Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

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

Today, we meet up with Univentures, the flaghship property company of Charoen's TCC empire. Property is arguably the second most important business for Thailand's second richest man, who with his rival in fame (the CP Group) ranks as two of the country's largest landlord. Thai Rath newspaper once claimed these two tycoons have more real estate than the Crown, which we think is an exaggeration, though it gives you a sense of how much influence they have. Within Univentures, which itself is…

Today, we meet up with Univentures, the flaghship property company of Charoen's TCC empire. Property is arguably the second most important business for Thailand's second richest man, who with his rival in fame (the CP Group) ranks as two of the country's largest landlord. Thai Rath newspaper once claimed these two tycoons have more real estate than the Crown, which we think is an exaggeration, though it gives you a sense of how much influence they have. Within Univentures, which itself is…

Univentures: Refocusing on Low Rise & Condos Closer To Skytrain Stations

Golden Land Property Development / Equity Bottom-Up

Golden Land Property Development (GOLD TB)

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> so recently, these companies must be pretty busy too. The debt collector here is CHAYO, a follow-up on the IPO we introduced earlier in <a href="https://www.smartkarma.com/insights/ipo-radar-chayo-the-next-jmt-debt-collection-biz" target="_blank" data-smartkarma-citation="insights:17078">IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)</a>, and to be honest at Bt3.10/sh, they've done better than expected. We're glad to see their share prices are still holding up. It's kinda like watering a plant and finding…

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at Country Group so recently, these companies must be pretty busy too. The debt collector here is CHAYO, a follow-up on the IPO we introduced earlier in IPO Radar: CHAYO, the Next JMT (Debt Collection Biz), and to be honest at Bt3.10/sh, they've done better than expected. We're glad to see their share prices are still holding up. It's kinda like watering a plant and finding…

Blitzkrieg Meetings with GOLD, Glue, and Debt Collectors

Star Petroleum Refining / Equity Bottom-Up

Son of Chevron. PTT is by far the mightiest business group in Thailand's oil &amp; gas sector, but there is one refiner that isn't owned by PTT, and that's SPRC or Star Petroleum, yo. In fact, the star signfies Caltex, a Chevron subsidiary, and earlier Chevron went all out to buy out PTT from this crown jewel even as it sold some of its oil fields in Thailand to PTT, such as Hess. Anyway, SPRC only has a capacity of 165,000 bbl/day (barrels per day), so it's much smaller than Thai Oil, PTT's…

Son of Chevron. PTT is by far the mightiest business group in Thailand's oil &amp; gas sector, but there is one refiner that isn't owned by PTT, and that's SPRC or Star Petroleum, yo. In fact, the star signfies Caltex, a Chevron subsidiary, and earlier Chevron went all out to buy out PTT from this crown jewel even as it sold some of its oil fields in Thailand to PTT, such as Hess. Anyway, SPRC only has a capacity of 165,000 bbl/day (barrels per day), so it's much smaller than Thai Oil, PTT's…

STAR: Biggest Refiner Outside the PTT Group

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul><li>Good price momentum, low core profit valuation, and low correlation with Western stock markets relative to its sector </li><li>UV’s real estate sales up 36% in 2016 reveals a spike in demand that is likely to continue for the launch of four new high-rise projects in 2017 worth almost Bt6bn </li><li>Land-bank strategy for low-rise projects consisting of land purchasing and keeping for future use act as investment and cost reduction over time </li><li>Strong revenue growth and solid margin improvements make UV look attractive </li><li>Risks: Sales lower than projected and delays in launches</li></ul>

Good price momentum, low core profit valuation, and low correlation with Western stock markets relative to its sector UV’s real estate sales up 36% in 2016 reveals a spike in demand that is likely to continue for the launch of four new high-rise projects in 2017 worth almost Bt6bn Land-bank strategy for low-rise projects consisting of land purchasing and keeping for future use act as investment and cost reduction over time Strong revenue growth and solid margin improvements make UV look attractive Risks: Sales lower than projected and delays in launches

UV: Land Bank Grows as Real Estate Sales on High Rise

We visited two companies today. Golden Land seemed to have pretty decent outlook, though it is more expensive than stocks we have in our portfolio such as QH and SIRI, which trade around 7x PE. As for BJCHI, we have to admit it's quite a disappointment; you kinda know it when management is trying to make things sound better than they really are. Last but not least, we provide some political updates just to spice things up and complete with review.<table class="table table-striped"><tbody>
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<td style="width: 99.1667px;">Stock</td>
<td style="width: 133.833px;">Business</td>
<td style="text-align: center; width: 182px;">Shr pr (Bt/sh)</td>
<td style="text-align: center; width: 216px;">Mkt cap (US$ m)</td>
<td style="text-align: center; width: 100px;">PE (x)</td>
</tr>
</tbody></table>…

We visited two companies today. Golden Land seemed to have pretty decent outlook, though it is more expensive than stocks we have in our portfolio such as QH and SIRI, which trade around 7x PE. As for BJCHI, we have to admit it's quite a disappointment; you kinda know it when management is trying to make things sound better than they really are. Last but not least, we provide some political updates just to spice things up and complete with review.

Stock
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)

…

Thailand

Golden Land Property Development Public Company Limited is a real estate development company in Thailand. It focuses on residential projects, including single-detached and semi-detached houses and townhouses, as well as commercial buildings, office spaces, and hotel businesses. The company was founded in 1978 and is headquartered in Bangkok, Thailand.

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Golden Land Property Development (GOLD TB)

Univentures: Refocusing on Low Rise & Condos Closer To Skytrain Stations

Today, we meet up with Univentures, the flaghship property company of Charoen's TCC empire. Property is arguably the second most important business...

Athaporn Arayasantiparb, CFA

Blitzkrieg Meetings with GOLD, Glue, and Debt Collectors

We had a lightning-quick series of meetings with three companies today, and noting that the biggest ones just met our pals at Country Group so...

Athaporn Arayasantiparb, CFA

STAR: Biggest Refiner Outside the PTT Group

Son of Chevron. PTT is by far the mightiest business group in Thailand's oil & gas sector, but there is one refiner that isn't owned by PTT,...

Athaporn Arayasantiparb, CFA

UV: Land Bank Grows as Real Estate Sales on High Rise

Good price momentum, low core profit valuation, and low correlationwith Western stock markets relative to its sector UV’s real estate sales up 36%...

A. Stotz Investment Research

Property, Portfolio, & Politics

We visited two companies today. Golden Land seemed to have pretty decent outlook, though it is more expensive than stocks we have in our portfolio...

Athaporn Arayasantiparb, CFA

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