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 2020): Dueling Democrats, Fall of Future Forward

The Thai Corona Crisis: Impact and Response

The Week That Was in ASEAN@Smartkarma - Thai Corona, Kalbe Pharma, and SingTel's "Discount"

Thai Macro Watch (November): GSP Cancellation, Fallout at Thai Summit

Small Cap Diary: An Exotic Expansion Plan Gone Bad

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

Snippets #33: Symptoms of Downturn, Bangkok Bank Goes Indonesia

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

In this review, we highlight three recent external developments and big-picture domestic issues and how they may impact Thai equities in the short to medium term.<ul>
<li>
Coronavirus outbreak. With over 14,000 infections worldwide, the coronavirus hit Thai tourism hard and fast. Even the once resilient healthcare industry hasn't held up, and weak measures indicate that the worst is yet to come.</li>
<li>
Thai national budget delay. Absentee MPs invalidate the earlier budget approval, impacting projects and stimulus packages. The question is how long the government takes to sort out this problem.</li>
<li>
Changes in Europe. The media highlights Trump's likely trade war shortly after his victory/agreement with China, while the Britain finally leaves the EU. Neither of these are positive for Thailand, though fortunately, Europe's importance is small relative to other major economic zones, such as America, China, or Japan.</li>
</ul>

In this review, we highlight three recent external developments and big-picture domestic issues and how they may impact Thai equities in the short to medium term.

Coronavirus outbreak. With over 14,000 infections worldwide, the coronavirus hit Thai tourism hard and fast. Even the once resilient healthcare industry hasn't held up, and weak measures indicate that the worst is yet to come.

Thai national budget delay. Absentee MPs invalidate the earlier budget approval, impacting projects and stimulus packages. The question is how long the government takes to sort out this problem.

Changes in Europe. The media highlights Trump's likely trade war shortly after his victory/agreement with China, while the Britain finally leaves the EU. Neither of these are positive for Thailand, though fortunately, Europe's importance is small relative to other major economic zones, such as America, China, or Japan.


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