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)

Trump followed up his first volley of white goods tariff with one on steel, prompting an increasing real prospect of global trade wars, as other economic superpowers such as China and Europe start to look around for how they can retaliate. Now that Trump claims Germany needs to dismantle its own tariffs or face one on luxury German cars, the Germans threatened to look into American exports such as jeans. To complicate matters, certain American allies such as Canada and Mexico (seriously?...What…

Trump followed up his first volley of white goods tariff with one on steel, prompting an increasing real prospect of global trade wars, as other economic superpowers such as China and Europe start to look around for how they can retaliate. Now that Trump claims Germany needs to dismantle its own tariffs or face one on luxury German cars, the Germans threatened to look into American exports such as jeans. To complicate matters, certain American allies such as Canada and Mexico (seriously?...What…

Thai Macro Watch (March'18): Dodging the Global Trade War

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.

Equity Bottom-Up

Taokaenoi Food & Marketing / Equity Bottom-Up

<ul><li>The future of Tao Kae Noi – Although the company is already exporting to 35 countries, expanding into a truly multinational corporation is Mr. Peeradechapan’s goal. </li><li>The biggest constraints for the business – Developing a workforce that can bring his products to countries with very different cultures will take a considerable effort.</li><li>His universal business goals for Tao Kae Noi – Ittipat Peeradechapan says that exporting his products to outer space may be his ultimate goal.</li></ul>

The future of Tao Kae Noi – Although the company is already exporting to 35 countries, expanding into a truly multinational corporation is Mr. Peeradechapan’s goal. The biggest constraints for the business – Developing a workforce that can bring his products to countries with very different cultures will take a considerable effort.His universal business goals for Tao Kae Noi – Ittipat Peeradechapan says that exporting his products to outer space may be his ultimate goal.

Business DNA: Taking Seaweed to the Masses

<ul><li>Strong cash levels, good price momentum, and relatively strong analyst recommendation relative to its sector</li><li>Recently finished plant in Ayutthaya as well as the new plant under construction in China should add 100% capacity by end 2017</li><li>TKN’s strong brand recognition, with about 70% market share of Thailand’s seaweed snacks, should continue to boost sales</li><li>Looks attractive at 17CE* PEG ratio of 0.8 and the company is net cash</li><li>Risk: Low barriers to entry and potential raw material shortages</li></ul>* Consensus Estimates

Strong cash levels, good price momentum, and relatively strong analyst recommendation relative to its sectorRecently finished plant in Ayutthaya as well as the new plant under construction in China should add 100% capacity by end 2017TKN’s strong brand recognition, with about 70% market share of Thailand’s seaweed snacks, should continue to boost salesLooks attractive at 17CE* PEG ratio of 0.8 and the company is net cashRisk: Low barriers to entry and potential raw material shortages* Consensus Estimates

TKN: Building Plants to Match Growing Snack Market

In March and late February, MCorp Review visited almost 30 companies. Amongst the five that impressed us were TKN, Amata VN, TKS, Ananda, and Forth. Granted, few of them are trading at low valuations, but there's no reason to not keep them on your radar screen given the high market volatility. There's a saying that opportunity comes to those are prepared. While the valuation and business models of these stocks vary widely, some things they all share is good long-term outlook, stable management…

In March and late February, MCorp Review visited almost 30 companies. Amongst the five that impressed us were TKN, Amata VN, TKS, Ananda, and Forth. Granted, few of them are trading at low valuations, but there's no reason to not keep them on your radar screen given the high market volatility. There's a saying that opportunity comes to those are prepared. While the valuation and business models of these stocks vary widely, some things they all share is good long-term outlook, stable management…

Strong Seaweed Growth. Taokaenoi, the country’s largest seaweed producer, posted another roaring results with 34% revenue growth to Bt4.7bn in 2016 and almost doubled its earnings to Bt782m. Market share also climbed from 62% to 66%. They are wary about mentioning their next closest peer, but it is Singha Group’s Machida brand. We are not sure who the smaller brands from number 3 onwards are, but smaller major brands in Thailand include Silico and Charoen’s Onori. 41% of TKN’s seaweed is sold in…

Strong Seaweed Growth. Taokaenoi, the country’s largest seaweed producer, posted another roaring results with 34% revenue growth to Bt4.7bn in 2016 and almost doubled its earnings to Bt782m. Market share also climbed from 62% to 66%. They are wary about mentioning their next closest peer, but it is Singha Group’s Machida brand. We are not sure who the smaller brands from number 3 onwards are, but smaller major brands in Thailand include Silico and Charoen’s Onori. 41% of TKN’s seaweed is sold in…

Thailand

Taokaenoi Food & Marketing PCL operates as a food services firm. The Company manufactures edible seaweed snacks.

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Taokaenoi Food & Marketing (TKN TB)

Thai Macro Watch (March'18): Dodging the Global Trade War

Trump followed up his first volley of white goods tariff with one on steel, prompting an increasing real prospect of global trade wars, as other...

Athaporn Arayasantiparb, CFA

Business DNA: Taking Seaweed to the Masses

The future of Tao Kae Noi – Although the company is already exporting to 35 countries, expanding into a truly multinational corporation is Mr....

A. Stotz Investment Research

TKN: Building Plants to Match Growing Snack Market

Strong cash levels, good price momentum, and relatively strong analystrecommendation relative to its sector Recently finished plant in Ayutthaya...

A. Stotz Investment Research

The Best of March Company Visits

In March and late February, MCorp Review visited almost 30 companies. Amongst the five that impressed us were TKN, Amata VN, TKS, Ananda, and...

Athaporn Arayasantiparb, CFA

The Seaweed Kid & Tipco's Nemesis

Strong Seaweed Growth. Taokaenoi, the country’s largest seaweed producer, posted another roaring results with 34% revenue growth to Bt4.7bn in 2016...

Athaporn Arayasantiparb, CFA

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