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 VIII: Is ZIGA Still Worth a Bet?

IPO Radar: Do Day Dream, the Turbo-Charged Snail Cream Startup

IPO Radar: SHREIT, Charoen's Next Hotel REIT

Three Kingdoms of Thai Telecoms: The Battle of 2300MHz

DTAC's Plan B: 2300MHz Spectrum JV with TOT

IPO Radar: Another Melting Ice Cube on Sathorn Road

IPO Radar: Thonburi, Scruffy Hospital from the West Side Yo!

IPO Radar: TOA, Thailand's New Paint Tycoon

Equity Capital Markets

Information & Communication Networks / Equity Capital Markets

Information & Communication Networks (ICN TB)

ICN or Information &amp; Communication Networks is an upcoming IPO underwritten by Finansia Syrus. These guys are issuing roughly a quarter of their shares as future free float, and it will be a small cap trading on the MAI. If it trades in line with other small network contractors (but not this small!), its fair price would be Bt2.1/sh, but given its unproven status, we would only invest if the IPO price ranges between Bt0.83/sh to Bt0.96/sh yo.The company tries to piggyback on Nokia Siemens, a behemoth global network company where it has long-standing relations, though it has hedged its bets by doing some biz with Huawei and others too. Half of their business comes from public sector, but we're betting they can get something out of DTAC's rapid expansion should the 2.3GHz project go through as planned.

ICN or Information &amp; Communication Networks is an upcoming IPO underwritten by Finansia Syrus. These guys are issuing roughly a quarter of their shares as future free float, and it will be a small cap trading on the MAI. If it trades in line with other small network contractors (but not this small!), its fair price would be Bt2.1/sh, but given its unproven status, we would only invest if the IPO price ranges between Bt0.83/sh to Bt0.96/sh yo.The company tries to piggyback on Nokia Siemens, a behemoth global network company where it has long-standing relations, though it has hedged its bets by doing some biz with Huawei and others too. Half of their business comes from public sector, but we're betting they can get something out of DTAC's rapid expansion should the 2.3GHz project go through as planned.

IPO Radar: ICN, Nokia Siemens' Best Buddy