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).

UOB Good'Ol Days (Part I): The Uncrowned King of Sarawak

Sathorn Series 9: Surviving the Sunset in Thai Securities

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 Capital markets / Thematic (Sector/Industry)

Many of attempts were made to consolidate the securities business in Thailand, and it is fair to say all of them have failed miserably. Nevertheless, one serial acquirer and many rivalries have shaped the modern Thai securities industry into its current form. In this review, we highlight four such drivers and a honorable mention for one of the Big Six Brokers.<ul>
<li>
The serial acquirer (UOB Kay Hian). In Thailand, UOBKH, while not one of the largest brokers played an important role in 'attempted consolidation' buying parts or whole businesses of almost ten rivals.</li>
<li>
The frenemies (Kim Eng-Yuanta) The two firms merged to become Thailand's top broker a decade ago. Then, Kim Eng was bought by Maybank, and Yuanta came back for second helpings.</li>
<li>
The board room takeover. Arguably Thailand's biggest deal in the sector, ABN Amro Securities (Thailand) bought Asset Plus and became Asia Plus. Then, the target's management team seized power. Doesn't get more 'Game of Thrones' than this.</li>
<li>
The breakup. KBANK sold its 51% stake in Merrill Lynch Phatra in an MBO (management buyout), and Kiatankin merged with Phatra. Meanwhile, KBANK went off and started its own broker.</li>
</ul>

Many of attempts were made to consolidate the securities business in Thailand, and it is fair to say all of them have failed miserably. Nevertheless, one serial acquirer and many rivalries have shaped the modern Thai securities industry into its current form. In this review, we highlight four such drivers and a honorable mention for one of the Big Six Brokers.

The serial acquirer (UOB Kay Hian). In Thailand, UOBKH, while not one of the largest brokers played an important role in 'attempted consolidation' buying parts or whole businesses of almost ten rivals.

The frenemies (Kim Eng-Yuanta) The two firms merged to become Thailand's top broker a decade ago. Then, Kim Eng was bought by Maybank, and Yuanta came back for second helpings.

The board room takeover. Arguably Thailand's biggest deal in the sector, ABN Amro Securities (Thailand) bought Asset Plus and became Asia Plus. Then, the target's management team seized power. Doesn't get more 'Game of Thrones' than this.

The breakup. KBANK sold its 51% stake in Merrill Lynch Phatra in an MBO (management buyout), and Kiatankin merged with Phatra. Meanwhile, KBANK went off and started its own broker.


Maybank Kim Eng Securities Thailand (MBKET TB)

Thai M&A (Part 3): Consolidating the Thai Wall Street