62
P/E Low – Last 5 Yrs. 9.63 12.37 14.20 12.29
Beta -- 0.68 1.14 1.31
Price to Sales (TTM) 1.73 0.23 1.45 2.25
Price to Book (MRQ) 2.82 1.16 1.12 3.09
Price to Tangible Book (MRQ) 2.81 1.44 1.50 5.58
Price to Cash Flow (TTM) 5.57 3.45 10.49 66.91
Price to Free Cash Flow (TTM) 6.57 24.71 34.46 60.63
% Owned Institutions - - - -



Company Industry Sector S&P 500
Dividend Yield -- 0.09 1.34 1.66
Dividend Yield – 5 Year Avg. -- 0.54 1.19 2.49
Dividend 5 Year Growth Rate -- 3.00 9.14 -4.99
Payout Ratio(TTM) 17.72 2.39 17.81 43.65


Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 10.41 30.64 12.13 10.01
Sales (TTM) vs TTM 1 Yr. Ago 24.79 14.30 7.48 10.34
Sales – 5 Yr. Growth Rate 28.61 9.23 7.99 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago 54.43 214.72 134.66 77.08
EPS (TTM) vs TTM 1 Yr. Ago 112.49 - - -
EPS – 5 Yr. Growth Rate 125.79 2.79 12.12 4.56
Capital Spending – 5 Yr. Growth Rate -20.46 -0.33 15.69 3.47


SM Prime

SM Investments Corporation (SMIC) is the holding company of the SM Group of Companies. It is engaged in five businesses through its subsidiaries: shopping mall development and management (SM Prime Holdings, Inc.), retail (SM Department Stores, SM Supermarket, SM Hypermarket and SaveMore Stores); financial services (Banco de Oro Unibank Inc. and China Banking Corporation), and real estate development and tourism (SM Land, Inc., SM Development Corporation, Costa Del Hamilo, Inc., Pico de Loro Beach and Country Club, Inc. and Highlands Prime, Inc.) and hotels (SM Hotels, SMX Convention Specialists, Hotel Specialists - Tagaytay, Cebu and Manila).

At Dec. 31, 2009 the Company had 36 supermalls in the Philippines and three in China. Banco the Oro Unibank, Inc and China Banking Corporation offer their services to the customers through 700 branches and more than 1,200 Automated Teller Machines (ATMs) one and 247 branches and 380 (ATMs) the other.


Valuation Ratios

Company Industry Sector S&P 500
P/E Ratio (TTM) 18.60 4.64 11.08 18.27
P/E High – Last 5 Yrs. -- 143.31 41.25 90.62
P/E Low – Last 5 Yrs. -- 25.55 10.03 12.29
Beta 1.15 1.07 0.94 1.31
Price to Sales (TTM) 1.90 0.10 0.98 2.25
Price to Book (MRQ) 2.44 0.65 0.56 3.09
Price to Tangible Book (MRQ) 2.76 0.89 0.69 5.58
Price to Cash Flow (TTM) 10.98 2.46 4.39 66.91
Price to Free Cash Flow (TTM) -- 6.84 8.90 60.63
% Owned Institutions - - - -



Company Industry Sector S&P 500
Dividend Yield 1.46 1.72 0.95 1.66
Dividend Yield – 5 Year Avg. -- 0.69 1.24 2.49
Dividend 5 Year Growth Rate -- 5.41 0.10 -4.99
Payout Ratio(TTM) 0.00 1.64 8.23 43.65


Growth Rates

Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 6.49 3.23 1,350.77 10.01
Sales (TTM) vs TTM 1 Yr. Ago 7.68 2.20 4.30 10.34
Sales – 5 Yr. Growth Rate -- 12.84 10.33 7.40
EPS (MRQ) vs Qtr. 1 Yr. Ago 16.44 90.48 115.07 77.08
EPS (TTM) vs TTM 1 Yr. Ago 15.37 - - -
EPS – 5 Yr. Growth Rate -- -5.29 3.44 4.56
Capital Spending – 5 Yr. Growth Rate -- 16.05 1.26 3.47



In Manila yesterday Philippine Stock Exchange index added 6.91 points or 0.16 percent to finish at 4,219.43, ending in positive territory for a second straight trading session.

Market support levels were at the psychological 4,200-line and further down at 4,150. At the upside, the next barriers were seen at 4,285 and 4,350.

Shares of Metrobank, Ayala Land, Ayala Corp. and Megaworld were actively traded but remained unchanged.

Energy stocks like DMCI, EDC, First Gen and Aboitiz Power helped the index stay afloat at the 4,200 mark alongside gains by ICTSI, BPI and Philex Mining.

On the other hand, profit-taking on large-cap stocks like AGI, PLDT, SM Prime and Aboitiz Equity Ventures prevented any bigger advance.

Gaming stocks that are not part of the PSEi like Leisure & Resorts and Belle also succumbed to profit-taking.

Overall risk appetite was tempered by a further uptick in global oil prices towards $109 a barrel that in turn dragged down the US dollar against major foreign currencies. Despite the overall index gain, the 58 advancers were thus outnumbered by 74 decliners while 50 stocks were unchanged.

Value turnover for the day fell below the P5-billion mark at P4.9 billion.

Bursa Malaysia will not open well today but will recover over the next few days, Palm Oil stocks stand out as bargains.

Shayne Heffernan best buys are IOICORP, Sime Darby

In Kuala Lumpur the KLCI index gained 9.04 points or 0.58% on Thursday closing at 1561.

The market traded within a range of 7.33 points between an intra-day high of 1561.93 and a low of 1554.60 during the session.

Most Active MAA, PERISAI, KBUNAI, SAAG, MPAY, JCY, KUB, IOICORP, ASB and DBE-WA. Trading volume increased to 1574.67 mil shares worth RM2283.37 mil as compared to Wednesday's 1571.62 mil shares worth RM2065.54 mil.

The Winners were IOICORP (+17 sen to RM5.72), AMMB (+15 sen to RM6.66), DIGI (+54 sen to RM29.34), MAYBANK (+5 sen to RM9.20) and CIMB (+4 sen to RM8.32).

The Losers were YTLPOWR (-3 sen to RM2.27), AXIATA (-1 sen to RM4.81), MMCCORP (-3 sen to RM2.76), PLUS (-1 sen to RM4.47) and PPB (-2 sen to RM16.98).

Market breadth was positive with 441 gainers as compared to 352 losers. The Finance Index increased 0.70% to 14264.27 points, the Properties Index up 0.76% to 1119.44 points and the Plantation Index rose 1.36 percent to 7869.64 points.

Bangkok will see some falls, however bargain hunters and foreign investors will mean losses are limited.

Shayne Heffernan best buys are S. Khonkaen Foods, California WOW X

California WOW X

California WOW Xperience Public Company Limited provides fitness center and related services primarily in Thailand. The company’s fitness centers offer a range of fitness facilities, such as equipment for cardiovascular, resistance, and free weights; and aerobic, body pump, and spinning services.

It also offers personal training, yoga, Pilates, swimming pool, sauna, steam, and spa services. California WOW Xperience Public Company Limited was founded in 2000 and is based in Bangkok, Thailand.


0.10 0.13
0.13 0.10
05/10/10 - 0.55 04/7/11 - 0.10
66.0M 644.0K
-0.79 550.4M
04/2/09 --
-- -

S. Khonkaen Foods

S. Khonkaen Foods Public Company Limited engages in the manufacture and distribution of processed food products in Thailand, Europe, the United States, Scandinavia, the Middle East, Hong Kong, and Japan. It also involves in breeding and rearing purebred swine for sale to farmers.

The company offers Thai food product line, which includes pork satay, pork balls, frozen pork balls, Thai style sausage, Chinese sausage, frozen sausage Vietnamese style, frozen fermented sausage, shredded and roasted pork, and dried beef. Its seafood product portfolio comprises fish balls, assorted seafood balls, cuttlefish balls, shrimp balls, fish cakes, crab rolls, and fried fish bars, as well as Sa-wan, Pla-Duk-Flu, Na-Rok, and Na-Rok Mang-Da chili flakes.

The company also offers meat snack products, consisting of crispy and roasted pork, crispy chicken, and crispy fish products; frozen products, such as port dumpling soup, green curry pork, roasted duck curry, chicken tom yam, tom yam goong, fish, and Siam ruby; and gift sets, such as crispy pork, pork stick, dried pork, and shredded pork. The company was formerly known as S. Khon Kaen Food Industry Public Company Limited and changed its name to S. Khonkaen Foods Public Company Limited in April 2010. S. Khonkaen Foods Public Company was founded in 1984 and is headquartered in Bangkok, Thailand.

In Bangkok yesterday, the Stock Exchange of Thailand main index went up 13.08 points or 1.22 to close at 1,089.21 points at the end of trading session on Thursday Afternoon. The trade value was 42.57 billion baht.

Top five most active values were as follows;

PTT closed at 377.00 baht, up 9.00 baht (2.45 percent)

BBL closed at 182.00 baht, up 5.00 baht (2.82 percent)

IRPC closed at 6.45 baht up 0.20 baht (3.20 percent)

TRUE closed at 4.78 baht, down 1.42 baht (22.90 percent)

IVL closed at 55.00 baht, up 2.25 baht (4.27 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.

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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