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).

TASCO: Surfing the Spread Uptrend in 2020

BEM: Leading Mass Transit Operator Is About to Get Huge

PLAT: Mall Operator to Make Precious Metal from Sales and Rental Growth

IPO Radar: DoHome, House Brand Furniture Advocate

A Tale of Two Retailers: Homepro Vs. Platinum

GOLD: Determined Plan to Reach Top Five in Thai Property

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 Bottom-Up

We followed up with recent IPO DoHome, which seems underpriced and has slowly gained pace since the IPO, and also met with Platinum, the operator of successful clothing mall in the Pratunam area. This is what we found:<ul>
<li>
DoHome has managed to grow its profits by 49% without revenue growth largely through focus on house brands, downsizing of large formats, and innovating its distribution network.</li>
<li>
Relative to Homepro, it differs in terms of its leaning towards  construction materials and slightly lower end clientele.</li>
<li>
Platinum currently operates its core brand, a Novotel, one The Market format, a Neon Night Bazaar on New Petchaburi, and a failing The Wharf at Samui, which it hopes to rebrand.</li>
<li>
Expansion. Platinum will need to spend Bt6.5bn over the next four years in order to boost its hotel capacity by another 1,300 rooms (compared to just 288 at Novotel now) and branch into brands such as Holiday Inns and Moxy. It will also add almost 45,000sqm of retail space in the process.</li>
</ul>Overall, we are impressed with both companies, though more so with DoHome which was listed in August, than Platinum which was listed back in 2015.

We followed up with recent IPO DoHome, which seems underpriced and has slowly gained pace since the IPO, and also met with Platinum, the operator of successful clothing mall in the Pratunam area. This is what we found:

DoHome has managed to grow its profits by 49% without revenue growth largely through focus on house brands, downsizing of large formats, and innovating its distribution network.

Relative to Homepro, it differs in terms of its leaning towards  construction materials and slightly lower end clientele.

Platinum currently operates its core brand, a Novotel, one The Market format, a Neon Night Bazaar on New Petchaburi, and a failing The Wharf at Samui, which it hopes to rebrand.

Expansion. Platinum will need to spend Bt6.5bn over the next four years in order to boost its hotel capacity by another 1,300 rooms (compared to just 288 at Novotel now) and branch into brands such as Holiday Inns and Moxy. It will also add almost 45,000sqm of retail space in the process.
Overall, we are impressed with both companies, though more so with DoHome which was listed in August, than Platinum which was listed back in 2015.

IPO Stalker: DoHome Grows Profits Without Revenue Growth

Dohome PCL

IPO Stalker: DoHome Grows Profits Without Revenue Growth