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).

MC: Apparel Retailer Stretches Portfolio to Lifestyle Goods

Company Visits: Carabao, McJeans, & Phol Dhanaya

Too Early to Bottom Feed as Chickens Fly into More Headwinds

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 Bottom-Up

GFPT Public Company Limited / Equity Bottom-Up

We met up with two very different small-cap companies in the recent weeks, and here's a quick rundown:<ul>
<li>
McJean's earnings collapsed 38% on the back of a 16% revenue decline, hurting their credibility big time. SSS plunged 14%, and new product lines like UP doesn't look like they will turn things around.</li>
<li>
GFPT's earnings soared 56% despite revenues inching up only 6.2%, largely due to the subsidiary profit improfit at McKey, a McDonald's supplier of chicken.</li>
<li>Earnings growth at GFPT set to moderate going forward, but positives in 2019 include the relatively tame feed prices (soybeans/corn), which reduces their cost.</li>
</ul>

We met up with two very different small-cap companies in the recent weeks, and here's a quick rundown:

McJean's earnings collapsed 38% on the back of a 16% revenue decline, hurting their credibility big time. SSS plunged 14%, and new product lines like UP doesn't look like they will turn things around.

GFPT's earnings soared 56% despite revenues inching up only 6.2%, largely due to the subsidiary profit improfit at McKey, a McDonald's supplier of chicken.
Earnings growth at GFPT set to moderate going forward, but positives in 2019 include the relatively tame feed prices (soybeans/corn), which reduces their cost.


GFPT Public Company Limited

McJeans & GFPT: Can It Get Any Worse?