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).

Thematic (Sector/Industry)

MCorp Review released a comprehensive 3-part Thai strategy back in December. Most of these themes are still applicable, though some will require some tweaking. Since we are now roughly half year through 2018, we thought it was a good time to highlight the key adjustments and reiteration of those themes.<ul><li>Macro: An overall bearish market stance bolstered by the materialization of QE unwinding and reinforced by new events that have moved the spotlight to markets with improvements in political sentiments (eg. Korea, Malaysia).</li><li>Tilt towards Energy. Fighting against energy stocks right now is like standing in front of a train at full-speed. The continued global recovery and Trump's "picking new bones" with Iran has sent oil prices over US$80/bbl, and the Thai flagship company PTT also has many non-oil positives in its pipeline.</li><li>Prefer tourism over exporters. The stronger greenback is a factor supporting (but not causing) good export and tourism numbers, but exports remain vulnerable to trade war related issues. Big winners: AOT, Erawan.</li><li>Defensives generally do well in a bear market. Personally, our biggest holdings include AIS and B-WORK, but for those with more capital, we recommend checking out the infrastructure funds too. Power stocks have simply been to hyped up in late 2017, and the recent corrections reflect their valuation-induced risks.</li><li>Deal plays. For those who prefer M&amp;A or wholesale business changes, keep an eye on MINT and CP All.</li></ul>

MCorp Review released a comprehensive 3-part Thai strategy back in December. Most of these themes are still applicable, though some will require some tweaking. Since we are now roughly half year through 2018, we thought it was a good time to highlight the key adjustments and reiteration of those themes.Macro: An overall bearish market stance bolstered by the materialization of QE unwinding and reinforced by new events that have moved the spotlight to markets with improvements in political sentiments (eg. Korea, Malaysia).Tilt towards Energy. Fighting against energy stocks right now is like standing in front of a train at full-speed. The continued global recovery and Trump's "picking new bones" with Iran has sent oil prices over US$80/bbl, and the Thai flagship company PTT also has many non-oil positives in its pipeline.Prefer tourism over exporters. The stronger greenback is a factor supporting (but not causing) good export and tourism numbers, but exports remain vulnerable to trade war related issues. Big winners: AOT, Erawan.Defensives generally do well in a bear market. Personally, our biggest holdings include AIS and B-WORK, but for those with more capital, we recommend checking out the infrastructure funds too. Power stocks have simply been to hyped up in late 2017, and the recent corrections reflect their valuation-induced risks.Deal plays. For those who prefer M&amp;A or wholesale business changes, keep an eye on MINT and CP All.

Equity Capital Markets

Bualuang Office Leasehold Real Estate Investment Trust / Equity Capital Markets

Bualuang Office Leasehold Real Estate Investment Trust

We checked out True Corp's new office REIT IPO called B-Work after the underwriter Bangkok Bank. So basically, this REIT manages the two True office buildings on Ratchada and Suanluang, and we're valuing the IPO, which should happen sometime this month, at Bt12.4/unit. As all REITs in Thailand go, they IPO at Bt10/unit, so we're all in on this one. The yield, which is arguably the most important thing, will range between 6.54% to 7.64%, but the base case is 7.31%. We like the fact that: 1) it's fully occupied; 2) captive market (almost every tenant belongs to True or CP Group); and 3) it's got good location, high yields, and excellent facilities.Yo, True may be the best company in the world when it comes to generating profits for its shareholders, but bankers and fund investors swear by them, because of the high fixed income returns. The infra fund DIF for example now trades much higher than our expectations back in 2013, and we've been in and out of True's office more times than I can remember. Once, they even issued us a monthly pass rather than those disposable stickers, so heck, I'll buy this for a dollar.

We checked out True Corp's new office REIT IPO called B-Work after the underwriter Bangkok Bank. So basically, this REIT manages the two True office buildings on Ratchada and Suanluang, and we're valuing the IPO, which should happen sometime this month, at Bt12.4/unit. As all REITs in Thailand go, they IPO at Bt10/unit, so we're all in on this one. The yield, which is arguably the most important thing, will range between 6.54% to 7.64%, but the base case is 7.31%. We like the fact that: 1) it's fully occupied; 2) captive market (almost every tenant belongs to True or CP Group); and 3) it's got good location, high yields, and excellent facilities.Yo, True may be the best company in the world when it comes to generating profits for its shareholders, but bankers and fund investors swear by them, because of the high fixed income returns. The infra fund DIF for example now trades much higher than our expectations back in 2013, and we've been in and out of True's office more times than I can remember. Once, they even issued us a monthly pass rather than those disposable stickers, so heck, I'll buy this for a dollar. 

IPO Radar: B-WORK, A True Office REIT....Yeah, That'll Work :)

Thailand

Bualuang Office Leasehold Real Estate Investment Trust operates as a real estate investment trust. The Company provides office and commercial buildings leasing and renting services. Bualuang Office Leasehold Real Estate Investment Trust serves customers in Thailand.

Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

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Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

Mid-Year Thai Strategy Review (2018)

MCorp Review released a comprehensive 3-part Thai strategy back in December. Most of these themes are still applicable, though some will require...

Athaporn Arayasantiparb, CFA

IPO Radar: B-WORK, A True Office REIT....Yeah, That'll Work :)

We checked out True Corp's new office REIT IPO called B-Work after the underwriter Bangkok Bank. So basically, this REIT manages the two True...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)