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).

Equity Bottom-Up

<p>In this issue of <em>Reality Check, </em>we examine the various drivers of Thai property and understand that rising supply (or oversupply?), interest rates, and housing affordability issues may haunt the market in 2017 going forward. We have become cautious on QH but still believe the going is still good for cheaper, high yielding names in the blue-blood premium segment like Sansiri and SC Asset. In other words, selectivity counts. We also visited ANAN and found that few people were excited despite the 56% earnings growth and their beating expectations on every single dimension conceivable. Maybe, they are just worried the sector is a little in over in its head now. 17 projects in 2017...seriously?</p>

In this issue of Reality Check, we examine the various drivers of Thai property and understand that rising supply (or oversupply?), interest rates, and housing affordability issues may haunt the market in 2017 going forward. We have become cautious on QH but still believe the going is still good for cheaper, high yielding names in the blue-blood premium segment like Sansiri and SC Asset. In other words, selectivity counts. We also visited ANAN and found that few people were excited despite the 56% earnings growth and their beating expectations on every single dimension conceivable. Maybe, they are just worried the sector is a little in over in its head now. 17 projects in 2017...seriously?

Reality Check III: Is This Time to Sell Thai Property?

Ananda Development

Reality Check III: Is This Time to Sell Thai Property?