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).

Event-Driven

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. <ul><li>
TICON's takeover of Rojana. The TCC Group ( <a href="https://www.smartkarma.com/insights/tcc-group-the-man-with-the-iron-wallet" target="_blank" data-smartkarma-citation="insights:16450">TCC Group: The Man With the Iron Wallet</a>) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…</li></ul>

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. 
TICON's takeover of Rojana. The TCC Group ( TCC Group: The Man With the Iron Wallet) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…

Equity Capital Markets

Kingsford Securities / Equity Capital Markets

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

IPO Radar: Another Melting Ice Cube on Sathorn Road

Equity Bottom-Up

Asia Plus Group Holdings / Equity Bottom-Up

Life is never easy being a broker, and that’s probably why Asia Plus has diversified away from it. Founder Dr. Kongkiat said that when ABN Amro’s Thai unit merged with his firm Asset Plus to form Asia Plus, the revenues from brokerage (mostly retail) was as high as 90%. Last year (2016), it was 60%, and today, it’s more like half yo. The idea is to have a more balanced revenue mix, but that only works, because Asia Plus is also strong in three other areas: investment banking, proprietary…

Life is never easy being a broker, and that’s probably why Asia Plus has diversified away from it. Founder Dr. Kongkiat said that when ABN Amro’s Thai unit merged with his firm Asset Plus to form Asia Plus, the revenues from brokerage (mostly retail) was as high as 90%. Last year (2016), it was 60%, and today, it’s more like half yo. The idea is to have a more balanced revenue mix, but that only works, because Asia Plus is also strong in three other areas: investment banking, proprietary…

Sathorn Series A: Asia Plus Treading Water

Maybank Kim Eng Securities Thailand / Equity Bottom-Up

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform. Recently, we met exactly two of those guys, and this is their story. Let's just say life is looking a lot nicer for the payment dudes. Without naming Yuanta (which is like You-Know-Who or Voldermort from Harry Potter by now...haha), Kim Eng presented their side of the story yo, and it ain't a pretty one. <table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE</td>
</tr>
</tbody></table>…

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform. Recently, we met exactly two of those guys, and this is their story. Let's just say life is looking a lot nicer for the payment dudes. Without naming Yuanta (which is like You-Know-Who or Voldermort from Harry Potter by now...haha), Kim Eng presented their side of the story yo, and it ain't a pretty one. 

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE

…

Thematic (Sector/Industry)

Big Disruption on Sathorn. The Thai brokerage industry is in for a big disruption, as Taiwanese broker Yuanta said that they are returning to compete for market leadership after years of absence when their first broker (the market leader at the turn of the millenium) was acquired by Kim Eng, which in turn was acquired by Maybank. Recently, Yuanta paid close to Bt700m for KK Trade, a subsidiary of KKP, and rebranded it as Yuanta Thailand. They managed to poach Boonporn, the co-CEO of Kim Eng who…

Big Disruption on Sathorn. The Thai brokerage industry is in for a big disruption, as Taiwanese broker Yuanta said that they are returning to compete for market leadership after years of absence when their first broker (the market leader at the turn of the millenium) was acquired by Kim Eng, which in turn was acquired by Maybank. Recently, Yuanta paid close to Bt700m for KK Trade, a subsidiary of KKP, and rebranded it as Yuanta Thailand. They managed to poach Boonporn, the co-CEO of Kim Eng who…

Thailand

Maybank Kim Eng Securities Thailand PCL is a securities brokerage firm, offering a wide range of investment and securities services.

Maybank Kim Eng Securities Thailand (MBKET TB)

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Maybank Kim Eng Securities Thailand (MBKET TB)

Notable Thai Deals for H1'18

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by...

Athaporn Arayasantiparb, CFA

IPO Radar: Another Melting Ice Cube on Sathorn Road

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this...

Athaporn Arayasantiparb, CFA

Sathorn Series A: Asia Plus Treading Water

Life is never easy being a broker, and that’s probably why Asia Plus has diversified away from it. Founder Dr. Kongkiat said that when ABN Amro’s...

Athaporn Arayasantiparb, CFA

The Guys in the Middle (Of Your Money)

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform....

Athaporn Arayasantiparb, CFA

Sathorn Series 10: The Return of Yuanta

Big Disruption on Sathorn. The Thai brokerage industry is in for a big disruption, as Taiwanese broker Yuanta said that they are returning to...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)