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ASEAN STOCK WATCH Asean Affairs  18 April 2014 


Thai bourse welcomes beverage producer Ichitan Group

BANGKOK, April 18, 2014 – The Stock Exchange of Thailand (SET) welcomes Ichitan Group pcl, Thailand’s leading ready-made beverage manufacturer and distributor, on its main board on April 21, under the ticker symbol “ICHI,” after raising fund worth of THB 3.9 billion (approx. USDxx million) via initial public offering (IPO).

SET Executive Vice President Chanitr Charnchainarong said that ICHI would be listed in SET's Food and Beverage sector, the fourth new listing on SET this year. The company produced and distributed ready-made beverages under the brand of ICHITAN, such as ready-to-drink green tea, black tea, health-conscious drinks, green tea mixed with herbs and low-sugar beverages. ICHI is a market leader of ready-to-drink green tea, gaining 42 percent of the total. Its annual capacity was at 600 million bottles and 200 million cartons.

ICHI has a paid-up registered capital of THB 1.3 billion, consisting of 1 billion existing shares and 300 million newly-issued shares, with a par value of THB 1.00 each. The company offered the newly-issued shares through an IPO at THB 13 per share during April 8-11, for the total of THB 3.9 billion with market capitalization at the IPO price of THB 16.90 billion. Asia Plus Advisory Company Limited is the company's financial advisor and Asia Plus Securities pcl is its lead underwriter.

Tan Passakornnatee, Chairman and CEO of Ichitan Group pcl, said “The fund raised will be used for repayment of loans from financial institutions and the company’s directors, working capital as well as capacity expansion of its second phase factory. Its construction has begun since the second quarter of 2013 and is expected to be completed by this year. The new factory will boost the company’s annual capacity to 1,000 million bottles, up from the current 600 million, enabling it to expand into both domestic and overseas markets, ready for the advent of the ASEAN Economic Community.”    

ICHI's three major shareholders after the IPO are Mr.Tan and Mrs.Eng Passakornnatee Group (40.05%), The Representatives of Mr.Tan Passakornnatee Group (20.97%), and Mr. Yueh-Chin Chiu (4.99 percent). The IPO price had a price-to-earnings ratio (P/E) of 19.2 times, calculated by using its 2013 net profits of THB 881.70 million, divided by the number of fully-diluted shares, representing earnings per share of THB 0.70. The P/E ratio was lower than 30 times, an average P/E ratio of peers operating the similar business (during October 2, 2013 - April 1, 2014). ICHI's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.

For more information on ICHI, please see the company's prospectus at the Securities and Exchange Commission's website at and general information at the company's website at and .

Trading Summary

As of  18 April  2014         Unit: M.Baht
Type                              Buy                    Sell               Net        
Institution                 3,033.46            2,842.74         190.71     
Proprietary               2,901.28           3,164.34        -263.05     
Foreign                    4,212.04            2,941.42      1,270.62     
Individual               14,990.27          16,188.56     -1,198.28     
Total Trading Value     25,137.06 M.Baht     


Vietnam index ends at 9-wk low, more falls expected  

Vietnam's benchmark VN Index  closed 2.58 percent down on Friday at 565.33 points, its lowest level since Feb. 12, boosted by strong selling from major investors and more falls were expected next week as the market lacked supportive news, analysts said.
 Most blue chips in Ho Chi Minh City Stock Exchange's VN30 Index -- which features on the top 30 best performing companies -- lost ground, led by real estate firms and banks.
HAGL Co  lost 2.23 percent, and Vingroup  tumbled 2.26 percent to 65,000 dong ($3.08) per share, its lowest price in six months.
 Hanoi-based lender Vietcombank  fell 1.7 percent and Vietinbank    dropped 1.86 percent.  
The trading volume staying low in the past two weeks showed that the market have been on its downtrend in the medium term, said Nguyen Tuan, Deputy Manager at An Binh Securities.
About 117 million shares were traded on Friday, below the five-day average of 129 million.  
 "Big investors are selling after some blue chips reached their top prices," Tuan added. "The market is expected to dip further in the next several weeks."
The index has lost nearly 5.2 percent this week.

   Here is a snapshot of the VN Index
                     VN Index     565.33             
             PREV. CLOSE     580.31             
               % CHANGE     -2.58%             
                  HIGH     580.89             
                   LOW     565.33             


SE Asia Stocks-Thai shares close at 5-mth high; Vietnam falls to 9-wk low

Thai shares on Friday closed at their highest since late November on solid buying while Vietnam's benchmark tumbled to a nine-week low amid widespread selling.
Bangkok's SET Index   edged up 0.03 percent to mark a third straight day of gains, led by telecom firm Advanced Info Service Pcl  <ADVANC.BK>  which rose 1.27 percent.
"Decent foreign equity inflows may continue to support SET in the near term," KGI Securities said in a note to clients.
Foreign investors were net buyers of shares worth 7.5 billion baht ($233.1 million) in the $386-billion market in seven consecutive trading sessions as of Friday , But analysts expect the index to face some selling off around a resistance level of 1420.
"Catalysts for possible near-term correction remain local institutional selling and the longer than expected drag from politics," KGI said.
Malaysia's Kuala Lumpur Composite Index   witnessed a second day of gains after hitting a three-week low on Wednesday. It edged up 0.12 percent to end at 1852.69.
The Vietnamese index, however, plummeted 2.58 percent to its lowest level since Feb. 2 on widespread offloading of stocks amid strong selling on expectations of further losses.
VN Index  has dropped 5.16 percent this week, losing its title as Southeast Asia's best performer so far this year.
Stock markets in Singapore, Indonesia and the Philippines were closed for a holiday and will resume trading on Monday.     
 Market                           Current     Prev Close     Pct Move
 TR SE Asia Index*         421.09         421.55             -0.11
 Kuala Lumpur               1852.69       1850.54            +0.12
 Bangkok                       1409.18       1408.78            +0.03
 Ho Chi Minh                   565.33         580.31             -2.58

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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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