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).

Thematic (Sector/Industry)

The tough thing with mercantilism these days is that it is seldom one-sided. Devalue your currency, the other guy devalues his, and it's a race to the bottom. If you raise trade walls, it only works when the opponent is small. Though America suffers a big trade deficit with China (US$500bn according to Trump), America is also a large exporter. It just means that they export less than they import, but what they do export to China and around the world gives China some leeway for retaliation, and…

The tough thing with mercantilism these days is that it is seldom one-sided. Devalue your currency, the other guy devalues his, and it's a race to the bottom. If you raise trade walls, it only works when the opponent is small. Though America suffers a big trade deficit with China (US$500bn according to Trump), America is also a large exporter. It just means that they export less than they import, but what they do export to China and around the world gives China some leeway for retaliation, and…

Thai Macro Watch (April'18): China's Retaliation

Equity Bottom-Up

Thai Rung Union Car Public Company Limited / Equity Bottom-Up

Thai Rung Union Car Public Company Limited

In addition to crunching the industry numbers provided to us by Toyota, we also visited Thai Rung. Thai Rung is one of the smallest and least profitable of the auto stocks, though they seem to have finally turned a corner in this quarter. The company has joint ventures with Japanese firms Kogyo and Kyowa to build seats and car cabins, and they supply Isuzu for the export markets and Tata domestically. In 2017, Thai car exports shrank for the first time, primarily due to high base effects in…

In addition to crunching the industry numbers provided to us by Toyota, we also visited Thai Rung. Thai Rung is one of the smallest and least profitable of the auto stocks, though they seem to have finally turned a corner in this quarter. The company has joint ventures with Japanese firms Kogyo and Kyowa to build seats and car cabins, and they supply Isuzu for the export markets and Tata domestically. In 2017, Thai car exports shrank for the first time, primarily due to high base effects in…

The Autobot Update (March): Riding on the Big Boy's Coattails

The first thing that struck us at MCorp Review is how some of these stocks are really expensive by the conventional sense, but they still did really well since New Year 2017. For some of the bigger stocks and sectors, we have lowered the standards a bit, but all of these guys cleared the 20% return bar easily. Considering the fact that it's not easy for big caps to beat the index returns (because they are the index!), that's no mean feat. For the smaller stocks, you'll note that the majority of…

The first thing that struck us at MCorp Review is how some of these stocks are really expensive by the conventional sense, but they still did really well since New Year 2017. For some of the bigger stocks and sectors, we have lowered the standards a bit, but all of these guys cleared the 20% return bar easily. Considering the fact that it's not easy for big caps to beat the index returns (because they are the index!), that's no mean feat. For the smaller stocks, you'll note that the majority of…

Champions of 2017: Stocks With Eye-Popping Returns!

Toyota finally released industry figures for Thai autos. If you look at the cumulative YTD figures, Honda is slightly ahead of Toyota in Thailand. Both may show 27.7%, but Honda actually sold 810 passenger cars more than Toyota. Furthermore, this gap will widen in December once the Motor Expo numbers in the forked review rolls in. For the single month of November 2017 (ie prior to the Motor Expo), Toyota managed to eke out a victory at 29.3% to Honda's 24.7%. Nevertheless, November is basically…

Toyota finally released industry figures for Thai autos. If you look at the cumulative YTD figures, Honda is slightly ahead of Toyota in Thailand. Both may show 27.7%, but Honda actually sold 810 passenger cars more than Toyota. Furthermore, this gap will widen in December once the Motor Expo numbers in the forked review rolls in. For the single month of November 2017 (ie prior to the Motor Expo), Toyota managed to eke out a victory at 29.3% to Honda's 24.7%. Nevertheless, November is basically…

The Autobot Update (December V2): Toyota's Last Stand

At MCorp Review, we value anecdotal evidence and first-hand channel checks over government and industry stats, which are so easily manipulated and delayed like these Toyota monthly car sales data. Where are they anyway? So we just went over to Motor Expo to check out what's selling well and drawing the crowd. To go there, you hop into their free shuttle bus, use a free ticket from Kingsman, and then get branded like a discotheque bouncer just in case you wanna come back in after lunch. Man, I…

At MCorp Review, we value anecdotal evidence and first-hand channel checks over government and industry stats, which are so easily manipulated and delayed like these Toyota monthly car sales data. Where are they anyway? So we just went over to Motor Expo to check out what's selling well and drawing the crowd. To go there, you hop into their free shuttle bus, use a free ticket from Kingsman, and then get branded like a discotheque bouncer just in case you wanna come back in after lunch. Man, I…

The Autobot Update (December): A Visual Tour to the Motor Expo Yo!

Thailand

Aapico Hitech Public Company Limited manufactures car assembly jigs and stamping dies used for manufacturing automobiles in assembly plants. The Company also manufactures OEM automotive parts and operates automobile dealership business.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aapico Hitech (AH TB)

Thai Macro Watch (April'18): China's Retaliation

The tough thing with mercantilism these days is that it is seldom one-sided. Devalue your currency, the other guy devalues his, and it's a race to...

Athaporn Arayasantiparb, CFA

The Autobot Update (March): Riding on the Big Boy's Coattails

In addition to crunching the industry numbers provided to us by Toyota, we also visited Thai Rung. Thai Rung is one of the smallest and least...

Athaporn Arayasantiparb, CFA

Champions of 2017: Stocks With Eye-Popping Returns!

The first thing that struck us at MCorp Review is how some of these stocks are really expensive by the conventional sense, but they still did...

Athaporn Arayasantiparb, CFA

The Autobot Update (December V2): Toyota's Last Stand

Toyota finally released industry figures for Thai autos. If you look at the cumulative YTD figures, Honda is slightly ahead of Toyota in Thailand....

Athaporn Arayasantiparb, CFA

The Autobot Update (December): A Visual Tour to the Motor Expo Yo!

At MCorp Review, we value anecdotal evidence and first-hand channel checks over government and industry stats, which are so easily manipulated and...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)