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: DoHome, House Brand Furniture Advocate

IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players

Homepro Struggles Against High Base Effects

A Tale of Two Retailers: Homepro Vs. Platinum

IPO Radar: DITTO....Here's Come the Copycat!

Thai Media Spotlight: The Facebook Invasion

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

Chic Republic PCL / Equity Capital Markets

In our search for thematically favorable IPOs, we looked up Chic Republic, a relatively unknown furniture retailer with much smaller scale than Homepro (<a href="https://www.smartkarma.com/insights/a-tale-of-two-retailers-homepro-vs-platinum" target="_blank" data-smartkarma-citation="insights:13058">A Tale of Two Retailers: Homepro Vs. Platinum</a>). They seem to focus on fashion &amp; style, while Homepro is more about utility. We would only participate in this IPO if it were going for Bt0.46/sh, which is unlikely because few stocks in Thailand IPO for under Bt1/sh, but honestly when you look at the cash flows, that's really all it can justify yo. They just seem to issue way too many shares. The underwriter is Phillips Securities, the broker that first bought online trading to Thailand with their POEMS platform.One thing that did impress us is that they provide a lot of supporting sectoral data in their prospectus: pictures, trends, etc, which shows that they are pretty conscientious folks, but it's not clear how these same trends, apart from the fashion bit, would benefit them more than bigger furniture with more recognizable names.

In our search for thematically favorable IPOs, we looked up Chic Republic, a relatively unknown furniture retailer with much smaller scale than Homepro (A Tale of Two Retailers: Homepro Vs. Platinum). They seem to focus on fashion &amp; style, while Homepro is more about utility. We would only participate in this IPO if it were going for Bt0.46/sh, which is unlikely because few stocks in Thailand IPO for under Bt1/sh, but honestly when you look at the cash flows, that's really all it can justify yo. They just seem to issue way too many shares. The underwriter is Phillips Securities, the broker that first bought online trading to Thailand with their POEMS platform.One thing that did impress us is that they provide a lot of supporting sectoral data in their prospectus: pictures, trends, etc, which shows that they are pretty conscientious folks, but it's not clear how these same trends, apart from the fashion bit, would benefit them more than bigger furniture with more recognizable names.

IPO Radar: Chic Republic, Homepro Wannabe