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ASEAN STOCK WATCH Asean Affairs   11  March 2011

ASEAN Markets to Open Lower

Shayne Heffernan

Asean Markets will Open Lower but may recover in the afternoon session.

Overnight in the USA

A combination of factors - the crisis in Libya along with poor data from China, the US and Spain - forced stock markets in the US and Europe sharply lower.

Stocks fell broadly, but energy companies were hit the hardest. Exxon Mobil, the largest company in the world by market value, fell 3 per cent. Chevron also fell 3 percent.

The Dow Jones industrial average was 228.48 points lower, down by 1.87 per- cent, at 11,984.61 at the close.

The Standard & Poor's 500 index fell 24.91, or 1.89 percent, to 1295.11.

The Nasdaq composite fell 50.7, or 1.84 percent, to 2701.02. Expect Manila to break a six-day winning streak today as the weight of overnight falls on Wall St suppress sentiment with international investors.

Buy Quality today, PLDT, San Miguel and Ayala Corp stand out according to Shayne Heffernan.

In Manila yesterday the Philippine Stock Exchange index added 33.08 points or 0.84 percent to finish at 3,959.94.

The day's rally was led by the financial and property sectors which surged by 1.6 percent and 1.5 percent, respectively.

Value turnover was robust at P5.9 billion, supported by around P711 million in net foreign buying.

Over the short term, Garcia said the index would likely trade between 3,800 and 4,000 depending on geopolitical developments and the movement of global oil prices.

Strong 2010 and fourth quarter local corporate earnings also allowed bargain-hunter to prevail over profit-takers.

The Winners PLDT, SM Investments, Aboitiz Power, Metrobank, Megaworld, Ayala Land,Ayala Corp., Robinsons Land, PNB and Leisure & Resorts.

The Losers Aboitiz Equity Ventures, ICTSI, Cebu Air, SM Prime, San Miguel Corp.,DMCI and Universal Robina.

Singapore will be hit hard by the falls on Wall St overnight, so today is a day to be looking for bargains.

DBS Bank fell 0.28 per cent to S$14.42 yesterday and is great buying as it heads toward $14 today, SingTel fell 1.32 per cent to S$3.00 yesterday and will be trading in the $2.90s today and is a good addition to the portfolio at these levels.

Noble Group declined 3.3 percent to S$2.06 yesterday, if this goes under $2 today it is a very strong buy, Olam International fell 0.4 per cent to S$2.70 and will see the $2.50 range during the day, another good buy Wilmar International slipped 0.4 percent to S$5.29, buy all you can should it hit $5.

Keppel Corp fell is another good company trading cheaply down 1.5 per cent to S$11.82 and Sembcorp Marine down 0.2 per cent at S$5.76 are both good long term buys.

In Singapore yesterday The Straits Times Index fell 17.46 points to end at 3,075.44.

Volume was 997 million shares.

Losers led gainers 297 to 137.

Mitrajaya Holdings Bhd has been upgraded to a Strong Buy by Shayne Heffernan with a 2012 price target of 4.10MYR.

Mitrajaya Holdings Berhad is a Malaysia-based investment holdings company. The principal activities of the subsidiary companies are investment holdings, civil engineering, building and road construction works, as well as property development and property management.

Expect a mild sell off in Thailand today, certainly nothing like the fall in USA trading overnight.

There will be bargains today and Shayne Heffernan has names Sri Trang Agro, PTT and Rich Asia Steel as the best buys.

Shayne Heffernan has upgraded Rich Asia Steel PCL to buy from a hold. The stock has a very low P/E Ratio and is in a strong sector, price target for 2011 is .30b

Rich Asia Steel Public Company Limited is a Thailand-based company engaged in the distribution of steel pipes, steel scraps and steel products.

The Company’s products include square tubes, steel pipes, rectangular tubes, lip-channeled steels, hot-rolled steel coils and sheets, as well as billets.

It operates a production site in Samutsakhorn province with an annual production capacity of 125,000 tons. The Company has five branches, of which four are located in Changwat Samuthsakorn and one in Changwat Pranakornsriayudhaya.

Sri Trang Agro-Industry, Thailand’s largest publicly traded rubber maker is listed in Singapore and Bangkok.

Official says, Thai rubber exports in Y 2011 will double in value on rising world price.

Thailand expected to earn twice as much from Rubber exports in Y 2011 from last year on soaring global price and rising demand from China and India, a Thai official said.

Thailand, the world’s largest rubber producer and exporter, could expect to earn US$14B from its exports of about 3M tons of Natural Rubber in Y 2011, Luckchai Kittipol, president of the private Thai Rubber Association, said in an interview.

This is compared to a revenue of US$7B from an amount of exports of 2.7M tons in Y2010.

Despite the almost same amount of export tonnage, the revenue in US$ terms is expected to double on the rising Global Rubber price.

PTT posted a net profit of 61.4 billion for the first nine months of 2010 against a full-year figure of 59.6 billion for 2009.

It expects good results for the fourth quarter on soaring prices of crude and related products.

Tevin Vongvanich, PTT’s chief financial officer, said both companies are operating under strict financial discipline, and the investment exposure will generate good returns.

In Bangkok yesterday the Stock Exchange of Thailand (SET) composite index closed up 2.21 points or 0.22 percent at 1,019.22 points. The trade value was 25.64 billion baht.

Top five most active values were as follows;

IVL closed at 50.75 baht up 0.75 baht (1.50 percent)

PTL closed at 23.70 baht, up 1.40 baht (6.28 percent)

CPF closed at 24.30 baht, up 0.20 baht (0.83 percent)

TOP closed at 76.75 baht, up 1.25 baht (1.66 percent)

BANPU closed at 726.00 baht, down 6.00 baht (0.82 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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