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 Capital Markets

YGGDRAZIL Group PCL / Equity Capital Markets

Yggdrazil, clearly named after the Viking tree of nine worlds, is a new company that will likely IPO in 2019. This is what we know of them and our initial views:<ul>
<li>
The IPO is good for 45m new shares and is arranged by Yuanta on the secondary bourse MAI. It implies a free float of 25%.</li>
<li>
The Biz. Basically a firm that provides services such as graphics for movies &amp; ads, animation, and games at almost equal split in 2018 revenues. Singapore is their biggest market followed by Thailand and Japan. </li>
<li>
The Value. With no good comparables (pretty different from AsiaSoft), we value this one-of-a-kind firm at Bt3.2/sh implying a market cap of only US$19m, which explains why it's not on the main bourse.</li>
<li>
The Risks are many. Most glaring is the revenue volatility, but other things that might keep you up at night includes staff retention, bidding-related risks, dependence on large platforms, and copyrights violations.</li>
</ul>

Yggdrazil, clearly named after the Viking tree of nine worlds, is a new company that will likely IPO in 2019. This is what we know of them and our initial views:

The IPO is good for 45m new shares and is arranged by Yuanta on the secondary bourse MAI. It implies a free float of 25%.

The Biz. Basically a firm that provides services such as graphics for movies &amp; ads, animation, and games at almost equal split in 2018 revenues. Singapore is their biggest market followed by Thailand and Japan. 

The Value. With no good comparables (pretty different from AsiaSoft), we value this one-of-a-kind firm at Bt3.2/sh implying a market cap of only US$19m, which explains why it's not on the main bourse.

The Risks are many. Most glaring is the revenue volatility, but other things that might keep you up at night includes staff retention, bidding-related risks, dependence on large platforms, and copyrights violations.


IPO Radar: Yggdrazil, The Viking Tree of Game and Animation...in Thailand?

Thailand

YGGDRAZIL Group Public Company Limited provides entertainment contents. The Company offers creative studio for animation, special sound effects, color granding, editing, and other related services. YGGDRAZIL Group serves customers in Thailand.

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YGGDRAZIL Group PCL (YGG TB)

IPO Radar: Yggdrazil, The Viking Tree of Game and Animation...in Thailand?

Yggdrazil, clearly named after the Viking tree of nine worlds, is a new company that will likely IPO in 2019. This is what we know of them and our...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)