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 book Life Insurance in Asia was written by two McKinsey veterans, and it's really good. It's also really expensive (over Bt2,000 for just 200 pages...Yo, what's that about?) Anyway, we got some of their key points here and try to apply it to the Thai insurance industry:<ul>
<li>As markets mature, bancassurance gradually eats up market share from tied agency, which we earlier called the direct model or agency model.</li>
<li>In the bancassurance model, they observed that much, if not most, of the value was…</li>
</ul>

The book Life Insurance in Asia was written by two McKinsey veterans, and it's really good. It's also really expensive (over Bt2,000 for just 200 pages...Yo, what's that about?) Anyway, we got some of their key points here and try to apply it to the Thai insurance industry:
As markets mature, bancassurance gradually eats up market share from tied agency, which we earlier called the direct model or agency model.
In the bancassurance model, they observed that much, if not most, of the value was…


Event-Driven

In this review, we look at the proposed merger between KTB and TMB. In our view, this deal could be valued at US$3.9bn and would create Thailand's new biggest bank, except when it comes to market cap. This implies a 15% premium on TMB. It also reduces competition in the industry and fits into government agendas, not to mention offering a lot of nice synergies and overlaps (that can be cut). In going through this deal, we looked at the banking landscape &amp; history, current situation, synergies and overlaps across their portfolio of businesses. And even though there is always a risk of rejection by TMB's board (they are many skeptics), all we can say is...Let's Do This! Fortune Favors the Bold!

In this review, we look at the proposed merger between KTB and TMB. In our view, this deal could be valued at US$3.9bn and would create Thailand's new biggest bank, except when it comes to market cap. This implies a 15% premium on TMB. It also reduces competition in the industry and fits into government agendas, not to mention offering a lot of nice synergies and overlaps (that can be cut). In going through this deal, we looked at the banking landscape &amp; history, current situation, synergies and overlaps across their portfolio of businesses. And even though there is always a risk of rejection by TMB's board (they are many skeptics), all we can say is...Let's Do This! Fortune Favors the Bold!

Sathorn Series D: KTB + TMB = Thailand's New Banking Godzilla Yo!

Equity Bottom-Up

Since the last Clash of the Titans between TMB and SCB over FWD ( <a href="https://www.smartkarma.com/insights/tmb-vs-scb-bancassurance-ain-t-big-enough-for-the-two-of-us" target="_blank" data-smartkarma-citation="insights:12158">TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!</a>), we haven't spoken much about insurance. In the meantime, Bangkok Bank nailed the deal with HK's AIA, the top foreign insurer in Thailand and one-time market leader. That sent BLA's share price spiraling over 7% in a single day, as investors said Bangkok Bank ( <a href="https://www.smartkarma.com/insights/rabble-rousers-ep-3-the-king-of-banks" target="_blank" data-smartkarma-citation="insights:6762">Rabble Rousers (Ep. 3): The King of Banks</a>) would start selling AIA policies rather than their own house…

Since the last Clash of the Titans between TMB and SCB over FWD ( TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!), we haven't spoken much about insurance. In the meantime, Bangkok Bank nailed the deal with HK's AIA, the top foreign insurer in Thailand and one-time market leader. That sent BLA's share price spiraling over 7% in a single day, as investors said Bangkok Bank ( Rabble Rousers (Ep. 3): The King of Banks) would start selling AIA policies rather than their own house…

Sathorn Series C: Revisiting Thai Insurance

The Crusade against Obamacare. Back in St Louis, a long-shot Republican candidate managed to make Hillary, who is a great debater in our books ( <a href="https://www.smartkarma.com/insights/second-take-on-second-debate-hillary-1-trump-1" target="_blank" data-smartkarma-citation="insights:6481">Second Take on Second Debate: Hillary 1, Trump 1</a>), to admit that in some contexts (probably healthy people), Obamacare was making healthcare insurance more expensive. Today, that candidate is in the White House, and the Republicans are seriously pushing to get Obamacare repealed. Basically, CNN explained Obamacare in layman terms as expanding coverage…

The Crusade against Obamacare. Back in St Louis, a long-shot Republican candidate managed to make Hillary, who is a great debater in our books ( Second Take on Second Debate: Hillary 1, Trump 1), to admit that in some contexts (probably healthy people), Obamacare was making healthcare insurance more expensive. Today, that candidate is in the White House, and the Republicans are seriously pushing to get Obamacare repealed. Basically, CNN explained Obamacare in layman terms as expanding coverage…

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…

Thailand

Dhipaya Insurance Public Company Limited provides non-life insurance including fire, marine and cargo, automotive, and miscellaneous insurance.

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

Dhipaya Insurance Pub (TIP TB)

McKinsey on Asian Insurance

The book Life Insurance in Asia was written by two McKinsey veterans, and it's really good. It's also really expensive (over Bt2,000 for just 200...

Athaporn Arayasantiparb, CFA

Sathorn Series D: KTB + TMB = Thailand's New Banking Godzilla Yo!

In this review, we look at the proposed merger between KTB and TMB. In our view, this deal could be valued at US$3.9bn and would create Thailand's...

Athaporn Arayasantiparb, CFA

Sathorn Series C: Revisiting Thai Insurance

Since the last Clash of the Titans between TMB and SCB over FWD ( TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!), we haven't spoken...

Athaporn Arayasantiparb, CFA

Obamacare Repeal & Thai Stocks

The Crusade against Obamacare. Back in St Louis, a long-shot Republican candidate managed to make Hillary, who is a great debater in our books (...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)