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 - Thai Strategy, New Economy Telco, and Olam

Central Retail (CRC TB) - Buy for Looming Recovery

CRC: 2Q20 Earnings Will Be the Bottom Quarter

Thai Corona Crisis (April): Bangkok and Phuket Become Ghost Towns!

CRC:  Leading Multi-Format Retailer in Thailand

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

Central Retail Corp Ltd / Equity Bottom-Up

For mid-year 2020, we maintain most of our top picks such as AOT, MINT, and ERW. However, we also make some changes to the portfolio as follows.<ul>
<li>
Replacing CPALL with newly listed CRC (Central Retail Corp), which has been battered since the IPO due to mandatory mall closures in both Thailand and Spain.</li>
<li>
Replacing AIS with INTUCH and True Corp, which benefits from some of the same themes. True Corp's share price suffered during the pandemic, and INTUCH from the recent sales by Temasek.</li>
<li>Replacing BBL, our only bank stock pick due to the increasing credit risk on the whole banking system, with B-WORK, a highly defensive stock that was unfairly punished during the pandemic.</li>
</ul>

For mid-year 2020, we maintain most of our top picks such as AOT, MINT, and ERW. However, we also make some changes to the portfolio as follows.

Replacing CPALL with newly listed CRC (Central Retail Corp), which has been battered since the IPO due to mandatory mall closures in both Thailand and Spain.

Replacing AIS with INTUCH and True Corp, which benefits from some of the same themes. True Corp's share price suffered during the pandemic, and INTUCH from the recent sales by Temasek.
Replacing BBL, our only bank stock pick due to the increasing credit risk on the whole banking system, with B-WORK, a highly defensive stock that was unfairly punished during the pandemic.


Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

Bualuang Office Leasehold Real Estate Investment Trust

Mid-Year Thai Strategy Review 2020: Focus on Recovery Plays