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).

BTS Group Warrants - The Less the Merrier

Snippets #25: Ride Hailing Wars, Jasmine on The Block?

Snippets #26: BTS Goes Shopping, Thai Tourism Rescue Plan

Political Pit Stop (June): The Game of Thrones Ends...Sort Of

Snippets #23: Italian-Thai's Hotel Diversification, New Starbucks Honcho!

Political Pit Stop (May): Search for Solution

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 this month, we identified five interesting news flows/developments in Thailand:<ul>
<li>
Kerry's IPO plans. The package delivery giant based in HK may IPO at some point, according to BTS, which recently sold shares in VGI.</li>
<li>
Dusit REIT doubles down on Maldives. The hotel REIT raises Bt2.4bn to acquire stakes in Dusit Thani's Maldives subsidiary.</li>
<li>
PTT abandons the airport links. PTT was favored to win the project to build train links between three airports. Nevertheless, we still like this stock due to its low valuation, geopolitical oil catalysts, and the big coffee shop IPO this year.</li>
<li>
Thai government formed in late July. That's a full 4 months after the elections. This was arguably the big catalyst the market was waiting for, and the risk is now to the downside with at least 30 MPs (some Ministers) on trial over the media ownership rule.</li>
<li>
HK's FWD buys SCB Life for Bt93bn (roughly US$3bn), arguably the biggest deal done in Thai life insurance.</li>
</ul>

In this month, we identified five interesting news flows/developments in Thailand:

Kerry's IPO plans. The package delivery giant based in HK may IPO at some point, according to BTS, which recently sold shares in VGI.

Dusit REIT doubles down on Maldives. The hotel REIT raises Bt2.4bn to acquire stakes in Dusit Thani's Maldives subsidiary.

PTT abandons the airport links. PTT was favored to win the project to build train links between three airports. Nevertheless, we still like this stock due to its low valuation, geopolitical oil catalysts, and the big coffee shop IPO this year.

Thai government formed in late July. That's a full 4 months after the elections. This was arguably the big catalyst the market was waiting for, and the risk is now to the downside with at least 30 MPs (some Ministers) on trial over the media ownership rule.

HK's FWD buys SCB Life for Bt93bn (roughly US$3bn), arguably the biggest deal done in Thai life insurance.


Sino-Thai Engineering & Construction (STEC TB)

Snippets #24: Kerry's Thai IPO, SCB Re-Arranges Its Portfolio

BTS Group Holdings

Snippets #24: Kerry's Thai IPO, SCB Re-Arranges Its Portfolio