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 #41: New Thai-Coons of 2020, Mexican Oil

The Four Vulnerabilities in Thai Property

The Autobot Update (March): Riding on the Big Boy's Coattails

PTTEP: Possible Earnings Recovery by 3Q20

PTTEP: 1Q20 Results Above Our Expectation

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 Auto components / Thematic (Sector/Industry)

Five interesting trends or news that may impact Thai equities on our radar: <ul>
<li>
The auto downturn in April is more severe than what was experienced during the 2011 flood with production and sales down 80% and 60% respectively, though there are glimmers of hope with the Motor Show expected in September.</li>
<li>
The regulator halted trading on AEC Securities, as their net capital position turned negative. It reminds us of the past scandals they had following the death of their biggest customer Choochai many years ago.</li>
<li>
More updates on Thai property downturn. The Thai Real Estate Association detailed problems ranging from LTV restrictions to transfer of condo units to Chinese clients.</li>
<li>
Thai Air Asia discusses consolidation and crisis management, as revenues plunge 19%. These include the Executive Chairman's massive pay cut but no layoffs.</li>
<li>
Bangchak to divest Nido, its Manila-based subsidiary, hinting at a loss for the acquisition it made just 6 years ago.</li>
</ul>

Five interesting trends or news that may impact Thai equities on our radar: 

The auto downturn in April is more severe than what was experienced during the 2011 flood with production and sales down 80% and 60% respectively, though there are glimmers of hope with the Motor Show expected in September.

The regulator halted trading on AEC Securities, as their net capital position turned negative. It reminds us of the past scandals they had following the death of their biggest customer Choochai many years ago.

More updates on Thai property downturn. The Thai Real Estate Association detailed problems ranging from LTV restrictions to transfer of condo units to Chinese clients.

Thai Air Asia discusses consolidation and crisis management, as revenues plunge 19%. These include the Executive Chairman's massive pay cut but no layoffs.

Bangchak to divest Nido, its Manila-based subsidiary, hinting at a loss for the acquisition it made just 6 years ago.


Snippets #42: Property and Auto Downturn, Air Asia Looks For a Partner