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)

According to Forbes, the privately held IKEA has made the late Ingvar Kamprad one of the richest men in the world. The book The IKEA Edge written by one of their former CEOs claims that homes gravitate to their location due to affordable furniture. There are one or two IKEA stores in Thailand, but their distant location (one is at Mega Bangna, which we may visit again due to the creation of Marvel Park in the same complex) makes it difficult for people to visit regularly. There are probably many…

According to Forbes, the privately held IKEA has made the late Ingvar Kamprad one of the richest men in the world. The book The IKEA Edge written by one of their former CEOs claims that homes gravitate to their location due to affordable furniture. There are one or two IKEA stores in Thailand, but their distant location (one is at Mega Bangna, which we may visit again due to the creation of Marvel Park in the same complex) makes it difficult for people to visit regularly. There are probably many…

IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players

Equity Capital Markets

We came across DoHome, a sizable furniture retailer with 9 outlets and plans to expand to 13 within four years, and their investment story seem far more interesting than the operational underperformer Chic Republic, which we studied earlier. Using DCF, we arrived at a value of Bt27/sh (market cap around US$1.6bn), so we'll see how this measures against their actual IPO. The company has grown earnings on average 56% a year prior to 2019, and gross margins on their house brand is consistently double of third party brands. Now, that's an interesting angle we could go with. This IPO is good for 26% of shares outstanding and helps to reduce risk associated with lack of funding for expansion, since it's firmly underwritten by Phatra and KSec.

We came across DoHome, a sizable furniture retailer with 9 outlets and plans to expand to 13 within four years, and their investment story seem far more interesting than the operational underperformer Chic Republic, which we studied earlier. Using DCF, we arrived at a value of Bt27/sh (market cap around US$1.6bn), so we'll see how this measures against their actual IPO. The company has grown earnings on average 56% a year prior to 2019, and gross margins on their house brand is consistently double of third party brands. Now, that's an interesting angle we could go with. This IPO is good for 26% of shares outstanding and helps to reduce risk associated with lack of funding for expansion, since it's firmly underwritten by Phatra and KSec.

IPO Radar: DoHome, House Brand Furniture Advocate

Thailand

Dohome Public Company Limited operates as a furnishing store. The Company retails hardware, tools, agricultural machinery, furniture, hvac equipment, and other related products. Dohome serves customers in Thailand.

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

Dohome PCL (DOHOME TB)

IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players

According to Forbes, the privately held IKEA has made the late Ingvar Kamprad one of the richest men in the world. The book The IKEA Edge written...

Athaporn Arayasantiparb, CFA

IPO Radar: DoHome, House Brand Furniture Advocate

We came across DoHome, a sizable furniture retailer with 9 outlets and plans to expand to 13 within four years, and their investment story seem far...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)