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: M Vision, The Guys Who Bought Us the Iconic Mobile Expo

IPO Radar: Osothspa, The Thai Energy Giant Behind M-100/M-150

Thai Property: Patricians Vs Penny Pinchers

IPO Radar: NCAP...Like a Bank, But Not Quite

Small Cap Diary: Little ChewaThai's Big Ambitions

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

Chaoprayamahanakorn PCL / Equity Capital Markets

Chao Phya Mahanakorn is one of the few, if not only, condo developer listing in Thailand this year that we know of at the moment. Though clearly a small developer with peak turnover of only Bt2.1bn in 2016, they are highly levered and aggressively launching projects in 2018...to the tune of Bt11bn. Based on our assumptions, we think this IPO is worth US$430m or Bt13.5/sh and may come with a generous yield of 4.4%.While property is not one of our favorite sector, we have to admit that the increased foreign participation has lately reduced oversupply risk in Thailand, and that some of the smaller developers, like Origin and Chewathai, have done an excellent job for themselves and their investors.

Chao Phya Mahanakorn is one of the few, if not only, condo developer listing in Thailand this year that we know of at the moment. Though clearly a small developer with peak turnover of only Bt2.1bn in 2016, they are highly levered and aggressively launching projects in 2018...to the tune of Bt11bn. Based on our assumptions, we think this IPO is worth US$430m or Bt13.5/sh and may come with a generous yield of 4.4%.While property is not one of our favorite sector, we have to admit that the increased foreign participation has lately reduced oversupply risk in Thailand, and that some of the smaller developers, like Origin and Chewathai, have done an excellent job for themselves and their investors.

IPO Radar: CMC, New Condo Listing...Literally