AECFEED

A new technology play is coming to the local stock market with the trading debut of Audiowav Media Inc, which plans to raise as much as 2.66 billion pesos (Bt1.97 billion) from an initial public offering by November.
Based on a prospectus dated August 30 filed in the Securities and Exchange Commission, Audiowav plans to float to the public 900 million common shares at a price of P1.77-P2.96 per share.
The IPO will put in public hands about 23 per cent of the company’s shares. About 3.9 billion shares will be outstanding after the stock debut, based on the prospectus signed by Audiowav president and chief executive officer Carlos Hinolan.
The company intends to use most of the proceeds to fund expansion in new markets in Asia such as Malaysia, Thailand, Vietnam and China by next year. The remainder will fund general corporate purposes, long-term research and development, and the expansion of its technology service portfolio.
The company mandated SB Capital Investment Corp as sole underwriter for the issuance. This is the same investment house that helped Xurpas Inc launch a successful IPO in 2014. – Philippine Daily Inquirer

Q2 results show worst may
 be over for Malaysians

Most companies in Malaysia delivered numbers for the second quarter that were within expectations, showcasing that the worst could perhaps be over and investors can now look forward to an earnings recovery trend.
Second-quarter earnings have been a mixed bag, but green shoots are starting to show. Over the last two years, earnings have been contracting, despite expectations already being lowered.
This time, while most companies met earnings expectations as usual, the ratio of companies that underperformed to the outperformers has narrowed. “The number of companies underperforming, while still exceeding the outperformers, is in smaller numbers. I think this could be an early sign of Malaysia bottoming.
“Malaysia could be fundamentally turning around barring a global recession next year,” said Chris Eng, head of research at Etiqa Insurance & Takaful.
For the banks, results were met, no doubt on the back of lower expectations. Moving forward, weaker loan growth and compressed margins as a result of a lower overnight policy rate will continue to dominate headlines.
Those that have less exposure to commodities will do better.
The oil and gas sector is not out of the woods yet, and nasty surprises and losses may still appear.
The property sector continues to be a mixed bag, with companies like Mah Sing Group delivering earnings that were better than expected, while UEM Sunrise disappointed. – The Star

Myanmar issues
e-visas at border gates
Myanmar’s Labour, Immigration and Population Ministry announced that e-visas are now available for tourists entering the country via the Myawaddy, Kawthoung and Tachileik border gates.
The online visa service started in 2014 for tourists flying to Yangon and Mandalay international airports.
About 5.5 million tourists are expected this year with at least 2.45 million arrivals until July. - Eleven Myanmar.

Vietnam to wholly
divest beer assets
Vietnam's government said it will fully divest from its two biggest breweries and target to raise $2.2 billion over the next 16 months, loosening its tight grip over one of Asia's most sought-after beer markets.
The decision seeks to end years of uncertainty and government flip-flopping about how much of unlisted brewers Habeco and Sabeco the state was willing to part with. The stakes will be auctioned and both domestic and international investors can bid.
Vietnam is Asia's third-largest beer drinker by volume after China and Japan, putting it on the radar of Asian and European brewers keen to exploit changing lifestyles and one of the region's fastest rates of middle-class growth.
 Deputy industry and trade minister, Do Thang Hai, said divestment in Habeco, the maker of Bia Ha Noi beer, would be completed within this year and the selloff of shares in bigger rival Sabeco, which brews Bia Saigon and 333 beers, would be finished after the firm lists in 2017. - Reuters