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).

CHAYO: When the Going Gets Tough, CHAYO Gets Going

SUTHA: Growing Quick Lime Via Acquisitions & Expansion

IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)

MEGA: Supplement Maker Spreads Healthy Message in Booming Region

The Competitive World of Thai Contractors (Non-Network)

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

We met up with Thailand's second largest debt collector CHAYO and Precious Shipping, one of Thailand's top three shippers and a member of the G Premji Group that also includes MEGA. Here's a quick run-down:<ul>
<li>
CHAYO almost doubled their net income to Bt27m in Q1'19 on the back of high margins and higher debt collections. The company is also expanding into the lending business, where interests are capped at 15% (still pretty high!)</li>
<li>
Headwinds. Admittedly, the local economy is not doing well, and collection costs will rise, but this also means less competition from the banks, who are constrained by tougher risk management standards.</li>
<li>
PSL turned from a profit to a loss of US$2m in Q1'19, but they continued to paint a rosy picture citing how little the trade wars have affected  China's steel imports and the fact that BDI isn't much higher than the all time lows back in 2016.</li>
</ul>

We met up with Thailand's second largest debt collector CHAYO and Precious Shipping, one of Thailand's top three shippers and a member of the G Premji Group that also includes MEGA. Here's a quick run-down:

CHAYO almost doubled their net income to Bt27m in Q1'19 on the back of high margins and higher debt collections. The company is also expanding into the lending business, where interests are capped at 15% (still pretty high!)

Headwinds. Admittedly, the local economy is not doing well, and collection costs will rise, but this also means less competition from the banks, who are constrained by tougher risk management standards.

PSL turned from a profit to a loss of US$2m in Q1'19, but they continued to paint a rosy picture citing how little the trade wars have affected  China's steel imports and the fact that BDI isn't much higher than the all time lows back in 2016.


Chayo Group PCL

Company Visits: CHAYO, Precious Shipping