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 Media Spotlight: Major Players in the Industry

Battle of the Beauties: The Emerging Cosmetics Industry in Thailand

IPO Stalker: Humanica, Software Dudes for HR Management

Little Thai-Coons of 2018 (Part I): Chemistry of Wealth

BEAUTY: Gorgeous Growth and Pretty Profitability

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

In two recent company visits, we met with two companies that clearly benefit from the remote economy popularized and made necessary by the pandemic. Humanica provides HR software, and RS now has established presence in e-commerce. This is what they said:<ul>
<li>
Humanica reported 9M'20 earnings of Bt121m, up 15.9%, on the back of 22.4% revenue growth and 1% ROE improvement (to 13.4%). The company has been actively signing up new clients from its many new products (Benix, Conicle, Microsoft Payroll, etc) and even taking market share from giants such as SAP and PeopleSoft. Gulp!</li>
<li>
Spotlight of the Benix acquisition. This little benefits startup (only Bt500m in registered capital) is likely to breakeven in 2022 and list in less than 5 years. Benix leveraging Humanica's huge client base can allow them to grow rapidly.</li>
<li>
RS Plc reported Q3'20 earnings of Bt131m (up 41% YoY, 20% QoQ) on the back of Bt938m revenues (up 6% YoY,13% QoQ), clearly facing no headwinds from the pandemic as they use the opportunity to enter e-commerce.</li>
<li>Looking ahead, RS will introduce new products such as bird's nest while ploughing ahead to its Bt10bn revenue target by 2024 using the celebrity-led marketing schemes that worked so well.</li>
</ul>

In two recent company visits, we met with two companies that clearly benefit from the remote economy popularized and made necessary by the pandemic. Humanica provides HR software, and RS now has established presence in e-commerce. This is what they said:

Humanica reported 9M'20 earnings of Bt121m, up 15.9%, on the back of 22.4% revenue growth and 1% ROE improvement (to 13.4%). The company has been actively signing up new clients from its many new products (Benix, Conicle, Microsoft Payroll, etc) and even taking market share from giants such as SAP and PeopleSoft. Gulp!

Spotlight of the Benix acquisition. This little benefits startup (only Bt500m in registered capital) is likely to breakeven in 2022 and list in less than 5 years. Benix leveraging Humanica's huge client base can allow them to grow rapidly.

RS Plc reported Q3'20 earnings of Bt131m (up 41% YoY, 20% QoQ) on the back of Bt938m revenues (up 6% YoY,13% QoQ), clearly facing no headwinds from the pandemic as they use the opportunity to enter e-commerce.
Looking ahead, RS will introduce new products such as bird's nest while ploughing ahead to its Bt10bn revenue target by 2024 using the celebrity-led marketing schemes that worked so well.


Silicon Stories N: Humanica and RS Tout Their Online Credentials

Humanica PCL

Silicon Stories N: Humanica and RS Tout Their Online Credentials