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☆ Thailand needs targeted cash transfers rather than broad-based stimulus, says CIMB Thai Bank
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThailand needs targeted cash transfers rather than broad-based stimulus, says CIMB Thai BankAmonthep Chawla, executive vice president and head of research office at CIMB Thai Bank, names sectors in the country that are "recovering quite well," such as electronics and food.

Persons: Amonthep Chawla Organizations: Thailand, CIMB Thai Bank

☆ CIMB, J Trust among suitors for Indonesia's Bank Commonwealth -sources
▼ + stars: | 2023-10-31 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

REUTERS/Bazuki Muhammad/File Photo Acquire Licensing RightsSINGAPORE, Oct 31 (Reuters) - Malaysian bank CIMB (CIMB.KL) and Japanese finance company J Trust (8508.T) are among firms vying to buy Indonesia's PT Bank Commonwealth, a deal that could value the lender at $400-$500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia (CBA) (CBA.AX), focuses on retail lending as well as corporate banking services for small and medium enterprises. 2 bank, and J Trust have expressed interest and are looking at submitting binding bids, the sources said. CIMB, J Trust, CBA and Morgan Stanley declined to comment. Bank Commonwealth did not respond to a Reuters request seeking comment.

Persons: Bazuki Muhammad, Morgan Stanley, Yantoultra Ngui, Anton Bridge, Kane Wu, Edwina Gibbs Organizations: CIMB, REUTERS, Rights, J Trust, Indonesia's PT Bank Commonwealth, Bank Commonwealth, Australia's, Commonwealth Bank of Australia, CBA, Bank International Indonesia, China's, China's Bank of, SS, Thomson Locations: Kuala Lumpur, Rights SINGAPORE, Malaysian, Indonesia, Southeast, Southeast Asia, China's Bank, China's Bank of Hangzhou, Hangzhou, Singapore, Tokyo

☆ Guangzhou eases mortgage rules as China ramps up efforts to revive property sector
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +4 min

Guangzhou on Wednesday became the first major Chinese city to announce an easing of mortgage curbs as the government ramps up efforts to revive the crisis-hit property sector and shore up the sputtering economy. Hong Kong's Hang Seng Mainland Property Index rose as much as 3.3% after the Guangzhou city government's announcement. Like its peers, the company has been hurt by a drop in margins as property sales and the value of the homes themselves plummeted as the economy slowed. BANKS MARGINThe mortgage rate cuts will add to margin pressure on banks. China's benchmark banking sector index fell 1.04% after the Guangzhou mortgage announcement while China's CSI300 index gained 0.02%.

Persons: Jackson Wang, Wang, I'm, Raymond Cheng, Vivian Xue Organizations: Guangzhou, Wednesday, Hang Seng Mainland, Country Garden, provident, CGS, CIMB Securities, APAC, Fitch, Reuters Locations: Beijing, Guangzhou, Shanghai, Shenzhen, Hang Seng, Linyi, China, Hong Kong

☆ CGS-CIMB Securities discusses Vietnam and MSCI emerging market index
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMatter of 'when' not 'if' Vietnam is upgraded to MSCI emerging market index: CGS-CIMB SecuritiesCarol Fong, group CEO of the institutional brokerage services firm, discusses the launch of the CGS Fullgoal Vietnam 30 Sector Cap Index ETF.

Persons: Carol Fong Organizations: CIMB, CGS Fullgoal Locations: Vietnam, CGS Fullgoal Vietnam

☆ A new PM and a fugitive's return: here's what Thailand's political future holds
▼ + stars: | 2023-08-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Former Thai Prime Minister Thaksin Shinawatra, who is expected to be arrested upon his return as he ends almost two decades of self-imposed exile, waves at Don Mueang airport in Bangkok, Thailand August 22, 2023. RThe return of Thailand's former prime minister Thaksin Shinawatra after years of self-exile could mark the end of a chapter in the country's politics, even as some analysts believe he will still be pulling some political strings — albeit from behind. The founder of Pheu Thai party and widely seen as its de facto leader, Thaksin returned to Thailand on Tuesday after 15 years in exile, and was sentenced to eight years in prison upon his return. But he will be the key person driving Pheu Thai Party behind the scenes," said Kasem Prunratanamala, head of Thailand research at CGS-CIMB. Pheu Thai is the latest iteration of his old party Thai Rak Thai after several before were disbanded by the courts.

Persons: Thaksin Shinawatra, Thaksin, Srettha Thavisin, Kasem Prunratanamala Organizations: Thai, Chulalongkorn University's Institute of Security, International Studies, CNBC, Thai Party, CGS, Thai Rak Thai Locations: Don Mueang, Bangkok, Thailand, Thai, Pheu, Thai Rak

"That doesn't get them completely out of the woods," said one Country Garden bondholder, who declined to be identified, adding that the developer was facing a further batch of bonds payments in coming months. "If sales don't improve people will worry about the repayment ability for developers like Country Garden who have large exposure in smaller cities," Cheng said. "Country Garden is a top developer in terms of sales. It has been another week of unsettling news in the property market in China. Other efforts are needed to boost buyers’ sentiment about the long-term trajectory of the property market," they added.

Persons: Raymond Cheng, Cheng, Friday's, Wanda, China's, Wang Jianlin, DWCM, selloff, Yao Yu, Wanda Commercial's, Ankur Banerjee, Jason Xue, Clare Jim, Xie Yu, Marc Jones, Tom Hogue, Robert Birsel, Sharon Singleton, Frances Kerry Organizations: HK, CGS, CIMB Securities, Dalian Wanda Group, ANZ, Dalian Wanda Commercial Management, P, JPMorgan, Reuters Graphics, Thomson Locations: SINGAPORE, HONG KONG, Hong Kong, China, Beijing, Greenland, Dalian, Singapore, Shanghai, London

☆ China property shares rise on financial support policy
▼ + stars: | 2023-07-11 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 11 (Reuters) - Shares of Chinese property developers rose on Tuesday after regulators extended some policies in a rescue package introduced in November to shore up liquidity in the embattled sector. Analysts said while the extended policy could ease the short-term financial pressure on property developers and ensure their home project completions, new measures would be needed to tackle the cash crunch in the sector. The sector has been hit by many company defaults amid a debt crisis since mid-2021, triggered by non-repayments of China Evergrande Group (3333.HK), the world's most indebted property developer. Sunac China (1918.HK), Logan Group (3380.HK) and KWG Group (1813.HK) listed in Hong Kong were among the top gainers, rising 4%-5%. Nomura said the "band-aid-style" policy support on Monday is unlikely to revive property sales, which have been weak for months, as it does little to restore home buyers' confidence.

Persons: Nomura, Clare Jim, Himani Sarkar, Sonali Paul Organizations: Analysts, China Evergrande, HK, Mainland Properties, CSI, Logan Group, KWG, People's Bank of China, CIMB Securities, Thomson Locations: HONG KONG, China, Hang, Hong Kong

While many of the passengers Berry Henson has taxied during some 3,000 rides knew he played golf, few were aware of just how good he is. For Henson, who has played just three events on the PGA Tour since turning pro in 2003, the US Open will mark a dream first career major appearance. New emotions, new feelings, but I feel like I’m getting through it pretty good.”Henson will make his major debut at the US Open. “A lot of my Uber passengers, when they find out what I do, end up following me on social media – they can’t believe it at first. “I think she’s gonna pass on a lot of birdies this week,” Henson said.

Persons: Berry Henson, Henson, ” Henson, CNN’s Dan Moriarty, “, I’ve, Kai Schwoerer, Uber, Ke Huy Quan, Richard “, ” Wang, Nick Kyrgios, “ I’ve, ”, “ It’s, Paul Lakatos, Phil Mickelson, ‘, it’s Organizations: CNN, Los Angeles Country Club, Brook Country Club, PGA, ” Pepsi, European, Qualifying, University of San Diego, Getty, Twitter Locations: Summit , New Jersey, Canada, Oaks, Palm Springs, Thailand, Kuala Lumpur, Malaysia, New Jersey

☆ The Thai market is quite cautious despite opposition's 'big victory,' analyst says
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Thai market is quite cautious despite opposition's 'big victory,' analyst saysKasem Prunratanamala of CGS-CIMB Securities (Thailand) says the market is uncertain about whether the Move Forward Party can form a new government, and explains why Thai politics "is not that straightforward."

☆ Singapore can't avoid a recession, economist says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSingapore can't avoid a recession, economist saysSong Seng Wun of CIMB Private Banking says that's because much of the country's gross domestic product comes from external trade, though there could be "upside surprises" from China's reopening. He discusses the outlook for the Monetary Authority of Singapore's monetary policy.

Palm oil prices have fallen some 49% from last year's record, but the tight supply means they are expected to stay above pre-pandemic levels. Another palm oil giant, Kuala Lumpur Kepong Bhd (KLKK.KL), told Reuters it plans to replant 10,000 hectares this year, up from a lower-than-usual 6,000 hectares in 2022. The scheme targeted replanting of 2.4 million hectares but only managed to replant around 278,000 hectares by February, partly due to land legality issues. We are ageing faster than we are replanting," Malaysia Palm Oil Association chief executive Joseph Tek told Reuters. In Malaysia, replanting costs doubled to around $4,500 per hectare after the pandemic inflated prices of fertiliser and labour.

HONG KONG, March 13 (Reuters) - Top Chinese property developer Country Garden Holdings (2007.HK) said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. Country Garden said in a filing its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion), down from a 26.8 billion yuan profit in 2021. It said core net profit was expected to be in the range of 1 billion yuan to 3 billion yuan, still positive but down sharply from 26.9 billion yuan in 2021 and well below analysts' forecasts for core profit around 9.3 billion yuan, according to SmartEstimate. Smaller developer Logan Group Co Ltd 3380.HK also said it expected to record a net loss of 7 billion yuan to 9 billion yuan for 2022. "We expect to see more profit warnings for both China property and property management ahead," said Raymond Cheng, head of China research at CGS-CIMB Securities Ltd.

☆ With few entry tests, Southeast Asia may gain most from China's travel revival
▼ + stars: | 2023-01-06 | by ( Xinghui Kok | ) www.reuters.com time to read: +4 min

Except for airplane wastewater testing by Malaysia and Thailand for the virus, the region's 11 nations will treat Chinese travellers like any others. As many as 76% of Chinese travel agencies ranked Southeast Asia as the top destination when outbound travel resumed, according to a survey released in December by trade show ITB China. Thailand already expects to welcome 5 million Chinese travellers this year, or about half of the 10.99 million of 2019. Neighbouring Malaysia projects 1.5 million to 2 million Chinese tourists this year versus 3 million before the pandemic. "But for Cambodia, it’s an invitation to Chinese people: Chinese tourists, come to Cambodia."

☆ Headwinds carried into 2023 will make it more uncertain: Economist
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal headwinds carried into 2023 from the past year will make it even more uncertain: EconomistSong Seng Wun of CIMB Private Banking discusses the outlook for Southeast Asian markets in 2023 and explains why there's still "room for optimism."

☆ Most economists expect Thailand will see stronger GDP growth in 2023, analyst says
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost economists expect Thailand will see stronger GDP growth in 2023, analyst saysKasem Prunratanamala of CGS-CIMB Securities says foreign investors are more optimistic about the Thai market in 2023.

☆ JPMorgan names Qian as Southeast Asia equity capital markets chief
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 19 (Reuters) - JPMorgan has appointed Sophie Qian as the head of its Equity Capital Markets (ECM) team for Southeast Asia, according to a memo seen by Reuters and confirmed by the U.S. bank. The Southeast Asia ECM team will report to Qian with immediate effect, the memo said. The banker joined JPMorgan's U.S. ECM team last year, where she focused on U.S./Asia cross border deals and SPACs. She will report to Peihao Huang and Sunil Dhupelia, JPMorgan's co-heads of ECM for Asia exJapan. Earlier this year, Novan Amirudin, who used to head JPMorgan's Southeast Asia ECM team and was also its Malaysia investment banking chief, resigned to become the co-CEO of Malaysian bank CIMB's group wholesale banking business.

☆ Singapore central bank tightens policy, Q3 GDP tops forecast
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The Monetary Authority of Singapore (MAS), at a scheduled policy meeting, said it will re-centre the mid-point of the exchange rate policy band known as the Nominal Effective Exchange Rate, or S$NEER. The Singapore dollar was up about 0.3% to S$1.1429 per U.S. dollar after the policy decision. The MAS manages monetary policy through exchange rate settings, rather than interest rates, as trade flows dwarf its economy. The core inflation rate — the central bank's favoured price measure - rose to 5.1% in August on a year-on-year basis. "Q3 GDP obviously benefitted from domestic and border restrictions being eased," said Song Seng Wun, an economist at CIMB Private Banking.

☆ Does FedEx's bleak outlook flash a warning signal for investors? Here's what the pros say
▼ + stars: | 2022-09-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

FedEx 's bleak preliminary earnings and outlook sent shockwaves through the market and stocks lower during last Friday's trade. And the World Trade Organization similarly painted a grim picture, with an August report pointing to "stagnating global trade growth." It's one of those tea leaves you can take when you look at the global economy. Investors are not entirely sure which way the global economy, inflation and growth are going. "Investors are not entirely sure which way the global economy, inflation and growth are going.

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