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).

StubWorld: Intouch Gains On Possible Sale of Thaicom

StubWorld: Aramco's Stake Reaffirms Hyundai Heavy's NAV; Rusal Gains After Sanctions Lifted

Korea M&A Spotlight: KDB Is Ready to Sell Its Stake in DSME to Hyundai Heavy Industries Holdings

Telecom Review: Four Bunnies Up True's Magic Hat

Reality Check 2018: Is True Worth a Bet After the Asset Sales?

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

Thailand is not Silicon Valley, and there are very few Internet startups going IPO. One of the first of these may be plans by Intuch to spinoff three of its venture capital investments. We first heard about this possibility (it's neither confirmed nor has a definite timeline) from analysts around a year ago, but we decided to have a "best guess" look at it to estimate: 1) how much it may be worth; and 2) the value crystallization for Intuch, a company where we have been long-term shareholders.The three venture capital investments said to be in this spinoff includes: 1) Ookbee, an e-publishing platform for AIS Bookstore; 2) Wongnai, a foodie guide that is diversifying into other online media lines; and 3) another undisclosed startup, which we will ignore in this review. We estimate that the spinoff would be worth around Bt4.8bn, and the potential value crystallised for Intuch is only Bt1.2bn or less than 1% of the company's market cap. Nevertheless, it's good to think about it and get it out of the system.

Thailand is not Silicon Valley, and there are very few Internet startups going IPO. One of the first of these may be plans by Intuch to spinoff three of its venture capital investments. We first heard about this possibility (it's neither confirmed nor has a definite timeline) from analysts around a year ago, but we decided to have a "best guess" look at it to estimate: 1) how much it may be worth; and 2) the value crystallization for Intuch, a company where we have been long-term shareholders.The three venture capital investments said to be in this spinoff includes: 1) Ookbee, an e-publishing platform for AIS Bookstore; 2) Wongnai, a foodie guide that is diversifying into other online media lines; and 3) another undisclosed startup, which we will ignore in this review. We estimate that the spinoff would be worth around Bt4.8bn, and the potential value crystallised for Intuch is only Bt1.2bn or less than 1% of the company's market cap. Nevertheless, it's good to think about it and get it out of the system.

Reality Check XIV: What's a Ballpark Number for the Intuch Spinoff?

Intouch Holdings

Reality Check XIV: What's a Ballpark Number for the Intuch Spinoff?