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ASEAN STOCK WATCH Asean Affairs  16 May2013 

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Indonesia

Bumi Serpong Damai, an Indonesian property company based in Jakarta, plans to raise as much as Rp 175 billion ($18 million) from the sale of shares in a rights offering this year.

The property company plans to sell its 1.75 billion new shares in a limited public offering at a price of Rp 1,691 apiece, it said in a brief prospectus published in Investor Daily on Wednesday.

Bumi Serpong is expected to seek shareholder approval for the planned share sale later this month.

“The company will hold an extraordinary shareholders meeting on May 31, seeking approval from shareholders,” the company said in the prospectus.

The price reflects a 5 percent discount to the company’s closing price at Rp 1,780 in the local bourse on Wednesday.

Bumi Serpong will use the funds to buy land, expand projects and boost operational cash, according to the prospectus.

Shares in the company closed unchanged at Rp 1,780 on the Indonesia Stock Exchange on Wednesday, compared with a 0.2 percent gain in the mains stock gauge in the local market.

The company develops ambitious urban planning schemes in Indonesia in which it combines housing, business and commercial properties.

Bumi Serpong’s  first project, BSD City, encompasses a total area of approximately 6,000 hectares in Serpong, Tangerang. With around three quarters of the available land yet to be developed, this huge scheme represents a unique investment opportunity.

The company, managed by the Sinarmas Developer and Real Estate, earlier this year said it was seeking Rp 5 trillion in sales from a new mixed-used property project at BSD City.

The unnamed property project, located 25 kilometers southwest of Jakarta, includes residential areas, commercial buildings and green space. It will be built and operated by Bumi Parama Wisesa, a joint venture between BSD and Hongkong Land, the property arm of Hong Kong-based Jardine Matheson Holdings, the company said.

The 68-hectare project is being built in several stages and is due for completion in 2018.

Thailand

The Stock Exchange of Thailand main index went up 6.61 points, or 0.41%, to close at 1,630.09 points at the end of trading session this afternoon. The trade value was 54.46 billion baht, with 14.79 billion shares traded.

The SET50 index ended at 1,081.13 points, up 6.78 points, or 0.63%, with a total trade value of 30.53 billion baht.

The SET100 index rose 12.08 points, or 0.50%, to stand at 2,413.73 points, with a total turnover of 40.15 billion baht.

The SETHD index went up 5.57 points, or 0.44%, to stand at 1,279.89 points, with total trade value of 8.85 billion baht.

The MAI index dropped 1.95 points, or 0.40%, to close at 490.33 points, with total transaction value of 2.36 billion baht.

Top five most active values were as follows;

CPALL stood at 43.00 baht, unchanged
PTT stood at 339.00 baht, up 5.00 baht (1.50%)
CPN stood at 52.00 baht, down 1.25 baht (2.35%)
ADVANC stood at 285.00 baht, up 8.00 baht (2.89%)
SCB stood at 196.50 baht, up 3.50 baht (1.81%)

Singapore

The FTSE Straits Times Index (STI) ended +8.77 points higher or +0.26% higher to 3,441.53, taking the year-to-date performance to +8.67%.

The FTSE ST Mid Cap Index gained +0.13% while the FTSE ST Small Cap Index gained +0.88%.

The top active stocks were Singtel (unchanged), Noble Grp (-1.79%), Golden Agr (+1.79%), THBev (+2.27%), and UOB (+0.96%).

The outperforming sectors today were represented by the FTSE ST Basic Materials which gained +2.25%. The two biggest stocks of the Basic Materials Index are Midas Holdings (+5.56%) and Geo Energy (-1.16%). The underperforming sector, FTSE ST Industrials, declined -0.20% with Jardine Matheson Holdings declining -0.08% and Jardine Strategic Holdings declining -0.47%. The FTSE ST Real Estate Index gained +0.15%, the FTSE ST Consumer Services gained +0.07% and the FTSE ST Utilities gained +1.33%.

The three most active Exchange Traded Funds (ETFs) by value today were SPDR GOLD SHARES (-1.68%), LYXOR CHINA H 10 (+1.05%) and IS MSCI INDIA 100 (+1.88%).

The three most active Real Estate Investment Trusts (REITs) by value were Kep REIT (+0.65%), CapitaComm (+0.59%) and CapitaMall (-0.85%).

The most active index warrants by value today were HSI23000MBePW130627 (-4.61%), HSI23200MBeCW130627 (+4.05%) and HSI23400UBeCW130627 (+4.00%).

The most active stock warrants by value today were DBS MB eCW131001 (-5.06%), OCBC Bk MBeCW131101 (+4.29%), and DBS MB ePW130909 (+3.85%).

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

Malaysia's economy grew at 4.1% in the first quarter ended March 31, 2013, as manufacturing recorded slower growth due to the weak external conditions, but domestic demand will continue to underpin further growth.

Bank Negara Malaysia said on Wednesday amid this weaker external environment, the Malaysian economy expanded at a slower pace compared with the 6.5% in the fourth quarter ended Dec 31, 2012 and the 5.1% a year ago in Q1, 2012.

The central bank said the agriculture sector grew 6% in Q1, 2013, construction 14.7%, services 5.9%, manufacturing 0.3% and mining shrank 1.9%.

Despite the weaker activity, the economy was supported by stronger domestic demand that expanded by 8.2% during the quarter (4Q 2012: 7.8%).

"For the Malaysian economy, domestic demand is expected to remain as the key driver of growth, driven by sustained private sector expansion and supported by the public sector.

"While global developments will continue to present downside risks, intra-regional trade is expected to reinforce the growth performance.

On the weaker trade-related activity, it said this was offset partly by the services sector, which continued to expand. Underpinning this growth was the sub-sectors catering to the domestic market, it said.

Growth in the agriculture sector was sustained due to higher production of palm oil, while the mining sector declined due to lower production of crude oil.

"In the construction sector, growth remained firm, led mainly by progress in the civil engineering sub-sector," it said.

As for the global economy, BNM said it grew at a modest pace in Q1, 2013. Growth in the US remained slow, while the economic performance in most European economies remained weak amidst the ongoing policy challenges and domestic structural concerns.

However, for Asia, economic activity continued to expand, although at a slower pace, as domestic demand continued to outweigh weakness in external demand.

BNM said on the supply side, while the domestic-oriented industries continued to register sustained growth, activity in the major economic sectors was weighed down by the weak external conditions.

It expected domestic demand to remain robust amid continued challenges in the external environment.

"Going forward, the global economy is expected to continue to expand, but downside risks to growth will remain. In the advanced economies, economic recovery continues to be vulnerable to policy uncertainties and the risk of contagion.

"The divergent policies across regions are also resulting in spillover effects on global financial conditions.

"Nevertheless, in Asia, growth will continue to be sustained by domestic demand, underpinned by income growth and healthy labour market conditions, and supported by continued policy flexibility," BNM said.

Reuters reported Wednesday the euro zone's economy contracted for the sixth straight quarter at the start of this year, marking its longest recession on records dating back to 1995.

Falling output across the bloc, from France to Finland, meant the 17-nation economy shrunk 0.2% in the January to March period, the EU's statistics office Eurostat said.

Philippines

Andrew Tan-led Alliance Global Group Inc. grew its first-quarter net profit by 18 percent year on year to P4.91 billion on higher earnings chalked up by its property development, gaming and beverage businesses.

Core net income attributable to AGI shareholders likewise increased by 21 percent to P3.58 billion from the level a year ago, the company disclosed to the Philippine Stock Exchange on Wednesday.

Property development arm Megaworld Corp. posted a 15-percent rise in first-quarter net profit to P1.8 billion.  Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to total revenue.

Leisure estate and gaming unit Travellers International Hotel Group—a partnership with the Genting group of Malaysia, which has made plans to go public—grew its first-quarter net profit by 16 percent year on year to P995 million. Travellers operates Resorts World Manila, the first integrated tourism estate in the country.

Emperador Distillers Inc. posted a 40-percent jump in first-quarter net profit to P1.4 billion.

Megaworld, Travellers and Emperador collectively contributed 84 percent of the conglomerate’s net profit.

“We believe the current macroeconomic conditions will contribute positively to our various businesses, from consumer and property to BPO and tourism—all growth drivers of the Philippine economy. These businesses will hit double-digit growth in revenues and net profits,” AGI chairman Tan said in a press statement.

Consolidated revenues went up by 25 percent to P30.39 billion in the first three months from the level a year ago.

Real estate arm Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to its total revenue.

Megaworld’s three-month revenues stood at P8.1 billion, up 16 percent year on year. As an indicator of future growth, Megaworld and its subsidiaries also posted over P18 billion in reservation sales for the first quarter, higher than the P14 billion level in the same period last year, as the group reported brisk sales from the residential projects in its townships, particularly Newport City, McKinley West, McKinley Hill and Eastwood City.

Megaworld also cited strong leasing income from its BPO and retail portfolio.

Travellers posted total revenues of P10.5 billion in the first three months, up by 47 percent from a year ago.

Meanwhile, Travellers has sought regulatory approvals for an initial public offering worth as much as P34.8 billion.

Based on a preliminary prospectus filed with the Securities and Exchange Commission, Travellers is planning to sell up to 1.49 billion shares with an overallotment option of up to 223.56 million shares at a maximum price of P23.38 per share. About 10 percent of its equity will be held by the public after the offering.

Up to 745.21 million common shares will consist of a primary offering while an equal number will constitute secondary shares.

Including the overallotment option, the deal size could increase to about P40 billion.

Five international banks were hired to arrange the proposed offering: Bank of America Merrill Lynch, CIMB, Maybank, Religare Capital Markets and UBS.

Yesterday in Asia

Tokyo jumped 2.29 percent, climbing above the psychologically key 15,000-mark for the first time in more than five years to end at 15,096.03 as the greenback surged through the 102-yen level following record-setting gains on Wall Street.

Seoul gained 0.12 percent, or 2.43 points to 1,971.26, Hong Kong climbed 0.50 percent, or 113.96 points, to 23,044.24 and Shanghai rose 0.35 percent, or 7.79 points, to 2,224.80.

– Taipei rose 0.81 percent, or 66.77 points, to 8,318.59.

HTC rose 0.53 percent to Tw$282.0 while TSMC was 0.43 percent lower at Tw$115.0.

– Wellington was flat, edging up 0.47 points to 4,646.33.

Telecom Corp. was down 2.06 percent at NZ$2.62 while Fletcher Building climbed 1.05 percent to NZ$8.70.

– Manila jumped 1.08 percent, or 78.74 points, to 7,392.20.

Top-traded SM Investment gained 1.37 percent to 1,181 pesos while Philippine Long Distance Telephone rose 1.25 percent to 3,250 pesos.

– Singapore gained 0.26 percent, or 8.77 points, to 3,441.53.

United Overseas Bank rose 0.96 percent to Sg$22.00 while real estate developer CapitaLand shed 0.79 percent to Sg$3.78.

– Bangkok added 0.41 percent, or 6.61 points, to 1,630.09.

Coal producer Banpu gained 0.92 percent to 329 baht, while energy giant PTT rose 1.50 percent to 339 baht.

– Jakarta was up 0.16 percent, or 7.94 points, at 5,089.88.

Cigarette maker Gudang Garam rose 1.8 percent to 53,600 rupiah, while mobile service provider Indosat lost 1.72 percent to 5,700 rupiah.

– Kuala Lumpur fell 0.30 percent, or 5.40 points, to 1,783.03.

IOI Corp. lost 3.3 percent to 5.28 ringgit, while Petronas Chemicals Group gained 1.2 percent to 6.60 ringgit.



Shayne Heffernan Ph.D.

Economist/Hedge Fund Manager/Snr Partner

Knightsbridge Law Co Ltd
Heffernan Group of Companies
Thomson Reuters
 
Member
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American Economic Society
 
Linda Johnson, Business Development Director - Private Client Group, Heffernan Capital Management

Sales@Heffcap.com
 
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Bharat Building Singapore 048617
Tel: +65 6329 6408 Fax: +65 6329 9699
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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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