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).

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Equity Bottom-Up

<p>We estimate a 30-40% upside for TIPCO, the unappreciated fruit juice market leader in Thailand. The company controls 30% of the much larger Tipco Asphalt (TASCO), itself the market leader in the Thai asphalt industry. Even naively comparing it with other non-alcoholic beverage makers down here, TIPCO trades at a staggering 70% discount, and there are many other reasons to like it, such as TASCO's own investment merits, the rainy season (which brings down sugar prices), and funny side-deals with True Visions that makes us feel this company may be worth a lot more than the financials suggest.</p>

We estimate a 30-40% upside for TIPCO, the unappreciated fruit juice market leader in Thailand. The company controls 30% of the much larger Tipco Asphalt (TASCO), itself the market leader in the Thai asphalt industry. Even naively comparing it with other non-alcoholic beverage makers down here, TIPCO trades at a staggering 70% discount, and there are many other reasons to like it, such as TASCO's own investment merits, the rainy season (which brings down sugar prices), and funny side-deals with True Visions that makes us feel this company may be worth a lot more than the financials suggest.

Tipco Foods

Tipco's Hidden Value