October 05, 2012
The S&P 500 has climbed 16 percent so far this year. That strong
gain, combined with weak global economic data and questions of whether Spain’s
bailout will come to pass, have prompted Economist Shayne Heffernan to say the
rally is starting to look overextended.
The Federal Reserve may adopt
numerical thresholds for inflation and joblessness that would serve as
guideposts for policy, according to minutes from a September meeting that
revealed some reticence about the U.S. central bank’s latest stimulus.
The Dow Jones industrial average
gained 80.77 points, or 0.60 percent, to 13,575.38. The Standard & Poor’s
500 Index gained 9.63 points, or 0.66 percent, to 1,460.62. The Nasdaq
Composite Index gained 9.13 points, or 0.29 percent, to 3,144.36.
Initial claims for state
unemployment benefits rose 4,000 to a seasonally adjusted 367,000, the Labor
Department said, below economists’ expectations for an increase to 370,000.
Coal companies’ stocks rallied
following Republican presidential nominee Mitt Romney’s support of the coal
industry during his televised debate with President Barack Obama on Wednesday
night.
The weaker dollar lifted the
prices of crude and basic metals, which helped buoy shares in the energy and
materials sectors. An S&P index of energy shares .GSPE rose 1 percent,
while an S&P index of materials shares gained 1.3 percent.
Shayne Heffernan’s Best Buys in
ASEAN
Singapore
Hutchison Port Holdings Trust
(“HPH Trust”) is the first publicly traded container port business trust.
Listed on the Singapore Exchange
(SGX), HPH Trust is sponsored by Hutchison Port Holdings (“HPH”), the global
leader in the container port industry by throughput and a subsidiary of
Hutchison Whampoa Limited (“HWL”).
HPH Trust is managed by Hutchison
Port Holdings Management Pte. Limited (“Trustee-Manager”) (Read More), an
indirect wholly-owned subsidiary of HWL.
HPH Trust’s investment mandate is
principally to invest in, develop, operate and manage deep-water container
ports in the Pearl River Delta, while aiming to provide investors with stable
and regular distributions as well as long-term Distribution Per Unit (“DPU”)
growth.
HPH Trust’s portfolio consists of
controlling interests in world class deep-water container port assets, namely
Hongkong International Terminals (“HIT”) and COSCO-HIT Terminals (“COSCO-HIT”)
in Kwai Tsing Port, Hong Kong; and Yantian International Container Terminals
Limited (“YICT”) in Shenzhen Port, PRC. The assets also comprise of certain
port ancillary services and river ports complementary to the deep-water
container ports operated by HPH Trust.
Thailand
Pakfood Public Company Limited
produces and exports frozen seafood under a variety of brand names. The Company
exports the majority of its products to Japan and the United States.
Current P/E Ratio (ttm) 8.5763
Estimated P/E (- ) -
Earnings Per Share () (ttm) 5.8300
Est. EPS -
Est. PEG Ratio -
Market Cap (M THB) 1,500.00
Shares Outstanding (M) 30.00
Enterprise Value (M THB) (ttm) 3,226.76
Enterprise Value/EBITDA (ttm) 33.47
Price/Book (mrq) 0.8664
Price/Sale (ttm) 0.2205
Dividend Indicated Gross Yield -%
Next Earnings Announcement 11/14/2012
Malaysia
DRB-Hicom Bhd is venturing into
the automotive exhaust systems and manufacturing of vehicle parts under a joint
venture with France’s Faurecia Exhaust International SAS.
DRB-Hicom subsidiary Oriental
Summit Industries Sdn Bhd had on Thursday signed a JV agreement with Faurecia
to set up a JV company Faurecia Hicom Emissions Control Technologies (M) Sdn
Bhd.
“With Faurecia’s expertise in
complete exhaust systems, the JVA will enable automakers to comply with
increasingly stringent international anti-pollution standards with high quality
products while keeping costs under control,” said DRB-Hicom group managing
director Datuk Seri Mohd Khamil Jamil.
He said the JV would enable them
to introduce new emission control technology products to the group, in line
with the current global trend towards energy efficient vehicles.
As for Faurecia, its shareholders
are PSA Peugeot Citron (57.43%), public (42.34%), FCP Faurecia shareholders
(0.19%) and Autocontrol (0.04%).
Faurecia’s total group turnover
in 2011 was 16.2bil, with 63.1% contributed by Europe, 20.8% (North America),
9.0% (Asia).
Faurecia’s total workforce is
84,200 at 270 production sites in 33 countrie
Indonesia
Express Transindo Utama, the taxi
operator controlled by Rajawali Corpora, is set to buy control of a rival to
help expand its operations in the Greater Jakarta area.
“We are acquiring a small taxi
operator that is not operating yet because we need their license for 2,000
units of taxis,” David Santoso, chief financial officer at Express, told
reporters in a meeting in Jakarta on Wednesday. He didn’t disclose the price
for the acquisition.
The company will acquire a 100
percent stake in Ekspres Mulia Kencana, a nonaffiliated company. EMK, which was
established as a company early this year, has not been in operation but is
licensed as a taxi operator in Indonesia.
Express plans to sell 1.05
billion shares, or 49 percent of the company’s equity, via an initial public
offering on Oct. 25, 29 and 30. The company set the indicative price at Rp 440
to Rp 860 per share, which would raise as much as Rp 904 billion ($94 million).
It would become the first taxi operator to be listed on the Indonesia Stock
Exchange (IDX).
Of the total 1.05 billion shares,
255.68 million shares are owned by Rajawali Group, while 795.60 million shares
are newly issued shares by Express. Of those new shares, 16 percent of the
proceeds from the IPO will go to Express, which it will use for the acquisition
of EMK, David said, while an additional 63 percent from the share sale will be
used to help Express finance the purchase of 2,000 taxis next year.
Another 20 percent of the
proceeds will be used to refinance its debt to Bank Central Asia, while the
remaining 1 percent will be used as working capital, he said.
Ninety percent of Express’s
revenue comes from its regular taxis, while its premium taxi, limousine and
other car or bus rental business contribute the remaining 10 percent, said
Daniel Podiman, chief executive of Express.
“We will continue to expand our
regular taxi business because it is out biggest revenue contributor,” Daniel
said, adding that for the regular taxi business, it is focusing its expansion
in the Greater Jakarta area
“For the other businesses, we
will expand it accordingly based on demand we see,” he said.
The company is targeting to be
the No. 1 taxi operator in the Greater Jakarta area within the next three years
and secure as much as 35 percent market share in the same period. Express
Transindo is competing with rivals such as the Blue Bird Group, which is the
biggest in Indonesia.
Dadang Suryanto, head of
investment banking at Mandiri Sekuritas, the sole underwriter, said that
Express will offer the shares to investors in Indonesia and overseas markets
such as in Hong Kong and Singapore.
Express had Rp 60.2 billion in
net income and Rp 338.4 billion in revenue in 2011. In the first quarter this
year, it reported Rp 28.4 billion in net income and Rp 155.5 billion in
revenue. Express is slated for listing on the IDX on Nov. 5.
Philippines
Meralco PowerGen Corp., the power
generation arm of Manila Electric Co., plans to put up a liquefied natural
gas-fired power plant in Batangas that can generate at least 1,200 megawatts,
as part of its plans to help secure the growing electricity requirements within
its franchise area.
The company wants to build the
proposed LNG facility beside the Department of Energy’s $2.1-billion
Batangas-Manila natural gas pipeline, and near the $1-billion regasification
terminal in Tabangao, Batangas, to be constructed by Shell Companies in the
Philippines—a strategic position that will enable Meralco to secure the supply
of LNG from Shell and allow it to transport the gas to Manila through the
pipeline.
Meralco PowerGen hopes that Shell
would become its supplier of the LNG should it decide to push through with the
project. This was formalized through a memorandum of understanding recently
signed by both parties.
“The setting up of an LNG-based
combined cycle power plant is meant to address fuel diversification as well as
address the mid-merit capacity needs of the Luzon grid. This collaboration with
Shell companies in the Philippines helps pave the way for facilities that
ensure a reliable and competitively priced power supply,” said Aaron A.
Domingo, Meralco PowerGen executive vice president and general manager.
For his part, Shell country
chairman and president Edgar Chua said that the agreement with Meralco PowerGen
would open “the door for greater use of cleaner energy and enhance energy
security for the Philippines. We are very excited to work with Meralco PowerGen
on this project.”
Shell may be able to supply the
LNG to Meralco PowerGen through its planned LNG regasification terminal, which
will be constructed beside its Tabangao refinery, and may be commissioned by
2016.
Yesterday in Asia
Tokyo gained 0.89 percent,
or 77.72 points, to 8,824.59, Sydney added 0.31 percent, or 13.8 points, to
4,452.4.
Hong Kong was 0.09
percent higher, closing 19.67 points up at 20,907.95, but Seoul eased 0.17
percent, or 3.35 points, to 1,992.68.
Shanghai is closed for
a weeklong public holiday.
Singapore closed up
0.31 percent, or 9.50 points, at 3,086.64.
Jardine Cycle and Carriage gained
2.55 percent to Sg$49.84 and CapitaLand advanced 3.46 percent to Sg$3.29.
Taipei ended flat, dipping
2.29 points to 7,682.34.
HTC fell 2.21 percent to Tw$287.0
while TSMC rose 0.89 percent to Tw$90.6.
Manila closed 1.27 percent
higher, adding 68.22 points to 5,443.74.
SM Investments was up 5.98
percent at 805.50 pesos while Ayala rose 3.62 percent to 440.20 pesos.
Wellington fell 0.20
percent, or 7.61 points, to 3,881.99.
Fletcher Building fell 1.2
percent to NZ$7.25, Fisher & Paykel Appliances rose 3.7 percent to NZ$1.25
and Air New Zealand added 2.9 percent to NZ$1.25.
Kuala Lumpur gained 0.71
percent, or 11.72 points, to end at 1,661.47.
KLCC Property rose 4.9 percent to
6.19 ringgit, KL Kepong gained 3.0 percent to 21.52 ringgit and Sime Darby
added 2.9 percent to 9.68 ringgit.
Bangkok was flat, edging
down 0.92 points to 1,306.63.
Mobile telephone giant Advanced
Info Service lost 1.44 percent to 206 baht, while Siam Cement gained 0.57
percent to 351 baht.
Jakarta added 0.47 percent,
or 19.95 points, to 4,271.46.
Carmaker Astra was up 4.7 percent
at 7,750 rupiah and cement maker Gresik rose one percent to 14,800 rupiah.
Mumbai rose 1 percent, or
188.46 points, to 19,058.15.
Engineering giant Bharat Heavy
Electricals rose 6.57 percent to 266.05 rupees, private bank ICICI was up 2.93
percent to 1,083.7 rupees and Kingfisher Airlines fell 4.79 percent to 13.9
rupees.
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. Since we are currently changing the platform of www.yourvietnamexpert.com, you may contact us at: sbc.pte@gmail.com, provisionally. Many thanks.
No comments:
Post a Comment