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ASEAN STOCK WATCH Asean Affairs   25 April 2012

ASEAN MArket Outlook

By Shayne Heffernan Ph.D.

Apple Inc NASDAQ:AAPL earnings are set to give ASEAN markets a lift today.

The S&P 500 rose 0.4 percent to 1,371.97 at 4 p.m. New York time. The Dow Jones Industrial Average added 74.39 points, or 0.6 percent, to 13,001.56. The Nasdaq Composite Index lost 0.3 percent to 2,961.60. About 6.2 billion shares changed hands on U.S. exchanges, or 8.5 percent below the three-month average.

However after market Apple posted blowout earnings again and Wall St will rally tomorrow.


Singapore will open higher with banks and real estate companies still the best buys according to researchers at HCM.

Banks will see another round of good earnings from the increased IPO and Corporate banking activity in Singapore.

CVC Capital Partners Ltd. has added Morgan Stanley (MS) and UBS AG (UBSN) to help with the initial public offering of Formula One, which could raise as much as $3 billion in Singapore, said two people with knowledge of the matter.

The two banks join Goldman Sachs Group Inc. (GS), hired earlier for the stock sale, as lead managers for the IPO, said the people, who declined to be identified because the process is private. DBS Group Holdings Ltd. (DBS), CIMB Group Holdings Bhd (CIMB) and Banco Santander SA (SAN) have also been retained to help manage the IPO, the people said.

Singapore gave the British soccer team Manchester United Ltd. permission to do an IPO of about $1 billion last year. That sale, which was scuttled amid stock market volatility late last year, may be revived.


Banks are also a good buy in Thailand as earnings grow, Strong loan growth, in line with the country's economic recovery after last year's floods, supported profitability.

The banking industry, including 11 SET-listed companies, posted total net profits of 41.36 billion baht in the first quarter, up 8.9% year-on-year.

Siam Commercial Bank (SCB) reported the sector's biggest net profit of 10.34 billion baht. Land and Houses Bank (LH Bank) recorded the highest growth with 54.5%, up from 101 billion baht in the first quarter of 2011 to 156 million baht in the first quarter this year.

Three banks _ SCB, TMB Bank and Kiatnakin Bank (KK) _ reported a lower net profit in the first quarter this year compared with a year earlier.

SCB's net profit fell 20.8% year-on-year as a result of a one-time investment gain arising from the acquisition of shares in SCB Life that were booked in March 2011. Excluding the item, the bank booked a net profit rise of 29.4%.

TMB posted a net profit decline of 5.8%, due to rising provisions for loan loss in accordance with asset quality of the corporate banking business.

KK's net profit fell 7.4% because of rising interest expense associated with higher deposit fees under new regulations of the central bank's Financial Institutions Development Fund (FIDF). The new requirement is imposed on all banks.


The FBM KLCI closed at its lowest in more than a month on Tuesday in lacklustre trade while the broader market was weaker as recent lower liners gave up part of their gains.

At 5pm, the KLCI was down 1.52 points or 0.1% at 1,582.28. Turnover was 1.42 billion shares worth RM1.551bil. Losers outpaced gainers 409 to 273 while 348 counters remained unchanged.

CIMB, Genting and IOI remain HCM best buys, CIMB fell seven sen to RM7.43, dragging the KLCI down 1.23 points while IOI Corp lost four sen to RM5.31, shaving 0.60 of a point of the index. Genting Bhd fell six sen to RM10.56, erasing 0.52 of a point.


The Jakarta Composite Index rose 14.86 points, or 0.36 percent, to 4.170,35. More than 5.41 billion shares, worth Rp 4.45 trillion ($485 million), changed hands on the Indonesia Stock Exchange.

Gainers outnumbered decliners, 152 to 89. Foreign investors bought Rp 359.1 billion more in shares than they sold.

Yesterday in Asia

Tokyo fell 0.78 percent, or 74.13 points, to 9,468.04 and Seoul shed 0.47 percent, or 9.21 points, to 1,963.42, while Sydney added 0.18 percent, or 8.0 points, to 4,360.4.

Hong Kong added 0.26 percent, or 52.77 points, to end at 20,677.16 and Shanghai ended flat, edging down 0.24 percent to 2,388.83.

Around Asia

– Singapore ended 0.41 percent, or 12.02 points, higher at 2,974.37.

– Taipei rose 0.24 percent, or 17.75 points, to 7,498.84.

Taiwan Semiconductor Manufacturing Co. added 0.36 percent to end at Tw$84.6 while leading smartphone maker HTC was 1.16 percent higher at Tw$478.5.

– Manila closed 0.13 percent, or 6.51 points, higher at 5,169.60.

Philex Mining gained 6.93 percent to 22.35 pesos while Megaworld gained 2.82 percent to 2.19 pesos.

Metropolitan Bank and Trust Co. was down 0.61 percent to 89.45 pesos.

– Wellington added 0.18 percent, or 6.41 points, to 3,519.86.

Fletcher Building rose 0.49 percent to HK$6.20, Telecom jumped 3.33 percent to HK$2.64 and Contact Energy slipped 1.46 percent to HK$4.71.

– Kuala Lumpur fell 0.10 percent, or 1.52 points, to 1,582.28.

Telecoms firm Axiata Group shed 0.38 percent to 5.30 ringgit, financial company CIMB Group Holdings lost 0.93 percent to 7.43 ringgit and plantation group Sime Darby gained 0.21 percent to 9.75 ringgit.

– Jakarta rose 0.36 percent, or 14.86 points, higher at 4,170.35.

– Bangkok rose 0.88 percent, or 10.51 points, to 1,199.86.

– Mumbai rose 0.65 percent, or 110.61 points, to 17,207.29.

Shayne Heffernan Ph.D.  
Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408 Fax: +65 6329 9699
Email :
Suite 53 Athenee Tower
63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330
New York 347 5th Avenue, Suite 1402-508 NY, NY 10016


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