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

Avantgarde Capital, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the second biggest one attempted by a Thai company in 2018. NH Hotels has 382 locations spread across Europe and Latin America accounting for 59,487 rooms. This is almost triple the size of MINT's existing network, which is primarily in Asia. (MINT also has earlier forays in Africa, Elewana, and Europe via the Tivoli acquisition in Portugal). In their…

Avantgarde Capital, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the second biggest one attempted by a Thai company in 2018. NH Hotels has 382 locations spread across Europe and Latin America accounting for 59,487 rooms. This is almost triple the size of MINT's existing network, which is primarily in Asia. (MINT also has earlier forays in Africa, Elewana, and Europe via the Tivoli acquisition in Portugal). In their…

Mechanics and Details of the MINT-NHH Deal in Spain

Thematic (Sector/Industry)

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The Health Ministry has announced a ban of trans-fats in Thailand starting January 8, 2019. MCorp Review believes that given the six months grace period, most of the listed restaurant operators we discussed in our previous restaurant series should be able to adapt and eventually comply by the timeline, though it may involve greater cost. Some of this can be passed on to consumers in the form of higher food prices. However, others may have to allow these higher costs to eat into their margins…
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The Health Ministry has announced a ban of trans-fats in Thailand starting January 8, 2019. MCorp Review believes that given the six months grace period, most of the listed restaurant operators we discussed in our previous restaurant series should be able to adapt and eventually comply by the timeline, though it may involve greater cost. Some of this can be passed on to consumers in the form of higher food prices. However, others may have to allow these higher costs to eat into their margins…


The Donut Dilemma: Thailand Takes On Trans-Fats

In July, a leisure cruise ship sank off the shores of Phuket, and almost all of the 47 mainland Chinese tourists on board were killed. The event is important for several reasons and touches issues we only glazed over in some of our previous reviews. <ul>
<li>Mainland China is the biggest source of tourists in Thailand, accounting to 20-30% of the total at any time. While their direct contribution may be less than this, the indirect contribution through shopping is likely to be more.</li>
<li>Phuket is one of…</li>
</ul>

In July, a leisure cruise ship sank off the shores of Phuket, and almost all of the 47 mainland Chinese tourists on board were killed. The event is important for several reasons and touches issues we only glazed over in some of our previous reviews. 
Mainland China is the biggest source of tourists in Thailand, accounting to 20-30% of the total at any time. While their direct contribution may be less than this, the indirect contribution through shopping is likely to be more.
Phuket is one of…


South Series (Part 5): Phuket Cruise Crisis and Sino-Thai Tourism

MICE, which includes meetings, incentives, conferences, and events, is one of the highest margin service businesses in the world today catering due to its primary focus on business customers, who are less price conscious than normal leisure consumers. In ASEAN, Bangkok (and a few other Thai cities such as Pattaya and Phuket) collectively rank as the second most successful destinations after Singapore, though the gap is quite wide. In this review, we look at some of the operators in this space…

MICE, which includes meetings, incentives, conferences, and events, is one of the highest margin service businesses in the world today catering due to its primary focus on business customers, who are less price conscious than normal leisure consumers. In ASEAN, Bangkok (and a few other Thai cities such as Pattaya and Phuket) collectively rank as the second most successful destinations after Singapore, though the gap is quite wide. In this review, we look at some of the operators in this space…

Catching the Thai MICE, a Billion Dollar Tourism-Linked Industry

Though the M&amp;A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company (Thai Beverage's acquisition of Singapore's F&amp;N); 2) the biggest deal in Thailand (CP All acquisition of Makro); and 3) the largest ever deal in Thai banking (Tokyo-Mitsubishi acquisition of <a href="https://www.smartkarma.com/entities/136" target="_blank" data-smartkarma-citation="entities:136:1">Bank Of Ayudhya Pcl (BAY TB)</a>, it is certainly more exciting than we initially thought it would be. In addition, the landscape is no longer dominated by the…

Though the M&amp;A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company (Thai Beverage's acquisition of Singapore's F&amp;N); 2) the biggest deal in Thailand (CP All acquisition of Makro); and 3) the largest ever deal in Thai banking (Tokyo-Mitsubishi acquisition of Bank Of Ayudhya Pcl (BAY TB), it is certainly more exciting than we initially thought it would be. In addition, the landscape is no longer dominated by the…

Thailand

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

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Minor International (MINT-R TB)

Mechanics and Details of the MINT-NHH Deal in Spain

Avantgarde Capital, which advises MINT on the acquisition of NH Hotels, provided a comprehensive 100-pager opinion of this deal, which ranks as the...

Athaporn Arayasantiparb, CFA

The Donut Dilemma: Thailand Takes On Trans-Fats

The Health Ministry has announced a ban of trans-fats in Thailand starting January 8, 2019. MCorp Review believes that given the six months grace...

Athaporn Arayasantiparb, CFA

South Series (Part 5): Phuket Cruise Crisis and Sino-Thai Tourism

In July, a leisure cruise ship sank off the shores of Phuket, and almost all of the 47 mainland Chinese tourists on board were killed. The event is...

Athaporn Arayasantiparb, CFA

Catching the Thai MICE, a Billion Dollar Tourism-Linked Industry

MICE, which includes meetings, incentives, conferences, and events, is one of the highest margin service businesses in the world today catering due...

Athaporn Arayasantiparb, CFA

Thai M&A: Boldest Deals of 2018

Though the M&A landscape in 2018 is certainly not as impressive as things were back in 2013, when we had: 1) the biggest deal by a Thai company...

Athaporn Arayasantiparb, CFA

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