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 I: TMB's PartialDivestment & The Laos Flood Spillover

Sathorn Series J: Non-Bank Financiers and Their Close Kin

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

SCB Mounts a White Knight Rescue for Pace

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).

Thematic (Sector/Industry)

Thailand Diversified financial services / Thematic (Sector/Industry)

<p>In this review, we move away from day-to-day stock picking and even omit any mentions of prices, so you can focus solely on understanding the industry structure. This primer is only useful if you are unfamiliar with the sector. Most financial services groups in Thailand have a core banking flagship, and the bigger groups will also offer a full line of products (such as asset management, securities, and insurance). While the discussion extends to things like leasing and even support services (admin, law, etc), we will omit clearly non-related businesses such as property and petrochemicals, even if some banking groups, most notably BBL have exposure to them.</p><p>In a time when we are fairly confident that investing in Thai equities will lead you to only short to medium term losses, we believe these more contemplative groundwork will simply be more constructive, giving you an understanding of the sector, as investors patiently wait for a time to come back to investing here.  </p>

In this review, we move away from day-to-day stock picking and even omit any mentions of prices, so you can focus solely on understanding the industry structure. This primer is only useful if you are unfamiliar with the sector. Most financial services groups in Thailand have a core banking flagship, and the bigger groups will also offer a full line of products (such as asset management, securities, and insurance). While the discussion extends to things like leasing and even support services (admin, law, etc), we will omit clearly non-related businesses such as property and petrochemicals, even if some banking groups, most notably BBL have exposure to them.In a time when we are fairly confident that investing in Thai equities will lead you to only short to medium term losses, we believe these more contemplative groundwork will simply be more constructive, giving you an understanding of the sector, as investors patiently wait for a time to come back to investing here.  

Sathorn Series H: A Primer to the Structure of Thai Financial Services Industry