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

Five interesting news/trends we detected recently include:<ul>
<li>
Pa Daeng sells 7 power plants to BAFS for Bt1.7bn but then turns around to buy two hotels worth Bt5-10bn. Looks like they are moving from the defensive to recovery theme.</li>
<li>
GPSC, PTT's power arm and acquirer of Glow, announces it will increase the Group's renewable footprint from 11% to 30% in 5 years at a cost of Bt70bn.</li>
<li>
JKN diversifies outside media and targets almost doubling since 2019 to Bt3bn in 2021. Hospitals, hair clinic, drinks....nothing seems off-limits.</li>
<li>
CAT Telecom is currently looking to lease towers from private operators, poising AIS against the allies (True Corp and DTAC). We believe the allies have a slight leg up in this face-off, with DTAC enjoying the highest 4% upside.</li>
<li>
Market movements. Call this a snippet within a snippet for lack of a better word. We summarize some of the smaller movements on insider selling and IPO implications.</li>
</ul>

Five interesting news/trends we detected recently include:

Pa Daeng sells 7 power plants to BAFS for Bt1.7bn but then turns around to buy two hotels worth Bt5-10bn. Looks like they are moving from the defensive to recovery theme.

GPSC, PTT's power arm and acquirer of Glow, announces it will increase the Group's renewable footprint from 11% to 30% in 5 years at a cost of Bt70bn.

JKN diversifies outside media and targets almost doubling since 2019 to Bt3bn in 2021. Hospitals, hair clinic, drinks....nothing seems off-limits.

CAT Telecom is currently looking to lease towers from private operators, poising AIS against the allies (True Corp and DTAC). We believe the allies have a slight leg up in this face-off, with DTAC enjoying the highest 4% upside.

Market movements. Call this a snippet within a snippet for lack of a better word. We summarize some of the smaller movements on insider selling and IPO implications.


Snippets #47: Pa Daeng's Trades, Battle for CAT's 5G Network

Thematic (Sector/Industry)

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Country Group Holdings / Equity Bottom-Up

Just last year, an young, obscure Thai tycoon Tommy Techa-ubol of the Country Group made a bit for AC Milan, the most prestigious team in Italy. Though he lost the bid, it got people asking? Who is this guy?Well, for starters, they once owned a pretty big brokerage but sold most of it to Singapore's UOB. They also own MFC, the country's oldest asset manager, an investment bank called Progress Capital, which they bought from Citi, an unprofitable property developer called CGD, and a has-been in the mining community called PDI. Within this portfolio, we think only MFC has some promise yo. The holding company CGH (Country Group Holding) seems small and even more "all over the place" than Samart, which we criticized earlier, but you gotta admit these guys have a way of getting noticed yo.

Just last year, an young, obscure Thai tycoon Tommy Techa-ubol of the Country Group made a bit for AC Milan, the most prestigious team in Italy. Though he lost the bid, it got people asking? Who is this guy?Well, for starters, they once owned a pretty big brokerage but sold most of it to Singapore's UOB. They also own MFC, the country's oldest asset manager, an investment bank called Progress Capital, which they bought from Citi, an unprofitable property developer called CGD, and a has-been in the mining community called PDI. Within this portfolio, we think only MFC has some promise yo. The holding company CGH (Country Group Holding) seems small and even more "all over the place" than Samart, which we criticized earlier, but you gotta admit these guys have a way of getting noticed yo.

The Little League (Ep. 2): The Adventurer and AC Milan

Thailand

Country Group Development PCL is a property developer and investor across the Asia Pacific region.

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Country Group Development PCL (CGD TB)

Snippets #47: Pa Daeng's Trades, Battle for CAT's 5G Network

Country Group gets busy: Selling power, buying hotels, issuing warrants, while AIS and the other two telcos duke it out to supply towers to CAT's...

Athaporn Arayasantiparb, CFA

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

The Little League (Ep. 2): The Adventurer and AC Milan

Just last year, an young, obscure Thai tycoon Tommy Techa-ubol of the Country Group made a bit for AC Milan, the most prestigious team in Italy....

Athaporn Arayasantiparb, CFA

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