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)

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration, consolidation, cost leadership, and differentiation. In this review, we also provide examples of which Groups favor these strategies, how they illustrate it, and the underlying theory and whether or why they make sense in the context. One strategy popular in the West but not much favored in Thailand appears to be focus and partly reflects the conglomerate/family structure of many Thai business groups.

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration, consolidation, cost leadership, and differentiation. In this review, we also provide examples of which Groups favor these strategies, how they illustrate it, and the underlying theory and whether or why they make sense in the context. One strategy popular in the West but not much favored in Thailand appears to be focus and partly reflects the conglomerate/family structure of many Thai business groups.

Five Strategies Favored by Thai Conglomerates and Tycoons

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 1st. We estimate that they had an aggregated short interest worth USD3.2bn.</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 Thai Oil, Bangkok Bank, SCB X, CP Foods, TISCO Financial, Scb X, Thai Oil, Tisco Financial, Bangkok Bank, Cp Foods.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 1st. We estimate that they had an aggregated short interest worth USD3.2bn.
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 Thai Oil, Bangkok Bank, SCB X, CP Foods, TISCO Financial, Scb X, Thai Oil, Tisco Financial, Bangkok Bank, Cp Foods.


Thailand Short Interest Weekly (May 1st): Thai Oil, Bangkok Bank, SCB X, CP Foods, TISCO Financial

The Gripe. In general, we consider the Army dudes to be allies of the yellow shirt faction of both stripes: The Democrats who fight in Parliament and the demonstrators, led by ideological leaders such as Chamlong Srimaung, Sondhi Limthongkul, or Suthep Thaugsuban. But recently, the yellow-shirt demonstrators, who are normally middle income urbanites, have shown their anger with their military government after a ruling last week in which Thaksin's brother-in-law Somchai Wongsawat, former Prime…

The Gripe. In general, we consider the Army dudes to be allies of the yellow shirt faction of both stripes: The Democrats who fight in Parliament and the demonstrators, led by ideological leaders such as Chamlong Srimaung, Sondhi Limthongkul, or Suthep Thaugsuban. But recently, the yellow-shirt demonstrators, who are normally middle income urbanites, have shown their anger with their military government after a ruling last week in which Thaksin's brother-in-law Somchai Wongsawat, former Prime…

Somchai's Acquittal, a New Twist in Thai Politics

Our thoughts on portfolio is simple. “Lay low for the moment yo.” Sometimes, the best thing to do is nothing, and strangely that’s easier said that done. The finger gets itchy when you see stocks dropping, but it looks like they will drop even more. There are two reasons for this. As highlighted earlier in our last review, the recovery looks impressive, but it isn’t as broad-based as it seems. Most of it is externally driven, but though there may be spillover effects to other parts of the…

Our thoughts on portfolio is simple. “Lay low for the moment yo.” Sometimes, the best thing to do is nothing, and strangely that’s easier said that done. The finger gets itchy when you see stocks dropping, but it looks like they will drop even more. There are two reasons for this. As highlighted earlier in our last review, the recovery looks impressive, but it isn’t as broad-based as it seems. Most of it is externally driven, but though there may be spillover effects to other parts of the…

Thai Macro Watch (Part 2): Policy Divergence & Portfolio Thoughts

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 24th. We estimate that they had an aggregated short interest worth USD3.2bn.</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 SCB X, True, CP ALL, Bumrungrad Hospital, SCC, Scb X, Scc, Bumrungrad Hospital, CP ALL, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 24th. We estimate that they had an aggregated short interest worth USD3.2bn.
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 SCB X, True, CP ALL, Bumrungrad Hospital, SCC, Scb X, Scc, Bumrungrad Hospital, CP ALL, True.


Thailand Short Interest Weekly (Apr 24th): SCB X, True, CP ALL, Bumrungrad Hospital, SCC, Scb X, Scc

Thailand

Charoen Pokphand Foods operates a vertically integrated agro-industrial and food business, encompassing animal feed production, commercial animal breeding, farm operations, and manufacturing of food and ready-to-eat products. The company's key products include animal feed, livestock (swine, broiler, layer, duck), aquaculture (shrimp, fish), and various processed meat and food items. Headquartered in Bangkok, Thailand, the company was founded in 1978.

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

Charoen Pokphand Foods (CPF TB)

Five Strategies Favored by Thai Conglomerates and Tycoons

We identified five strategies generally favored by conglomerates and the tycoons who control them, namely diversification, vertical integration,...

Athaporn Arayasantiparb, CFA

Thailand Short Interest Weekly (May 1st): Thai Oil, Bangkok Bank, SCB X, CP Foods, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Thai Oil (TOP TB), Bangkok Bank (BBL TB), SCB X...

Ke Yan, CFA, FRM

Somchai's Acquittal, a New Twist in Thai Politics

The Gripe. In general, we consider the Army dudes to be allies of the yellow shirt faction of both stripes: The Democrats who fight in Parliament...

Athaporn Arayasantiparb, CFA

Thai Macro Watch (Part 2): Policy Divergence & Portfolio Thoughts

Our thoughts on portfolio is simple. “Lay low for the moment yo.” Sometimes, the best thing to do is nothing, and strangely that’s easier said that...

Athaporn Arayasantiparb, CFA

Thailand Short Interest Weekly (Apr 24th): SCB X, True, CP ALL, Bumrungrad Hospital, SCC, Scb X, Scc

We analyzed SET short interest report for the past week and highlighted short interest changes in SCB X, True, CP ALL, Bumrungrad Hospital, SCC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)