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 Industrial and the Trade War Resolutions

Snippets #19: Marijuana, Mergers, and More

Little Thai-Coons of 2018 (Part 2): The New Industrialists

MEGA: Supplement Maker Spreads Healthy Message in Booming Region

The Competitive World of Thai Contractors (Non-Network)

IPO Radar: Enter the Stonehenge!...A Rare Architectural Consulting Firm

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

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences (MEGA TB)</a>, a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:<ul>
<li>Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;</li>
<li>Additional 150 ton/day capacity following the acquisition of Saraburi Quick Lime, adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).</li>
<li>Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.</li>
<li>Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.</li>
</ul>

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls Mega Lifesciences (MEGA TB), a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:
Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;
Additional 150 ton/day capacity following the acquisition of Saraburi Quick Lime, adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).
Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.
Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.


SUTHA: Growing Quick Lime Via Acquisitions & Expansion

Golden Lime PCL

SUTHA: Growing Quick Lime Via Acquisitions & Expansion