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).

Equity Bottom-Up

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of the profits came from subsidiaries, amounting to Bt513m, and the majority of this came from the power business (Bt410m). Another Bt76m of the profits came from its LNG distribution joint venture which they recently started with PTT. These are pretty impressive numbers considering the fact that Thai labor costs are expensive compared to Indonesia and…

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of the profits came from subsidiaries, amounting to Bt513m, and the majority of this came from the power business (Bt410m). Another Bt76m of the profits came from its LNG distribution joint venture which they recently started with PTT. These are pretty impressive numbers considering the fact that Thai labor costs are expensive compared to Indonesia and…

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP insights of the Week in ASEANIn his insight, <a href="https://www.smartkarma.com/insights/thailand-s-hotel-software-honcho" target="_blank" data-smartkarma-citation="insights:11272">Thailand’s Hotel Software Honcho</a>, our Thai Guru, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  comments on two companies following company visits. The first is <a href="https://www.smartkarma.com/entities/24174" target="_blank" data-smartkarma-citation="entities:24174:1">Comanche International PCL (COMAN TB)</a>, which is a Thai software company catering to the hotel and restaurant industry. Its existing client base includes 42 hotel…

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP insights of the Week in ASEANIn his insight, Thailand’s Hotel Software Honcho, our Thai Guru, Athaporn Arayasantiparb, CFA  comments on two companies following company visits. The first is Comanche International PCL (COMAN TB), which is a Thai software company catering to the hotel and restaurant industry. Its existing client base includes 42 hotel…

The Week that Was in ASEAN@Smartkarma - Railways, Scandals and Dog Fights

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who once supported the Thaksinites but have since defected to the swing vote party Bhumjaitai. This family is also a splinter of the Jurangkool family which recently acquired a big stake in Nok Air. In other words, they are BIG!! But most of their assets are not listed. We stumbled upon the tip of the dragon’s tail recently when we met Thai Steel Cable…

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who once supported the Thaksinites but have since defected to the swing vote party Bhumjaitai. This family is also a splinter of the Jurangkool family which recently acquired a big stake in Nok Air. In other words, they are BIG!! But most of their assets are not listed. We stumbled upon the tip of the dragon’s tail recently when we met Thai Steel Cable…

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

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.

<ul><li>Low correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sector</li><li>Broadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growth</li><li>LPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017</li><li>Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yield</li><li>Risks: Unexpected delays and current restructuring of subsidiary LPS</li></ul>* Consensus Estimates

Low correlation with Western stock markets, low core profit valuation, and more attractive to analysts relative to its sectorBroadened customer base by entering the middle-to-high income segment, together with new investments in the Bangkok CBD area, should stimulate future growthLPN plans to launch 12 condominium projects in 2017 with a total of more than 4,000 units, of which five projects should be finished and already ready to start transferring in 2017Attractive at 17CE* 9.1% ROE/PB versus Thai Real Estate at 4.0% and offers a nice 5% dividend yieldRisks: Unexpected delays and current restructuring of subsidiary LPS* Consensus Estimates

LPN: Real Estate Company Is Building High-End Base

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.<table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Business</td>
<td style="text-align: center;">Shr</td>
</tr>
</tbody></table>…

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called Pylon. The problem they seem to be facing is that only a quarter of their revenues appear to be coming from government works, while the remainder comes from the private sector. Now, the issue with this is that at the moment…it is the government and not the private sector that is really growing if we talk about the construction sector yo.

Stock
Business
Shr

…

Three of a Kind: Piles, Furnitures, and Lighting

Thailand

Seafco Public Company Limited is a construction and engineering company that uses Bored Piles and Diaphragm Wall (D-Wall) and underground engineering technology to provide cost-effective solutions for foundation problems, basement construction and development of underground facilities and sub-structure works in Bangkok and other large cities.

Pre-Built PCL is a full service construction company. The Company provides contracting services as well as manufactures and distributes construction materials.

Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries specialize in construction and engineering. The Company and its subsidiaries undertake a wide range of projects including industrial buildings, commercial buildings and residential buildings, civil and marine works and major infrastructure projects. The Company also involves in property development.

TRC Construction PCL offers engineering and construction services.  The Company serves the oil and gas, petrochemical, and pharmaceutical industries.

TTCL PCL builds factories.  The Company constructs chemical, power, and biodiesel plants.

EMC Public Company Limited provides engineering and construction services. The Company's business units focus on electrical and mechanical construction, oil and natural gas construction, environmental engineering, general construction, and infrastructure construction.

Syntech Construction PCL specializes in construction and civil engineering.  Its projects include hotels, vacation resorts, high-rise office and apartment buildings, hospitals, factories, shopping centers, and waste water treatment plants and systems.  Its subsidiaries are involved in trading of building materials and equipment, and in property development.

CAZ Thailand Public Company Limited provides engineering and construction services. The Company offers procurement, steel structure fabrication and erection, project management, and other related services. CAZ Thailand serves customers in Thailand.

Ua Withya PCL manufactures transmission line towers, substation steel structures and provides hot-dipped galvanizing services.

Power Line Engineering Public Company Limited provides construction engineering services.  The Company specializes in electrical, air conditioning,  plumbing, sanitary, and fire protection systems for buildings, hospitals, industrial plants, shopping complexes, and governmental facilities.

WLS Holdings Limited, through its subsidiaries, provides scaffolding for public housing, private residential and commercial buildings construction, repairs, maintenance and renovation works, and landslip preventive and remedial works to slopes and retaining walls.  The Company also manufactures plastic ties for its own use.

CNQC International Holdings Ltd is a contractor in the foundation industry and machinery leasing business.

SEEDHEIWA Co., Ltd. designs, constructs, and manages real estate properties. The Company also provides consultation services on taxation, financing, and maintenance of real estate properties to landowners.  Seed as well provides brokerage services on sales and leasing of buildings.

SONEC CORPORATION constructs residential, institutional, and commercial buildings.  The Company also performs civil engineering works for water, sewage, and road projects.  Additionally, Sonec operates freight trucking businesses for chemicals and industrial waste.

The Kaneshita Construction Co., Ltd. is a general contractor based in Kinki region.  The Company performs road paving and asphalt recycling.  Kaneshita also constructs a variety of infrastructure and buildings.  Additionally, The Company operates green planting and industrial waste disposal businesses.

IL&FS Engineering and Construction Company Ltd. offers infrastructure development and contracting services. The Company builds irrigation projects, roads and bridges, and buildings infrastructure.

Il&Fs Engineering & Construction (IECC IN)

Camus Engineering & Construction Inc. builds prefabricated homes and constructs apartment complexes.  The Company also operates automobile import agency of Citroen, rental business, and precast concrete manufacturing business.

Namkwang Engineering & Construction Co., Ltd. offers civil engineering and architectural services for both public and private customers.  The Company builds dams, tunnels, airports, apartment complexes, office buildings, and industrial plants.

Namkwang Engineering & Constructn (001260 KS)

Ahmad Zaki Resources Berhad is an investment holding company.  The Company, through its subsidiaries, provides contractor services for civil and structural construction works, operates in property development, and trades oils, gases, marine fuels, lubricants, and petroleum-based products.

Asia Gate Holdings Co., Ltd. provides real estate management services. The Company operates golf courses, resorts, and other leisure facilities. Asia Gate Holdings also operates infrastructure construction, finance, and other businesses.

Pylon PCL is a group of engineers that focuses on foundation works. The Company's products and services include bored piles, jet grouting, and diaphragm walls. Pylon provides services to both the private and public sectors and to both main contractors and project owners.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pylon Pcl (PYLON TB)

AMATA: Immortals of the Industrials

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of...

Athaporn Arayasantiparb, CFA

The Week that Was in ASEAN@Smartkarma - Railways, Scandals and Dog Fights

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP...

Angus Mackintosh

A Glimpse into Thai Summit Group

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who...

Athaporn Arayasantiparb, CFA

LPN: Real Estate Company Is Building High-End Base

Low correlation with Western stock markets, low core profit valuation,and more attractive to analysts relative to its sector Broadened customer...

A. Stotz Investment Research

Three of a Kind: Piles, Furnitures, and Lighting

Recently, we met a mixed bag of companies. Anyway, here’s some jot downs on the ideas yo. The first one we met today was a pile company called...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)