Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy

Thailand

Eastern Star Real Estate Public Company Limited develops land and real estate for sale and rental.  The Company also owns and operates golf courses.

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Eastern Star Real Estate (ESTAR TB)

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand....

Athaporn Arayasantiparb, CFA

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