Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Bottom-Up

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector <a href="https://www.smartkarma.com/insights/reality-check-xii-how-much-upside-can-cp-all-squeeze-from-a-new-banking-venture" target="_blank" data-smartkarma-citation="insights:17835">Reality</a>…

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector Reality…

Thematic (Sector/Industry)

In an earlier review titled <a href="https://www.smartkarma.com/insights/the-cio-s-corner-qe-unwinding-laggards-rejuvenators" target="_blank" data-smartkarma-citation="insights:14654">The CIO’s Corner: QE Unwinding, Laggards, &amp; Rejuvenators</a>, MCorp Review highlighted the medium-term risk of capital flight due to a strong dollar, which Trump in a miraculous about-face turn mentioned in Davos on Friday. However, in the shorter term, the risk that Bank of Thailand and the Street is more concerned about is the Baht's strength. Despite rising 7% last year, the Thai Baht continued its surge in January, becoming one of the region's strongest currencies. To…

In an earlier review titled The CIO’s Corner: QE Unwinding, Laggards, &amp; Rejuvenators, MCorp Review highlighted the medium-term risk of capital flight due to a strong dollar, which Trump in a miraculous about-face turn mentioned in Davos on Friday. However, in the shorter term, the risk that Bank of Thailand and the Street is more concerned about is the Baht's strength. Despite rising 7% last year, the Thai Baht continued its surge in January, becoming one of the region's strongest currencies. To…

Thai Macro Watch (January'18): The Strong Baht Scare

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

<h2>Philippines (overweight): a likely outperformer if tech and commodities correct</h2>Main ConclusionsThe Philippines appears to be the most expensive among the four ASEAN equity markets, but also boasts the highest rate of GDP growth. We remain overweight, mainly due to the sectoral composition, which is very light in terms of materials and energy plays where we expect pricing to come under further pressure and in terms of technology stocks which look distinctly frothy on a global basis. Market…

Philippines (overweight): a likely outperformer if tech and commodities correctMain ConclusionsThe Philippines appears to be the most expensive among the four ASEAN equity markets, but also boasts the highest rate of GDP growth. We remain overweight, mainly due to the sectoral composition, which is very light in terms of materials and energy plays where we expect pricing to come under further pressure and in terms of technology stocks which look distinctly frothy on a global basis. Market…

Emerging ASEAN: Sideshow to North Asia but More Limted Downside

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<h2>The Week that Was in <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a>
</h2>The past Easter week has been an especially productive one in <a href="mailto:ASEAN@Smartkarma," target="_blank">ASEAN@Smartkarma</a>.We have an insight on heavy equipment in Indonesia from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/698" target="_blank" data-smartkarma-citation="entities:698:1">United Tractors Tbk Pt (UNTR IJ)</a>, which she sees as fair value, an insight on luxury hotels from <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a>, who delves into <a href="https://www.smartkarma.com/entities/18141" target="_blank" data-smartkarma-citation="entities:18141:1">Banyan Tree Holdings Ltd (BTH SP)</a>) and finds an under-appreciated tourism play on a budget valuation.<a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on the beneficiaries of Trump…

The Week that Was in ASEAN@Smartkarma
The past Easter week has been an especially productive one in ASEAN@Smartkarma.We have an insight on heavy equipment in Indonesia from Surabhi Chopra on United Tractors Tbk Pt (UNTR IJ), which she sees as fair value, an insight on luxury hotels from Nicolas Van Broekhoven, who delves into Banyan Tree Holdings Ltd (BTH SP)) and finds an under-appreciated tourism play on a budget valuation.Athaporn Arayasantiparb, CFA comments on the beneficiaries of Trump…

The Week that Was in ASEAN@Smartkarma - Diggers, Towers and Kitchens

Kaboom! Since his rise to the Presidency, Trump has had a hard time implementing reforms related to immigration, healthcare, and taxes, but one thing he got done real quick was launching 60 tomahawks on the Syrian airbase. This is standard procedure to divert attention away from internal problems. Many historians felt that Genghis Khan kept the warring Mongols unified by invading other countries, to splendid effect we might add (at least for the Mongols). Likewise, the Vikings would be busy…

Kaboom! Since his rise to the Presidency, Trump has had a hard time implementing reforms related to immigration, healthcare, and taxes, but one thing he got done real quick was launching 60 tomahawks on the Syrian airbase. This is standard procedure to divert attention away from internal problems. Many historians felt that Genghis Khan kept the warring Mongols unified by invading other countries, to splendid effect we might add (at least for the Mongols). Likewise, the Vikings would be busy…

Thailand

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

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PTT E&P (PTTEP TB)

PTTEP: Second Wind For Oil Stocks

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil...

Athaporn Arayasantiparb, CFA

Thai Macro Watch (January'18): The Strong Baht Scare

In an earlier review titled The CIO’s Corner: QE Unwinding, Laggards, & Rejuvenators, MCorp Review highlighted the medium-term risk of capital...

Athaporn Arayasantiparb, CFA

Emerging ASEAN: Sideshow to North Asia but More Limted Downside

Philippines (overweight): a likely outperformer if tech and commodities correctMain ConclusionsThe Philippines appears to be the most expensive...

John-Paul Smith

The Week that Was in ASEAN@Smartkarma - Diggers, Towers and Kitchens

The Week that Was in ASEAN@Smartkarma The past Easter week has been an especially productive one in [email protected] have an insight on heavy...

Angus Mackintosh

War in Syria: Return to Inflation?

Kaboom! Since his rise to the Presidency, Trump has had a hard time implementing reforms related to immigration, healthcare, and taxes, but one...

Athaporn Arayasantiparb, CFA

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