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 -Thai Strategy, DBS Fallout, and Indonesia Credit.

The 2020 Outlook: Trump’s Coming Landslide?

Thai Strategy 2019 (Part 2): Sector Outlooks

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 Energy / Thematic (Sector/Industry)

As mentioned in the Thematic Review on Thai Strategy, there is reason for optimism after a year of under-performance (2019). Relative to our previous portfolio, these are the key adjustments MCorp Review has made:<ul>
<li>
Upgrades to: 1) energy on geopolitical tensions; 2) commodities and consumers due to improving farm incomes; and 3) media due to lower competition.</li>
<li>
Downgrades to: 1) banks due to increased regulations; and 2) many sectors (eg. autos, healthcare, and power) due to high base effects.</li>
<li>
Maintenance of: 1) our originally bullish stance on tourism, telecoms, IE, construction, and transport; and 2) our bearish stance on property.</li>
</ul>As is expected from an improving market, there are more upgrades than downgrades.

As mentioned in the Thematic Review on Thai Strategy, there is reason for optimism after a year of under-performance (2019). Relative to our previous portfolio, these are the key adjustments MCorp Review has made:

Upgrades to: 1) energy on geopolitical tensions; 2) commodities and consumers due to improving farm incomes; and 3) media due to lower competition.

Downgrades to: 1) banks due to increased regulations; and 2) many sectors (eg. autos, healthcare, and power) due to high base effects.

Maintenance of: 1) our originally bullish stance on tourism, telecoms, IE, construction, and transport; and 2) our bearish stance on property.
As is expected from an improving market, there are more upgrades than downgrades.

Sino-Thai Engineering & Construction (STEC TB)

Thai Strategy 2020 (Part 2): Sector Outlook