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>BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.</p>

BEC World has lost one third of its market value this year, and the Street is pushing for the stock to fall further by another 4% to Bt23 (currently Bt24). While we think they will succeed, we also believe the stock will recover to around Bt28, implying a conservative 20x PE and upside of more than 20% from the trough. The Company is still a market leader amongst Bangkok women, the most important spending demographic in Thailand from an advertisers' standpoint, and has over Bt6bn in cash. We also explore other Thai media stocks and find that Major Cineplex is also worth watching in the longer term. We do not recommend buying any Thai media stock immediately. Stocks such as Mono have already done too well, and the future of Grammy remains murky despite recent success.

BEC World Public

BEC World: Resurgent TV Giant