HONGKONG (May 15): THE Portuguese enclave of Macau is tipped to become the next Asian dragon as the Pearl River Delta region starts to boom, according to a report from stockbrokers South China Securities. The report argues that a massive infrastructural spending plan under way in Macau will help the economy take off. The tiny colony, described as the Monaco of East Asia, will also benefit from the region's growing affluence. Among the developments highlighted by South China Securities, the government's planned land reclamation could have the most dramatic effect. If the plan goes ahead successfully Macau's land area could be doubled in the next 10 or 12 years to 12 square miles, the report says. Other projects include an international airport complex to be built on reclaimed land; a 26 hectare deep water harbour and shipyard that could handle ocean-going ships of up to 10,000 tons and is due to be finished by next year; and a new ferry terminal scheduled for completion by 1992. Spearheading some of these developments, and recommended by South China Securities as stocks to buy, are three Hong Kong based companies - Hopewell Holdings, Keck Seng Investments and Shun Tak Enterprises. Hopewell has proposed building a 24-mile highway linking Macau to Hong Kong but it will only go ahead if and when Hong Kong's own new airport is complete. Hopewell has more concrete plans for the Taipa City residential development; a nine million square foot project, in conjunction with the Stanley Ho controlled Sociedade de Turismo e Diversoes de Macau.