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).

The Competitive World of Thai Contractors (Non-Network)

Telecom Review (August 2018): The Connected World of Thai Network Contractors

IPO Radar: SISB...International Schools = License to Print Money

Three of a Kind: Piles, Furnitures, and Lighting

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

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

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

Stonehenge Inter / Equity Capital Markets

Like <a href="https://www.smartkarma.com/entities/27021" target="_blank" data-smartkarma-citation="entities:27021:1">Thai Enger Holding PCL (TIGER TB)</a>, <a href="https://www.smartkarma.com/entities/27353" target="_blank" data-smartkarma-citation="entities:27353:1">Stonehenge (STI TB)</a> is a contractor, but they have some unique capabilities we don't see in other contractors such as architectural consulting and historical conservation. Given the importance of tourism (and hence tourist sites), these added positives are quite meaningful. The company is controlled by the TCC Group (Charoen of Thai Bev) and five co-founders who hold top executive positions in the company. The private sector mega-project, One Bangkok, should be a vital catalyst (captive market project) for Stonehenge, since they both belong to the same group.We value the stock at Bt1.8/sh using DCF and Bt2.3/sh using relative valuation (target PBV of 2.9x). In absence of a backlog figure, we think these two figures provide a useful range of where we think the suitable IPO prices might come out at.

Like Thai Enger Holding PCL (TIGER TB), Stonehenge (STI TB) is a contractor, but they have some unique capabilities we don't see in other contractors such as architectural consulting and historical conservation. Given the importance of tourism (and hence tourist sites), these added positives are quite meaningful. The company is controlled by the TCC Group (Charoen of Thai Bev) and five co-founders who hold top executive positions in the company. The private sector mega-project, One Bangkok, should be a vital catalyst (captive market project) for Stonehenge, since they both belong to the same group.We value the stock at Bt1.8/sh using DCF and Bt2.3/sh using relative valuation (target PBV of 2.9x). In absence of a backlog figure, we think these two figures provide a useful range of where we think the suitable IPO prices might come out at.

IPO Radar: Enter the Stonehenge!...A Rare Architectural Consulting Firm