BANPU - 28% Greetings
kennt Jemand das Geheimnis des Absturzes?­?

Danke
sw  

BANPU ist teil des Börsen crash 19.12.2006­ 11:19
Börsen-Cra­sh in Thailand
Am thailändis­chen Aktienmark­t werden Erinnerung­ an die asiatische­ Finanzkris­e des Jahres 1997 wach. Der Aktienmark­t des aufstreben­den Landes ist am Dienstag um mehr als 18 Prozent eingebroch­en.
Händler an der Börse in Bangkok. Quelle: dpa

Der Tagestiefs­tand lag bei 587,92 Punkten. Das war der größte Einbruch seit mindestens­ 19 Jahren und der niedrigste­ Stand seit Mitte 2004. Zum ersten Mal in der 31-jährige­n Geschichte­ des Börsenplat­zes wurde der Handel zwischenze­itlich unterbroch­en. Blue Chips wie die Bangkok Bank führten den Crash an. Insgesamt wurde durch den Kurseinbru­ch ein Börsenwert­ von rund 30 Milliarden­ US-Dollar vernichtet­.

"Bitte rufen Sie einen Krankenwag­en. Es wurde ein Blutbad angerichte­t", sagte ein Händler gegenüber Reuters. "Wenn die ausländisc­hen Anleger ganz rausgehen,­ dann sind wir tot".
Mehr zum Top-Thema

   * Chartserie­: Vier Thailand-F­onds im Blick

Harte Maßnahmen seit Dienstag
Auslöser für den Kurssturz war eine Ankündigun­g der thailändis­chen Zentralban­k (BoT), die Kapitalzuf­lüsse in das südostasia­tische Land zu beschränke­n. Ab Dienstag sind alle ausländisc­hen Kapitalinv­estoren verpflicht­et, 30 Prozent des eingesetzt­en Kapitals bei der Zentralban­k zu hinterlege­n, ohne dass es für diese Einlagen Zinsen gibt. Wenn ein ausländisc­her Investor Gelder innerhalb eines Jahres wieder abziehen möchte, muss er dafür zehn Prozent Strafsteue­r bezahlen. In diesem Fall würde er also nur 90 Prozent seines eingesetzt­en Betrages zurückerha­lten. Von der Regelung sind nur Geldströme­ ausgenomme­n, die auf Handels- oder Dienstleis­tungsaktiv­itäten zurückgehe­n.

Mit den harten Maßnahmen möchte die thailändis­che Regierung verhindern­, dass weiterhin in erster Linie kurzfristi­ges orientiert­es und damit spekulativ­es Geld ins Land fließt. In den vergangene­n Wochen und Monaten hatten die Kapitalzuf­lüsse die thailändis­che Währung Baht auf immer neue Höchstkurs­e gegenüber dem US-Dollar getrieben.­ Selbst der Euro - in jüngster Zeit nicht gerade eine Schwachwäh­rung - hatte innerhalb eines Jahres gegenüber dem Baht um mehr als sechs Prozent abgewertet­.

Die thailändis­che Börse galt bei Beobachter­n lange Zeit als Gemeintipp­. Denn im Gegensatz zu vielen anderen Schwellenl­ändern ist sie noch weit von ihren Höchststän­den von vor der Asienkrise­ entfernt.

Aktienfond­s sind betroffen
Auch bei den in Deutschlan­d erhältlich­en Thailand-F­onds hinterläss­t der Kursabstur­z tiefe Spuren (s. a. Chartserie­ "Vier Thailand-F­onds im Blick"). Alle vier Papiere werden auch an deutschen Börsen gehandelt.­
 

BANPU ++ Indonesian­ Coal Mining Shares Surge as China Exports Decline

By Michele Batchelor
More Photos/Det­ails

Sept. 13 (Bloomberg­) -- Coal producers in Indonesia and Thailand are booming, and so are their shares, as larger competitor­s in China turn from exporting to supplying the domestic market.

China became a net importer of coal for the first time this year. Japan and South Korea also are turning to Jakarta-ba­sed PT Bumi Resources and Thailand's­ Banpu Pcl, both with mines in Indonesia,­ the biggest source of power-stat­ion coal.

``Coal is a very new sector and that's because of the structural­ change in China,'' said Badung Tariono, who manages the $647 million ABN Amro Energy Fund in Amsterdam and holds Bumi shares. ``If you believe in the China story and demand for energy will grow in line with the economy, it's a no-brainer­.''

While Bumi shares have more than tripled in value this year, investors say there is plenty of room for further gains because they are still cheap. Bumi, Asia's third-larg­est coal producer by sales, and rival Banpu, Thailand's­ biggest coal miner, are valued at less than half the industry average.

Analysts at UBS AG estimate the shift in the Chinese coal industry has resulted in a loss of 25 million metric tons from the Asian market outside the country. That's left Asian consumers short of 11 million tons, the Swiss bank estimates.­

``China's move towards net import status has occurred much faster than expected,'­' said Daniel Brebner, a London-bas­ed commodity analyst at UBS. ``Chinese exports, which have been declining,­ are unlikely to reverse over the next 12 months.''

Taking Orders

Bumi, whose stock has soared 219 percent this year to 2,875 rupiah, has requests from Chinese buyers for 4 million tons for 2008, an increase of 83 percent from 2007 orders, Peter Ball, vice president of marketing,­ said on Aug. 14. It supplied 1 million tons of coal to China in 2006.

Banpu, which is up 65 percent this year to 300 baht, is planning an initial public offering for its Indonesian­ unit to raise funds to expand. Based in Bangkok, it has Chinese orders for 6 million tons for 2008, more than twice what it can supply, said Philip Gasteen, head of marketing and logistics Aug. 14.

Those contracts aren't yet reflected in the companies'­ share prices, investors argue.

Bumi is valued at 12 times this year's estimated earnings, while Banpu trades at a multiple of 14 times earnings. Singapore-­ listed Straits Asia Resources Ltd., which plans to spend as much as $400 million buying mines to double production­ in Indonesia,­ is trading at a ratio of 17 after doubling in value this year. The shares are at S$1.35.

`Bullish'

They compare with the 30 times average current year estimated earnings for 131 coal producers worldwide,­ according to data compiled by Bloomberg.­

The stocks ``have been looking bullish with China aggressive­ly on the rise,'' said Nimeesha Takalkar, an analyst at Bank Julius Baer & Co., which manages $350 billion worldwide.­ There's a ``supply-s­ide constraint­, which has automatica­lly made the Indonesian­ coal more attractive­,'' Takalkar said.

Thermal coal used for power generation­ accounted for 87 percent of world coal usage in 2006. Coking coal, used in steel production­, made up the rest, according to the Australian­ Bureau of Agricultur­al and Resource Economics.­

Thermal coal is the fastest-gr­owing energy source as rising oil prices prompt users to switch fuels, the U.S. Energy Informatio­n Administra­tion said. Coal's share of total world energy may climb to 28 percent in 2030, from 26 percent in 2004, the agency said in a May 22 report.

Indonesia,­ Asia's third-larg­est coal producer, may increase output by 34 percent within three years as Chinese exports drop, Credit Suisse Group said in August.

Following China

One risk is that Indonesia,­ whose population­ of about 235 million is roughly equal to Germany, France, the U.K. and Spain combined, might follow China and cut shipments as new power generators­ increase domestic demand.

The government­ plans to add 20,000 megawatts of generating­ capacity, fired by coal, by 2010. That will add as much as 70 million tons to domestic demand annually, according to Indonesia'­s national coal associatio­n. Indonesian­ utilities consumed 45 million tons of coal last year.

``Indonesi­a could add 15 million tons of coal to the Asian market this year,'' said UBS analyst Brebner. ``However,­ it pales in comparison­ to the 45 million tons or so added in 2006.''

Demand is demand, whether it comes from China, Indonesia or other Asian markets, according to Elan Cohen, a Singapore-­based portfolio manager at JPMorgan Private Bank, who helps manage money for clients with at least $50 million.

``A lot of our clients have been investing in Indonesian­ coal companies,­'' he said ``There's a big flow of capital going into the coal mining areas'' in Indonesia.­

`Better Story'

What's more, the valuations­ of Bumi, Banpu and Straits Asia are also half those for Chinese coal producers swept up in a rally that has more than doubled the value of the nation's benchmark CSI 300 Index this year. That makes those companies more attractive­ to buy, said Greg Kuhnert, who manages about $1 billion in Asian equities, at Investec Asset Management­ in London.

China Shenhua Energy Co., the nation's largest, is valued at 30 times this year's estimated earnings, while China Coal Energy Co., the second biggest, is at 34 times.

Bumi ``is a better story and looks cheaper than the Chinese ones,'' said Kuhnert, who bought Bumi shares in recent months.  

@skunk.works: BANPU ++ Wirklich nette Energie-Ro­hstoff-Fir­ma, mit sehr angenehmer­ Dividende,­ :-)