Singapore Daily Bulletin – 21/11/12

Thai Beverage Sees Better 3Q12 Performance; Backed By Better Sales Of Alcoholic Drinks
Thai Beverage (ThaiBev) has reported an improvement in its 3Q12 earnings, where earnings saw an uptick of 16 percent to approx 2.99 billion baht, and revenue displaying a 28 percent increase to 37.6 billion baht. 9M12 earnings was up 42 percent to 12.3 billion baht, on the back of the 31.6 percent increase in revenue to 119.5 billion baht. ThaiBev’s star performing segment was none other than its spirits unit, which saw a 71 percent increase in the unit’s profits, to 4.98 billion baht. Its beer unit, which is the other alcoholic business unit of ThaiBev did however record a better performance, albeit still registering a loss of 325 million baht for 3Q12. The overall stellar performance was however dragged down to a certain extent by its non-alcoholic segment. Net profits for the non-alcoholic segment saw a declination of 80.1 percent to 14 billion baht. ThaiBev noted that its 29 percent stake acquisition of Fraser & Neave (F&N) in 3Q12 is also reflected in its 3Q12 results.

Significance: The stellar performance could possibly bolster ThaiBev’s battle for F&N. ThaiBev has lodged a bid of $8.88/share for shares of F&N that it does not already own. The only question would be whether or not this bid price could change after Overseas Union Enterprise put its bid for F&N at $9.08/share.

Yoma’s $101m Placement Sees Strong Interest From Institutional Investors
Yoma Strategic Holdings (Yoma), a property developer in Myanmar saw strong interest from institutional investors when it offered one-sixth of its enlarged share capital in a $101 million private placement. It agreed to sell about 192.9 million shares at 52.5 cents a share, which is at about 6.25 percent discount to its stock closing price of 56 cents on 16 November 2012. Capital Group International (CGI) will anchor the placement by acquiring approximately 42.5 percent of the shares offered by Yoma, in which upon completion, CGI will hold a 7.09 percent stake in Yoma. Yoma plans to use the proceeds to pursue investment opportunities and for working capital, including partial funding for development costs related to a recently announced acquisition of economic rights in a key downtown Yangon project. On 19 November 2012, Yoma also announced of its plans to buy 80 percent stake in Meeyahta International Hotel, which owns the economic interests in land development rights to a 10-acre mixed use project in Yangon’s business district, for US$81.3 million.

Significance: The keen interest seen from the investors signify demand for investors who are keen to have a foot in Myanmar’s new economy. As there aren’t many choices for direct investments in Myanmar as of now, Yoma, which is slowly ramping up its presence and finesse in Myanmar, is among one of the few options and will be a natural consideration for such exposure.

Olam’s Stock Price Stinging from Block’s Allegations Punch
Commodities supplier Olam International (Olam), saw a sting in its stock price, as it fell as much as 11 percent on 20 November 2012 after Muddy Waters founder Carson Block labelled it a “black hole” at the Ira Sohn investment conference in London, a charitable event which sees established European hedge funds among its participants. Block, who made his name exposing dodgy accounting and potential fraud at Chinese companies criticised Olam’s debt levels and accounting practices. In anticipation of a report by Muddy Waters that was to have been released, Olam requested for a trading halt, and resumed trading when the report did not appear. Sunny Verghese, Olam’s group managing director and chief executive said in an urgent conference call with media and analysts that Block’s statements have “no merit” and “baseless”. Verghese added that it’s quite apparent that the objective was to create panic among Olam’s shareholders and that this has been a concerted and unfair attack on the company and reiterated his stand to defend Olam vigorously.

Significance: Olam mentioned that it has observed a group of four or five hedge funds encouraging other investors to short the stock, leading it to believe that Muddy Waters may be acting in collusion with such hedge funds. Olam follows the International Financial Reporting Standards and is prepared to intervene if its share price continues to fall via share buy back.


Get stories like this on the Yahoo app and discover more every day.
Download it now.
  • Devil's in the details of OPEC deal as Asia buyers remain cautious
    Devil's in the details of OPEC deal as Asia buyers remain cautious Reuters - 6 minutes ago

    SINGAPORE/SEOUL (Reuters) - Asian crude oil buyers remained cautious, eyeing details of an OPEC deal after the oil-producers group agreed for the first time since 2008 to reduce output in an oversupplied market. Global oil prices held onto gains … More »

  • Trump's old military prep school looks overseas for renewal
    Trump's old military prep school looks overseas for renewal Associated Press - 11 minutes ago

    While Donald Trump talks tough about dealing with China, his old military prep school is building bridges to that country. The New York Military Academy began classes this fall with new Chinese backing ... … More »

  • Oil prices retreat as investors wait for clarity on OPEC deal Reuters - 19 minutes ago

    Oil futures retreated on Thursday as the market grew more sceptical on how OPEC would implement a plan to curb oil output a day after the group agreed to limit production. Benchmark prices had initially extended gains made in the previous session … More »

  • Energy-linked currencies lifted in Asia after OPEC deal AFP - 19 minutes ago

    Energy-linked currencies led a rally in high-yielding units Thursday after OPEC's surprise deal to cut oil output sent crude prices soaring. Officials at the Organisation of Petroleum Exporting Countries, ... … More »

  • ICICI Pru Life shares fall on debut after $911 million IPO Reuters - 24 minutes ago

    MUMBAI (Reuters) - Shares in ICICI Prudential Life Insurance Co Ltd (ICIR.NS) fell as much as 1.8 percent in early trade on their market debut on Thursday after the company's $911 million initial public ... … More »

  • Hong Kong Stocks Rise for Third Day as Oil Boosts Energy Shares Bloomberg - 28 minutes ago

    The Hang Seng Index climbed 0.5 percent at the midday-trading break, extending a quarterly rally. Cnooc Ltd. and China Petroleum & Chemical Corp. advanced at least 5 percent, while China Oilfield Services Ltd. jumped the most since October, after … More »

  • Key dates since Russian intervention in Syria
    Key dates since Russian intervention in Syria AFP News - 30 minutes ago

    Russia one year ago carried out its first air strikes in support of Syrian President Bashar al-Assad's forces, in a major turning point in a multi-sided civil war. A timeline: Start of Russian intervention - September 30, 2015: Russia, at the … More »

  • Should You Still Invest In Bonds After The Recent Defaults In The Market? - 32 minutes ago

    Is the 2008 global financial crisis happening again? The post Should You Still Invest In Bonds After The Recent Defaults In The Market? appeared first on … More »

  • Gold steady as dollar sags after OPEC deal
    Gold steady as dollar sags after OPEC deal Reuters - 34 minutes ago

    Division between Federal Reserve policymakers on when to raise U.S. interest rates has sapped investor enthusiasm for trading on comments by officials from the central bank. The mixed views from U.S. Fed officials have weakened their credibility … More »

  • In Bali's deaf village, silence is golden
    In Bali's deaf village, silence is golden AFP News - 35 minutes ago

    It appears to be just another show on the Indonesian resort island, known for its ancient culture and rituals, but there is a key difference -- the dancers are all deaf and cannot hear the beat. The village of Bengkala has been home to an unusually … More »

  • China property tycoon warns on real estate bubble
    China property tycoon warns on real estate bubble AFP News - 53 minutes ago

    China's richest man, real estate magnate Wang Jianlin, has warned the country's property market is the "biggest bubble in history" -- the latest alarm bell to be sounded on the faltering giant economy. Wang, the owner of real estate and … More »

  • Relief arrives for U.S. shale firms as OPEC folds in price battle Reuters - 55 minutes ago

    It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets. The agreement effectively establishes a floor … More »

  • Energy firms lead Asia market rally on OPEC deal
    Energy firms lead Asia market rally on OPEC deal AFP News - 56 minutes ago

    Energy firms led a rally in Asian stock markets Thursday, while high-yielding currencies advanced after OPEC's shock agreement to cut oil output sent crude prices soaring. The gains come after OPEC's "historic" announcement late Wednesday of a deal … More »

  • Spotify Brings Online Music Service to $3 Billion Japan Market Bloomberg - 1 hour 0 minutes ago

    Spotify, the world’s largest music-subscription business, will offer a free, ad-supported service as well as an ad-free version for 980 yen ($9.70) per month, the company said at a press conference in Tokyo. Chief Executive Officer Daniel Ek, who … More »

  • Tokyo shares up by break as energy firms surge AFP - 1 hour 0 minutes ago

    Energy firms soared in Tokyo Thursday, leading a Japanese stock market rally as oil prices were boosted by a surprise OPEC deal to cut crude production. The Organization of Petroleum Exporting Countries, ... … More »

  • A year of bombing in Syria stirs little debate in Russia
    A year of bombing in Syria stirs little debate in Russia AFP News - 1 hour 3 minutes ago

    Veteran Russian opposition activist Sergei Davidis was among 300 people who showed up to a protest in Moscow against the start of the Kremlin's Syria bombing campaign. "As far as I know there haven't been any other events dedicated specifically to … More »

  • SE Asia Stocks-Up on oil price rally; Singapore hits near 3-wk high Reuters - 1 hour 20 minutes ago

    By Suhail Hassan Bhat Sept 29 (Reuters) - Southeast Asian stock markets rose on Thursday, in line with broader Asian shares, led by energy counters across the region as a rally in global oil prices after ... … More »

  • OPEC agrees modest oil output curbs in first deal since 2008 Reuters - 1 hour 20 minutes ago

    OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. "OPEC made an exceptional decision today ... … More »

  • Malaysia's closing tin prices for Sept 29 Reuters - 1 hour 21 minutes ago

    KUALA LUMPUR, Sept 29 (Reuters) - Following is a table of Kuala Lumpur tin market prices provided by a Malaysian trader. (Prices in $/tonne, and volumes in tonnes unless stated) Date KL Premium/ Spot Bid ... … More »

  • Energy shares lead Asian stocks higher on OPEC output deal
    Energy shares lead Asian stocks higher on OPEC output deal Associated Press - 1 hour 49 minutes ago

    Energy companies led a rally in Asian stock markets Thursday as investors welcomed news that OPEC nations planned to cut oil production for the first time in eight years in an effort to reduce a global ... … More »

  • Deutsche Bank Said to Face Hurdle Moving Huaxia Money From China Bloomberg - 1 hour 56 minutes ago

    The State Administration of Foreign Exchange is reviewing applications to move large amounts of money on a case-by-case basis and its focus is on preserving currency stability, people with knowledge of the matter said. One option the regulator has … More »

  • China Bubble Trouble Risks Missing Lessons from Japan Crash (1) Bloomberg - 1 hour 59 minutes ago

    While the two scenarios aren’t a carbon copy, similarities between China’s record credit boom in recent years and Japan’s bubble era have been made at various times by a number of economists and investors. Now, those voices are being heard more … More »

  • Carmaker expects to break even in 3 years Business Times - 2 hours 2 minutes ago

    SHAH ALAM: Proton Holdings Bhd expects to break even in three years by selling 5,000 units of its all-new Proton Saga a month. If we can sell 5,000 units a month, we can break even in three years,” said chief executive officer Datuk Ahmad Fuaad … More »

  • DRB-HICOM looking at 5 proposals for Proton partnership Business Times - 2 hours 2 minutes ago

    SHAH ALAM: DRB-HICOM Bhd has short-listed five global carmakers to be its subsidiary Proton Holdings Bhd’s strategic partner. Group managing director Datuk Seri Syed Faisal Albar said the strategic partner would also own a stake in the national … More »

  • Petronas to review Canada project Business Times - 2 hours 3 minutes ago

    KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will review a proposed C$36 billion (RM112.4 billion) liquefied natural gas (LNG) plant in Canada that was approved by Ottawa after a three-year wait. Canadian Prime Minister Justin Trudeau’s … More »

Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
to view quotes in your portfolios.


  • Most Actives
    Most Actives
    NamePriceChange% Chg
  • % Gainers
    % Gainers
    NamePriceChange% Chg
  • % Losers
    % Losers
    NamePriceChange% Chg

Market Data

  • Currencies
    NamePriceChange% Chg
  • Commodities
    NamePriceChange% Chg
  • Bonds
    TreasuryYield (%)Yield Change