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 Bottom-Up

Since the last Clash of the Titans between TMB and SCB over FWD ( <a href="https://www.smartkarma.com/insights/tmb-vs-scb-bancassurance-ain-t-big-enough-for-the-two-of-us" target="_blank" data-smartkarma-citation="insights:12158">TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!</a>), we haven't spoken much about insurance. In the meantime, Bangkok Bank nailed the deal with HK's AIA, the top foreign insurer in Thailand and one-time market leader. That sent BLA's share price spiraling over 7% in a single day, as investors said Bangkok Bank ( <a href="https://www.smartkarma.com/insights/rabble-rousers-ep-3-the-king-of-banks" target="_blank" data-smartkarma-citation="insights:6762">Rabble Rousers (Ep. 3): The King of Banks</a>) would start selling AIA policies rather than their own house…

Since the last Clash of the Titans between TMB and SCB over FWD ( TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!), we haven't spoken much about insurance. In the meantime, Bangkok Bank nailed the deal with HK's AIA, the top foreign insurer in Thailand and one-time market leader. That sent BLA's share price spiraling over 7% in a single day, as investors said Bangkok Bank ( Rabble Rousers (Ep. 3): The King of Banks) would start selling AIA policies rather than their own house…

Sathorn Series C: Revisiting Thai Insurance

In 1998, during the Asian financial crisis, KTB was worth US$8bn and was the most valuable company in Thailand, since its subsidiary KTT (Krung Thai Thanakit) controlled remnants of the bankrupted 56 finances. Yet today, so much value was lost that the entire group is worth less than the three privately run banks (SCB, KBANK, and BBL). In this review, we examine whether it was simply the government mandates they had to follow as a state bank or something more uniquely problematic at the Group. The Krisda Mahanakorn scandal was a non-starter. Yet, even in these ashes, there are successfully run companies like KTC (Krungthai Card) and the insurer Dhipya that you can pick up. Just as Elvis Costello questions in his song whether She is really a Beauty or a Beast, MCorp Review tries to get you questioning whether the Ministry of Finance (MOF) is actually lucky or not to own KTB. Your call man.

In 1998, during the Asian financial crisis, KTB was worth US$8bn and was the most valuable company in Thailand, since its subsidiary KTT (Krung Thai Thanakit) controlled remnants of the bankrupted 56 finances. Yet today, so much value was lost that the entire group is worth less than the three privately run banks (SCB, KBANK, and BBL). In this review, we examine whether it was simply the government mandates they had to follow as a state bank or something more uniquely problematic at the Group. The Krisda Mahanakorn scandal was a non-starter. Yet, even in these ashes, there are successfully run companies like KTC (Krungthai Card) and the insurer Dhipya that you can pick up. Just as Elvis Costello questions in his song whether She is really a Beauty or a Beast, MCorp Review tries to get you questioning whether the Ministry of Finance (MOF) is actually lucky or not to own KTB. Your call man.

After reading parts of Insurance in Asia written by McKinsey veterans and tossing ideas with our brokers, we developed an interest in the insurance industry, which still has room to grow in Thailand due to low penetration. State-owned TIP or Dhipaya, the number two non-life insurer, looks most compelling in terms of valuation. We prefer BLA to BKI, its non-life sister company, noting that BKI derives the bulk of its value from a hospital stock it holds rather than underwriting insurance. Finally, THREL, the life reinsurer, may be a good way to diversify in the sector.

After reading parts of Insurance in Asia written by McKinsey veterans and tossing ideas with our brokers, we developed an interest in the insurance industry, which still has room to grow in Thailand due to low penetration. State-owned TIP or Dhipaya, the number two non-life insurer, looks most compelling in terms of valuation. We prefer BLA to BKI, its non-life sister company, noting that BKI derives the bulk of its value from a hospital stock it holds rather than underwriting insurance. Finally, THREL, the life reinsurer, may be a good way to diversify in the sector.

Sathorn Series 4: Reading McKinsey, Investing Insurance

Thailand

Dhipaya Insurance Public Co., Ltd. is a leading non-life insurance provider in Thailand, offering fire, marine and transportation, motor, and miscellaneous insurance products. The company also engages in investment activities with funds remaining from its insurance operations. It was founded on November 9, 1951, and is headquartered in Bangkok, Thailand.

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Dhipaya Insurance (TIP TB)

Sathorn Series C: Revisiting Thai Insurance

Since the last Clash of the Titans between TMB and SCB over FWD ( TMB Vs SCB: Bancassurance Ain’t Big Enough for the Two of Us!), we haven't spoken...

Athaporn Arayasantiparb, CFA

Big Brother (Ep 3): Blessing or Bane?

In 1998, during the Asian financial crisis, KTB was worth US$8bn and was the most valuable company in Thailand, since its subsidiary KTT (Krung...

Athaporn Arayasantiparb, CFA

Sathorn Series 4: Reading McKinsey, Investing Insurance

After reading parts of Insurance in Asia written by McKinsey veterans and tossing ideas with our brokers, we developed an interest in the insurance...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)