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ASEAN STOCK WATCH Asean Affairs  2November 2012

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Markets are still recovering from the aftermath of Sandy, which killed dozens of people in North America and the Caribbean, and wreaked havoc up and down the U.S. eastern seaboard.

Technology and industrial sector shares led gains as data showed U.S. companies added jobs in October at the fastest pace in eight months, and consumer confidence hit its highest in more than four years.

China's purchasing managers' index, the preliminary indicator of manufacturing activity, rose to 50.2 percent in October from 49.8 percent in September, signaling an economic rebound in the world's second largest economy after a seven-quarter slowdown.

The figure is above the 50-percent level, signifying expansion, according to data released by the China Federation of Logistics and Purchasing and National Bureau of Statistics.

Earlier the HSBC flash PMI rose to 49.1 in October from 47.9 in September.

"Leading indexes all point to rising growth momentum," said Zhang Zhiwei, chief Chinese economist at Nomura Securities Co Ltd, before the release of the official PMI figure.


Thailand’s second largest cellco by subscribers DTAC, part of the Telenor group, has reported that revenues reached THB21.2 billion (USD684 million) in the third quarter of 2012, a year-on-year increase of 8.2%. It attributed the increase to growing value added service (VAS) revenue and handset sales supported by expanding popularity of mobile internet, smartphones and social applications, as data turnover growth compensated for a continuation of pressure on voice revenues.

Q3 2012 EBITDA crept up by 0.4% quarter-on-quarter, on lower expenses, although fell by 5.1% year-on-year, reaching THB6.7 billion, mainly due to the higher revenue-sharing rate under DTAC’s build-transfer-operate (BTO) concession. Accordingly, net profit for the period amounted to THB2.9 billion, up 1.9% q-o-q but down 6.3% y-o-y. Net additional subscribers of 257,000 were recorded in 3Q12, taking DTAC’s total subscriber base to 23.9 million, of which 10.8% were post-paid.

3G subscribers on its UMTS 850MHz network increased by almost half a million quarter-on-quarter to 1.6 million at the end of September 2012, while data revenue growth continued at the rate of 83.2% year-on-year, as mobile data subscribers grew by 9.7% in 3Q12, from 6.5 million in July to 7.2 million in September (and up 30.5% from 5.5 million in Q3 2011). Smartphone penetration rose from 14.2% in September 2011 to 20.5% one year later.

At the end of Q3 2012 DTAC had rolled out around 3,500 3G 850MHz sites across the Bangkok Metropolitan Area and 42 other provinces, and it maintained its target of deploying 5,000 3G 850MHz sites by the end of the year, despite acquiring a 2100MHz full 3G network operating licence last week, enabling it to launch services in the first half of next year separately from its existing BTO concession with CAT Telecom.

On 18 October 2012 DTAC Network, a wholly owned subsidiary of DTAC, was confirmed by the National Broadcasting and Telecommunications Commission (NBTC) as one of the three winners of a 15-year 2100MHz operating permit; the NBTC will issue the licence within 90 days of the announcement.

Meanwhile, DTAC reported that its nationwide 2G network swap/upgrade programme is progressing satisfactorily, with 70% of the network having already undergone modernisation.


CB Industrial Product Holding Bhd (CBIP) reported net profit of RM27.08mil in the third quarter ended Sept 30, 2012 from the RM27.37mil a year ago.

It had on Thursday declared a tax-exempt dividend of 10% per ordinary share of 50 sen.

Its revenue rose 14% to RM108.70mil from RM95.32mil while earnings per share were unchanged 10.09 sen.

CBIP said for the nine-month period ended Sept 30, its earnings jumped 139% to RM215.09mil from RM73.26mil in the previous corresponding period as there was a gain on disposal of subsidiaries of RM139.6mil.

Its revenue increased by 62% to RM373.59mil from RM230.59mil. Its profit and revenue were boosted by the improvement in the palm oil equipment and special purpose vehicles segments, despite a lower contribution from the associates and jointly controlled entity.

CBIP added the other operating income improved during the financial period mainly due to higher interest income.

"In addition, there was a gain on disposal of subsidiaries of RM139.6 million for the current financial period," it said. CBIP said revenue from the palm oil equipment segment rose 25 % due to higher project billing and profit margin.


The Board of Directors of Golden Agri-Resources Ltd ("Company" or "GAR" and together with its subsidiaries, "GAR Group") wishes to announce that the Company via its wholly-owned subsidiary, Golden Assets lnternational Finance Limited, a company incorporated in the British Virgin lslands ("lssuer") , has established a Ringgit-denominated lslamic medium term note programme ("Programme" ) of up to Ringgit Malaysia 5.0 billion under the laws of Malaysia.

OSK investment Bank Berhad and RHB lnvestment Bank Berhad ("RHB lnvestment Bank") were appointed as the Joint Principal Advisers/Joint Lead Arrangers for the Programme. RHB lnvestment Bank has been appointed as the facility agent for the Programme and OSK Trustees Berhad has been appointed as the trustee for the Programme.

Under the Programme, the lssuer may issue lslamic medium term notes ("lslamic Notes") from time to time in Ringgit Malaysia in various amounts and tenors of more than a year and up to a maximum tenor of 15 years. The Company will assume the role of Obligor under the Programme.

In Malaysia, at issuance, the Islamic Notes may only be offered to persons falling within Schedule 6 (or Section 229(1)(b)) or Schedule 7 (or Section 230(1)(b)) and read together with Schedule 9 (orSection 257(3)) of the Capitai Markets and Services Act 2007 (Act 671) of Malaysia. The net proceeds raised from the issuance of any lslamic Notes under the Programme will be utilised for the GAR Group's general corporate purposes which shall be Shariah-compliant.
The Securities Commission of Malaysia has granted its approval for the Programme on 29 October


In another sign of rising investors confidence in the country’s equity market, Express Transindo Utama, an Indonesian taxi operator, received an overwhelming response from investors at the completion of its initial public offering on Monday.

Express, controlled by the Rajawali Corpora, received more than 13 times its demand during the offering.

The taxi operator, which would be the first taxi operator listed in the local exchange, priced the shares at Rp 560 apiece, the company said in a statement on Wednesday. The company is expected to raise Rp 589 billion ($61 million) from selling 1.05 billion shares, or 49 percent of the company’s equity.

“We are extremely happy to see such high enthusiasm displayed by the public in welcoming our IPO,” Express president director Daniel Podiman said in a statement on Wednesday.

Express is slated to be listed on the Indonesia Stock Exchange (IDX) on Friday. It will be listed on the bourse under the trading code TAXI.

Ari Pitojo, chief investment officer at Eastspring Investment Indonesia, said that Indonesia’s buoyant consumer spending should boost the performance of companies that provide consumer goods and services, including property and transportation services.

“Shares of those companies are very prospective,” Ari said.

The consumer goods index in the local exchange, which includes consumer goods giant Unilever, has gained 22 percent so far this year, while the trade, services and investment index rose 27 percent.

Seeing the potential demand, Express is tapping the local market in order to be the No. 1 taxi operator in the Greater Jakarta area within three years. Its hopes to attain a 35-percent market share in the area, competing with rivals like Blue Bird Group, a major taxi operator in Indonesia.

“This IPO signifies an important wave of momentum for Express Group,” Daniel said.

Earlier this month the company said it would use 16 percent of proceeds from the IPO to acquire Ekspres Mulia Kencana, a nonaffiliated taxi operator.

EMK was established as a company early this year and is a licensed taxi operator, but has not been in operation. Express needs EMK’s license to expand its fleet by 2,000 taxis next year, from its current total of 6,600

Data showed China’s manufacturing activity expanded in October for the first time in three months, adding to renewed optimism that the world’s No. 2 economy is beginning to awake from its recent slumber.

The purchasing managers’ index (PMI) stood at 50.2 last month, better than 49.8 in September, according to official figures. A PMI reading above 50 indicates expansion while anything below points to contraction.

Hong Kong gained 0.83 percent, or 180.05 points, to 21,821.87, while Shanghai surged 1.72 percent, or 35.55 points, to 2,104.43.

Tokyo closed 0.21 percent higher, gaining 18.58 points to 8,946.87. But Seoul eased 0.71 percent, or 13.62 points, to 1,898.44 and Sydney dropped 1.32 percent, or 59.4 points, to 4,457.6.

– Taipei closed 0.19 percent, or 13.59 points, higher at 7,179.64.

Taiwan Semiconductor Manufacturing Co. rose 0.56 percent to Tw$89.2 while HTC fell 0.95 percent to Tw$209.0.

– Wellington fell 0.66 percent, or 25.99 points, to 3,931.88.

Fletcher Building was down 1.56 percent at NZ$6.93, Contact Energy fell 1.99 percent to NZ$5.43 and Telecom lost 0.21 percent to NZ$2.40.

– Bangkok fell 0.07 percent, or 0.88 points, to 1,297.99.

Mobile telephone giant Advanced Info Service dropped 2.78 percent to 192 baht, while Siam Cement gained 4.01 percent to 389 baht.

– Singapore closed down 0.39 percent, or 11.76 points to 3,026.61.

Singapore Airlines fell 0.85 percent to Sg$10.51 and Sembcorp Industries shed 1.84 percent to Sg$5.34.

– Kuala Lumpur gained 0.16 percent, or 2.62 points, to 1,675.69.

CIMB Group rose 1.7 percent to 7.76 ringgit, while Petronas Chemicals shed 0.6 percent to 6.46 ringgit.

– Jakarta fell 0.34 percent, or 14.93 points, to 4,335.36.

Mobile phone operator Indosat jumped 7.69 percent to 7,000 rupiah but state-owned lender Bank Negara Indonesia dropped 3.25 percent to 3,725 rupiah.

– Mumbai rose 0.30 percent, or 56.32 points, to 18,561.7.

Tata Motors rose 4.89 percent to 267.1 rupees and IT outsourcing giant Wipro rose 3.02 percent to 361.4 rupees.

– Manila was closed for a public holiday.

Shayne Heffernan Ph.D.  

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 :
Suite 53 Athenee Tower
63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330
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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