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 Capital Markets

Bangkok Glass PCL / Equity Capital Markets

<p>Once rumored to be the possibly the largest IPO in Thailand for year 2018, <a href="https://www.smartkarma.com/entities/27024" target="_blank" data-smartkarma-citation="entities:27024:1">Bangkok Glass PCL (BG TB)</a> will IPO itself at a fraction of the champion <a href="https://www.smartkarma.com/insights/ipo-radar-osothspa-the-thai-energy-giant-behind-m-100-m-150" target="_blank" data-smartkarma-citation="insights:19538">IPO Radar: Osothspa, The Thai Energy Giant Behind M-100/M-150</a>. This doesn't come as a surprise for many reasons:</p><ul>
<li>The earnings actually appear to be in decline, though it bumped up a little in Q3'18.</li>
<li>Beer is a very mature product in Thailand given one of Asia's highest per capita consumption, and Thailand isn't exactly a international powerhouse here like they are in energy drinks.</li>
<li>Close affiliation to Singha Group means that the other large domestic user, <a href="https://www.smartkarma.com/entities/3656" target="_blank" data-smartkarma-citation="entities:3656:1">Thai Beverage (THBEV SP)</a>, is unlikely to buy bottles from them. Management is trying their best to diversify into new uses and foreign markets.</li>
<li>Some of the 'other uses' such as insecticide are unlikely to grow much either. Having said that, there may be some silver lining on the sauce, drinks, and drug usage for glass bottles. </li>
</ul>

Once rumored to be the possibly the largest IPO in Thailand for year 2018, Bangkok Glass PCL (BG TB) will IPO itself at a fraction of the champion IPO Radar: Osothspa, The Thai Energy Giant Behind M-100/M-150. This doesn't come as a surprise for many reasons:
The earnings actually appear to be in decline, though it bumped up a little in Q3'18.
Beer is a very mature product in Thailand given one of Asia's highest per capita consumption, and Thailand isn't exactly a international powerhouse here like they are in energy drinks.
Close affiliation to Singha Group means that the other large domestic user, Thai Beverage (THBEV SP), is unlikely to buy bottles from them. Management is trying their best to diversify into new uses and foreign markets.
Some of the 'other uses' such as insecticide are unlikely to grow much either. Having said that, there may be some silver lining on the sauce, drinks, and drug usage for glass bottles. 


IPO Stalker: Bangkok Glass, Singha Beer's Bottle Maker

Thailand

Crown Seal Public Company Limited manufactures and distributes crown caps, maxi caps, and tamper-proof caps for bottles and packaging, as well as printed aluminum sheets.  Through its subsidiaries, the Company also operates property development business.

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

Crown Seal Public (CSC TB)

IPO Stalker: Bangkok Glass, Singha Beer's Bottle Maker

Once rumored to be the possibly the largest IPO in Thailand for year 2018, Bangkok Glass PCL (BG TB) will IPO itself at a fraction of the champion...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)