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 Corona Crisis (April): Bangkok and Phuket Become Ghost Towns!

Thai Corona Crisis (August): New Normal or Second Wave?

Thai Corona Crisis (May): HomeComing and Back to Business Themes

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).

Cross Asset Strategy

Initially, the worst part of the pandemic appeared to be behind us in April, but the situation changed in September when waves of infected Burmese workers crossed into Thailand without proper health checks. We address this and other developments in this review, namely:<ul>
<li>
Thailand Focus. At least, four companies provided good perspective to the risk and opportunities created by COVID-19, such as: 1) Entry of Big Tech; 2) high unemployment amongst the young; and 3) market share consolidation.</li>
<li>
Government aid. Prior to his resignation, Finance Minister Preedee Daochai focused on cutting costs for consumers and avoiding more debt, even as his successor focuses on job creation.</li>
<li>
Needle opportunities. The asymmetric global recovery means that demand for medical products such a surgical gloves, needles, and syringes remain very strong. TM and STGT  remains the spotlight. </li>
<li>
Domestic travel has become increasingly important to the sector, accounting for 60-70% in the near term, with rising concentration at top tier hotels who discount.</li>
<li>
Playing the Global Themes. As Europe is hit by a second wave and China re-opens for business, we look at a few Thai stocks that tend to benefit or lose out from global themes in the short to medium term. (Winners: TVO, Asia Soft, TNR. Losers: CRC, MINT)</li>
</ul>

Initially, the worst part of the pandemic appeared to be behind us in April, but the situation changed in September when waves of infected Burmese workers crossed into Thailand without proper health checks. We address this and other developments in this review, namely:

Thailand Focus. At least, four companies provided good perspective to the risk and opportunities created by COVID-19, such as: 1) Entry of Big Tech; 2) high unemployment amongst the young; and 3) market share consolidation.

Government aid. Prior to his resignation, Finance Minister Preedee Daochai focused on cutting costs for consumers and avoiding more debt, even as his successor focuses on job creation.

Needle opportunities. The asymmetric global recovery means that demand for medical products such a surgical gloves, needles, and syringes remain very strong. TM and STGT  remains the spotlight. 

Domestic travel has become increasingly important to the sector, accounting for 60-70% in the near term, with rising concentration at top tier hotels who discount.

Playing the Global Themes. As Europe is hit by a second wave and China re-opens for business, we look at a few Thai stocks that tend to benefit or lose out from global themes in the short to medium term. (Winners: TVO, Asia Soft, TNR. Losers: CRC, MINT)


Thai Corona Crisis (December): The Looming Shadow of Myanmar