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).

Jasmine Investigations...No Pain, No Gain

Equity Bottom-Up

<p>We met up with Intuch Group on August 17 to touch base on the Group's operations and its listed (AIS, Thaicom, CS Loxinfo) and non-listed subsidiaries (Invent, Ookbee, and HSN). We believe upside for AIS and Intuch in now limited, but Thaicom could be worth Bt30-45/sh, depending on how the politics around its concessions evolve. A pro-Thaksin victory in the upcoming elections should be the best case for Thaicom.</p><p>For the two telecom infrastructure funds, we would prefer Jasmine's over True's DIF (Digital Infrastructure Fund) given an almost 1% yield differential and better long-term safety of cashflows in our view. We believe its parent company Jasmine, a leading broadband Internet provider, could be worth close to Bt8/sh, implying roughly 30%. The broadband Internet market is large enough for all major players: Jasmine's 3BB, True Internet, and AIS Fiber. State-owned TOT remains a reactive player.</p>

We met up with Intuch Group on August 17 to touch base on the Group's operations and its listed (AIS, Thaicom, CS Loxinfo) and non-listed subsidiaries (Invent, Ookbee, and HSN). We believe upside for AIS and Intuch in now limited, but Thaicom could be worth Bt30-45/sh, depending on how the politics around its concessions evolve. A pro-Thaksin victory in the upcoming elections should be the best case for Thaicom.For the two telecom infrastructure funds, we would prefer Jasmine's over True's DIF (Digital Infrastructure Fund) given an almost 1% yield differential and better long-term safety of cashflows in our view. We believe its parent company Jasmine, a leading broadband Internet provider, could be worth close to Bt8/sh, implying roughly 30%. The broadband Internet market is large enough for all major players: Jasmine's 3BB, True Internet, and AIS Fiber. State-owned TOT remains a reactive player.

Thaicom: Heads You Win, Tails...You Win a Little Less

Thaicom Pcl

Thaicom: Heads You Win, Tails...You Win a Little Less