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

More to Come? Building on the asset monetization theme we first highlighted in <a href="https://www.smartkarma.com/insights/reality-check-2018-is-true-worth-a-bet-after-the-asset-sales" target="_blank" data-smartkarma-citation="insights:17103">Reality Check 2018: Is True Worth a Bet After the Asset Sales?</a>, we highlight four subsidiaries in car leasing, call center, coffee, and leased circuits that True Corp could potentially monetizing through direct equities listing. These are considered non-core assets and would be more palatable to True Corp than listing one of the larger subsidiaries such as True Move (mobile) or True Visions (pay TV) and hence more likely to happen.We estimate that these businesses could be worth Bt32bn. It's even more valuable than the recent asset sales into DIF. Even if True Corp maintained 50% control in these subsidiaries post listing, they would generate some Bt16bn in total value add, potentially pushing their share price up another 9% from our last analysis to Bt7.5/sh.Sometimes, it isn't that there's no potential upside or hidden assets in the asset. It's just the willingness of the company to bring it out that matters. DIF was a good first step. We're waiting for the second or third ones.

More to Come? Building on the asset monetization theme we first highlighted in Reality Check 2018: Is True Worth a Bet After the Asset Sales?, we highlight four subsidiaries in car leasing, call center, coffee, and leased circuits that True Corp could potentially monetizing through direct equities listing. These are considered non-core assets and would be more palatable to True Corp than listing one of the larger subsidiaries such as True Move (mobile) or True Visions (pay TV) and hence more likely to happen.We estimate that these businesses could be worth Bt32bn. It's even more valuable than the recent asset sales into DIF. Even if True Corp maintained 50% control in these subsidiaries post listing, they would generate some Bt16bn in total value add, potentially pushing their share price up another 9% from our last analysis to Bt7.5/sh.Sometimes, it isn't that there's no potential upside or hidden assets in the asset. It's just the willingness of the company to bring it out that matters. DIF was a good first step. We're waiting for the second or third ones.

Telecom Review: Four Bunnies Up True's Magic Hat

Thailand

One To One Contacts Company Limited was founded in 2000. The Company's line of business includes providing business services such as bondspersons, drafting services, lecture bureaus, and notaries.

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One To One Contacts (OTO TB)

Telecom Review: Four Bunnies Up True's Magic Hat

More to Come? Building on the asset monetization theme we first highlighted in Reality Check 2018: Is True Worth a Bet After the Asset Sales?, we...

Athaporn Arayasantiparb, CFA

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