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 - Indonesian Staples, Major Cineplex, and Thai Tragedies

Champions of 2017: Stocks With Eye-Popping Returns!

Kasikornbank PCL (KBANK TB): Can KBANK Earn A High ROE Again?

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

Just as we highlighted the winners of 2017, 2019 is full of losers heavily shorted by investors, but what are the back stories of these downward slides? Here's a sampler of what you find in this review. 
<ul>
<li>
Petrochem downturns. Weak petrochemical margins bought down the country's two biggest petrochem names: Siam Cement and PTTGC.</li>
<li>
Restructuring of one type or the other. Marred by the channel stuffing rumors, cosmetics titan BEAUTY struggled with new business models. Thai Airways, on the other hand, works through an actual debt restructuring.</li>
<li>
CENTEL was the worst-performing hotel stock and the only major incumbent we didn't recommend. MINT grew through M&amp;A, while Erawan outperformed organically. CENTEL is neither.</li>
<li>
Mr Bear. Despite a few positive changes, KBANK's uber-bearish pronouncements after the C-suite changes made KBANK the worst performer in the financial sector this year.</li>
</ul>

Just as we highlighted the winners of 2017, 2019 is full of losers heavily shorted by investors, but what are the back stories of these downward slides? Here's a sampler of what you find in this review. 


Petrochem downturns. Weak petrochemical margins bought down the country's two biggest petrochem names: Siam Cement and PTTGC.

Restructuring of one type or the other. Marred by the channel stuffing rumors, cosmetics titan BEAUTY struggled with new business models. Thai Airways, on the other hand, works through an actual debt restructuring.

CENTEL was the worst-performing hotel stock and the only major incumbent we didn't recommend. MINT grew through M&amp;A, while Erawan outperformed organically. CENTEL is neither.

Mr Bear. Despite a few positive changes, KBANK's uber-bearish pronouncements after the C-suite changes made KBANK the worst performer in the financial sector this year.


Thailand Tragedies of 2019: Six Stocks That Totally Flopped