Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Athaporn 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 22 years, of which 19 were in research and 9 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 performs financial advisory services for TKC Services and provides 11 other on-going thematic series ranked by frequency in descending order, namely:

1) Snippets (news-driven);
2) Sathorn Series (financial services);
3) Silicon Stories (technology); 
4) Thai-Coons (billionaire origin series);
5) Reality Check (data-driven, investigative);
6) Thai Media Spotlight;
7) Political Pit Stop; 
8) Telecom Review; 
9) Thai Macro Watch (read-through from foreign events);  
10) Small Cap Diary; and
11) Property Grid

There are also 3 limited-time series driven by specific events or locations, namely:
1) Thai Corona Crisis;
2) South Series; and
3) Mechanics and Details (deal forensics).

BCH: 2Q20 Earnings Should Be the Bottom Quarter

BCH: Positive Sentiment from New Rate Adjustment for SSO Patients

Thai British: Looking Under That TKS Hood

BCH: Private Chain Hospital with High Sustainable Growth

CHG: Short-Term Cost Pressures Create an Opportunity to Invest

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

Bangkok Chain Hospital / Equity Bottom-Up

<p>We visited two companies today, namely Bangkok Chain Hospital and TBSP. Here's a quickie on the business outlook:</p><ul>
<li>Bangkok Chain's earnings grew modestly (4%) even compared to its revenue growth of 10% largely due to cost increases and cuts in SSO (Social Security Office) payouts. Best performers included WMC (high end segment) with a little help from their partnership with insurance giant AIA.</li>
<li>TBSP pushes aggressively into labels with blockchain security features, and it shows in the incredible earnings jump (from Bt3m to Bt42m) despite small revenue growth (8%), because these are much higher margins.</li>
</ul>

We visited two companies today, namely Bangkok Chain Hospital and TBSP. Here's a quickie on the business outlook:
Bangkok Chain's earnings grew modestly (4%) even compared to its revenue growth of 10% largely due to cost increases and cuts in SSO (Social Security Office) payouts. Best performers included WMC (high end segment) with a little help from their partnership with insurance giant AIA.
TBSP pushes aggressively into labels with blockchain security features, and it shows in the incredible earnings jump (from Bt3m to Bt42m) despite small revenue growth (8%), because these are much higher margins.


Bangkok Chain Hospital: When the Going Gets Tough