|Bid||4,620.00 x 0|
|Ask||4,630.00 x 0|
|Day's Range||4,600.00 - 4,640.00|
|52 Week Range||3,650.00 - 4,730.00|
|Beta (5Y Monthly)||0.57|
|PE Ratio (TTM)||16.81|
|Earnings Date||Aug 03, 2018 - Aug 06, 2018|
|Forward Dividend & Yield||132.17 (2.85%)|
|Ex-Dividend Date||May 24, 2019|
|1y Target Est||4,015.80|
(Bloomberg Opinion) -- It’s only fitting that Thailand’s second-largest bank pipped a Japanese rival to buy a lender in Indonesia. The elixir of youth is a great attraction to those who no longer have it.Just like in Japan, the aging Thai population is propelling the economy into long-term stagnation, leaving the likes of Bangkok Bank Pcl with no choice except to seek their fortunes in younger societies bubbling over with credit demand at juicy yields. Hence, the $2.7 billion bid for 90% of Indonesia’s PT Bank Permata.At 1.8 times book value, the first major overseas acquisition by a Thai bank isn’t cheap. But the mid-tier Indonesian lender was a coveted asset. At one stage, Singapore’s Oversea-Chinese Banking Corp. had weighed a bid. Japan’s Sumitomo Mitsui Financial Group Inc. had also shown interest in buying out the existing owners, Standard Chartered Plc and PT Astra International. Since Astra is Toyota Motor Corp.’s Indonesian partner and controls half of the car market, it seemed logical that a Japanese institution would want to get into the driver’s seat at Permata, a specialist auto financier.But Bangkok Bank decided to open its checkbook. And why not? When local businesses have been steadily funneling capital out of the country, how long can banks stay put at home? Since 2010, Thai companies have led or taken part in $83 billion of overseas M&A, including 18 deals of $1 billion or more. Billionaire Dhanin Chearavanont’s Charoen Pokphand Group Co., and Thai Beverage Pcl of Charoen Sirivadhanabhakdi have been the heavy hitters, fighting to acquire assets in China, Vietnam, the U.S., and wherever they can find them.As I’ve noted before, Thailand’s per capita income is a fifth of South Korea’s, 73% less than Taiwan’s, and a third lower than Malaysia’s, but its outbound-to-inbound investment ratio of 1.9 is higher than all three. Thai demographics are also among the worst in the world. With a fertility rate of 1.5 live births per woman, far lower than the replacement rate of 2.1, it now appears that the small-family drive begun by activists like Mechai Viravaidya, known as Mr. Condom, in the 1970s, has worked a little too well: The 68 million population is expected to shrink by a third by the end of the century. Apart from population, the other big driver is politics. The Thai overseas M&A wave picked up momentum as democracy was snuffed out in 2014 by the second military coup in eight years. Since then, private investment in the domestic economy has ebbed and flowed with global demand. Last year was good; this year is bad. Elections in March returned Prayuth Chan-Ocha, the former general who led the junta, as prime minister. But with efforts under way to break up the country’s most vocal opposition party, there’s little optimism about resumption of a real democracy in the Southeast Asian country. Bangkok Bank shareholders are a little miffed about the overseas shopping expedition. Their dividend checks could be at risk. But the draw of a young market where large banks still earn a 15%-plus return on equity, the best in Asia, is compelling. Permata is not in the league of a PT Bank Rakyat Indonesia or a PT Bank Central Asia, but as Japanese lenders like Mitsubishi UFJ Financial Group Inc. know only too well, you try to get a foot in the door in Indonesia when it opens even a little.The pull of Indonesia adds to the push to expand beyond a moribund home market. Even with dirt-cheap money — Thai 10-year government bond yields of 1.6% are lower than even in the U.S. — loan growth in the domestic economy has collapsed to 3.8%. The prognosis isn’t cheery, either. A quarter of Thailand’s people will be over 60 by 2030. And unlike Japan, which managed to get rich before it got old, per capita national income of $6,600 last year is only half of the high-income threshold. Indonesia is an even lower $4,000, but there, the ratio of people 65 or older is half that of Thailand’s 12%. Bangkok lenders have to seek out youth — from Indonesia to India and Bangladesh. Condoms and coups have left them with no choice. To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
* Singapore snaps six sessions of declines * Rise in Nov. inflation hurts Philippines * Resource, banking stocks help Indonesia By Soumyajit Saha Dec 5 (Reuters) - Most Southeast Asian stock markets ended higher on Thursday, with Indonesia leading the gains, buoyed by hopes of a preliminary Sino-U.S. trade deal before further tariffs kick in on Dec. 15. U.S. President Donald Trump on Wednesday raised expectations of a breakthrough after he said negotiations with China were "going very well," relieving some pressure in a week that has seen the U.S. announce tariffs on multiple other countries. Separately, media reports suggested the world's top two economies were closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal.
(Bloomberg) -- A top-performing JPMorgan fund focused on emerging-market stocks trimmed its bet on Tencent Holdings Ltd., selling shares of what was its largest holding in July as the Chinese technology company struggles to stage a comeback.JPMorgan Chase & Co.’s $6.5 billion Emerging Markets Equity Fund, which outperformed 94% of peers this year, reduced its position in Tencent by 14% as of Oct. 31, data compiled by Bloomberg show. Shares of Tencent, the largest company in Hong Kong’s Hang Seng Index by market capitalization, fell to a nine-month low on Oct. 30. JPMorgan declined to comment.Tencent has been trying to recover from 2018 losses after a nine-month Chinese freeze on game approvals gutted its most profitable business last year. Yet the stock dropped 16% in U.S. dollar terms from an April high as China’s economic slowdown weighed on efforts to revive growth. Even so, 50 of the 57 analysts tracked by Bloomberg recommend investors buy the stock.While trimming its Tencent exposure, its fifth-biggest holding, the JPMorgan fund boosted wagers on Budweiser Brewing Company APAC Ltd., ITC Ltd. and Bank Rakyat Indonesia Persero Tbk PT, the data show. The fund also added 2% to its position in Alibaba Group Holding Ltd., currently its top holding.(Updates to add chart)\--With assistance from Sofia Horta e Costa and Stephen Tan.To contact the reporter on this story: Andres Guerra Luz in New York at email@example.comTo contact the editors responsible for this story: Carolina Wilson at firstname.lastname@example.org, Alec D.B. McCabe, Philip SandersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* China's factory activity grows after seven months * Indonesian index rises on gains in consumer, banking sectors * Thai drops after data shows inflation rate below c.bank target By Soumyajit Saha Dec 2 (Reuters) - Most Southeast Asian stock markets started the week on the front foot, as upbeat manufacturing surveys from China - the region's biggest trading partner - eased fears of an economic slowdown in the world's second-largest economy, boosting investor sentiment. Data on Saturday showed that factory activity in China returned to growth for the first time in seven months, as accelerated stimulus measures from the government helped push up domestic demand. "Better-than-expected pick-up in China's manufacturing, crucially with a surprise recovery back into expansionary regions has triggered some optimism," Mizuho Bank said in a note to clients.
* Singtel posts first ever qtrly loss, shares drop * Malaysia Q3 GDP in line with expectations * Philippines on track to snap five weekly gains By Anushka Trivedi Nov 15 (Reuters) - Southeast Asian stock markets were tepid on Friday, as a raft of lacklustre data from leading economies left investors skittish, while renewed hopes of a Sino-U.S. trade deal limited sharp declines, with Indonesia seeing its best day in near two weeks. The weakness in China's economy reflected an impact from the prolonged tariff dispute to global economic growth. Data released on Thursday showed that factory output growth in China, Southeast Asia's biggest trading partner, had slowed significantly more than expected in October.
* China Oct PPI falls most in 3-yrs * Thai shares lead losses * Singapore's DBS Group flags weaker 2020 By Anushka Trivedi Nov 11 (Reuters) - Southeast Asian stock markets edged lower on Monday as uncertainty over whether the United States and China would end their bruising trade war lingered, while data from Beijing brought slowdown fears to the fore. U.S. President Donald Trump on Friday contrasted reports of officials from U.S. and China agreeing to rollback existing tariffs by saying he had not agreed to such a deal, which sparked fresh doubts over whether the two sides would find a segue in their damaging tariff spat. Meanwhile, data showed that China's producer prices, a key indicator of corporate profitability, fell the most in more than three years in October, as the manufacturing sector weakened while consumer prices grew at their fastest pace in about eight years.
* China says agreed with U.S. to cancel tariffs in phases * Philippines Q3 GDP growth better than forecast * Thailand leads gains with a 1% rise By Sameer Manekar Nov 7 (Reuters) - Most Southeast Asian stock markets climbed on Thursday, with Thailand leading the pack with a 1% gain, after China said it agreed with the United States to cancel in phases the tariffs imposed on each others' goods. China's commerce ministry said Washington and Beijing must simultaneously cancel some duties on each others' goods for the two sides to reach a "phase one" trade deal. "The trade war started with tariffs, and should end with the cancellation of tariffs," Gao Feng, a commerce ministry spokesman, told reporters without specifying a timetable.
* U.S.-China trade deal could be delayed to Dec - official * Indonesia hits near one-month low * Philippines Q3 GDP came in better than forecast By Sameer Manekar Nov 7 (Reuters) - Indonesian shares fell more than 1% on Thursday, dragged by heavy losses in financials, while other Southeast Asian markets treaded water as signs of a delay in Washington and Beijing sealing an interim trade deal dampened sentiment. Reuters on Wednesday reported that a meeting between U.S. President Donald Trump and China's Xi Jinping to sign the long-awaited interim trade deal could be delayed until December. "The question really is, do we even get a December deal?" The Indonesian index seemed underwhelmed by the trade news, but shares dropped after President Joko Widodo urged bank executives to help spur growth with cuts in lending rates and loans, following feeble third-quarter growth data.
* China, U.S. set for second day of high-level trade talks * World Bank cuts growth forecast for Philippines * Singapore set to close 0.8% higher on-week By Soumyajit Saha Oct 11 (Reuters) - Southeast Asian stock markets opened higher on Friday, with Indonesia leading the gains, as revived optimism over the ongoing Sino-U.S. trade talks boosted investor sentiment. Market sentiment turned positive after a first day of trade talks between top U.S. and Chinese negotiators that Trump characterised as "very, very good." Chances of reaching "early harvest" agreements on issues such as currencies and copyright protections were higher, a U.S. Chamber of Commerce official said, while U.S. President Donald Trump said senior U.S. delegates had "very, very good negotiations with China".
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bank Rakyat Indonesia (P.T.) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
(Bloomberg) -- Traveloka, Southeast Asia’s largest online travel startup, is getting into financial services.The startup backed by Expedia Group Inc. and JD.com Inc. will issue a credit card with Indonesia’s PT Bank Rakyat Indonesia Persero Tbk linked to its booking services. The travel app is targeting many users across the Indonesian archipelago who have little or no access to traditional banking or reliable internet.Founded by three engineers in 2012, Traveloka -- said to be valued at around $2 billion in 2017 -- has expanded across Southeast Asia by making it easier for consumers to book flights and hotels within the region. It’s raised at least $500 million from investors including Hillhouse Capital and Sequoia. Henry Hendrawan, president of Traveloka operations, said the card was one facet of building a fintech business to complement its travel, accommodation and lifestyle services.“In anything we do in financial services, we will always look to go with strong partners,” Hendrawan said in an interview, adding that he expects to unveil more products and partners in the near future. “This is a perfect example.”With a population of more than 620 million and growing middle class, Southeast Asia is expected to see its online travel market almost triple from about $30 billion in 2018 to $78 billion in 2025, according to Google and Temasek Holdings Pte. By 2025, 57% of bookings will be made online, up from 34% in 2015.Traveloka operates in Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam. Customers will be able to use its card in Indonesia and around the world for both online and offline transactions via Visa Inc.’s network.To contact the reporter on this story: Yoolim Lee in Singapore at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* Trump says China trade deal could be 'soon' * Singapore flat ahead of industrial output data * Philippines cenbank decision awaited By Anushka Trivedi Sept 26 (Reuters) - Most Southeast Asian stock markets edged higher on Thursday, with Indonesian shares gaining the most, as hints of progress in talks to resolve the U.S.-China tariff dispute lifted investor mood and tempered a shadow over the global economic outlook. U.S. President Donald Trump on Wednesday said a deal to end the longstanding trade war between world's two biggest economies, which has caused a pall over global fiscal growth, could happen sooner than expected. Trump's comments sparked a rally in global equities but gains in Southeast Asia were limited in a low-volume trading session as the unpredictable nature of the trade spat has caused immense volatility in the regional markets over the past year.
* Donald Trump signalled a possible reconciliation with China * Philippines touches a nearly two-week low * Industrial stocks help Singapore index gain By Soumyajit Saha Aug 27 (Reuters) - Most Southeast Asian stocks edged higher on Tuesday as Washington and Beijing struck a conciliatory tone, calming markets that roiled after a fresh round of trade tariffs, while Philippines dropped in catch-up trade. Supporting the market mood, U.S. President Donald Trump on Monday hailed positive gestures from China as signs of an imminent trade deal. China's top trade negotiator and Vice Premier Liu He also called for "calm" negotiations to resolve the dispute.