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

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector <a href="https://www.smartkarma.com/insights/reality-check-xii-how-much-upside-can-cp-all-squeeze-from-a-new-banking-venture" target="_blank" data-smartkarma-citation="insights:17835">Reality</a>…

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil prices dropped from 2017 year-end levels of US$70/bbl to a low of US$62/bbl this month before rebounding to current level of US$65/bbl. In fact, it seems that apart from oil stocks and CP All, none of the big cap stocks seem to be doing well in Thailand these days. CP All's continued rise seems to be related to news flow in the banking sector Reality…

Contrasting Stocks in the Portfolio. Today, we met up with fruit juice company MALEE and kiosk king Forth (or rather their subsidiary ForthSmart), and heck the picture couldn't have differed more yo. It was nevertheless useful, since we hold some shares in both companies, so we feel their pain. On one hand, MALEE, which is controlled by the 46% controlled by the Jeungrungreungkit family of Thai Summit Group ( <a href="https://www.smartkarma.com/insights/a-glimpse-into-thai-summit-group" target="_blank" data-smartkarma-citation="insights:11296">A Glimpse into Thai Summit Group</a>). MALEE admittedly is struggling badly, and management…

Contrasting Stocks in the Portfolio. Today, we met up with fruit juice company MALEE and kiosk king Forth (or rather their subsidiary ForthSmart), and heck the picture couldn't have differed more yo. It was nevertheless useful, since we hold some shares in both companies, so we feel their pain. On one hand, MALEE, which is controlled by the 46% controlled by the Jeungrungreungkit family of Thai Summit Group ( A Glimpse into Thai Summit Group). MALEE admittedly is struggling badly, and management…

Maybank Kim Eng Securities Thailand / Equity Bottom-Up

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform. Recently, we met exactly two of those guys, and this is their story. Let's just say life is looking a lot nicer for the payment dudes. Without naming Yuanta (which is like You-Know-Who or Voldermort from Harry Potter by now...haha), Kim Eng presented their side of the story yo, and it ain't a pretty one. <table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE</td>
</tr>
</tbody></table>…

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform. Recently, we met exactly two of those guys, and this is their story. Let's just say life is looking a lot nicer for the payment dudes. Without naming Yuanta (which is like You-Know-Who or Voldermort from Harry Potter by now...haha), Kim Eng presented their side of the story yo, and it ain't a pretty one. 

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE

…

We swung by the Stock Exchange to check on Forth Smart, a value top-up machine company which is effectively (48%) controlled by Forth, one of the stocks in our portfolio and also met up with some random auto parts company called Fortune Part or FPI. The general sense is that both of them seems to be doing well. We think Forth is still a good investment, but we wouldn’t say the same for FPI yo. I mean there’s this whole argument about how auto parts in the secondary market (existing cars) is…

We swung by the Stock Exchange to check on Forth Smart, a value top-up machine company which is effectively (48%) controlled by Forth, one of the stocks in our portfolio and also met up with some random auto parts company called Fortune Part or FPI. The general sense is that both of them seems to be doing well. We think Forth is still a good investment, but we wouldn’t say the same for FPI yo. I mean there’s this whole argument about how auto parts in the secondary market (existing cars) is…

Thematic (Sector/Industry)

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Thailand

Forth Smart Service PCL develops and manufactures online top-up machines for service providers. The company offers its products for topping-up the prepaid mobile phones and online games, as well as for credit card payment.

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Forth Smart Service (FSMART TB)

PTTEP: Second Wind For Oil Stocks

Arguably, no stock comes closer to mimicking oil prices in Thailand than PTTEP and its parent company PTT, aka largest stock in Thailand. Brent oil...

Athaporn Arayasantiparb, CFA

Fighting Fruits & Kiosk King

Contrasting Stocks in the Portfolio. Today, we met up with fruit juice company MALEE and kiosk king Forth (or rather their subsidiary ForthSmart),...

Athaporn Arayasantiparb, CFA

The Guys in the Middle (Of Your Money)

Financial intermediaries are part of life yo. When you buy a stock, there's a broker, and even when you pay your bills, there's a payment platform....

Athaporn Arayasantiparb, CFA

Quick Portfolio Double-Check on Forth

We swung by the Stock Exchange to check on Forth Smart, a value top-up machine company which is effectively (48%) controlled by Forth, one of the...

Athaporn Arayasantiparb, CFA

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

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