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 New Year's Week that Was in ASEAN@Smartkarma - Indo Pharma, Industrials, and Weaker Oil

A Second Look at the Thai Airlines Industry

Snippets #17: PTTEP's Winner Curse, Huawei's Crisis

Thai Macro Watch: Osaka, Trump, & Automation

Snippets #16: MINT's India Adventure, Consumption Stimulus Programs

Snippets #15: Central's Big Plans, BAY's Big Garage Sale

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 Retailing / Thematic (Sector/Industry)

As the US turns into a net exporter and weaker Chinese economic outlook looms, oil prices have tanked quickly. While QE unwinding will continue to weigh down share price performance for Thai equities in 2019, we do believe a few areas could benefit from lower energy costs on the earnings side.<ul>
<li>
Consumer goods. Lower energy cost leads to higher disposable income. BJC, which sells consumables like potato chips, comes to mind.</li>
<li>
Retailing. Retailers that sell bigger items and provide parking space like BJC's Big C and Robinsons benefit on the revenue side, while CP All's 7-Eleven can expect to see cost reduction.</li>
<li>
Airlines &amp; other tourism stocks. The cost savings for airlines is arguably bigger than any other sector could expect to enjoy. If they cut down ticket prices to compete, it will spill over to other areas of tourism, such as airport and hotel operators.</li>
<li>
Media. Improving consumer sentiment prompts new purchases and encourages businesses to advertise more. If we had to pick one, we'd go with Major this time. We also hold this stock for good measure.</li>
</ul>

As the US turns into a net exporter and weaker Chinese economic outlook looms, oil prices have tanked quickly. While QE unwinding will continue to weigh down share price performance for Thai equities in 2019, we do believe a few areas could benefit from lower energy costs on the earnings side.

Consumer goods. Lower energy cost leads to higher disposable income. BJC, which sells consumables like potato chips, comes to mind.

Retailing. Retailers that sell bigger items and provide parking space like BJC's Big C and Robinsons benefit on the revenue side, while CP All's 7-Eleven can expect to see cost reduction.

Airlines &amp; other tourism stocks. The cost savings for airlines is arguably bigger than any other sector could expect to enjoy. If they cut down ticket prices to compete, it will spill over to other areas of tourism, such as airport and hotel operators.

Media. Improving consumer sentiment prompts new purchases and encourages businesses to advertise more. If we had to pick one, we'd go with Major this time. We also hold this stock for good measure.


Thai Macro Watch: Traditional 'Weak Oil' Plays in Thailand