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Jumat, 12 Agustus 2011

ASEAN Conference: Post Conference - BNP Paribas

ƒ Strong attendance: 120 fund managers from 52 firms
ƒ Continued infrastructure investment within the region
ƒ Consumption strength rising across-the-board
ƒ Property to gain from rising prices and high demand

Overall positive outlook
Strong attendance: 120 fund managers from 52 firms Our ASEAN Conference in Singapore was extremely successful. This year marked our 17th year and the 30th series of BNP Paribas ASEAN Corporate Days. It was also the second of our new series of BNP Paribas Thematic Corporate Days this year. More than 120 fund managers participated in group presentations and one-on-one meetings at the
event. This is a testament to investors’ interest within ASEAN, which is showing both strong growth and improving profits, in contrast to the negativity sees in OECD markets. During the three days, companies from the key investment themes within ASEAN – Transport, Infrastructure, Commodities, Consumer, Finance and Properties – presented at the conference. We highlighted companies representing sectors that we believe will be direct and indirect beneficiaries of increased consumer spending, commodity/food, power, travel and financials, and property and
infrastructure development.

Continued infrastructure investment within the region
ASEAN countries will see continued investment in infrastructure through development of power plants, toll roads, property, telecommunications and supporting service industries. More investment is needed to step up infrastructure enhancement, providing big opportunities to the listed companies. We present companies involved in power production and energy and those in the telecommunications industry. For this theme, we have a BUY on XL Axiata (EXCL IJ, BUY).

Consumption strength rising
Consumption spending is rising in ASEAN, and coupled with demand from China and India, this sets the backdrop for firm demand for oil palm, rubber, vegetables and coal, for which we have positive views and price outlooks. We believe under-investment in agriculture in Asia, along with the impact of weather disruptions, will result in firm-to-higher commodity prices. We showcase upstream and downstream players who will share their experience in coping with rising demand whilst maintaining costs.

For the Consumer and Commodities theme, we hosted soft commodities’ companies and Indonesian coal/energy players as well as vegetable and poultry companies. We also featured hotel and mall operators in our corporate line-up. We have BUYs on KL Kepong (KLK MK), BW Plantations (BWPT IJ), China Minzhong (MINZ SP), Golden Agri (GGR SP), Mitra Adiperkasa (MAPI IJ) and Semen Gresik (SMGR IJ).

Property to gain from rising prices and high demand
The finance and property sectors are poised to benefit from a resilient ASEAN economy. The property sector in general stands in good stead to gain from both rising property prices and greater demand for quality homes, although residential policy and supply conditions remain key risks in countries such as Singapore. We expect this theme to play out over the next two years. Our corporate line-up, which ranged from REITs to developers, fit this profile well. We have BUYs on Intiland (DILD IJ) and office-focused K-REIT (KREIT SP).

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