Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

<p>During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…</p>

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Advanced Information Technol / Equity Bottom-Up

<div><div><div><p>AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth. Our full-year forecast remains intact, secured by a healthy backlog. Its appealing dividend yield of nearly 8% over the next twelve months prompts us to maintain a Buy rating.</p></div></div></div>

AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth. Our full-year forecast remains intact, secured by a healthy backlog. Its appealing dividend yield of nearly 8% over the next twelve months prompts us to maintain a Buy rating.

Company Update: Advanced Information Technology Plc.

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).

<p>There's no secret that TKS is one of <em>MCorp Review's </em>top picks and most important holdings in our portfolio thanks to the virtues of linerless label which we tried to quantify in <a href="https://www.smartkarma.com/insights/reality-check-ix-what-has-more-upside-in-thailand-innovative-products-adders-or-deals" target="_blank" data-smartkarma-citation="insights:14108">Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals?</a> But TKS is also a holding company. A. Stotz has mentioned the virtues of their portfolio holdings SYNEX in <a href="https://www.smartkarma.com/insights/synex-apple-and-samsung-should-drive-2017-growth" target="_blank" data-smartkarma-citation="insights:14455">SYNEX: Apple and Samsung Should Drive 2017 Growth</a>. In this review, we visit the other portfolio company, namely Thai-British…</p>

There's no secret that TKS is one of MCorp Review's top picks and most important holdings in our portfolio thanks to the virtues of linerless label which we tried to quantify in Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals? But TKS is also a holding company. A. Stotz has mentioned the virtues of their portfolio holdings SYNEX in SYNEX: Apple and Samsung Should Drive 2017 Growth. In this review, we visit the other portfolio company, namely Thai-British…

Thai British: Looking Under That TKS Hood

Equity Capital Markets

Information & Communication Networks / Equity Capital Markets

Information & Communication Networks (ICN TB)

<p><strong>ICN or Information &amp; Communication Networks </strong>is an upcoming IPO underwritten by Finansia Syrus. These guys are issuing roughly a quarter of their shares as future free float, and it will be a small cap trading on the MAI. If it trades in line with other small network contractors (but not this small!), its fair price would be Bt2.1/sh, but given its unproven status, we would only invest if the IPO price ranges between Bt0.83/sh to Bt0.96/sh yo.</p><p>The company tries to piggyback on Nokia Siemens, a behemoth global network company where it has long-standing relations, though it has hedged its bets by doing some biz with Huawei and others too. Half of their business comes from public sector, but we're betting they can get something out of DTAC's rapid expansion should the 2.3GHz project go through as planned.</p>

ICN or Information &amp; Communication Networks is an upcoming IPO underwritten by Finansia Syrus. These guys are issuing roughly a quarter of their shares as future free float, and it will be a small cap trading on the MAI. If it trades in line with other small network contractors (but not this small!), its fair price would be Bt2.1/sh, but given its unproven status, we would only invest if the IPO price ranges between Bt0.83/sh to Bt0.96/sh yo.The company tries to piggyback on Nokia Siemens, a behemoth global network company where it has long-standing relations, though it has hedged its bets by doing some biz with Huawei and others too. Half of their business comes from public sector, but we're betting they can get something out of DTAC's rapid expansion should the 2.3GHz project go through as planned.

IPO Radar: ICN, Nokia Siemens' Best Buddy

<p>We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of things could change to make them look more interesting in the future since the valuations are not expensive relative to where the market trades at the moment (roughly 14x). One is an Indian petrochem manufacturer listed in Thailand called Polyplex, while the other is a local network contractor we may have discussed in passing called AIT (Advanced…</p>

We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of things could change to make them look more interesting in the future since the valuations are not expensive relative to where the market trades at the moment (roughly 14x). One is an Indian petrochem manufacturer listed in Thailand called Polyplex, while the other is a local network contractor we may have discussed in passing called AIT (Advanced…

Thailand

Advanced Information Technology Public Company Limited provides system integration services for information technology. The Company offers complete configuration design, hardware and software components, implementation services, as well as user training to enterprise networks, telecommunication service providers, and internet service providers.

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Advanced Information Technol (AIT TB)

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Company Update: Advanced Information Technology Plc.

Solid earnings momentum, appealing yield, AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth.

Krungthai XSpring

Thai British: Looking Under That TKS Hood

There's no secret that TKS is one of MCorp Review's top picks and most important holdings in our portfolio thanks to the virtues of linerless label...

Athaporn Arayasantiparb, CFA

IPO Radar: ICN, Nokia Siemens' Best Buddy

ICN or Information & Communication Networks is an upcoming IPO underwritten by Finansia Syrus. These guys are issuing roughly a quarter of...

Athaporn Arayasantiparb, CFA

Small Cap Diary: Elusive Revenue Growth

We met up with two companies last week. They couldn’t have less in common apart from the lack of revenue growth yo. Having said that, a lot of...

Athaporn Arayasantiparb, CFA

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