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

Sino-Thai Engineering & Construction / Equity Bottom-Up

Sino-Thai Engineering & Construction (STEC TB)

<p>STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.</p><p>On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.</p>

STEC and CK trade in line with each other even after detailed breakdown to the price-to-backlog level (0.7x). We prefer both companies to market leader ITD, which seems unable to make a profit. If we are forced to choose between the two contractors, we will pick STEC simply because it is more professional and focused. We think there is 14% upside for STEC based on Bt30.3/sh price target, making STEC  a good candidate to replace AIS as one of our top picks.On an absolute basis, we actually own BJCHI, which trades under 7x PE and has a high yield of almost 8%. We think BJCHI's valuation is depressed because it does a lot of work for Petrobras, but there seems to be no defaults in Brazil at all.

CK Vs STEC: The Da Vinci Code for Thai Contractors