Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now fugitive in Thailand, or is he Montenegrin now? Thaksin founded AIS, the biggest mobile operator in Thailand, and his main holding company ShinCorp (now Intuch) also holds satellite monopoly Thaicom and Internet service provider CS Loxinfo. Today, they sold most of that (though conspiracy theorists have a different story) and only control SC Asset, a small but highly profitable property developer. His two sisters still control M-Link, a mobile phone distributor with much reduced network contracts.As 23rd and arguably most influential Prime Minister in Thailand, Thaksin polarized the country into two camps. Upcountry dudes praise his populist policies, while Bangkok elitists like myself (well, that's what call us) deride him for his many alleged corruption charges. Love him, hate him....No one ignores Thaksin (you could say the same for Donald Trump...a figure he is frequently compared to by Bloomberg).

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now fugitive in Thailand, or is he Montenegrin now? Thaksin founded AIS, the biggest mobile operator in Thailand, and his main holding company ShinCorp (now Intuch) also holds satellite monopoly Thaicom and Internet service provider CS Loxinfo. Today, they sold most of that (though conspiracy theorists have a different story) and only control SC Asset, a small but highly profitable property developer. His two sisters still control M-Link, a mobile phone distributor with much reduced network contracts.As 23rd and arguably most influential Prime Minister in Thailand, Thaksin polarized the country into two camps. Upcountry dudes praise his populist policies, while Bangkok elitists like myself (well, that's what call us) deride him for his many alleged corruption charges. Love him, hate him....No one ignores Thaksin (you could say the same for Donald Trump...a figure he is frequently compared to by Bloomberg).

Thai-Coons Ep. 8: Thaksin...Business Genius or Political Provacateur?

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

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A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

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His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Last wee, the NBTC (National Broadcast and Telecom Commission) of Thailand said it was looking at the future auctions that should take place over the next four years. Couldn't remember all the details, but they estimated that they could raise Bt400bn (ie more than US$10bn) for the State. That's pretty bad news for Thai telecoms. In light of this, we are switching one of our five top picks, AIS, to SCB, an attractively priced bank stock in a sector well-positioned for short-term gains as the…

Last wee, the NBTC (National Broadcast and Telecom Commission) of Thailand said it was looking at the future auctions that should take place over the next four years. Couldn't remember all the details, but they estimated that they could raise Bt400bn (ie more than US$10bn) for the State. That's pretty bad news for Thai telecoms. In light of this, we are switching one of our five top picks, AIS, to SCB, an attractively priced bank stock in a sector well-positioned for short-term gains as the…

<table class="table table-striped"><tbody>
<tr>
<td style="text-align: left;">Stock</td>
<td style="text-align: left;">Business</td>
<td style="text-align: left;">Shr pr</td>
<td style="text-align: left;">Mkt cap (US$ bn)</td>
<td style="text-align: left;">PE (x)</td>
<td style="text-align: left;">Yield (%)</td>
<td style="text-align: left;">ROI (%)</td>
</tr>
<tr>
<td>Facebook (FB)</td>
<td>Social network</td>
<td>USD128</td>
<td>358</td>
<td>61.3</td>
<td>0</td>
<td>12.6</td>
</tr>
<tr>
<td>Softbank (9984)</td>
<td>Venture capital</td>
<td>6,691 Yen</td>
<td>78.5</td>
<td>17.7</td>
<td>0.6</td>
<td>3.4</td>
</tr>
<tr>
<td>Fanuc (6954)</td>
<td>Robotics</td>
<td>16,735 Yen</td>
<td>33.5</td>
<td>23.5</td>
<td>2.9</td>
<td>10.2</td>
</tr>
<tr>
<td>Intuch</td>
<td>Telecoms/venture cap</td>
<td>52.25 Baht</td>
<td>4.8</td>
<td>8.8</td>
<td>8.8</td>
<td> 54.8</td>
</tr>
</tbody></table>Two Old Men. As we highlighted earlier in <a href="https://www.smartkarma.com/insights/sathorn-series-1-the-case-against-rate-cuts" target="_blank" data-smartkarma-citation="insights:5359">Sathorn Series 1: The Case Against Rate Cuts</a> , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…



Stock
Business
Shr pr
Mkt cap (US$ bn)
PE (x)
Yield (%)
ROI (%)


Facebook (FB)
Social network
USD128
358
61.3
0
12.6


Softbank (9984)
Venture capital
6,691 Yen
78.5
17.7
0.6
3.4


Fanuc (6954)
Robotics
16,735 Yen
33.5
23.5
2.9
10.2


Intuch
Telecoms/venture cap
52.25 Baht
4.8
8.8
8.8
 54.8

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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Pan European Telecom Services and Cable

It looks like a case of taking with one hand (<a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti (BHARTI IN)</a>) and giving with the other (<a href="https://www.smartkarma.com/entities/17638" target="_blank" data-smartkarma-citation="entities:17638:1">Intouch (INTUCH TB)</a>) in the deal announced by <a href="https://www.smartkarma.com/entities/20" target="_blank" data-smartkarma-citation="entities:20:1">Singtel (ST SP)</a> yesterday. Temasek looks to have decided to clean up its telecom holdings and the recipient of this "largesse" was Singtel in what they described as a willing buyer/willing seller transaction. It looks very much like it was initiated by Temasek which has raised its stake in Singtel through a share placement to 52.2% and sold stakes in the two…

It looks like a case of taking with one hand (Bharti (BHARTI IN)) and giving with the other (Intouch (INTUCH TB)) in the deal announced by Singtel (ST SP) yesterday. Temasek looks to have decided to clean up its telecom holdings and the recipient of this "largesse" was Singtel in what they described as a willing buyer/willing seller transaction. It looks very much like it was initiated by Temasek which has raised its stake in Singtel through a share placement to 52.2% and sold stakes in the two…

Singtel: Bharti and Intouch Deals Appear Value Neutral.

Thailand

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

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Intouch Holdings (INTUCH-R TB)

Thai-Coons Ep. 8: Thaksin...Business Genius or Political Provacateur?

Thaksin Shinawatra, born the son of a coffee guy up in Chiangmai and stepson of a silk tycoon, grew up to be the most famous citizen...and now...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Spectrum Wars: 4 Waves for Bt400bn

Last wee, the NBTC (National Broadcast and Telecom Commission) of Thailand said it was looking at the future auctions that should take place over...

Athaporn Arayasantiparb, CFA

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no...

Athaporn Arayasantiparb, CFA

Singtel: Bharti and Intouch Deals Appear Value Neutral.

It looks like a case of taking with one hand (Bharti (BHARTI IN)) and giving with the other (Intouch (INTUCH TB)) in the deal announced by Singtel...

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