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ASEAN STOCK WATCH Asean Affairs  15 May2013 

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Singapore

The FTSE Straits Times Index (STI) ended +3.80 points higher or +0.11% higher to 3,432.76, taking the year-to-date performance to +8.39%.

The FTSE ST Mid Cap Index gained +0.25% while the FTSE ST Small Cap Index gained +0.08%.

The top active stocks were GoldenAgri (+5.66%), Singtel (+1.79%), DBS (-0.06%), THBev (+0.76%), and Capitaland (+0.53%).

The outperforming sectors today were represented by the FTSE ST Telecommunications which gained +1.48%. The two biggest stocks of the Telecommunications Index are Singtel (+1.79%) and Starhub (-1.29%). The underperforming sector, FTSE ST Basic Materials, declined -1.52% with Midas Holdings declining -5.26% and Geo Energy gaining +1.18%. The FTSE ST Real Estate Index declined -0.24%, the FTSE ST Consumer Services gained +0.68% and the FTSE ST Utilities gained +0.62%.

The three most active Exchange Traded Funds (ETFs) by value today were LYXOR CHINA H 10 (-0.90%), IS MSCI INDIA 100 (unchanged) and SPDR GOLD SHARES (+0.32%).

The three most active Real Estate Investment Trusts (REITs) by value were Ascendasreit (-1.81%), Croesus RTr (+0.46%) and Kep REIT (-1.92%).

The most active index warrants by value today were HSI23000MBePW130627 (-0.65%), HSI23400UBeCW130627 (-7.41%) and HSI22000UBePW130627 (-2.94%).

The most active stock warrants by value today were DBS MB eCW131001 (unchanged), OCBC Bk BPeCW130702 (-4.58%), and OCBC Bk MBeCW131101 (-2.10%).

*Please note the Real Estate, Consumer Services and Utilities sectors will be the focus of SGX My Gateway Educational events in 2Q13.

Indonesia

Bank Mutiara, formerly called Bank Century, reported a 57 percent fall in profit due to a sharp increase in operational costs amid heightened competition within Indonesia’s banking sector.

The result could hinder the government’s Deposit Insurance Agency (LPS) effort to sell the lender, which has been under LPS control since the government’s controversial Rp 6.7 trillion ($688 million) bailout in 2008.

Bank Mutiara posted Rp 18.6 billion in net income during the first three months of this year, from Rp 43.5 billion during the same period a year ago, the company announced in brief prospectus on Tuesday.

The lender’s net interest income — income from loans after deducting charges to depositors — rose 22 percent to Rp 93.9 billion during the first three months of this year compared to a year earlier.

Total outstanding loans at Bank Mutiara rose 0.5 percent to Rp 11.2 trillion this March.

Mutiara’s operational costs, including spending on promotions, staff, and loan impairment, rose 97 percent to Rp 68.9 billion.

LPS, which owns 99 percent of Mutiara, has set today as the deadline for expressions of interest from potential buyers. Under a 2004 law, LPS has to sell all shares of any bank it rescues, including Mutiara, within three years of bailing out the institution — but with the initial purchase price set as a minimum.

Several offerings in 2011 and 2012 failed to find the buyer for Mutiara as prospective buyers submitted offers that were too low, or were deemed unqualified by the agency. Even if Mutiara cannot attract an adequate price this year, LPS is compelled to sell the bank to the highest bidder.

Several companies have expressed interest, including Yawadwipa Companies and toll-road developer and operator Citra Marga Nusaphala Persada.

Bank Century was renamed Bank Mutiara in 2011 to rebrand an institution was crippled by the 2008 global financial crisis. It is the only lender in Indonesia to have been bailed out by the government.

The bailout has sparked a protracted investigation, amid claims it was conducted without proper approval.

Thailand

I-Bhd and Thai mall specialist CPN Global Company Ltd have entered into a joint venture to build a 1.5 million sq ft mall in I-Bhd’s flagship development i-City with a gross development value of RM580mil.

I-Bhd would have a 40% stake via i-City Properties Sdn Bhd (ICP) in the joint venture while CPN would have the remainder stake via two locally incorporated companies CPN Real Estate Sdn Bhd and CPN Malls Malaysia Sdn Bhd.

Construction for the mall will begin next year and is targeted for completion by the end of 2016.

“We are honoured to spur the economy with this agreement, more so given that this is the first fruits of foreign direct investments for the country after the May 5 general election,” founder and executive chairman of I-Bhd Tan Sri Lim Kim Hong said at the signing ceremony to mark the joint venture yesterday.

“At the end of the day, we envisage our shopping mall being a regional shopping paradise that is capable of boosting both the economic development of Shah Alam and Selangor as a whole,” Lim added.

CPN Real Estate, CPN Malls Malaysia and ICP would also enter into a shareholders agreement for the purpose of acquiring a part of the land in i-City to develop the mall.

The mall would be developed on a freehold plot of land measuring 11.12 acres with gross floor area of about 1.5 million sq ft and net leasable areas of 1 million sq ft.

The development marks CPN’s first foray into Malaysia.

“This important decision marks CPN’s first strategic move in Asean and our confidence in the Malaysian economy,” said CPN president and chief executive officer Kobchai Chirathivat.

CPN, according to a press statement, is the largest specialist developer and manager of large-format and integrated shopping centres established in June 1980 and listed since March 1, 1995 on the Stock Exchange of Thailand.

“We believe ICP’s expertise in construction management as well as local market understanding and strong government relations will greately contribute to the successs of this project. In the same way, CPN will contribute our expertise in retail property development to make this project a great success,” Chirathivat said.

The joint venture would be led by CPN while I-Bhd chief executive officer Datuk Eu Hong Chew said the company’s focus would be on developing the rest of i-City.

“We pass it to the experts as we want to focus on developing the rest of i-City. They will take the lead in design, building and managing the mall,” Eu said.

Meanwhile, I-Bhd posted a huge increase of RM4.92mil in net profit for the first quarter ended March 31 compared to RM819,000 a year ago on revenue which rose by 213.82% to RM27.14mil. It said in an announcement to Bursa Malaysia that the earnings were mainly due to profit recognition from ongoing projects of the property development division and the introduction of more theme park games under the leisure division.
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Malaysia

Guinness Anchor Bhd's (GAB) earnings rose 18.7% to RM61.15mil in the third quarter ended March 31, 2013 from RM51.53mil a year ago.

The brewer said on Tuesday its revenue rose 21.3% to RM442.52mil from RM364.71mil a year. Profit before tax increased by 18.6% to RM81.54mil from RM68.72mil while earnings per share rose to 20.24 sen from 17.06 sen.

For the nine months ended March 31, 2013, its net profit increased 6.7% to RM184.14mil from RM172.56mil in the previous year's corresponding period. Revenue was RM1.264bil, a marginal 1% decline from RM1.277bil.

Earnings per share for the nine months grew to 60.96 sen from 57.12 sen a year ago, while net assets per share attributable to shareholders stood at RM1.32 as at March 31, 2013.

GAB managing director Hans Essaadi said the company was able to grow profit on the back of flat revenue largely due to favourable product and channel mix and efficient cost management.

"In line with our expectations, our performance was also supported by a strong third quarter due to the Chinese New Year. Our Chinese New Year promotional activities received great response resulting in us achieving increased sales in all channels, especially in the off-trade to retailers," he said.

Essaadi said the performance showed that GAB's portfolio of brands led by Tiger, Guinness and Heineken continued to be consumers' brands of choice.

“Our brands were recognised by consumers at the 2013 Putra Brand Awards last month, as Heineken and Guinness each scored Gold whilst Tiger won Silver," he said.

Apart from the Chinese New Year, the company also saw great consumer response for its annual Guinness St. Patrick's Day Celebration campaign in March 2013. Over 28,000 partygoers nationwide took part in celebrations throughout the month.

On the outlook for the financial year, Essaadi was confident GAB would end the year on a satisfactory note.

"We have had a solid third quarter. I expect we will be able to maintain this momentum and deliver a 12th consecutive year of growth," he said.

Essaadi said innovation would be a key pillar in GAB's strategy to create new and exciting experiences for consumers.

Philippines

George Ty’s GT Capital Holdings Inc. jacked up its first quarter net profit by 211 percent year-on-year to P4 billion on the back of its banking, property, automotive and bancassurance businesses.

Excluding non-recurring items, GT Capital’s net profit for the first quarter likewise expanded by 112 percent to P2.7 billion. Extraordinary gains were booked from the consolidation of Toyota Motor Philippines Corp. into the holding firm.

Consolidated revenues soared by 789 percent year-on-year to P22.3 billion in the first quarter partly as a result of the increase in GTCap’s direct ownership in Global Business Power Corp. and Toyota alongside higher income contribution from Metrobank and AXA Philippines and non-recurring gains from the Toyota consolidation.

“The strong performance of GT Capital during the first three months of 2013 indicates that we are on track in achieving our overall objectives for the year. We are encouraged with the prospects for further growth, given the recent positive economic developments and the continued healthy outlook for the Philippines,” said GTCap chair Arthur Ty.

Metrobank posted P11.4 billion in net profit for the quarter (+163 percent), making it the country’s most profitable bank for the period as trading gains and one-time gains from the sale of additional stake in Toyota to its parent conglomerate added to core interest earnings.

AXA Philippines also grew its first quarter net income by 98 percent to P324 million year-on-year. Total premium income grew by 71 percent to P4.7 billion as new sales of single premium contracts doubled while regular contracts likewise increased by 26 percent.

For its part, Toyota grew its net income by 49 percent to P1.1 billion as it sold 17,061 vehicles during the quarter equivalent to a 35-percent market share.

Federal Land grew its consolidated net income for the period by 117 percent to P240 million, riding on the robust property market. “Given the sustained resiliency of the property sector supported by low interest rates, Federal Land will continue to benefit from the strong market demand for its master-planned residential and commercial communities,” Federal Land president and GTCap vice chair Alfred Ty said.

On the other hand, Global Power posted a lower net profit of P390.7 million for the period versus P498.1 million last year due to lower peak consumption and soft electricity prices during the first quarter of the year.

Yesterday in Asia

Tokyo slipped 0.16 percent, or 23.79 points, to 14,758.42, but Seoul rose 1.03 percent, or 20.13 points, to 1,968.83.

Sydney rose 0.21 percent, or 10.7 points, to 5,221 but the Australian dollar traded just below parity with the greenback before an austere annual budget was unveiled in the evening, projecting an $18 billion deficit for 2013/14.

Hong Kong closed down 0.26 percent, or 59.53 points, to 22,930.28 and Shanghai fell 1.11 percent, or 24.91 points, to 2,217.01.

– Taipei was flat, edging up 3.50 points to 8,251.82.

Taiwan Semiconductor Manufacturing Co. was 0.87 percent higher at Tw$115.5 while Hon Hai Precision fell 0.50 percent to Tw$79.2.

– Wellington fell 0.55 percent, or 25.78 points, to 4,645.86.

Telecom Corp. was down 1.11 percent at NZ$2.675 while Fletcher Building was up 0.70 percent to NZ$8.61.

– Manila rose 0.70 percent, or 51.08 points, to 7,313.46.

Bloomberry Resorts gained 2.79 percent to 12.54 pesos while Philippine Long Distance Telephone rose 2.62 percent to 3,210 pesos.

– Jakarta ended up 0.54 percent, or 27.31 points, at 5,081.94.

Car maker Astra International rose 1.44 percent to 7,050 rupiah, while palm oil producer Astra Agro Lestari lost 0.57 percent to 17,300 rupiah.

– Bangkok added 0.36 percent, or 5.75 points, to 1,623.48.

Skytrain operator BTS Group Holdings gained 3.55 percent to 8.75 baht, while Thai Union Frozen Products jumped 4.62 percent to 62.25 baht.

– Kuala Lumpur was flat, inching up 0.53 points to close at 1,788.43.


Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager/Snr Partner

Knightsbridge Law Co Ltd
Heffernan Group of Companies
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Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management
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ASEAN  ANALYSIS

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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