Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

The Kanjanapat family, who go by a different Chinese name in HK, have built two distinct empires. Elder brother Anand, who claims to have failed Grade 1 eight times, runs Bangkok Land, once the country's biggest property developer prior to the 1997 crisis when he was 2nd richest man in Thailand. His younger brother, Keeree, picked up the piece with BTS Group, previously Tanayong, and he is now richer than Anand with property joint ventures, transit ad companies (VGI and MACO), yummy restaurant Chefman, and one of the country's biggest infrastructure fund BTSGIF. Anand also picked up himself up with the country's leading exhibtion center Impact, which is newly listed.Their story is one of redemption and a fitting feel-good ending to Thai-coons, the longest-ever series produced by The MCorp Review. Investment-wise, BTS remains one of our favorites. The funds are looking good too yo. BTSGIF trades at lower multiple than the parent and has less volatility, though it comes with lower yields too. And IMPACT...that's one of a kind asset yo. Everyday, there's new events. At 20x, I'm all in, man! All year round, they have new events. It's the ultimate MICE (meetings, incentives, conference, events) play, man.

The Kanjanapat family, who go by a different Chinese name in HK, have built two distinct empires. Elder brother Anand, who claims to have failed Grade 1 eight times, runs Bangkok Land, once the country's biggest property developer prior to the 1997 crisis when he was 2nd richest man in Thailand. His younger brother, Keeree, picked up the piece with BTS Group, previously Tanayong, and he is now richer than Anand with property joint ventures, transit ad companies (VGI and MACO), yummy restaurant Chefman, and one of the country's biggest infrastructure fund BTSGIF. Anand also picked up himself up with the country's leading exhibtion center Impact, which is newly listed.Their story is one of redemption and a fitting feel-good ending to Thai-coons, the longest-ever series produced by The MCorp Review. Investment-wise, BTS remains one of our favorites. The funds are looking good too yo. BTSGIF trades at lower multiple than the parent and has less volatility, though it comes with lower yields too. And IMPACT...that's one of a kind asset yo. Everyday, there's new events. At 20x, I'm all in, man! All year round, they have new events. It's the ultimate MICE (meetings, incentives, conference, events) play, man.

Thai-Coons (Season Finale): Two Brothers on a Flying Train

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM have high valuations, but we prefer the thought process that went behind BTS's platform more than BEM. BEM combined a subway and expressway monopoly; we fail to see synergies between the two. On the other hand, BTS tries to capture value in all facets of the skytrain operation from transport/tickets to transit advertising (VGI and MACO) and property via joint ventures with Sansiri and GLAND. There is also a nice yield pickup compared to the more defensive choice of BTSGIF, its affiliated infrastructure fund.

Thailand

Master Ad Public Company Limited provides advertising services.  The Company specializes in outdoor advertising through billboards, signs and displays.

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Master Ad PCL (MACO TB)

Thai-Coons (Season Finale): Two Brothers on a Flying Train

The Kanjanapat family, who go by a different Chinese name in HK, have built two distinct empires. Elder brother Anand, who claims to have failed...

Athaporn Arayasantiparb, CFA

BTS Vs BEM: Battle of the Train Boys

CP All, one of our top five stock picks, reached Bt60/sh yesterday, and we are switching to BTS, Thailand's skytrain monopoly. Both BTS and BEM...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

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