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ASEAN STOCK WATCH Asean Affairs  13 March 2014 


13 March 2014

The Straits Times Index (STI) ended -16.04 points lower or -0.52% to 3081.39, taking the year-to-date performance to -2.64%.

The FTSE ST Mid Cap Index gained +0.11% while the FTSE ST Small Cap Index gained +0.36%. The top active stocks were DBS (-0.32%), UOB (+0.30%), Keppel Corp (-1.69%), GLP (-2.13%) and SingTel (-0.56%).

The outperforming sectors today were represented by the FTSE ST Consumer Services Index (+0.32%). The two biggest stocks of the FTSE ST Consumer Services Index are Genting Singapore (-0.38%) and Jardine Cycle & Carriage (-0.08%). The underperforming sector was the FTSE ST Oil & Gas Index, which declined -1.05% with Keppel Corp’s share price declining -1.69% and Sembcorp Industries’ share price declining -1.50%.The FTSE ST Basic Materials Index declined -0.21%.  The FTSE ST Financials Index declined -0.15%.

The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.65%), SPDR Gold Shares (+1.38%), DBS Singapore STI ETF (unchanged).

The three most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (-0.59%), CapitaMall Trust (unchanged), CapitaCommercial Trust (+0.68%).

The most active index warrants by value today were HSI21800MBePW140429 (+10.08%), HSI22200MBeCW140429 (-7.92%), HSI22400MBePW140328 (+13.56%).

The most active stock warrants by value today were UOB MB eCW140701 (-2.04%), KepCorp MBeCW140603 (-16.10%), UOB MB ePW140602 (-0.86%).

Singapore Stock Market
                             Thursday                        Wednesday
*ST Index       3,081.39  -16.04           3,097.43  -31.97
Volume:                2,002.7M                      2,042.9M
Value:                 $1,078.6M                    $1,128.7M
Gainers/Losers:       212/200                         179/261


Daily Market Commentary (Securities)
13 Mar 2014

The FBM KLCI index gained 0.26 points or 0.01% on Thursday. The Finance Index increased 0.14% to 16382.53 points, the Properties Index up 0.28% to 1325.26 points and the Plantation Index down 0.58% to 8926.36 points. The market traded within a range of 4.81 points between an intra-day high of 1821.57 and a low of 1816.76 during the session.

Actively traded stocks include INFOTEC, KNM-WA, IRIS, KNM, XDL, MAS, TIGER-WB, SUMATEC, ASUPREM and XDL-WA. Trading volume decreased to 1695.85 mil shares worth RM2144.63 mil as compared to Wednesday’s 1705.44 mil shares worth RM2210.06 mil.

Leading Movers were CIMB (+7 sen to RM7.09), PBBANK (+6 sen to RM19.04), YTL (+2 sen to RM1.54), PETDAG (+28 sen to RM30.30) and KLK (+14 sen to RM23.94). Lagging Movers were SKPETRO (-10 sen to RM4.25), GENTING (-8 sen to RM9.84), PETCHEM (-5 sen to RM6.61), PETGAS (-8 sen to RM23.00) and ASTRO (-4 sen to RM3.15). Market breadth was negative with 326 gainers as compared to 415 losers.

The benchmark FBM KLCI halted yesterday’s losses, edging up by a meagre 0.26 points to close at 1818.86. We opine the local bourse traded sideways in tandem with regional peers amid reports indicating growth in China’s industrial output and retail sales missed estimates, planting doubts to investors on the market’s outlook.


Indonesia holds policy rate unchanged at 7.50 pct, as expected

Indonesia's central bank held its benchmark reference rate unchanged at 7.50 percent on Thursday, as widely expected because pressures over the
inflation rate and the rupiah have eased.

All 15 analysts in a Reuters poll had projected Bank Indonesia (BI) to keep its reference rate  on hold on Thursday.  
Between June and November, BI raised the benchmark rate by 175 basis points to 7.50 percent to calm markets jittery about
the large current-account deficit, sliding rupiah and high inflation.  

It also held steady the deposit facility rate, or FASBI, and lending facility rate at 5.75 percent and 7.50 percent, respectively.
     KEY DATA:
    Announcement date        Rate (percent)     
    13-Mar-2014              7.50
    13-Feb-2014              7.50
    09-Jan-2014              7.50
    12-Dec-2013              7.50
    12-Nov-2013              7.50
    08-Oct-2013              7.25
    12-Sep-2013              7.25
    29-Aug-2013              7.00
    15-Aug-2013              6.50  
    11-Jul-2013              6.50
    13-Jun-2013              6.00
    14-May-2013              5.75
    11-Apr-2013              5.75
    07-Mar-2013              5.75
    12-Feb-2013              5.75
    10-Jan-2013              5.75    


Thai bourse welcomes automotive parts manufacturer P.C.S. Machine Group

BANGKOK, March 13, 2014 – The Stock Exchange of Thailand (SET) welcomes P.C.S. Machine Group Holding pcl on its main board, the second new SET company listing in 2014, on March 14, under the ticker symbol "PCSGH", having raised THB 3.35 billion (approx. USD 103 million) via initial public offering (IPO).

SET Executive Vice President Chanitr Charnchainarong said that PCSGH’s listing, in SET's Automotive sector, would be a significant step forward for the firm. The Thai automotive industry’s growth was promising as it was one of the key drivers of the Thai economy as Thailand is recognized as a top class automotive manufacturing base in ASEAN. Thus, the Thai capital market should be able to enhance the strength of PCSGH.

PCSGH is a holding company owning stakes in three subsidiaries involving automotive parts, which are P.C.S. Precision Works Co., Ltd., P.C.S. Forging Co., Ltd., and P.C.S. Die Casting Co., Ltd. Its main customers are leading automotive producers, namely Auto Alliance (Thailand), the GM Group, Isuzu Motors, Toyota Motors, as well as tier-1 level auto part producers such as Continental Automotive, Kayaba, ZF, etc.    

PCSGH has a paid-up registered capital of THB 1.55 billion (USD 47.7 million), consisting of 1.16 million existing and 389 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 8.60 per share during March 5-7, for a total of THB 3.35 billion (USD103 million). Bualuang Securities pcl is the company’s financial advisor and co-lead underwriter with SCB Securities Co., Ltd.

PCSGH founder and Vice Chairman Siripong Rungrojkitiyos said that it is an honor to list on SET and raise funds for debt repayment and expansion to be ready for the advent of the ASEAN Economic Community in 2015.

PCSGH's three major shareholders after the IPO are Siripong Rungrojkitiyos (37.41%), Wanna Raomanachai (37.41%) and Bualuang Long-Term Mutual Fund (1.11%). The IPO price had a price-to-earnings ratio of 9.66 times, calculated by using net profits over the past four quarters (from January-December 2013), divided by number of fully-diluted shares, representing earnings per share of THB 0.89. PCSGH’s dividend policy is to pay no less than 50 percent of net profits after taxes and reserves.

For more information on PCSGH, please visit the company's prospectus at the Securities and Exchange Commission's website: , general information at the company's website: and SET website: .


Thai bourse and Krung Thai bank launch exchange service for USD Futures

Bangkok, March 13, 2014 – Thailand Futures Exchange PCL (TFEX), under the Stock Exchange of Thailand (SET) group, and Krung Thai Bank pcl (KTB), will begin an exchange service for USD futures contract, enabling investors, especially small- and medium-sized enterprises (SMEs), as well as importers and exporters, to exchange US dollars at KTB branches. The service will start with USD futures contract maturing from March onwards.

TFEX Managing Director Kesara Manchusree said that TFEX and KTB have joined hands to provide a new service by adding physical exchange of US dollars for USD futures for investors who needs the currency. Investors will be able to fix the currency rate they want by trading USD futures and exchange US dollars at special rates at KTB branches when the contract matures.

"The US dollars exchange service enhances the efficiencies for USD futures holders who want to manage foreign exchange rate risks. TFEX has frequently held domestic roadshow to raise the awareness of USD futures benefits and such exchange service to business operators and successfully attracted importers, exporters, and SMEs,” Kesara said.

KTB First Senior Executive Vice President, Managing Director, Financial Management Group, Kittiya Todhanakasem said KTB saw USD futures as a tool to help SMEs manage foreign exchange rate risks. We have been a market maker for USD futures from the beginning since the launch of the product. And now, with TFEX cooperation, we are able to provide a new exchange service for USD futures.

“KTB has been well-prepared in terms of staff and operating systems to service USD futures investors. Initially, the service will be provided through 55 branches in Bangkok, suburbs and major cities in the provinces. Clients could receive US dollars in the form of banknotes or remittances, or if investors do not immediately need the funds, the funds could be deposited into their foreign deposit accounts.” Kittiya added.

Investor who wishes to use this service must first contact their brokers and obtain the documents on USD futures position and present it at KTB before 10:30 a.m. on the last trading day of the contract. For more information on USD futures or KTB's exchange rate service, please contact TFEX broker members or S-E-T call center 0 2229 2222 or TFEX website:
Trading Summary

As of  13 March 2014         Unit: M.Baht
Type                        Buy                    Sell               Net        
Institution           3,821.28          3,754.98              66.30     
Proprietary         4,395.71          3,546.35            849.37     
Foreign             10,699.61          8,643.16         2,056.46     
Individual          17,713.53        20,685.66       -2,972.13     
Total Trading Value     36,630.14 M.Baht     


Vietnam index ends up 0.9 pct on positive sentiment

Vietnam's benchmark VN Index   ended 0.88 percent up at the intraday high of 595.22 points on Thursday, the seventh gain in a row, boosted by
investors' growing confidence in the macro economy, analysts said.

The index was lifted by stocks in the food, property and securities brokeraging sectors, ending near the 596.40 points hit during the session on Feb. 27, which was the highest since Oct. 28, 2009.

 "There's been some selling by foreign investors for profit as prices have reached their expectations, but the selling appeared to have not much impact on the overall market," a Ho Chi Minh City-based analyst said.

"Investors maintain expectations of better economic conditions," he said.

Saigon Securities Incorp  rose 4.98 percent, followed by Tan Tao Investment and Industry Corp   with a 4.65-percent increase. Vinamilk  , Vietnam's top dairy product maker, also closed up 3.55 percent, based on Thomson Reuters data.

The number of gaining shares totalled 154 on Thursday, doubling the 77 shares that lost ground.

    Here is a snapshot of the VN Index   at midday
                   VN Index       595.22            
                PREV. CLOSE       590.02            
                   % CHANGE        0.88%            
                       HIGH       595.22            
                        LOW       590.36            


SE Asia Stocks-Indonesia near 8-month high; cbank keeps rate as expected  

Southeast Asian stock markets mostly gained on Thursday, with Thai shares outperforming amid selective buying in dividend-yielding stocks, while Indonesia ended near an eight-month high as consumer shares rose ahead of an interest rate decision.
Thai SET index  closed up 1.04 percent at 1,370.50, the highest since Dec. 4. Shares of Bangkok Bank  , PTT  <PTT.BK>  and Siam Cement    were among the outperformers  in the top 30 high dividend stocks.
Indonesia's main index   finished up 0.9 percent at 4,726.17, the highest close since July 23, led by consumer related stocks, including Unilever Indonesia   and Telkom Indonesia .

Bank Indonesia held its benchmark reference rate unchanged at 7.50 percent, as widely expected, because pressures over the inflation rate and the rupiah have eased. The decision came after market close on Thursday.  

Vietnam  was up 0.88 percent, the seventh gain in a row, boosted by investors' growing confidence in the macro economy.
Malaysia  pared earlier gain, ending nearly unchanged at 1,818.86 after the country's industrial production  in January rose 3.7 percent from a year earlier, below expectations.  
Stocks in Singapore   and the Philippines  fell for a second session, amid selling in recent gainers such as shares of Keppel Corp   and Philippine Long Distance Telephone Co .
 Market                             Current     Prev Close          Pct Move
 TR SE Asia Index*           403.79          401.02               +0.69
 Singapore                       3081.39        3097.43                -0.52
 Kuala Lumpur                1818.86         1818.60               +0.01
 Bangkok                        1370.50         1356.42               +1.04
 Jakarta                           4726.17         4684.39               +0.89
 Manila                            6429.79         6462.47                -0.51
 Ho Chi Minh                    595.22           590.02               +0.88

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 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
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• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


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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