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 E: New Wave of Bank Mergers?

Sathorn Series F: Exploring Thai Leasing

Sathorn Series M: TMB-Thanachart Courtship

Sathorn Series C: Revisiting Thai Insurance

Snippets #8: Syrian Tensions, PTT's New IPO!

TMB Vs SCB: Bancassurance Ain't Big Enough for the Two of Us!

Snippets #7: The End of Digital Banking Fees

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).

Event-Driven

In this review, we look at the proposed merger between KTB and TMB. In our view, this deal could be valued at US$3.9bn and would create Thailand's new biggest bank, except when it comes to market cap. This implies a 15% premium on TMB. It also reduces competition in the industry and fits into government agendas, not to mention offering a lot of nice synergies and overlaps (that can be cut). In going through this deal, we looked at the banking landscape &amp; history, current situation, synergies and overlaps across their portfolio of businesses. And even though there is always a risk of rejection by TMB's board (they are many skeptics), all we can say is...Let's Do This! Fortune Favors the Bold!

In this review, we look at the proposed merger between KTB and TMB. In our view, this deal could be valued at US$3.9bn and would create Thailand's new biggest bank, except when it comes to market cap. This implies a 15% premium on TMB. It also reduces competition in the industry and fits into government agendas, not to mention offering a lot of nice synergies and overlaps (that can be cut). In going through this deal, we looked at the banking landscape &amp; history, current situation, synergies and overlaps across their portfolio of businesses. And even though there is always a risk of rejection by TMB's board (they are many skeptics), all we can say is...Let's Do This! Fortune Favors the Bold!

Sathorn Series D: KTB + TMB = Thailand's New Banking Godzilla Yo!

TMBThanachart Bank

Sathorn Series D: KTB + TMB = Thailand's New Banking Godzilla Yo!