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).

Thai Strategy 2018 (Part II): Stock Picks

Thai Strategy 2018 (Part III): Sector Outlook & Highlights

SCB Mounts a White Knight Rescue for Pace

Thai Power Genisys: Origin Stories Before the IPOs

Thai Power: A Primer on Regulations, Returns, & Tariffs

Equity Bottom-Up

In this review, we look at two recent positive catalysts (TKS' linerless label technology and B Grimm's Bt5.6/kWh adder) and CENTEL's failed acquisition of Dean &amp; Deluca Asia from Pace to see which of these catalysts would benefit the underlying stocks the most. Our analysis shows that the positives from CENTEL's acquisition and B Grimm's adders have both been fully priced in at this state, so the failure of the Dean &amp; Deluca deal would actually be a Sell signal for CENTEL. However, TKS' linerless label potential can still provide a great deal of upside for the future.In addition, we believe or note that:<ul><li>TKS' new product could benefit even more from labeling alcoholic beverage than consumer goods;</li><li>Dean &amp; Deluca still has great growth potential in Asia. We believe they could expand from 50 stores to almost 200, with biggest growth potential seen in markets such as Japan, Thailand, Philippines, and South Korea.</li><li>B Grimm's potential upside from these adders are substantial, but the problem is the large number of shares outstanding.</li></ul>

In this review, we look at two recent positive catalysts (TKS' linerless label technology and B Grimm's Bt5.6/kWh adder) and CENTEL's failed acquisition of Dean &amp; Deluca Asia from Pace to see which of these catalysts would benefit the underlying stocks the most. Our analysis shows that the positives from CENTEL's acquisition and B Grimm's adders have both been fully priced in at this state, so the failure of the Dean &amp; Deluca deal would actually be a Sell signal for CENTEL. However, TKS' linerless label potential can still provide a great deal of upside for the future.In addition, we believe or note that:TKS' new product could benefit even more from labeling alcoholic beverage than consumer goods;Dean &amp; Deluca still has great growth potential in Asia. We believe they could expand from 50 stores to almost 200, with biggest growth potential seen in markets such as Japan, Thailand, Philippines, and South Korea.B Grimm's potential upside from these adders are substantial, but the problem is the large number of shares outstanding.

Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals?

TKS Technologies

Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals?