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).

IPO Radar: Yggdrazil, The Viking Tree of Game and Animation...in Thailand?

IPO Radar: SCG Packaging, the Hidden Packaging Giant

The Week That Was in ASEAN@Smartkarma - Indonesia's Reforms, HomePro, and SCC's Packaging IPO

IPO Stalker: Humanica, Software Dudes for HR Management

Comanche: The Closest Thing to a Thai Microsoft

IPO Stalker: PORT, The Merchant of Venice (Of the East)

IPO Stalker: TOA, More Expensive than a Modigliani

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 Capital Markets

Few things are as futuristic as 3D printing or electric vehicles. That's one reason MCorp Review took a look at AppliCAD, the first (and possibly) only 3D printing solutions company we could find in Thailand. <ul>
<li>The company plans to IPO sometime this year and is firm underwritten by Finansia Syrus. The founding family of Tangudolrit will continue to control 71% post-IPO.</li>
<li>
Value. We put a price target of Bt6/sh for this company, which has high growth, is cash free, and has ridiculously high operating leverage (like all software companies). It's unlikely to trade at the same high multiples as previous software IPOs simply because we are in a seriously depressed market right now.</li>
<li>
Key risks involve software piracy, obsolescence, and high dependency on vendors it represents, particularly SolidWorks.</li>
</ul>

Few things are as futuristic as 3D printing or electric vehicles. That's one reason MCorp Review took a look at AppliCAD, the first (and possibly) only 3D printing solutions company we could find in Thailand. 
The company plans to IPO sometime this year and is firm underwritten by Finansia Syrus. The founding family of Tangudolrit will continue to control 71% post-IPO.

Value. We put a price target of Bt6/sh for this company, which has high growth, is cash free, and has ridiculously high operating leverage (like all software companies). It's unlikely to trade at the same high multiples as previous software IPOs simply because we are in a seriously depressed market right now.

Key risks involve software piracy, obsolescence, and high dependency on vendors it represents, particularly SolidWorks.


IPO Radar: AppliCAD, Thailand's First 3D Printing IPO

AppliCAD PCL

IPO Radar: AppliCAD, Thailand's First 3D Printing IPO