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).

Berli Jucker: Strong Tissue Sales Offset Retail Pains

Political Pit Stop (April): An Election Gridlock

MBK & Big C: Recoveries Don't Quite Come Through Yet

Two Outstanding Property Companies: ANANDA & LALIN

Chef's Selection: November & December Company Visits

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

<p><strong>Berli Jucker</strong>, consumer product conglomerate within Charoen's empire ( <a href="https://www.smartkarma.com/insights/tcc-group-the-man-with-the-iron-wallet" target="_blank" data-smartkarma-citation="insights:16450">TCC Group: The Man With the Iron Wallet</a>) and holding company of Big C, posted 30% earnings growth on the back of 4% revenue growth. The company was in a pretty bullish mode, but given so many moving parts in their empire, not all the investors are 100% happy.</p><table class="table table-striped"><tbody>
<tr>
<td>Q1'18 results</td>
<td style="text-align: center;">Rev (Bt)</td>
<td style="text-align: center;">Rev growth (%)</td>
<td style="text-align: center;">Earnings (Bt)</td>
<td style="text-align: center;">Earnings growth (%)</td>
</tr>
<tr>
<td>BJC</td>
<td style="text-align: center;">37.1b</td>
<td style="text-align: center;">+4</td>
<td style="text-align: center;">1.25</td>
<td style="text-align: center;">+30</td>
</tr>
<tr>
<td>LALIN</td>
<td style="text-align: center;">962m</td>
<td style="text-align: center;">+45</td>
<td style="text-align: center;">182</td>
<td style="text-align: center;">+60</td>
</tr>
</tbody></table><p>In <strong>retail biz (basically Big C)</strong>, which now accounts for the bulk of…</p>

Berli Jucker, consumer product conglomerate within Charoen's empire ( TCC Group: The Man With the Iron Wallet) and holding company of Big C, posted 30% earnings growth on the back of 4% revenue growth. The company was in a pretty bullish mode, but given so many moving parts in their empire, not all the investors are 100% happy.

Q1'18 results
Rev (Bt)
Rev growth (%)
Earnings (Bt)
Earnings growth (%)


BJC
37.1b
+4
1.25
+30


LALIN
962m
+45
182
+60

In retail biz (basically Big C), which now accounts for the bulk of…

Berli Jucker

Potato Chips and Property Dudes