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 Best of August / September Company Visits

Chef's Selection: November & December Company Visits

ERW (ERW TB): Solid Margin Expansion to Profit from Strong Tourism

ANAN: Prime Location Condos and Solid 2016 Pipeline

Reality Check III: Is This Time to Sell Thai Property?

Equity Bottom-Up

<p><strong><em>Every sector has its standouts, even one that is threatened by potential rate hikes and condo oversupply</em></strong>. How these guys do it is somewhat a mystery, but it’s fair to say that both LALIN and ANAN both did really well. This is our first meeting with LALIN and yet another regular update with Ananda, which we have met on many occasions before. They remain as impressive as ever.</p><table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Key Niche</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>ANANDA</td>
<td>Mid-tier condos</td>
<td style="text-align: center;">4.7</td>
<td style="text-align: center;">130</td>
<td style="text-align: center;">7.8</td>
<td style="text-align: center;">3.2</td>
</tr>
<tr>
<td>LALIN</td>
<td>Low-end SDH</td>
<td style="text-align: center;">5.7</td>
<td style="text-align: center;">570</td>
<td style="text-align: center;">13.1</td>
<td style="text-align: center;">2.1</td>
</tr>
</tbody></table><p><strong>LALI</strong>…</p>

Every sector has its standouts, even one that is threatened by potential rate hikes and condo oversupply. How these guys do it is somewhat a mystery, but it’s fair to say that both LALIN and ANAN both did really well. This is our first meeting with LALIN and yet another regular update with Ananda, which we have met on many occasions before. They remain as impressive as ever.

Stocks
Key Niche
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


ANANDA
Mid-tier condos
4.7
130
7.8
3.2


LALIN
Low-end SDH
5.7
570
13.1
2.1

LALI…

Two Outstanding Property Companies: ANANDA & LALIN

Ananda Development

Two Outstanding Property Companies: ANANDA & LALIN