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).

IPO Radar: ICN, Nokia Siemens' Best Buddy

DTAC's Plan B: 2300MHz Spectrum JV with TOT

Big Brother (Ep. 4): The Invisible Power Company

Equity Bottom-Up

One of our former analysts estimates that DTAC is worth Bt56/sh post-2300MHz deal with TOT (the stock recently peaked at around Bt53/sh), but we're more concerned about the fate of AIS, the only telecom stock where we still have a big position right now. We think a good exit level for us (our cost ranges from Bt80/sh to Bt140/sh) in AIS should be around Bt207/sh.In this review, MCorp Review: 1) compares the competition in Thai telecoms to the epic Three Kingdoms; 2) assess the positive impact of AIS Fiber business and dual negative impacts of DTAC's new license and AIS' own recent license bids (900MHz and 1800MHz); and 3) provide a bit more backdrop on the unique 2300MHz license.

One of our former analysts estimates that DTAC is worth Bt56/sh post-2300MHz deal with TOT (the stock recently peaked at around Bt53/sh), but we're more concerned about the fate of AIS, the only telecom stock where we still have a big position right now. We think a good exit level for us (our cost ranges from Bt80/sh to Bt140/sh) in AIS should be around Bt207/sh.In this review, MCorp Review: 1) compares the competition in Thai telecoms to the epic Three Kingdoms; 2) assess the positive impact of AIS Fiber business and dual negative impacts of DTAC's new license and AIS' own recent license bids (900MHz and 1800MHz); and 3) provide a bit more backdrop on the unique 2300MHz license.

Three Kingdoms of Thai Telecoms: The Battle of 2300MHz

Advanced Info Service

Three Kingdoms of Thai Telecoms: The Battle of 2300MHz