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).

Political Pit Stop (March): Time of Controversy

Asian Credit Monitor: The Pad Thai Election

Political Pit Stop (February): Candidate Rosters Out

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)

Sino-Thai Engineering & Construction (STEC TB)

With over 90% of the votes counted, the Thaksinite party Peau Thai currently leads with a razor-thin margin of 10 seats, which will be easily overwhelmed by at least 200+ senators who will certainly support the Army faction that appointed them.<ul>
<li><div class="content-highlight">This ensures policy continuity. The Thaksinite lead is simply too small to justify a mass protest and political uncertainty feared by foreign investors. The stock market reacted counter-intuitively by falling, and this seems like a good opportunity to buy from our vantage point.</div></li>
<li>The strong showing of newbie party Future Forward, now Thailand's third largest, should benefit TSC (Thai Steel Cable) on the sentiment level. Thanatorn's uncle Suriya is part of the pro-Army party, though joining the government bloc may be tricky given Future Forward's campaign stance.</li>
<li>The Democrats performed poorly, losing much of their seats in both Bangkok and Southern Thailand (their home base), to Future Forward and Pracharat respectively. However, they may still end up in the government if Future Forward doesn't pounce on the opportunity.</li>
<li>
Bhumjaithai was the only swing vote party that did well in this election, emerging as number 4. At the moment, they are the most likely party for the pro-Army government, given their friendly and flexible stance prior to the elections. The Party Leader's family controls STEC.</li>
</ul>

With over 90% of the votes counted, the Thaksinite party Peau Thai currently leads with a razor-thin margin of 10 seats, which will be easily overwhelmed by at least 200+ senators who will certainly support the Army faction that appointed them.
This ensures policy continuity. The Thaksinite lead is simply too small to justify a mass protest and political uncertainty feared by foreign investors. The stock market reacted counter-intuitively by falling, and this seems like a good opportunity to buy from our vantage point.
The strong showing of newbie party Future Forward, now Thailand's third largest, should benefit TSC (Thai Steel Cable) on the sentiment level. Thanatorn's uncle Suriya is part of the pro-Army party, though joining the government bloc may be tricky given Future Forward's campaign stance.
The Democrats performed poorly, losing much of their seats in both Bangkok and Southern Thailand (their home base), to Future Forward and Pracharat respectively. However, they may still end up in the government if Future Forward doesn't pounce on the opportunity.

Bhumjaithai was the only swing vote party that did well in this election, emerging as number 4. At the moment, they are the most likely party for the pro-Army government, given their friendly and flexible stance prior to the elections. The Party Leader's family controls STEC.


Thai Election 2019: Defeat in Parliament, Victory in Senate