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).

GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN

DOHOME: Expect SSSG Stronger than Peers in 2H20 and 2021

THREL & EMCS Thailand: To Sell or Not To Sell?

Big Brother (Episode 2): More Than a King's Ransom

Sathorn Series H: A Primer to the Structure of Thai Financial Services Industry

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 visited Thailand's sole listed non-life reinsurer Thai Re and the upcountry construction materials retailer Siam Global yesterday. Here's a quick run-down:<ul>
<li>
Siam Global reported an 11% revenue growth and 4% earnings growth in 2019. They are currently reducing store size, but face problems in foreign expansion. <ul><li>The company recently runs its own coffee shop Labayon and Miniso stores, which are profitable. They only provide partial compensation to employees who have been temporarily suspended due to COVID-19.</li></ul>
</li>
<li>
Thai Reinsurance reported doubling of earnings on the back of gross premium reduction of 8%. The company has a Bt400m portfolio invested in REITs and infrastructure funds, which could potentially be marked down in the near future. <ul><li>They recently issued a new COVID-19 policy, which they expect to be profitable. Short of committing to a dividend in 2020, Thai Re will try its best to pay it this year.</li></ul>
</li>
</ul>

We visited Thailand's sole listed non-life reinsurer Thai Re and the upcountry construction materials retailer Siam Global yesterday. Here's a quick run-down:

Siam Global reported an 11% revenue growth and 4% earnings growth in 2019. They are currently reducing store size, but face problems in foreign expansion. The company recently runs its own coffee shop Labayon and Miniso stores, which are profitable. They only provide partial compensation to employees who have been temporarily suspended due to COVID-19.


Thai Reinsurance reported doubling of earnings on the back of gross premium reduction of 8%. The company has a Bt400m portfolio invested in REITs and infrastructure funds, which could potentially be marked down in the near future. They recently issued a new COVID-19 policy, which they expect to be profitable. Short of committing to a dividend in 2020, Thai Re will try its best to pay it this year.



Siam Global House

Company Visits: Thai Re and Siam Global