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).

The Week That Was in ASEAN@Smartkarma - Malaysian Politics, Indonesian Consumers, and Central Retail

ERW: Pure Hotel Player in Key Strategic Locations

Snippets #13: Dude, Where's My Inventory?

Rabble Rousers (Episode 2): The Hardest Dots To Connect

Little Thai-Coons of 2018 (Part I): Chemistry of Wealth

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 recently visited Erawan and <a href="https://www.smartkarma.com/entities/global-green-chemicals" target="_blank" data-smartkarma-citation="entities:24215:1" rel="noopener">Global Green Chemicals (GGC TB)</a> this week. Let's just say the companies are having a hard time even before the coronavirus outbreak.<ul>
<li>
Erawan reported flat EBITDA and 14% earnings decline in 2019 on barely rising revenues. Especially weak was the economy segment which saw an 11% in RevPar</li>
<li>The one-time hotel star also implied a decline of 40-50% during the period of the coronavirus outbreak, which only started in January 2020. This is likely to push them into a heavy loss for 2020. The stock was down 7% on the day of the meeting alone.</li>
<li>
GGC reported an EBITDA decline of almost 60% in 2019 primarily due to decline in product prices. The company is still pursuing suppliers over the missing product.</li>
</ul>

We recently visited Erawan and Global Green Chemicals (GGC TB) this week. Let's just say the companies are having a hard time even before the coronavirus outbreak.

Erawan reported flat EBITDA and 14% earnings decline in 2019 on barely rising revenues. Especially weak was the economy segment which saw an 11% in RevPar
The one-time hotel star also implied a decline of 40-50% during the period of the coronavirus outbreak, which only started in January 2020. This is likely to push them into a heavy loss for 2020. The stock was down 7% on the day of the meeting alone.

GGC reported an EBITDA decline of almost 60% in 2019 primarily due to decline in product prices. The company is still pursuing suppliers over the missing product.


Erawan Group

Dark Clouds Over Erawan