Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.</p>

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing and autonomous driving, led by innovative leaders Google and Tesla. At some point, self-driving cars could put Bangkok's 20,000 taxi drivers out of work, but the impact on retailers that serve them (eg CP All) would be minimal. Even if cars drove themselves, someone still needs to own them, and that's where MTLS (Maung  Thai Leasing), the market leader in this area, comes in. On its own, we think MTLS is a good business, but at 37x PE, it's a little overblown for its current fundamentals. If they owned a vast fleet of cars that drove themselves, things could be different. Of course, there's more at stake than just cars. Oil giants like PTT could get hit big time. Meanwhile, power companies like GSPC (Global Synergy Power) could benefit. Maybe, that's why GSPC is PTT's favorite subsidiary today.

Silicon September 1.0: Ride Hailing and Autonomous Driving

Thailand

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

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Silicon September 1.0: Ride Hailing and Autonomous Driving

With our new 5-part Silicon September series, we explore five of the newest technology trends sweeping through the globe starting with ride hailing...

Athaporn Arayasantiparb, CFA