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).

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Okja: The Fight Between Netflix Vs. CJ CGV

Equity Bottom-Up

<p>In this review, we compare the two largest food processors in Thailand and favor CPF over TU (Thai Union), the world's biggest seafood company, with five reasons in favor of the former and three in favor of the latter. While slightly more expensive, CPF operates in less political terrain, and its recent deal track record is much better than TU.</p><p>For investors who can buy less liquid stocks, we actually prefer TVO (soybean meal giant) and CFRESH (a much smaller and opportunistic seafood company than TU). Both of them trade well below market average valuations and have dividend yields of almost 7%. If you prefer only one, we pick TVO because of better demographics and lower risk, since human trafficking concerns have become an issue for all seafood companies operating from Thailand.</p>

In this review, we compare the two largest food processors in Thailand and favor CPF over TU (Thai Union), the world's biggest seafood company, with five reasons in favor of the former and three in favor of the latter. While slightly more expensive, CPF operates in less political terrain, and its recent deal track record is much better than TU.For investors who can buy less liquid stocks, we actually prefer TVO (soybean meal giant) and CFRESH (a much smaller and opportunistic seafood company than TU). Both of them trade well below market average valuations and have dividend yields of almost 7%. If you prefer only one, we pick TVO because of better demographics and lower risk, since human trafficking concerns have become an issue for all seafood companies operating from Thailand.

CP FOODS

Food Fight: CPF Vs TU