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ASEAN STOCK WATCH Asean Affairs  18 October 2012

ASEAN Equity Preview

ASEAN Exchanges, a collaboration of the seven stock exchanges of Asean, today unveiled its newly enhanced website,, which will provide aggregated Asean market data and analytics in a single location.

The collaboration between the seven exchanges, namely, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, aimed to promote the growth of the Asean capital market by driving cross-border collaboration and streamlining access to the ten-member grouping.

In a statement, ASEAN Exchanges said it also created history today when the Stock Exchange of Thailand became the third member connecting to the ASEAN Trading Link, joining Bursa Malaysia and Singapore Exchange.

Charamporn Jotikasthira, President of the Stock Exchange of Thailand was quoted in the statement as saying that with the three stock exchanges  connected, investors would have a single entry-point access to three of the largest equity markets of Asean.

The S&P just notched its best two-day advance in a month, a rise of 1.8 percent, on the heels of its worst weekly decline in four months. Expectations for a disappointing earnings season, which prompted the decline, have been dampened this week as more companies post quarterly results.

The S&P 500 rose on Wednesday, heading for its third straight day of gains, as U.S. housing starts hit a four-year high, but weak results from tech bellwethers weighed on the Dow.

Homebuilders climbed after data showed groundbreaking on new homes jumped 15 percent in September, the quickest pace since July 2008 and a sign the housing sector was supporting the economy.

Siam Cement

Siam Cement PCL, Thailand's largest industrial conglomerate by sales, Monday said it has sold a THB6.5bn (US$211.6m) seven-year bond to institutional investors.

Upon issuance, Siam Cement will have THB126.5bn in outstanding bonds, the company said in a filing to the Stock Exchange of Thailand.

The seven-year bond will have a coupon of 4.40 per cent, the company said in a separate filing to the Securities and Exchange Commission.


 In collaboration with the Government of The Bahamas, and with the support of key stakeholders, executives of The Grand Bahama Port Authority Limited (GBPA) hosted a 6 man 1 woman team of the Genting Group Wednesday past. The visit to Grand Bahama was part of an exploratory fact finding mission, supporting the government’s initiative to reduce energy costs, and to promote economic development throughout The Bahamas.

With Grand Bahama as the second leg of a three island tour, inclusive of Abaco and Eleuthera, GBPA executives made full use of its eight hour window, to display the grandeur of the City, via numerous tours, coordinated with industry partners. Their purpose, to scout out potential investment and development opportunities beneficial to the islands, as well as to any of its organization's three investment divisions of oil and gas, leisure and gaming and energy.

GBPA's executive team consisting of Vice Chairman Sarah St. George, President Ian Rolle, VP Henry St. George, and VP Ginger Moxey along with Geron Turnquest President of Grand Bahama Utility Company and Tyrone Fitzgerald, Group General Council, were on hand to receive the group for an early morning meeting and presentation at GBPA’s headquarters building.

"GBPA works closely with the Government of The Bahamas and the Minister for Grand Bahama, and we were delighted to host this visit by the Genting Group at the Prime Minister's request," stated President Rolle. "Although the cost of power generation was the group's main focus, we did our best to provide Mr. Hong and his team with a comprehensive overview of the island's economic sectors, including Manufacturing & Trade, Industry & Energy, Tourism & Commercial and lastly Finance and Real Estate," Rolle continued.

Following an extensive presentation on GBPA, the City of Freeport and The Hawksbill Creek Agreement, Genting officials met with a number of industry leaders, including Mrs. Sarah McDonald of EMERA and Grand Bahama Power, Mr. Godfrey Smith and Sherry Brooks of the Hutchison Group, Mr. Robert Gaffney of BORCO/Buckeye Partners L.P., and Mr. Ben Davis of the Grand Lucayan Resort.

"During this visit we hosted members of Genting’s Energy division, but I’m confident that we have presented Grand Bahama in its entirety, as a multifaceted investment platform," VP Moxey explained. "With the assistance and collaborative efforts of our stakeholders, GB Power, BORCO/Buckeye and the Hutchison Group, we did a successful job, that shows promise for future opportunities,” Moxey concluded.

The leisure and gaming division of the Genting Group are no strangers to the Bahamas, as they have developed properties in the Bahamas before. In 1986, in a joint venture with The Bahamas Government, Genting opened the Lucayan Beach Resort and Casino in Freeport, Lucaya. Additionally, government recently announced Genting's partnership with RAV Bahamas to develop a US$20m, 10,000-sq.ft., casino at the Bimini Bay Resort & Marina in North Bimini Island, slated to open this December. This project is expected to create more than 300 jobs for the island.

Pleased with their meetings, site tours and discussions with various island stakeholders, Mr. Hong and his team departed Grand Bahama at 4:00pm, in route to Abaco, for meetings there.

Baramulti Sukses Sarana

Coal producer Baramulti Sukses Sarana plans to go public this month to capitalize on bullish investor sentiment in the local market.

The Jakarta-based company will sell 261.5 million shares, 10 percent of its equity, through its initial public offering, the company said in a brief prospectus published in Investor Daily on Tuesday.

The company plans to offer shares to investors between Oct. 30 and Nov. 2, and to list on the Indonesia Stock Exchange (IDX) on Nov. 8.

Baramulti is the latest Indonesian company to announce an IPO plan this year.

The firm hired CIMB Securities Indonesia as the underwriter, with Baramulti setting the IPO price at Rp 1,600 to Rp 2,100 per share, leading to a raising of Rp 419 billion to Rp 549 billion ($44 million to $57 million).

The Cilegon, Banten-based Baramulti owns coal resources in South and East Kalimantan in Indonesia.

The IDX, which is home to 447 listed companies with a combined market capitalization of Rp 4,000 trillion, is on track to meet its target of 25 IPOs this year, with Baramulti’s move making it the 22nd company to go public.

Express Transindo Utama, the taxi operator controlled by Rajawali Corporation, plans to sell 1.05 billion shares, 49 percent of its equity, through its IPO on Oct. 25 to 30, making it the first taxi operator to list on the IDX. Express has set an indicative price of Rp 440 to Rp 860 per share, which would raise as much as Rp 904 billion.

The nation’s growing equity market has proven a popular place for Indonesian companies to seek capital, even as markets abroad have struggled.

The benchmark stock measure, the Jakarta Composite Index, rose to record on Tuesday, bringing this year’s gain to 13 percent.


The relatively limited number of gaming developments around Asia-Pacific is poised to make the Philippines’ entertainment city development one of the biggest gaming hubs in the region, according to officials of Bloomberry Resorts Corp.

“By 2016, the gaming market in the Philippines will be [worth] $3.3 billion [in annual revenues],” said Brad Stone, who is one of the heads of Global Gaming Philippines LLC, which will manage the flagship Solaire Resort and Casino.

The $1-billion Solaire project—owned by billionaire ports tycoon Enrique Razon Jr.—is slated to open by March 2013, making it the first gaming resort to open among the four groups granted licenses to operate on the sprawling Manila Bay reclamation site of Philippine Amusement and Gaming Corp.

Stone said in a briefing yesterday that while demand for new casino destinations was growing among Asians, especially the increasingly affluent Chinese population, there is a limited supply of gaming reports apart from the large ones in Macau and Singapore.

His statement echoes the view of Pagcor chair Cristino Naguiat Jr., who pointed out that the Philippines stands to benefit from casino patrons who continue to seek new gaming destinations instead of staying loyal to one location.

Stone and his team had held senior positions with Las Vegas Sands Corp. and were directly responsible for the development of the Venetian Las Vegas, Palazzo Las Vegas, Sands Macau, the Venetian Macau and Marina Bay Sands in Singapore.

He said that while Solaire was intended to eventually ramp up its clientele toward high-spending VIP gamers, it will start by having slightly more players that contribute to the “mass revenue” segment.

“We’re not going to be Macau,” he said, drawing a contrast with the former Portuguese colony where as much as 75 percent of gaming revenues are in the VIP category. “But we can definitely compete with Macau.”

Stone said Solaire was expected to have approximately 55 percent of its gaming revenues come from the mass market in its early years, with the remaining 45 percent coming from VIP clients.

Of the $1-billion investment for the project committed by Bloomberry to the government, some $750 million would be spent on the first phase of the development.

Another $250 million would be spent on the so-called “Phase 1a” expansion segment.

Stone said the total investment for the Solaire complex would “easily” top $1 billion, when future developments are factored in.

The group has a total of 16 hectares of land to build the resort complex on, he added.

Meanwhile, Solaire’s chief operating officer Michael French said that the casino hotel complex would employ a total of 4,500 Filipinos once completed.

Company officials have so far gone on 20 recruitment roadshows nationwide, going as far down south as the cities of Davao and Cagayan de Oro to fill their staffing needs.

Yesterday in Asia

Tokyo jumped 1.21 percent, or 105.24 points, to 8,806.55, Sydney added 0.82 percent, or 36.7 points, to 4,528.2 and Seoul was 0.70 percent higher, adding 13.61 points to 1,955.15.

Hong Kong rose 0.99 percent, or 209.57 points, to 21,416.64 and Shanghai was up 0.32 percent, or 6.81 points, at 2,105.62.

– Singapore closed flat, edging down 1.14 points to 3,045.67.

Singapore Airlines gained 1.82 percent to Sg$10.61 and City Developments advanced 1.73 percent to Sg$11.78.

– Taipei closed flat, dipping 6.62 points to 7,464.40.

Hon Hai Precision fell 0.23 percent to Tw$87.4 while Taiwan Semiconductor Manufacturing Co. was 0.11 percent lower at Tw$87.4.

– Manila closed 0.71 percent, or 38.44 points, higher at 5,438.38.

SM Investments gained 2.22 percent to 807 pesos while Philippine Long Distance Telephone slipped 1.03 percent to 2,680 pesos.

– Wellington rose 0.62 percent, or 24.48 points, to 3,965.18.

Telecom gained 1.5 percent to NZ$2.44 and Sky City climbed 2.1 percent to NZ$3.90.

– Bangkok added 1.07 percent, or 13.79 points, to 1,301.28.

Mobile telephone giant Advanced Info Service gained 4.62 percent to 204 baht, while Bangkok Bank lost 0.53 percent to 189 baht.

– Kuala Lumpur gained 0.43 percent, or 7.15 points, to 1,660.67.

Malayan Banking ended up 2.2 percent at 9.28 ringgit while CIMB Group Holdings rose 1.3 percent to 7.65 ringgit. Telekom Malaysia lost 2.1 percent to close at 6.10 ringgit.

– Jakarta added 0.20 percent, or 8.45 points, to 4,337.53.

– Mumbai rose 0.18 percent, or 33.07 points, to 18,610.77.

India’s private Tata Power rose 2.12 percent to 103.7 rupees while private housing finance firm HDFC rose 1.22 percent to 752.35 rupees.

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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