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 Four Vulnerabilities in Thai Property

Noble Development Base Support with Volume Concerns

Company Visits: Pruksa's Tough Times, Indorama's Strong Operations

IVL: Insignificant Impact from Plastic Banning

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

Property Grid is a new product from MCorp Review in 2021 to focus on Thai property. In our debut piece, we start off by visit two property companies, namely Pruksa (the leader in low-end housing) and Noble, a high-end developer touted by several brokers in late 2020.<ul>
<li>
Noble reported 9M'20 net income of Bt1.24bn on the back of Bt7.4bn revenue, roughly double of last year's. The company has also been moving down-market into the affordable Nue segment and hopes to deliver Bt10bn by the end of this year.</li>
<li>Noble is also buying a 20% stake in SWP from SAWAD and simultaneously doing a 3-for-1 split and rights issue. Wow! Guess there's no rest for the wicked!</li>
<li>
Pruksa reported Q3'20 earnings of Bt603m (up 45% QoQ, down 34% YoY) on the back of Bt6.35bn revenues (up 3% QoQ, down 25% YoY). The developer treaded water as it discounted projects to get sales going, though it managed to check its leverage and cost of debts.</li>
</ul>

Property Grid is a new product from MCorp Review in 2021 to focus on Thai property. In our debut piece, we start off by visit two property companies, namely Pruksa (the leader in low-end housing) and Noble, a high-end developer touted by several brokers in late 2020.

Noble reported 9M'20 net income of Bt1.24bn on the back of Bt7.4bn revenue, roughly double of last year's. The company has also been moving down-market into the affordable Nue segment and hopes to deliver Bt10bn by the end of this year.
Noble is also buying a 20% stake in SWP from SAWAD and simultaneously doing a 3-for-1 split and rights issue. Wow! Guess there's no rest for the wicked!

Pruksa reported Q3'20 earnings of Bt603m (up 45% QoQ, down 34% YoY) on the back of Bt6.35bn revenues (up 3% QoQ, down 25% YoY). The developer treaded water as it discounted projects to get sales going, though it managed to check its leverage and cost of debts.


Property Grid Introduces Pruksa and Noble