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: Chic Republic, Homepro Wannabe

IPO Radar: DoHome, House Brand Furniture Advocate

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

KFC Thailand: Thai Bev Puts CENTEL Down for the Count

IPO Radar: Grand Prix, the Guys Who Bought Us Motor Show Yo!!

IPO Radar: Rich Sport, the Thai "Shoe Dog"

The Autobot Update (October): Honda Steals Toyota's Crown

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

Ditto Thailand PCL / Equity Capital Markets

Photocopying is a vital service for universities and offices. One company that provides this service, Ditto (previously known as Copy Man), is expected to IPO soon. MCorp Review has valued the stock at around Bt4.5/sh, which will look rather high on conventional measures like PE or PBV, but for most parts, we see that it is a utility-like business with few demands on investments. Nomura will be handling this IPO, and it's pretty straightforward. The company basically has three businesses. Photocopier rental is by far the biggest business, accounting for 47% of revenues. Ditto also sells its copiers, but that's only 13% of business. In addition, they provide engineering services to myriad corporate clients. We admit that we are running short on new capital right now, as we have already invested heavily in 2017. For that reason, we may not be participating in some future IPOs, but if the IPO price falls below our estimate, we would definitely encourage you to get in.

Photocopying is a vital service for universities and offices. One company that provides this service, Ditto (previously known as Copy Man), is expected to IPO soon. MCorp Review has valued the stock at around Bt4.5/sh, which will look rather high on conventional measures like PE or PBV, but for most parts, we see that it is a utility-like business with few demands on investments. Nomura will be handling this IPO, and it's pretty straightforward. The company basically has three businesses. Photocopier rental is by far the biggest business, accounting for 47% of revenues. Ditto also sells its copiers, but that's only 13% of business. In addition, they provide engineering services to myriad corporate clients. We admit that we are running short on new capital right now, as we have already invested heavily in 2017. For that reason, we may not be participating in some future IPOs, but if the IPO price falls below our estimate, we would definitely encourage you to get in.

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