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 Capital Markets

Osotspa Public Company Limited / Equity Capital Markets

2018's rare big IPO. 2018 is not a great year for Thai IPOs, so Osothspa, a company that is older than a century and boasts control over Thailand's market leader in energy drink, is a rare breed if it lists this year. The Osathanukroh family is one of Thailand's richest, and post-IPO, MCorp Review estimates that they will become wealthier than the Bangkok Bank tycoons. We estimate the market cap of OSP to be US$1.9bn, so if they IPO at under Bt19.5/sh, we would recommend participating in this IPO. Granted, the company's outlook looked pretty poor in 2017, but that was largely due to the overall decline in consumer spending as well as cancellation of their contracts with Unicharm, the market leader in diapers, but these contracts are high volume and low margin, so we wouldn't be too worried. Why did it take them so long to list? We think it's largely because there was no need for the money to begin with. The market looks a little saturated, but they are trying to supplement that with growth in the mainland ASEAN regions. Also, CBG seems to be breathing down their neck, so that's always something to think about.

2018's rare big IPO. 2018 is not a great year for Thai IPOs, so Osothspa, a company that is older than a century and boasts control over Thailand's market leader in energy drink, is a rare breed if it lists this year. The Osathanukroh family is one of Thailand's richest, and post-IPO, MCorp Review estimates that they will become wealthier than the Bangkok Bank tycoons. We estimate the market cap of OSP to be US$1.9bn, so if they IPO at under Bt19.5/sh, we would recommend participating in this IPO. Granted, the company's outlook looked pretty poor in 2017, but that was largely due to the overall decline in consumer spending as well as cancellation of their contracts with Unicharm, the market leader in diapers, but these contracts are high volume and low margin, so we wouldn't be too worried. Why did it take them so long to list? We think it's largely because there was no need for the money to begin with. The market looks a little saturated, but they are trying to supplement that with growth in the mainland ASEAN regions. Also, CBG seems to be breathing down their neck, so that's always something to think about.

IPO Radar: Osothspa, The Thai Energy Giant Behind M-100/M-150

Thailand

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Osotspa Public Company Limited (OSP TB)

IPO Radar: Osothspa, The Thai Energy Giant Behind M-100/M-150

2018's rare big IPO. 2018 is not a great year for Thai IPOs, so Osothspa, a company that is older than a century and boasts control over Thailand's...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)