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ASEAN STOCK WATCH Asean Affairs 18 March 2013 

ASEAN Market Outlook

It is shaping up to be a bumpy week in ASEAN as the US markets retreat from Fe inflated highs.

This is a good time to book dome profits and head to the beach.

There is still value in some parts of the market but any buying here should be slow and measured, Japan is attempting to steal business away from the rest of Asia with illegal currency manipulation, Wall St is over due for a solid pullback and China data may fail to impress in the weeks ahead.

If you are looking for buys Singapore looks like the best bet.

Valuations on the SGX are still low and the economy in Singapore is doing very well.

The Singapore Government has bought in some new tax cuts in the 2013 budget that will stimulate further business in the Island state.

My best buys in Singapore are

First Resources Ltd

First Resources Limited is an investment holding company. The Company is engaged in general trading and the provision of technical assistance to its subsidiaries. It is also an oil palm plantation company. The Company operates in two segments: Plantations and palm oil mills and Refinery and processing.

It’s Plantations and palm oil mills segment is principally involved in the cultivation and maintenance of oil palm plantations and operation of palm oil mills. Refinery and processing segment markets and sells processed palm based products produced from the refinery, fractionation and biodiesel processing facilities. As of December 31, 2011, the Company managed more than 130,000 hectares of oil palm plantations and operated nine palm oil mills in Indonesia. In February 2013, it acquired 100% interest in Lynhurst Investment Pte. Ltd. which in turn owns 95% interest in PT Swadaya Mukti Prakarsa (PT SMP).

Fortune Real Estate Investment Trust

Fortune Real Estate Investment Trust (Fortune REIT) is a real estate investment trust. The principal activity of Fortune REIT is investment holding. The Company, together with its subsidiaries, is engaged in the owning and investing in a portfolio of retail shopping malls located in Hong Kong. Its properties include Fortune City One, Ma On Shan Plaza, Metro Town, Fortune Metropolis, Waldorf Avenue and Caribbean Square. Fortune REIT housed a total of 1,031 tenants as at 31 December 2011.

As of December 31, 2011, Fortune REIT owned a portfolio of 14 retail malls and properties in Hong Kong, consisting of approximately two million square feet of retail space and 1,660 car parking lots. Fortune REIT is managed by ARA Asset Management (Fortune) Limited, a wholly owned subsidiary of ARA Asset Management Limited. On February 17, 2012, the Company acquired Belvedere Square and Provident Square.

Yangzijiang Shipbuilding (Holdings) Ltd

Yangzijiang Shipbuilding (Holdings) Ltd. is an investment holding company. It is engaged in the agency service for shipbuilding and related activities. It operates in two segments: Shipbuilding segment and Investment segment. The principal activities of shipbuilding segment are that of shipbuilding, ship breaking, offshore marine equipment construction, and ship design.

On August 24, 2011, the Company acquired 31.5% interest in Wuxi Runyuan Technology Micro-finance Co., Ltd. On December 5, 2011, the Company acquired Jiangsu Huayuan Metal Processing Co., Ltd. In January 2013, it announced the incorporation of a subsidiary, Jiangsu Leyuan Innovation International Trading Co., Ltd. In February 2013, the Company acquired remaining 40% interest in Shanghai Henggao Ships Design Co., Ltd.

Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager

Live Trading News
Thomson Reuters
Knightsbridge Law
Heffernan Capital Management
Heffernan Shipping

Chinese Society of Economists
American Economic Society
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 :
New York 347 5th Avenue, Suite 1402-508 NY, NY 10016


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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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