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).

Snippets #30: Singha Buys Santa Fe, DTAC's Downgrade

Snippets #31: PTTOR Intro, LTF Replacement

Snippets #32: MINOR Acquires Bonchon, ThaiBev's New Listing

Silicon Stories J: The Invasion of Chinese Internet (Battle Time!)

Snippets #28: BTS Opens a School, Central/GPSC Deal Updates

Telecom Review (October 2019): IPhone 11 Delays and Apple Arcade

Reality Check XIX: Is There Some Upside to ROBINS in a Central Dept Backdoor Listing?

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

Capital Nomura Securities / Equity Bottom-Up

Five recent developments / news flows that came on our radar screen recently:<ul>
<li>
Capital Nomura considers de-listing. CNS, one of Thailand's oldest securities firm, is offering a tender offer at Bt2.51/sh with a view for de-listing. Nomura's Thai arm lags behind rivals on many measures.</li>
<li>
Army-Future Forward standoff. Future Forward's interim leader Piyabutr responds to Army Chief's veiled implication that his group was supporting socialists and southern secessionists.</li>
<li>
A strong Golden Week. Following the resurgent Chinese tourist arrivals in August, Alipay mentioned a 22% increase in its payments in Thailand during Golden Week.</li>
<li>
iPhone 11 arrives in Thailand. All three operators offer maximum subsidies of Bt9,700, but with subtle differences in their focus: AIS on customer quality, True Move H on customer base expansion, and DTAC on retention.</li>
<li>
Government delays deadline for CP Group for the mega-project to build airport rail links between the three airports near Bangkok. If CP still can't get it done by October 25, it could turn into upside for STEC and BTS.</li>
</ul>

Five recent developments / news flows that came on our radar screen recently:

Capital Nomura considers de-listing. CNS, one of Thailand's oldest securities firm, is offering a tender offer at Bt2.51/sh with a view for de-listing. Nomura's Thai arm lags behind rivals on many measures.

Army-Future Forward standoff. Future Forward's interim leader Piyabutr responds to Army Chief's veiled implication that his group was supporting socialists and southern secessionists.

A strong Golden Week. Following the resurgent Chinese tourist arrivals in August, Alipay mentioned a 22% increase in its payments in Thailand during Golden Week.

iPhone 11 arrives in Thailand. All three operators offer maximum subsidies of Bt9,700, but with subtle differences in their focus: AIS on customer quality, True Move H on customer base expansion, and DTAC on retention.

Government delays deadline for CP Group for the mega-project to build airport rail links between the three airports near Bangkok. If CP still can't get it done by October 25, it could turn into upside for STEC and BTS.


Snippets #29: Nomura Considers De-Listing, Return of Chinese Tourists