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

Italian Thai Development / Equity Bottom-Up

Last week, Premchai Karnasutra, the tycoon who controls Thailand's largest contractor by backlog, was caught by rangers in a forest. While Premchai, who owns 14.9% of the company, still maintains his innocence, many incriminating evidence popped up as the rangers built a strong legal case against him. The maximum jail term could be as long as 28 years, and this is likely to lead to some top management changes at Italian-Thai, an iconic (but in some ways also controversial) company in Thai…

Last week, Premchai Karnasutra, the tycoon who controls Thailand's largest contractor by backlog, was caught by rangers in a forest. While Premchai, who owns 14.9% of the company, still maintains his innocence, many incriminating evidence popped up as the rangers built a strong legal case against him. The maximum jail term could be as long as 28 years, and this is likely to lead to some top management changes at Italian-Thai, an iconic (but in some ways also controversial) company in Thai…

Thematic (Sector/Industry)

In September 2017, former Prime Minister Yingluck Shinawatra, titular architect of the rice pledge policy and first-time car buyers' program, fled the country in a move worthy of a James Bond movie or Jeffrey Archer booklet, complete with luxury car decoys and unregistered private jets. But the price of her escape is now borne by the Thaksinite faction that remains in the country and the prospects of winning the <s>2018</s> 2019 elections. In this review, we highlight some reasons why the sentiment is…

In September 2017, former Prime Minister Yingluck Shinawatra, titular architect of the rice pledge policy and first-time car buyers' program, fled the country in a move worthy of a James Bond movie or Jeffrey Archer booklet, complete with luxury car decoys and unregistered private jets. But the price of her escape is now borne by the Thaksinite faction that remains in the country and the prospects of winning the 2018 2019 elections. In this review, we highlight some reasons why the sentiment is…

The Army-Democrat Alliance Challenges Thaksinite Hegemony

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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<ul><li>Good growth in core profit, good price momentum, and more attractive to analysts relative to its sector </li><li>Four new projects to increase RATCH’s capacity by 14% to 7,373MW by 2021 which in turn could boost top-line growth </li><li>Higher utilization rate of Hongsa in Laos should drive earnings in 2017 on better operational reliability and low-cost structure </li><li>RATCH appears more attractive at 17CE* 8.5% ROE/PB versus Thai Utilities at 7.5% and has a solid balance sheet </li><li>Risks: Unplanned power plant shutdown and lower-than-expected utilization rate</li></ul>* Consensus Estimates

Good growth in core profit, good price momentum, and more attractive to analysts relative to its sector Four new projects to increase RATCH’s capacity by 14% to 7,373MW by 2021 which in turn could boost top-line growth Higher utilization rate of Hongsa in Laos should drive earnings in 2017 on better operational reliability and low-cost structure RATCH appears more attractive at 17CE* 8.5% ROE/PB versus Thai Utilities at 7.5% and has a solid balance sheet Risks: Unplanned power plant shutdown and lower-than-expected utilization rate* Consensus Estimates

RATCH: Electricity Generator Continues to Expand

An Intro. We met a hotel operator CENTEL and contractor CNT (Christiani Nielsen). We think CNT looks better than CENTEL yo. Like they say, when it rains, it pours. It’s hard to believe that CENTEL and Erawan actually operate in the same industry. Then again, while Erawan has a good deal of budget hotels, CENTEL is more like a middle-tier hotel chain near malls plus some high-end ones like the Centara Grand. They also operate the second largest restaurant chain in Thailand after MINT.Christiani…

An Intro. We met a hotel operator CENTEL and contractor CNT (Christiani Nielsen). We think CNT looks better than CENTEL yo. Like they say, when it rains, it pours. It’s hard to believe that CENTEL and Erawan actually operate in the same industry. Then again, while Erawan has a good deal of budget hotels, CENTEL is more like a middle-tier hotel chain near malls plus some high-end ones like the Centara Grand. They also operate the second largest restaurant chain in Thailand after MINT.Christiani…

Two of a Kind: Gloomy Hotel, Bright Contractor

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>Our Global Reflation Pulse Check indicates the global reflation theme remains intact.</li>
<li>Earnings and economic growth in the US and Europe have accelerated in particular.</li>
<li>China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.</li>
<li>Indo has seen some political reform setbacks.</li>
<li>We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. </li>
</ul>In this note, we would like to do…


Our Global Reflation Pulse Check indicates the global reflation theme remains intact.
Earnings and economic growth in the US and Europe have accelerated in particular.
China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.
Indo has seen some political reform setbacks.
We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. 
In this note, we would like to do…

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

Thailand

Sino Thai Engineering & Construction Public Company Limited provides engineering and construction services to the public and private sectors.  The Company's activities include energy project construction, building construction, industrial plant construction, environment project construction, as well as transportation project and infrastructure construction.

Sino-Thai Engineering & Construction (STEC TB)

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52-week Range	0.00 - 0.00
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Sino-Thai Engineering & Construction (STEC TB)

Italian-Thai's Black Leopard Trap

Last week, Premchai Karnasutra, the tycoon who controls Thailand's largest contractor by backlog, was caught by rangers in a forest. While...

Athaporn Arayasantiparb, CFA

The Army-Democrat Alliance Challenges Thaksinite Hegemony

In September 2017, former Prime Minister Yingluck Shinawatra, titular architect of the rice pledge policy and first-time car buyers' program, fled...

Athaporn Arayasantiparb, CFA

RATCH: Electricity Generator Continues to Expand

Good growth in core profit, good price momentum, and moreattractive to analysts relative to its sector Four new projects to increase RATCH’s...

A. Stotz Investment Research

Two of a Kind: Gloomy Hotel, Bright Contractor

An Intro. We met a hotel operator CENTEL and contractor CNT (Christiani Nielsen). We think CNT looks better than CENTEL yo. Like they say, when it...

Athaporn Arayasantiparb, CFA

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

Our Global Reflation Pulse Check indicates the global reflation theme remains intact. Earnings and economic growth in the US and Europe have...

Johannes Salim, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)