Overview of Lao Securities Exchange
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1 Overview of Lao Securities Exchange By Assoc.Prof.Dethphouvang Moularat Chairman & CEO Date 5 June 2013
2 Vision Move toward For being an international exchange Mission To maximize liquidity, transparency and fairness in service to modernize IT system with latest technology
3 Introduction - Money Market - Capital Market Capital Market of Laos - Structure - Meaning and importance - Type of Lao Capital Market Business Operation - Management -Trading Service Principles Fees - Price movement Future Plan 3
4 Introduction Money Market Financial Market Capital Market 4
5 Financial Market Money Market Short-term fund Indirect loan between lender (Depositor) and borrower through an intermediary such as: commercial banks and financial institutions Capital Market or Securities Exchange Long-term fund Direct loan between lender (investor) and borrower (enterprises, public companies, public limited companies and the government) 5
6 Capital market of Laos
7 Structure of Lao Capital Market Securities and Exchange commission office Lao securities Exchange Issuing company Securities companies Investor -Individual - Institution Custodian Bank (yet exist in Lao Capital market) 7
8 Meaning and Importance of Lao capital market to national economic system To government and business units 1. government and modern entrepreneur pays more attention on capital market because it is: A sustainable source for long-term fund» Large amount» Rapid» Low cost Facilitating the exchange of securities. 2. Tools for financing and exchanging Government: Bonds Company: common stock, preferred stock, bonds 8
9 Meaning and Importance of Lao capital market to the national economic system To national economy: Private Sector Corporations can expand their businesses Sustainably Enhancing the competitiveness within domestic and abroad Maximizing profit Creating jobs for society Increasing number of domestic products Quantity Quality Follow profit tax rules Contribute to the socio-economic growth in sustainable way 9
10 Meaning and Importance of Lao capital market to the national economic system To national economy: Public sector Significantly increase an income Such as: Collecting income tax and profit from listed companies Save investment money and unnecessary expense through privatization Such as: A portion of the money from selling shares, In case of public company The amount money which can save from decreasing staffs 10
11 Role and Importance of Lao capital market to the national economic system To national economy: public sector (Con t) Can save up investment money for: The basic infrastructure construction project which will be benefit for economic system and national stability Wages and salary expenses Other unnecessary expenses Contribute to the socio-economic growth in sustainable way 11
12 Lao Capital Market Primary Market: The initial investment between investor and fund demander Initial long-term fund mobilizing Secondary Market (Securities Market or Stock Market) Support and build confidence to primary market Create liquidity for the primary market investors in exchange to cash Create chance for capital gaining 12
13 Business Operation 13
14 Introduction: Lao Securities Exchange - Is an element of capital market - Is a Secondary Market: - Exchange - Central securities depository - Clearing and Settlement - Other transaction for member firms and investors
15 Trading Management regulations which announce since Market Operation Regulation Membership Regulation Clearing & Settlement Regulation Deposit Regulation Transfer Agent Regulation Listing Regulation Disclosure Regulation Market Surveillance Regulation Downloadable on LSX website 15
16 Trading principles Daily Price change Limit ±5% (+90% -10% for first trading day) Trading Hour 08:30 11:30 Matching From to : Trade is executed 2 times at 10:00 and 11:30 Since trade is executed 6 times: First time is at 9:00, and in every 30 minutes afterwards Settlement Cycle Clearing: T+1, Settlement T+2 16
17 Trading principles (Cont) Base Price Is the closing price of the previous trading day. LSX uses the base price as the base for daily price change limit in the trading day by ±5% Opening Price Is the price of the first matching of the trading sessions which is currently at 9:00 am. Closing Price Is the price of last matching of the trading sessions which is currently at 11:30 17
18 Ordinary Matching Principle Example: EDL-Gen price Offer Price Ask 2,000 4,500 4,400 4, ,000 18
19 Ordinary Matching Principle Example: EDL-Gen price Offer Price Ask 4,500 4,400 2,000 2,000 4, ,000 Matching price is 4,400 kip for 2,000 shares 19
20 Best Price Matching Principle Shares allocated first to those with the best offering price and buying price. Offer Price Ask 4,000 4,500 3,000 4,400 2,000 1,000 4,300 4,200 In this case : the best offering price is 4,400 kip for 2,000 shares. The best buying price is 4,500 kips for 3,000 shares. 20
21 Best Price Matching Principle Offer Price Ask 4,000 4,500 2,000 1,000 2,000 4,400 1,000 4,300 4,200 21
22 Best Price Matching Principle Offer Price Ask 4,000 4,500 4,400 4,300 4,200 1,000 1,000 22
23 Best Price Matching Principle Offer Price Ask 3,000 1,000 4,500 1,000 4,400 1,000 4,300 4,200 23
24 Best Price Matching Principle Offer Price Ask 3,000 4,500 4,400 4,300 4,200 1,000 24
25 Common Stock Product EDL-Generation Public Company Frist : Date Total outstanding share: 868,597,050 shares, accounted to 3,47 trillion kip Government holding 75%: 651,477,750 shares 2,6 trillion kip IPO 25%: 217,149,250 shares 868,59 billion Kip Second: 31 July 2012 RO 357,619,765 shares, accounted to1,43 trillion Kip Total outstanding share: 1,226,216,765 shares, accounted to 4,9 trillion kip Government holding 75%: 919,662,574 shares 3,67 trillion kip PO 25%: 306,554,191 shares 1,22 trillion kip Specific principles Total Foreign Limitation : 20% Individual 1% Institution 5%
26 Common stock Product (Cont) Banque pour la Commerce Exterieur Lao Public Total outstanding share: 136,557,600 shares, 682,78 billion Kip Government holding 70%: 95,590,320 shares 477,95 billion Kip. Strategic partner holding 10%: 13,655,760 shares 68,27 billion Kip. IPO 20%: 27,311,520 share 136,55 billion Kip. Specific principles Total Foreign limitation: 5% Individual 1% Institution 1%
27 Trading Fee Investor s Fee Structure Buy side Sell side Brokerage commission 0.34% 0.34% LSX fee 0.35% 0.35% SECO fee 0.20% 0.20% Compensation Fund 0.01% 0.01% Government (Tax) 0.00% 0.30% Total 0.90% 1.20% LSX Fee structure Buy side Sell side Transaction fee 0.15% 0.15% Clearing fee 0.10% 0.10% Book-entry fee 0.10% 0.10% Total 0.35% 0.35% 27
28 Index movement (11/01/2011-present) /2/11 1,876 4/6/18 1, Period 1 Period 2 2/9/ /4/ Period 3 Period 4 28
29 1/11/2011 2/11/2011 3/11/2011 4/11/2011 5/11/2011 6/11/2011 7/11/2011 8/11/2011 9/11/ /11/ /11/ /11/2011 1/11/2012 2/11/2012 3/11/2012 4/11/2012 5/11/2012 6/11/2012 7/11/2012 8/11/2012 9/11/ /11/ /11/ /11/2012 1/11/2013 2/11/2013 3/11/2013 4/11/2013 5/11/2013 Phase 1 Upward trend (11 Jan - 2 Feb 2011) Period 17 days Average Index 1, Average Trading Volume 523,252 Cause: new open market, excessive interest from investors and price speculation /2/11 : 1,
30 1/11/2011 2/11/2011 3/11/2011 4/11/2011 5/11/2011 6/11/2011 7/11/2011 8/11/2011 9/11/ /11/ /11/ /11/2011 1/11/2012 2/11/2012 3/11/2012 4/11/2012 5/11/2012 6/11/2012 7/11/2012 8/11/2012 9/11/ /11/ /11/ /11/2012 1/11/2013 2/11/2013 3/11/2013 4/11/2013 5/11/2013 Phase 2 Downward trend (03/02/ /09/2011) Period 147 days Average Index 1, (12.32% decreased) Average Trading Volume 166,880 (68.10% decreased) Cause: Speculative investors sold out shares
31 1/11/2011 2/11/2011 3/11/2011 4/11/2011 5/11/2011 6/11/2011 7/11/2011 8/11/2011 9/11/ /11/ /11/ /11/2011 1/11/2012 2/11/2012 3/11/2012 4/11/2012 5/11/2012 6/11/2012 7/11/2012 8/11/2012 9/11/ /11/ /11/ /11/2012 1/11/2013 2/11/2013 3/11/2013 4/11/2013 5/11/2013 Phase 3 Stabil (5/9/2011 4/5/2012 ) Period 162 days Average Index 937 (23.23% decreased) Average Trading Volume 79,631 (52.28% decreased) Cause: Local investor observed market situation
32 1/11/2011 2/11/2011 3/11/2011 4/11/2011 5/11/2011 6/11/2011 7/11/2011 8/11/2011 9/11/ /11/ /11/ /11/2011 1/11/2012 2/11/2012 3/11/2012 4/11/2012 5/11/2012 6/11/2012 7/11/2012 8/11/2012 9/11/ /11/ /11/ /11/2012 1/11/2013 2/11/2013 3/11/2013 4/11/2013 5/11/2013 Phase 4 Recovering trend (5/ /62013) Duration 267 days Average Index 1,188,07(6.79% increased) Average Trading volume 91,597 (15.02% increased ) Causes: EDLgen dividend 1 year 405 LAK/year, BCEL 791 LAK/year Gold price 1,600 1,350USD/ounce,
33 Trading Accounts Jan 11 Jun 11 Jan 12 Jun 12 Jan 13 Jun 13 increased 220% since first trading day 33
34 Increment Statistic of Foreigners Investors Total Jan 11 Jun 11 Jan 12 Jun 1 Jan 13 Jun 13 increased 503% since first trading day 34
35 Increase of Foreign Investor Statistic (Cont.) By country Thailand China Japan Vietnam Others Jan-11 1-Jun-11 1-Jan-12 1-Jun-12 1-Jan May-13 35
36 Trading volume and value Avg. Per Day in 2012 Volume: 46,801 Shares Value: 503,204,471 LAK Avg. Per Day in 2013 Volume: 36,859 Shares Value: 511,833,818 LAK
37 Trading Proportion Year 2012 Domestic Investor 51,72% Foreign Investor 48,28% Year 2013 Domestic Investor 61,53% Foreign Investor 38,46%
38 Capital Market Activities and Dissemination of Knowledge Glossary on Capital Market Field Completed on August 2012
39 Capital Market Activity and Dissemination of Knowledge Investment Gateway on January 2013 Listing focus: Seminar for potential Listed Company
40 Capital Market Activity and Dissemination of Knowledge Capital Market Education to public Giving the Knowledge to the kindergarten supported by APM and Khampaysana Group.
41 Future Plan 41
42 Year 2013 Listed Company HTS Trading Mechanism Capital market professional 2 Companies: - Lao Airline - Lao World Home Trading System online trading BLOCK TRADING accomodating big lot orders CONTINUOUS AUCTION Lao Professional Investment Banking Curriculum 42
43 Plan during Socio-economic Development Plan ASEAN Exchanges Linkage 43
44 Long Term Plan Improvement the Organization More New Product Dual Listing Separate Depository Center from Exchange, Build confidence for Investor -Bond Trading - Derivatives Product Allow companies list in local and foreign exchanges 44
45 45
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Trade Summary LSX got off to a good start this week, improving 13.70 points to close at 1,046.17 points on 31,800 shares traded. The turnover was 158,965,000 kip from the trading of EDL-Gen s and SVN s.
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