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).

Reality Check 2018: Is True Worth a Bet After the Asset Sales?

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

Telecom Review: Four Bunnies Up True's Magic Hat

IPO Radar: SHREIT, Charoen's Next Hotel REIT

Thai-Coons (Season Premiere): The Richest Man in Thailand

Reality Check III: Is This Time to Sell Thai Property?

Thai Hotels: Sky's the Limit! (...for Most)

Silicon Stories B: Airbnb...Zero to Hero in the Digital Age

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

Bualuang Office Leasehold Real Estate Investment Trust / Equity Capital Markets

Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

Bualuang Office Leasehold Real Estate Investment Trust

We checked out True Corp's new office REIT IPO called B-Work after the underwriter Bangkok Bank. So basically, this REIT manages the two True office buildings on Ratchada and Suanluang, and we're valuing the IPO, which should happen sometime this month, at Bt12.4/unit. As all REITs in Thailand go, they IPO at Bt10/unit, so we're all in on this one. The yield, which is arguably the most important thing, will range between 6.54% to 7.64%, but the base case is 7.31%. We like the fact that: 1) it's fully occupied; 2) captive market (almost every tenant belongs to True or CP Group); and 3) it's got good location, high yields, and excellent facilities.Yo, True may be the best company in the world when it comes to generating profits for its shareholders, but bankers and fund investors swear by them, because of the high fixed income returns. The infra fund DIF for example now trades much higher than our expectations back in 2013, and we've been in and out of True's office more times than I can remember. Once, they even issued us a monthly pass rather than those disposable stickers, so heck, I'll buy this for a dollar.

We checked out True Corp's new office REIT IPO called B-Work after the underwriter Bangkok Bank. So basically, this REIT manages the two True office buildings on Ratchada and Suanluang, and we're valuing the IPO, which should happen sometime this month, at Bt12.4/unit. As all REITs in Thailand go, they IPO at Bt10/unit, so we're all in on this one. The yield, which is arguably the most important thing, will range between 6.54% to 7.64%, but the base case is 7.31%. We like the fact that: 1) it's fully occupied; 2) captive market (almost every tenant belongs to True or CP Group); and 3) it's got good location, high yields, and excellent facilities.Yo, True may be the best company in the world when it comes to generating profits for its shareholders, but bankers and fund investors swear by them, because of the high fixed income returns. The infra fund DIF for example now trades much higher than our expectations back in 2013, and we've been in and out of True's office more times than I can remember. Once, they even issued us a monthly pass rather than those disposable stickers, so heck, I'll buy this for a dollar. 

Digital Telecommunications Infrastructure Fund (DIF TB)

Digital Telecommunications Infrastructure Fund

IPO Radar: B-WORK, A True Office REIT....Yeah, That'll Work :)