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).

Battle of the Beauties: The Emerging Cosmetics Industry in Thailand

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

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

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

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

We met up with Rojukiss' entire C-Suite prior to the IPO before arriving with more useful information around the company and its upcoming listing.<ul>
<li>
Valuation. We value Rojukiss at Bt13.5/sh using DCF method and Bt17.5/sh using relative valuation.</li>
<li>
Management's vision. Rojukiss' C-Suite is populated by L'oreal veterans who aim to emulate the French giant on a smaller scale. The strategy is asset-light with OEMs responsible for flexible manufacturing and Rojukiss on marketing and distribution.</li>
<li>
More color on the industry. During the pandemic, the industry's spending tilted more towards hair care and eyelash-related products.</li>
<li>
Company-specific highlights. The company's cheaper Sis2Sis brand is a market leader in lipsticks and ranks second in the mascara business.</li>
</ul>

We met up with Rojukiss' entire C-Suite prior to the IPO before arriving with more useful information around the company and its upcoming listing.

Valuation. We value Rojukiss at Bt13.5/sh using DCF method and Bt17.5/sh using relative valuation.

Management's vision. Rojukiss' C-Suite is populated by L'oreal veterans who aim to emulate the French giant on a smaller scale. The strategy is asset-light with OEMs responsible for flexible manufacturing and Rojukiss on marketing and distribution.

More color on the industry. During the pandemic, the industry's spending tilted more towards hair care and eyelash-related products.

Company-specific highlights. The company's cheaper Sis2Sis brand is a market leader in lipsticks and ranks second in the mascara business.


IPO Radar: Rojukiss Aspires to Become L'Oréal of Thailand