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).

The Week That Was in ASEAN@Smartkarma - Asian Digital Banking, Defensive Indo Media, and Breadmakers

The Week that Was in ASEAN@Smartkarma - Indonesia Macro, DBS's Positive Surprise, and CPALL

Reality Check 2020: Did CP All Really 'Win' the Tesco Deal?

Thai Retail - Life After the Tesco Lotus Sale?

Mechanics and Details of the MINT-NHH Deal in Spain

Is CPALL's Win a Bigger Win for Berli Jucker?

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).

Event-Driven

In their request for approval of the deal between CP Group and Tesco (Thailand), CP All, which would acquire 40% of the assets, sent us details in greater depth than can be found in the press. Some key points include:<ul>
<li>
Earnings-accretive. The deal should add Bt4bn in earnings and Bt38.2bn in assets to CP Group. For CP All, that's a nice earnings bump of almost Bt1.4bn on a sustainable basis that doesn't seem impacted by COVID-19.</li>
<li>
Complex structure with non-core assets. Two special purpose vehicles (SPV) and numerous non-core assets such as TLGF and two insurance businesses are involved in this deal. Difficult to summarize...better see the charts and details for yourself.
</li>
<li>
Approval will likely be delayed, since the shareholder meeting is scheduled on April 24 in the midst of Bangkok's shutdown.</li>
<li>
Blood and sweat. Several top executives were infected with COVID-19 due to their presence in London as they pursued this historic deal with one of them Quant Chairman Pakpoom having passed away.</li>
</ul>

In their request for approval of the deal between CP Group and Tesco (Thailand), CP All, which would acquire 40% of the assets, sent us details in greater depth than can be found in the press. Some key points include:

Earnings-accretive. The deal should add Bt4bn in earnings and Bt38.2bn in assets to CP Group. For CP All, that's a nice earnings bump of almost Bt1.4bn on a sustainable basis that doesn't seem impacted by COVID-19.

Complex structure with non-core assets. Two special purpose vehicles (SPV) and numerous non-core assets such as TLGF and two insurance businesses are involved in this deal. Difficult to summarize...better see the charts and details for yourself.


Approval will likely be delayed, since the shareholder meeting is scheduled on April 24 in the midst of Bangkok's shutdown.

Blood and sweat. Several top executives were infected with COVID-19 due to their presence in London as they pursued this historic deal with one of them Quant Chairman Pakpoom having passed away.


Mechanics and Details of the CP Group-Tesco Deal

CP ALL PCL

Mechanics and Details of the CP Group-Tesco Deal