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ASEAN STOCK WATCH Asean Affairs   9  February 2011

Rally Overdue in ASEAN

Shayne Heffernan

ASEAN Markets are overdue for a strong correction to the upside, fears of food inflation and fuel prices have kept the markets lower in Asean. Thailand has again been battling internal issues that have driven foriegn investors out of the country at an alarming pace.

China's moves on interest rates and tightening have helped suppress the market sentiment, overnight in the USA we seen yet another rally, which will add pressure for local stocks in Asean to rally today.

Foreign investors not savvy to local issues have been selling out of Thai stocks over the last month, an ongoing border dispute and political noise has frightened the overseas buyers.

Foreign investors were net sellers of THB1.38 billion ($44.94 million) worth of Thai stocks Tuesday out of a total of THB27.41 billion traded, the Stock Exchange of Thailand said.

In the month to date, foreigners have been net sellers of THB2.19 billion of Thai shares.

In the year to date, foreigners have been net sellers of THB30.82 billion of Thai shares.

The Stock Exchange of Thailand (SET) composite index on Tuesday lost 2.10 points or 0.21 per cent to close at 983.53 points. The market value was 27.41 billion baht, with 2.78 billion shares traded.

Top five most active values were as follows;

PTTCH closed at 148.00 baht, up by 3.00 or 2.07 percent.

BANPU closed at 740.00 baht, down by 8.00 or 1.07 percent.

PTTEP closed at 174.50 baht, down by 2.00 or 1.13 percent.

PTTAR remained at 39.25 baht.

TOP closed at 73.00 baht, up by 1.00 or 1.39 percent.

For those willing to brave the market in Thailand Shayne Heffernan recommends:


PTT Public Company Limited is a Thailand-based company engaged in the in upstream petroleum, downstream petroleum, coal business and other related businesses.

Its business activities include the exploration for, the development and production of, natural gas, condensate and crude oil through subsidiaries; the procurement, transmission, processing, marketing and distribution of natural gas and gas products; the marketing of refined products through various distribution channels including commercial, retail, reseller and international markets, and the import and export of crude oil, condensate, petroleum feedstock and petrochemical products.

Sri Trang

Sri Trang Agro-Industry Public Company Limited is a Thailand-based company engaged in the manufacture of rubber products.

The Company’s product includes rubber smoked sheet (RSS), which are used as a raw material in the production of other products, including automobile tires, pipes, shoes and parts of automobiles; block rubber, which is used in the automobile tire industry, and used as substitute to grade-3 rubber smoked sheet, and concentrated latex, which can be used as a raw material in the production of latex examination gloves, condoms, and elastic rubber thread.

Its customers are categorized in three groups: automobile tire manufactures, such as Bridgestone, Michelin, Yokohama, Hankook, Continental, Goodyear, Pirelli, and tire manufacturers in China; trading companies in Japan and other importers in Asia, China, Taiwan, Korea, America and Europe, and domestic customers, including automobile tire, motorcycle tire, and elastic rubber thread manufacturers.


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).

The Company is also engaged in petroleum-related businesses, such as jetty, bulk tank and warehouse management. It owns and operates a gas transportation piping system. In 2009, the Company and its subsidiaries averaged 233,756 barrels of oil equivalent per day (BOED), and had investments in 42 exploration and production projects. Its projects include gas projects in Oman and Myanmar, as well as oil projects in Vietnam and Australia. Natural gas contributes to 70 percent of its total sales.

In Jakarta we may see a rally today after the JCI lost 27.77 points, or 0.8 percent, to close at 3,459.93 on Tuesday. Approx. 3 billion shares worth Rp 4.7 trillion ($526 million) changed hands. Losers led Winners 146 to 60.

Medco Energy International, look like a strong buy after the company, Indonesia’s largest listed oil producer, lost 0.75 percent to close at Rp 3,300. Bumi Resources is another good buy, the nation’s largest coal producer, fell 2.68 percent to Rp 2,725.

Bakrie Sumatera Plantation is another company worth buying today, yesterday it fell 1.45 percent to close at Rp 340 as palm oil futures fell. Another Shayne Heffernan strong buy, Astra Argo Lestari, lost 2.42 percent to close at Rp 22,220 and looks way oversold at this level.

The rupiah strengthened to 8,915 against the US dollar as the market closed on Tuesday, from 8,938 on Monday.

In Singapore the STI traded lower as China policy tightening measures weighed on Singapore’s banking and property stocks.

The Straits Times Index closed down 6.82 points at 3,185.36. Volume traded was 1.32 billion shares. Losers outnumbered Winners 223 to 217.

Singapore’s Property developers look like a good buy on Wednesday as they were trading much lower, the best value looks to be City Developments which was down 1.8 percent to S$11.20, Hongkong Land down 1.4 percent at US$6.90 and CapitaLand declining 0.8 percent to S$3.58.

Banks in Singapore also look like great buying Wednesday. DBS Group fell 0.4 percent to S$15.12, Oversea-Chinese Banking Corp was 0.8% lower at S$9.75 and United Overseas Bank dropped 0.6 percent to S$19.58. All are quality companies with strong outlooks. Shayne Heffernan strong buy Genting Singapore clawed back some of Monday’s profit-taking losses, climbing 1.5 percent to S$2.09.

Palm oil firm and Shayne Heffernan strong buy Wilmar International rose 0.9 percent to S$5.48. Wilmar said its proposed acquisition of Benso Oil Palm Plantation, which produces palm oil and palm kernel oil, has been approved by the Securities and Exchange Commission of Ghana.

The Indonesian government also said that Wilmar will invest US$900 million to build palm oil products factories in the country.

In Manila the Philippine Stock Exchange index lost 1.55 points or 0.4 percent to finish at 3,878.48.

Holding firms led the fall, that sector fell by 0.75 percent. The holding firm sector is usually considered as a proxy to a play on the domestic economy in general.

Investors see the growth prospects in Asia under threat from rising food and fuel prices, further aggravated by the turmoil in Egypt, which accounts for close to 5 percent of daily crude traffic.

All other sectors traded marginally higher.

Turnover for the day was still very light at P3.65 billion. Despite the overall index decline, there were slightly more winners (64) than losers(59) while 49 stocks were unchanged.


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?

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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