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ASEAN STOCK WATCH Asean Affairs   14  December  2010

Asean Market Outlook

Shayne Heffernan

In Jakarta the Composite Index began the week by falling 55.48 points, or 1.5 percent, to close at 3,692.23 after continued profit-taking.

About 5.7 billion shares worth Rp 4.6 trillion ($510 million) changed hands, with decliners outnumbering gainers 119 to 83.

“The decline in Indonesian equities was basically due to an adjustment of market valuation, which had risen too high compared with other markets in Asia,” said Janson Nasrial, an analyst at Amcapital Indonesia.

“It led to a technical correction, or profit-taking.”

“Currently, Indonesia barely has any local catalysts to push the stocks up. However, [the country’s] fundamentals remain good and strong,” Janson added.

Declines were led by finance stocks as most major lenders dropped.

Bank Mandiri, the nation’s largest lender, retreated 3 percent to Rp 6,500.

Bank Internasional Indonesia, the local unit of Malaysian lender Malayan Banking, plunged 13.9 percent to Rp 870.

The stock jumped 25 percent last week on news that Maybank would sell a stake in BII.

Consumer stocks were also hit by profit-taking as communications giant Telekomunikasi Indonesia slid 0.6 percent to Rp 7,800.

Top auto retailer Astra International fell 1.7 percent to Rp 53,000.

Meanwhile, Bank Sinarmas, a newly listed commercial bank, surged 70 percent to Rp 255 in its trading debut on the Indonesia Stock Exchange on Monday.

The rupiah rose, climbing to 9,015 against the dollar as the market closed on Monday.

The currency has strengthened 4.2 percent year-to-date.

The rupiah gained on optimism that higher reserve ratios for Chinese banks would lessen the need for borrowing costs to rise in Asia’s largest economy. “The reserve-rate hikes in China won’t adversely affect Indonesia’s growth story,” Philip Wee, an economist at DBS, told Bloomberg.

The rupiah traded near its weakest level since July, and government bonds advanced after Bank Indonesia pledged to keep interest rates at a record low.

The Stock Exchange of Thailand (SET) composite index on Monday dropped 2.53 points or 0.24 per cent to close at 1,033.32 points. The market value was 28.82 billion baht, with 2.99 billion shares traded.

Top five most active values were as follows;

PTT closed at 326.00 baht, up by 2.00 or 0.62 per cent.

PTTCH remained at 150.00 baht.

TOP closed at 74.00 baht, up by 2.00 or 2.78 per cent.

IRPC closed at 5.35 baht, up by 0.05 or 0.94 per cent.

SCB closed at 104.50 baht, down by 2.00 or 1.88 per cent.

CEO Interview: Apex Development

Apex Development Public Company Limited was Suntech Group Public Company Limited which the court authorized on April 30, 2007 to be released from its rehabilitation plan and to return to normal commercial business.

In August of 2007, the company increased its registered capital via a new group of investors led by Mr. Pongphan Sampawakoop, who bought 836,000,000 shares or 78 % of the outstanding shares.

The new group changed the company name to “Apex Development Public Company Limited” and changed the business category to the “property development” sector with its SET symbol as APX.

Apex’s new executive management team is led by Mr. Pongphan Sampawakoop who has more than 30 years experience in property development . The new entity is focused on maximizing growth and profit for stock holders. The company has now started several property development projects according to its new objective.

In late 2007, Apex undertook three new projects in its new resort, White Sand Beach in a new five-star location at Jomtien Beach, Pattaya, (at Sukhumwit Road km. 156.5). Covering an area of 30 rai, this luxury complex has direct access to Sukhumwit Road and a beautiful white sandy beach. The resort comprises three main projects:

Mövenpick Spinnaker Residences – Beachfront High-rise Condominium

Mövenpick Resort & Spa – True Excellence In Swiss Hospitality

Mövenpick Pool Villas - Absolute Modern & Convenient Living

1. What are your 2011 Sales Projections?

Since Apex Development has joined with Suntech Group PCL and is emerging from rehabilitation, its revenue can not be recognized or reported, but the Movenpick’s projects sales exceed 15% of the project after launch only two weeks.

2. Movenpick is a great partner to have,will you be doing more Movenpick Properties in 2011?

Movenpick management team has helped Apex Development projects since 2007. Their corporate management goal is to maximize growth and develop properties. So the opportunity for new projects will come after success of the latest three projects.

3. What do you see as a biggest challenge to Thai Real Estate Market in 2011?

Thailand Real estate market still has room to grow. Our target is to expand and develop in new type of property investment not follow the same style of the rest of the market.

4. Where is your market, local or foreign?

Our target clients are equally divided among Thai investors and foreign investors.

5. Has the shift in Thai Baht impact Apex?

No, our real estate business has not been effected by the Thai baht.

6. You have substantially corrected financial position of company, when do you think that will be reflected in share price?

In 2011 the stock will be trading again, at that time prior to trading we will be looking at the pricing. 7. Your outlook for Thai property market over next 12 months?

There is a great opportunity for Thai property market growth. Cultural and social changes are seeing smaller groups of people residing in premises, many young professionals are also moving into the business centres so demand is high. 8. When will Apex hit break-even?

Since Apex still cannot report actual sales at this time, but we expect to break-even within a year.

In Kuala Lumpur the Bursa Malaysia rose 0.17% to close at 1509.79 points on renewed buying interest in major companies.


Trading volume declined to 1158.46 mil shares worth RM1661.79 mil as compared to Friday’s 1531.65 mil shares worth RM2725.03 mil. The Winners were IOI (+9 sen to RM5.81), DIGI (+60 sen to RM25.10), MISC (+18 sen to RM8.32), TNB (+6 sen to RM8.66) and GENM (+6 sen to RM3.33).

The Losers were CIMB (-26 sen to RM8.50), PUBLIC BANK (-4 sen to RM12.80), SIME (-3 sen to RM8.63), PETRONAS CHEMICALS (-3 sen to RM5.55) and UMW (-1 sen to RM6.80).

Market breadth was positive with 436 gainers as compared to 304 losers.

The Finance Index lost 0.30% to 13726.44 points, the Properties Index added 0.65% to 1025.65 points and the Plantation Index climbed 0.82% to 7926.79 points. The market traded within a range of 10.27 points between an intra-day high of 1517.15 and a low of 1506.88 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.


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