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: Rojukiss Aspires to Become L'Oréal of Thailand

IPO Radar: DOD Biotech...Some Vitamin M (Money) For 2018

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

Battle of the Beauties: The Emerging Cosmetics Industry in Thailand

Little Thai-Coons of 2018 (Part I): Chemistry of Wealth

BEAUTY: Gorgeous Growth and Pretty Profitability

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

Rojukiss (Thailand) distributes its core brand as well as Sis2Sis, PhDerma, and Best Korea, and in our first glance at the company, these are some interesting highlights.<ul>
<li>
Ownership and Management. The largest shareholder Aurora Holdings, which controls almost 40% post-IPO, is controlled by private equity firm Lakeshore. Management includes veterans from L'Oreal, P&amp;G, and Unilever.</li>
<li>
IPO is managed by SCB Securities and is good for 166m shares or 27.7% of the total. The proceeds will be used for brand development, foreign expansion, and digital R&amp;D.</li>
<li>
Business Outlook. The company's revenues have grown impressively at 38% CAGR (much faster than the industry) and also operates in Cambodia, Indonesia, and Philippines. Arguably the fastest growing serum brand, Rojukiss is active on social media and has strong presence across modern trade, especially pharmacies.</li>
<li>
Key Risks include: 1) concentration risk (supplier and customers); 2) consumer behavior change; 3) risks associated to channels; 4) product liability; 5) exchange rate risk; and 6) foreign operational risks.</li>
</ul>

Rojukiss (Thailand) distributes its core brand as well as Sis2Sis, PhDerma, and Best Korea, and in our first glance at the company, these are some interesting highlights.

Ownership and Management. The largest shareholder Aurora Holdings, which controls almost 40% post-IPO, is controlled by private equity firm Lakeshore. Management includes veterans from L'Oreal, P&amp;G, and Unilever.

IPO is managed by SCB Securities and is good for 166m shares or 27.7% of the total. The proceeds will be used for brand development, foreign expansion, and digital R&amp;D.

Business Outlook. The company's revenues have grown impressively at 38% CAGR (much faster than the industry) and also operates in Cambodia, Indonesia, and Philippines. Arguably the fastest growing serum brand, Rojukiss is active on social media and has strong presence across modern trade, especially pharmacies.

Key Risks include: 1) concentration risk (supplier and customers); 2) consumer behavior change; 3) risks associated to channels; 4) product liability; 5) exchange rate risk; and 6) foreign operational risks.


IPO Radar: Rojukiss, a Korean Skincare High-Flyer of the ASEAN Region