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).

Sathorn Series 6: Disappearing Deutsche, Breakaway Brokers

Sathorn Series 7: Twilight of Investment Banking?

Sathorn Series 8: Bailing Out on the Lil'l Guys

Sathorn Series 2: Banks Under Storm (PromptPay & Deposit Guarantee Removal)

Sathorn Series 1: The Case Against Rate Cuts

Equity Bottom-Up

Maybank Kim Eng Securities Thailand / Equity Bottom-Up

Maybank Kim Eng Securities Thailand (MBKET TB)

<p>Generally, we would avoid securities companies, since commissions in Thailand, already low at 13bps, continues to decline due to competition. In our earlier review, we looked at CNS on the Abenomics theme, but market leader Maybank Kim Eng (MBKET) now looks better on a risk, return, and yield profile.</p><p>Non-bank financiers are more attractive than both banks and brokers, since they can charge higher interest rates (as high as 15% and even higher than 30% for micro-finance). In addition, their business is still growing regardless of the economy. Within this group, we stand by our Abenomics-themed favorite for valuation and financing reasons.</p>

Generally, we would avoid securities companies, since commissions in Thailand, already low at 13bps, continues to decline due to competition. In our earlier review, we looked at CNS on the Abenomics theme, but market leader Maybank Kim Eng (MBKET) now looks better on a risk, return, and yield profile.Non-bank financiers are more attractive than both banks and brokers, since they can charge higher interest rates (as high as 15% and even higher than 30% for micro-finance). In addition, their business is still growing regardless of the economy. Within this group, we stand by our Abenomics-themed favorite for valuation and financing reasons.

Maybank Kim Eng Securities Thailand

Sathorn Series 3: Battle of the Brokers