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 Restaurants (Part I): Industry Structure and Key Success Factors

The Little League (Ep. 4): Tales from the Kitchen

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

Roughly a year after their IPO, After You traded at an all-time high of Bt15/sh or more than triple its IPO value. The company has certainly delivered on its store expansion plans and kept up the heat on the dessert craze, but most recently, they collaborated with Starbucks, the world leader in premiere coffee shops with more stores than anyone except PTT Group's Amazon. In this review, we estimate the value of the Starbucks-After You alliance in our attempt to find out if the upside has already been properly priced in. The target customer niche of Starbucks is different and more mature (age-wise) than After You's, and not everyone who drinks coffee will binge on these sugar-laden treats. Yet, there is an intersection that we believe is worth an upside of Bt770m or Bt1sh for After You. Assuming the original price of Bt13/sh was fair, the new fair value for the stock would be around Bt14/sh, which is slightly higher than its current share price. While the alliance is too small to move a needle for Starbucks, it is certainly significant for After You and may even turn it into a Buy in our books if it is extended beyond these 22 Reserve stores.

Roughly a year after their IPO, After You traded at an all-time high of Bt15/sh or more than triple its IPO value. The company has certainly delivered on its store expansion plans and kept up the heat on the dessert craze, but most recently, they collaborated with Starbucks, the world leader in premiere coffee shops with more stores than anyone except PTT Group's Amazon. In this review, we estimate the value of the Starbucks-After You alliance in our attempt to find out if the upside has already been properly priced in. The target customer niche of Starbucks is different and more mature (age-wise) than After You's, and not everyone who drinks coffee will binge on these sugar-laden treats. Yet, there is an intersection that we believe is worth an upside of Bt770m or Bt1sh for After You. Assuming the original price of Bt13/sh was fair, the new fair value for the stock would be around Bt14/sh, which is slightly higher than its current share price. While the alliance is too small to move a needle for Starbucks, it is certainly significant for After You and may even turn it into a Buy in our books if it is extended beyond these 22 Reserve stores.

Reality Check XI: How Much of a Game Changer Is After You's Starbucks Connection?

After You PCL

Reality Check XI: How Much of a Game Changer Is After You's Starbucks Connection?