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).

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Equity Bottom-Up

<p>We estimate that Banpu's shares are worth Bt20/sh implying a 20% upside to current share price of Bt16.6/sh (assuming conglomerate discount of 30%). Its current share price implied a discount of 60%, which seems rather excessive. We value the coal assets using EV/reserve based on recent deals and power assets using EV/MW based on either acquisition or replacement costs. We think this and the recent recovery in coal price explains Banpu's recent resurgence despite continued weak financials.</p>

We estimate that Banpu's shares are worth Bt20/sh implying a 20% upside to current share price of Bt16.6/sh (assuming conglomerate discount of 30%). Its current share price implied a discount of 60%, which seems rather excessive. We value the coal assets using EV/reserve based on recent deals and power assets using EV/MW based on either acquisition or replacement costs. We think this and the recent recovery in coal price explains Banpu's recent resurgence despite continued weak financials.

Banpu Public

Banpu: Valuing the Coal-Power Phoenix