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

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. <ul><li>
TICON's takeover of Rojana. The TCC Group ( <a href="https://www.smartkarma.com/insights/tcc-group-the-man-with-the-iron-wallet" target="_blank" data-smartkarma-citation="insights:16450">TCC Group: The Man With the Iron Wallet</a>) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…</li></ul>

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. 
TICON's takeover of Rojana. The TCC Group ( TCC Group: The Man With the Iron Wallet) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Thematic (Sector/Industry)

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While starting small, we hope to build out the content over time to be more useful and insightful for readers. Any feedback or suggestions are most welcome in the comments below.Market OverviewSmall-cap indices were down across the board with the exception of Singapore and the Philippines, where WHC indices were up 2.7% and 4.7% respectively. Thailand was the…

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While starting small, we hope to build out the content over time to be more useful and insightful for readers. Any feedback or suggestions are most welcome in the comments below.Market OverviewSmall-cap indices were down across the board with the exception of Singapore and the Philippines, where WHC indices were up 2.7% and 4.7% respectively. Thailand was the…

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Feb'18

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for unsecured loans. The absolute JPY balance increases at Aiful (8515.JP) remains the highest within the consumer finance industry. * Aiful’s Thai business will be profitable by FY 3/19 and is expected to represent 7% of consolidated profits by FY 3/20.  Further, media reports suggest that Aiful is considering listing its Thai subsidiary. * The drawdown…

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for unsecured loans. The absolute JPY balance increases at Aiful (8515.JP) remains the highest within the consumer finance industry. * Aiful’s Thai business will be profitable by FY 3/19 and is expected to represent 7% of consolidated profits by FY 3/20.  Further, media reports suggest that Aiful is considering listing its Thai subsidiary. * The drawdown…

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market awareness. Many peers investing in this space were up more than 20% in 2017 but were labelled as underperforming the Index, which in the case of the MSCI Asia Ex.Japan was up 38.7%!The purpose of this report is to dig beyond the headline figure and highlight pockets of over and underperformance, as-well-as opportunities for the upcoming year.We have created…

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market awareness. Many peers investing in this space were up more than 20% in 2017 but were labelled as underperforming the Index, which in the case of the MSCI Asia Ex.Japan was up 38.7%!The purpose of this report is to dig beyond the headline figure and highlight pockets of over and underperformance, as-well-as opportunities for the upcoming year.We have created…

ASEAN Small-Micro Cap – Winners, Losers and Opportunities for 2018

* Problems at Group Lease (GL.TB) became more apparent with Ernst &amp; Young’s scathing 2016 audit report which questioned the integrity of inter-company loans, more liberal accounting policies, and the 30% purchase of a Sri Lankan company from a related party at a 120% market premium.* Among other items, an independent research report further alleged that Group Lease purposely misled investors, Ernst &amp; Young, and the Stock Exchange of Thailand (SET). Our own research suggests that each…

* Problems at Group Lease (GL.TB) became more apparent with Ernst &amp; Young’s scathing 2016 audit report which questioned the integrity of inter-company loans, more liberal accounting policies, and the 30% purchase of a Sri Lankan company from a related party at a 120% market premium.* Among other items, an independent research report further alleged that Group Lease purposely misled investors, Ernst &amp; Young, and the Stock Exchange of Thailand (SET). Our own research suggests that each…

Thailand

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

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Srisawad Power 1979 (SAWAD TB)

Notable Thai Deals for H1'18

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by...

Athaporn Arayasantiparb, CFA

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Feb'18

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While...

Lloyd Moffatt

Aiful – Sawasdee Ka

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for...

Thomas J. Monaco

ASEAN Small-Micro Cap – Winners, Losers and Opportunities for 2018

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market...

Lloyd Moffatt

Group Lease - Lessons from Icharus

* Problems at Group Lease (GL.TB) became more apparent with Ernst & Young’s scathing 2016 audit report which questioned the integrity of...

Thomas J. Monaco

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