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 - Philippines Economy, Small Cap Singapore, and Bank Danamon

TASCO: Surfing the Spread Uptrend in 2020

Catching the Thai MICE, a Billion Dollar Tourism-Linked Industry

Mc Group: So This Is What Rock Bottom Looks Like

IPO Radar: M Vision, The Guys Who Bought Us the Iconic Mobile Expo

IPO Radar: CMC, New Condo Listing...Literally

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).

Equity Bottom-Up

Tipco Asphalt or TASCO is worth more than its money-losing fruit juice parent company and a clear leader in its field. We recently met up with management and got these key updates.<ul>
<li>
Earnings more than tripled to Bt1.05bn on the back of 87% revenue growth in Q2'19 and exceptional items related to insurance claims. Overseas revenues were exceptionally strong in China, and TASCO managed to import its feedstock from Venezuela. </li>
<li> Asphalt prices were also exceptionally strong at US$71.4/bbl. Normally, asphalt prices are much lower than crude and fuel oil. They also restructured long-term costs by investing in floating rig to reduce time that ships spend in offloading their product.</li>
<li>On top of this, there's also an interior design company that sounds like a movie called Kingsmen. The company's results proved dismal, as losses increased seven-fold to Bt146m. Cost control was a major issue, exacerbating the impact of their 44% revenue decline.</li>
<li> Kingsmen cut its workforce by a third to cut cost, but management said they may need at least 2-3 quarters to turn a corner.</li>
</ul>

Tipco Asphalt or TASCO is worth more than its money-losing fruit juice parent company and a clear leader in its field. We recently met up with management and got these key updates.

Earnings more than tripled to Bt1.05bn on the back of 87% revenue growth in Q2'19 and exceptional items related to insurance claims. Overseas revenues were exceptionally strong in China, and TASCO managed to import its feedstock from Venezuela. 
 Asphalt prices were also exceptionally strong at US$71.4/bbl. Normally, asphalt prices are much lower than crude and fuel oil. They also restructured long-term costs by investing in floating rig to reduce time that ships spend in offloading their product.
On top of this, there's also an interior design company that sounds like a movie called Kingsmen. The company's results proved dismal, as losses increased seven-fold to Bt146m. Cost control was a major issue, exacerbating the impact of their 44% revenue decline.
 Kingsmen cut its workforce by a third to cut cost, but management said they may need at least 2-3 quarters to turn a corner.


Tipco Asphalt

Tipco Asphalt: Rising Like a Phoenix