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).

Cross Asset Strategy

<p>Initially, the worst part of the pandemic appeared to be behind us in April, but the situation changed in September when waves of infected Burmese workers crossed into Thailand without proper health checks. We address this and other developments in this review, namely:</p><ul>
<li>
<strong>Thailand Focus. </strong>At least, four companies provided good perspective to the risk and opportunities created by COVID-19, such as: 1) Entry of Big Tech; 2) high unemployment amongst the young; and 3) market share consolidation.</li>
<li>
<strong>Government aid</strong>. Prior to his resignation, Finance Minister Preedee Daochai focused on cutting costs for consumers and avoiding more debt, even as his successor focuses on job creation.</li>
<li>
<strong>Needle opportunities. </strong>The asymmetric global recovery means that demand for medical products such a surgical gloves, needles, and syringes remain very strong. TM and STGT  remains the spotlight. </li>
<li>
<strong>Domestic travel </strong>has become increasingly important to the sector, accounting for 60-70% in the near term, with rising concentration at top tier hotels who discount.</li>
<li>
<strong>Playing the Global Themes. </strong>As Europe is hit by a second wave and China re-opens for business, we look at a few Thai stocks that tend to benefit or lose out from global themes in the short to medium term. (Winners: TVO, Asia Soft, TNR. Losers: CRC, MINT)</li>
</ul>

Initially, the worst part of the pandemic appeared to be behind us in April, but the situation changed in September when waves of infected Burmese workers crossed into Thailand without proper health checks. We address this and other developments in this review, namely:

Thailand Focus. At least, four companies provided good perspective to the risk and opportunities created by COVID-19, such as: 1) Entry of Big Tech; 2) high unemployment amongst the young; and 3) market share consolidation.

Government aid. Prior to his resignation, Finance Minister Preedee Daochai focused on cutting costs for consumers and avoiding more debt, even as his successor focuses on job creation.

Needle opportunities. The asymmetric global recovery means that demand for medical products such a surgical gloves, needles, and syringes remain very strong. TM and STGT  remains the spotlight. 

Domestic travel has become increasingly important to the sector, accounting for 60-70% in the near term, with rising concentration at top tier hotels who discount.

Playing the Global Themes. As Europe is hit by a second wave and China re-opens for business, we look at a few Thai stocks that tend to benefit or lose out from global themes in the short to medium term. (Winners: TVO, Asia Soft, TNR. Losers: CRC, MINT)


Thai Corona Crisis (December): The Looming Shadow of Myanmar

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.

Thematic (Sector/Industry)

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 31

Equity Bottom-Up

<p>Five interesting recent news/trends that could impact Thai equities include:</p><ul>
<li>
<strong>Lobster Alliance. </strong>Thai Union buys out Golden Gate and invites Seafood Alliance (MINT and MK executives) to invest in Red Lobster.</li>
<li>
<strong>CP All reveals its expansion plans in Laos</strong> shortly after it gained exclusive rights to expand into Cambodia. Thailand's largest retailer is fast becoming a regional player.</li>
<li>
<strong>Property SOS. </strong>Thailand's struggling property sector take measures to survive. Raimon gets Singapore group Mesa Thai as new investors, while Sansiri cuts prices to draw cash flows.</li>
<li>
<strong>The Venezuela connection.</strong> America slaps a sanction on TASCO for using crude from Venezuela, prompting TASCO to close down its KBM refinery which accounts for half of its output.</li>
<li>
<strong>CPF acquires CP Group's Chinese swine business, </strong>valued at Bt131bn, through a share swap with its non-listed Chia Tai business. The share price jumped 7%, but this is a rather weak response, considering that CP Foods could be getting a 50% premium for its swaps.</li>
</ul>

Five interesting recent news/trends that could impact Thai equities include:

Lobster Alliance. Thai Union buys out Golden Gate and invites Seafood Alliance (MINT and MK executives) to invest in Red Lobster.

CP All reveals its expansion plans in Laos shortly after it gained exclusive rights to expand into Cambodia. Thailand's largest retailer is fast becoming a regional player.

Property SOS. Thailand's struggling property sector take measures to survive. Raimon gets Singapore group Mesa Thai as new investors, while Sansiri cuts prices to draw cash flows.

The Venezuela connection. America slaps a sanction on TASCO for using crude from Venezuela, prompting TASCO to close down its KBM refinery which accounts for half of its output.

CPF acquires CP Group's Chinese swine business, valued at Bt131bn, through a share swap with its non-listed Chia Tai business. The share price jumped 7%, but this is a rather weak response, considering that CP Foods could be getting a 50% premium for its swaps.


Snippets #45: Lobster Alliance, CP All Goes to Laos

<section><div id="ember1732"><div><p>We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p></div></div></section>

We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

<section><div id="ember1644"><div><p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p></div></div></section>

The Stocks to Own in Thailand – Vol. 30

Thailand

Thai Union Group Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process.  Additionally, the Company produces fish snack and canned tuna which are marketed locally.

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Thai Union Group (TU TB)

Thai Corona Crisis (December): The Looming Shadow of Myanmar

Just when Thailand is ready to leave the COVID-19 scene, Myanmar pulls them back in with a new outbreak. The Thai government comes up with new...

Athaporn Arayasantiparb, CFA

The Stocks to Own in Thailand – Vol. 31

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

Snippets #45: Lobster Alliance, CP All Goes to Laos

Thai Union forms an alliance with restaurant honchos MK and Minor. While CP All expands into Laos, its parent company CP Foods consolidates its...

Athaporn Arayasantiparb, CFA

The Stocks to Own in ASEAN – Vol. 32

We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 30

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

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