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)

Thailand faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do benefit from the macroeconomic changes. Relative to our earlier outlook in 2018, we highlight that the following:<ul>
<li>
upgrades to: 1) energy due to continued tensions  between America and Iran; 2) defensives such as telecoms, power, and REITs as investors seek safe haven from an overall bearish market; and 3) industrial estates due to the ongoing election-related hype around the EEC.</li>
<li>
downgrades to: 1) consumer sector due to weaker domestic consumption based on channel checks; 2) the related media sector, since businesses become less eager to advertise in this environment; and 3) electronics as the global export environment is slowing down.</li>
<li>
maintenance of: 1) our originally positive outlook for sectors such as tourism, construction, and autos; and 2) bearish views on properties, securities, and soft commodities, all of which are affected by rising interest rates (albeit a slow one).</li>
</ul>

Thailand faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do benefit from the macroeconomic changes. Relative to our earlier outlook in 2018, we highlight that the following:

upgrades to: 1) energy due to continued tensions  between America and Iran; 2) defensives such as telecoms, power, and REITs as investors seek safe haven from an overall bearish market; and 3) industrial estates due to the ongoing election-related hype around the EEC.

downgrades to: 1) consumer sector due to weaker domestic consumption based on channel checks; 2) the related media sector, since businesses become less eager to advertise in this environment; and 3) electronics as the global export environment is slowing down.

maintenance of: 1) our originally positive outlook for sectors such as tourism, construction, and autos; and 2) bearish views on properties, securities, and soft commodities, all of which are affected by rising interest rates (albeit a slow one).


Thai Strategy 2019 (Part 2): Sector Outlooks

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 15th. We estimate that they had an aggregated short interest worth USD3.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bangkok Bank, Krung Thai Bank, Minor International, Amata, Com7, Minor International, Bangkok Bank, Com7, Krung Thai Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 15th. We estimate that they had an aggregated short interest worth USD3.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bangkok Bank, Krung Thai Bank, Minor International, Amata, Com7, Minor International, Bangkok Bank, Com7, Krung Thai Bank.


Thailand Short Interest Weekly (May 15th): Bangkok Bank, Krung Thai Bank, Minor International, Amata

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> is a major hospital operator in Thailand with a presence around the country, unlike <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB). </a>
</li>
<li>Motorbike accidents often occurred in the tourist area where BDMS has a presence, and by law, cannot refuse ER cases even though the patients cannot pay. </li>
<li>If the Mandatory Tourist Insurance bill is passed this year, <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> could get financial tailwind. </li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) is a major hospital operator in Thailand with a presence around the country, unlike Bumrungrad Hospital Pub Co (BH TB). 

Motorbike accidents often occurred in the tourist area where BDMS has a presence, and by law, cannot refuse ER cases even though the patients cannot pay. 
If the Mandatory Tourist Insurance bill is passed this year, Bangkok Dusit Medical Services (BDMS TB) could get financial tailwind. 


<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 8th. We estimate that they had an aggregated short interest worth USD3.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Krung Thai Bank, PTT E&amp;P, SCC, Thai Union, Bangchak, PTT E&amp;P, Scc, Krung Thai Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 8th. We estimate that they had an aggregated short interest worth USD3.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Krung Thai Bank, PTT E&amp;P, SCC, Thai Union, Bangchak, PTT E&amp;P, Scc, Krung Thai Bank.


Thailand Short Interest Weekly (May 8th): Krung Thai Bank, PTT E&P, SCC, Thai Union, Bangchak

<ul>
<li>Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.</li>
<li>The triple tax will hit <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. </li>
<li>Hospital operators like <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> and <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. </li>
</ul>


Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.
The triple tax will hit Airports of Thailand (AOT TB) revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. 
Hospital operators like Bangkok Dusit Medical Services (BDMS TB) and Bumrungrad Hospital Pub Co (BH TB) will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. 


Thailand

Bumrungrad Hospital Public Co., Ltd. operates and manages hospitals and health care centers, providing comprehensive medical services for both outpatients and inpatients. It offers a wide range of specialty centers and clinics, including clinical research and property rental services. The company is headquartered in Bangkok, Thailand, and was founded in 1980.

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Bumrungrad Hospital (BH TB)

Thai Strategy 2019 (Part 2): Sector Outlooks

Thailand faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do...

Athaporn Arayasantiparb, CFA

Thailand Short Interest Weekly (May 15th): Bangkok Bank, Krung Thai Bank, Minor International, Amata

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Bank (BBL TB), Krung Thai Bank (KTB TB),...

Ke Yan, CFA, FRM

BDMS: Thai Hospital - Insurance

Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...

Henry Soediarko

Thailand Short Interest Weekly (May 8th): Krung Thai Bank, PTT E&P, SCC, Thai Union, Bangchak

We analyzed SET short interest report for the past week and highlighted short interest changes in Krung Thai Bank, PTT E&P, SCC, Thai Union,...

Ke Yan, CFA, FRM

AOT Vs. Hospitals: The Case of Insurance

Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thai Strategy 2019 (Part 2): Sector Outlooks

Thailand faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do...

Athaporn Arayasantiparb, CFA

Thailand Short Interest Weekly (May 15th): Bangkok Bank, Krung Thai Bank, Minor International, Amata

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangkok Bank (BBL TB), Krung Thai Bank (KTB TB),...

Ke Yan, CFA, FRM

BDMS: Thai Hospital - Insurance

​Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...

Henry Soediarko

Thailand Short Interest Weekly (May 8th): Krung Thai Bank, PTT E&P, SCC, Thai Union, Bangchak

We analyzed SET short interest report for the past week and highlighted short interest changes in Krung Thai Bank, PTT E&P, SCC, Thai Union,...

Ke Yan, CFA, FRM

AOT Vs. Hospitals: The Case of Insurance

​Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...

Henry Soediarko

Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...

Thailand makes health insurance mandatory for international arrivals to protect healthcare budget and reduce costs of uninsured tourists,...