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).

Thematic (Sector/Industry)

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration, consolidation, cost leadership, and differentiation. In this review, we also provide examples of which Groups favor these strategies, how they illustrate it, and the underlying theory and whether or why they make sense in the context. One strategy popular in the West but not much favored in Thailand appears to be focus and partly reflects the conglomerate/family structure of many Thai business groups.

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration, consolidation, cost leadership, and differentiation. In this review, we also provide examples of which Groups favor these strategies, how they illustrate it, and the underlying theory and whether or why they make sense in the context. One strategy popular in the West but not much favored in Thailand appears to be focus and partly reflects the conglomerate/family structure of many Thai business groups.

Five Strategies Favored by Thai Conglomerates and Tycoons

Equity Bottom-Up

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( <a href="https://www.smartkarma.com/insights/hidden-tigers-season-premiere-chocolate-ship-donuts" target="_blank" data-smartkarma-citation="insights:9781">Hidden Tigers (Season Premiere): Chocolate Ship Donuts</a>) and <a href="https://www.smartkarma.com/entities/11430" target="_blank" data-smartkarma-citation="entities:11430:1">Regional Container Line Pcl (RCL TB)</a> yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his ideas on the Asian shipping outlook. PSL currently has a fleet of 36 ships. The only guys bigger than this would be TTA of the Mahagitsiri fortune ( Hidden Tigers (Season Premiere): Chocolate Ship Donuts) and Regional Container Line Pcl (RCL TB) yo. After listening to Khaleed, my sense is I'd rather buy a coal producer like Banpu, which we already own…

<div class="content-highlight">We ran through the list of Valentine-themed stocks and found that it's almost impossible to find anything reasonable from a valuation standpoint these days. (AIS used to be a Valentine themed stock, but it isn't anymore. More on that later yo.) Valentines is just over a week from today. Technically, less than 1% of the Thais are Christians, but if you think that's gonna stop teenagers from celebrating Valentines, think again! Since Chinese New Year came early ( <a href="https://www.smartkarma.com/insights/momentum-stocks-for-the-chicken-new-year" target="_blank" data-smartkarma-citation="insights:8321">Momentum Stocks for the Chicken</a>…</div>

We ran through the list of Valentine-themed stocks and found that it's almost impossible to find anything reasonable from a valuation standpoint these days. (AIS used to be a Valentine themed stock, but it isn't anymore. More on that later yo.) Valentines is just over a week from today. Technically, less than 1% of the Thais are Christians, but if you think that's gonna stop teenagers from celebrating Valentines, think again! Since Chinese New Year came early ( Momentum Stocks for the Chicken…

Quick Run Down on Valentine Stocks...Sad!

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think logically about the macro picture, since those may have an impact on whether companies can recover or would lose relevance in the marketplace altogether.From our observations, the companies in Thailand that do turn around tend to follow one or more of these four measures, namely: 1) operations: a complete transformation rather than minor patch-ups (eg. KARMART, IVL); 2) competitive strategy: changing the frame of reference (PIZZA...now part of MINT); 3) debt restructuring (BLAND, TPI); and 4) marketing: re-branding (eg. DTAC, BTS). Whether you are stuck with certain investments or thinking about investing in potential turnaround plays, observing these four traits or steps could be helpful.

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think logically about the macro picture, since those may have an impact on whether companies can recover or would lose relevance in the marketplace altogether.From our observations, the companies in Thailand that do turn around tend to follow one or more of these four measures, namely: 1) operations: a complete transformation rather than minor patch-ups (eg. KARMART, IVL); 2) competitive strategy: changing the frame of reference (PIZZA...now part of MINT); 3) debt restructuring (BLAND, TPI); and 4) marketing: re-branding (eg. DTAC, BTS). Whether you are stuck with certain investments or thinking about investing in potential turnaround plays, observing these four traits or steps could be helpful.

Turnarounds: Finding A Phoenix In the Land of the Dead

Thailand

Siam Wellness Group Public Company Limited owns and operates spa and wellness centers. The Company also provides management and consulting services.

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Siam Wellness Group (SPA TB)

Five Strategies Favored by Thai Conglomerates and Tycoons

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration,...

Athaporn Arayasantiparb, CFA

The View Through a Shipper's Lens & More

We had the chance to meet up with Khaleed Hasheem, founder of PSL (one of Thailand's three big shippers), this week and catch up on some of his...

Athaporn Arayasantiparb, CFA

Quick Run Down on Valentine Stocks...Sad!

We ran through the list of Valentine-themed stocks and found that it's almost impossible to find anything reasonable from a valuation standpoint...

Athaporn Arayasantiparb, CFA

This Ain't Winterfell, Summer Is Coming!

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer...

Athaporn Arayasantiparb, CFA

Turnarounds: Finding A Phoenix In the Land of the Dead

In this review, we highlight the importance for investors to: 1) not 'jump the gun' and sell on companies that are in decline; and 2) think...

Athaporn Arayasantiparb, CFA

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