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).

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

Telecom Review (Feb 2020): 5G Bidding, Apple Watch Surge

Thai Macro Watch (February): Coronavirus Outbreak, Budget Delay

Snippets #34: Tesco in Play, CRC's Indicative IPO Pricing

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

Events half the world away have a way of sending ripple effects on Thai equities. In this review, we examine five such events and their impact:<ul>
<li>
Trump targets Chinese tech. Trump's recent targeting of Tik Tok and WeChat is the opening salvo in a new type of trade war. Electronics companies stand to benefit from new businesses, as China uses Thailand as an alternate route for US bound products. In telecoms, Thais are likely to buy more iPhone due to the American dominance in the app domain.</li>
<li>
Lebanon's unrest spun out of control faster than initially expected. If it ends up disrupting the oil supply chain, it could provide a silver lining to PTTEP which benefits from high oil prices, though we believe this impact to be short term.</li>
<li>
Flood disaster spread to Northeastern and Southern Thailand after the long draught, which should bolster rubber and rice prices. Reconstruction stocks such as DCC, Siam Cement, and TASCO will in the spotlight as the flood subsides.</li>
<li>
COVID-19 update. Russia's vaccine is the biggest positive catalyst on this front, even as new outbreaks show up in Japan, Vietnam, and Korea.</li>
<li>
Kamala Harris nomination will boost Biden's lead in California and amongst minorities but could cost the Democrats Pennsylvannia given her anti-fracking stance.</li>
</ul>

Events half the world away have a way of sending ripple effects on Thai equities. In this review, we examine five such events and their impact:

Trump targets Chinese tech. Trump's recent targeting of Tik Tok and WeChat is the opening salvo in a new type of trade war. Electronics companies stand to benefit from new businesses, as China uses Thailand as an alternate route for US bound products. In telecoms, Thais are likely to buy more iPhone due to the American dominance in the app domain.

Lebanon's unrest spun out of control faster than initially expected. If it ends up disrupting the oil supply chain, it could provide a silver lining to PTTEP which benefits from high oil prices, though we believe this impact to be short term.

Flood disaster spread to Northeastern and Southern Thailand after the long draught, which should bolster rubber and rice prices. Reconstruction stocks such as DCC, Siam Cement, and TASCO will in the spotlight as the flood subsides.

COVID-19 update. Russia's vaccine is the biggest positive catalyst on this front, even as new outbreaks show up in Japan, Vietnam, and Korea.

Kamala Harris nomination will boost Biden's lead in California and amongst minorities but could cost the Democrats Pennsylvannia given her anti-fracking stance.


Thai Macro Watch (August): The New Tech Wars, Chinese Flood