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

Global Green Chemicals / Equity Bottom-Up

The Case of The Missing 72,000 Tons. The stock price of PTT's flagship renewable company, GGC ( <a href="https://www.smartkarma.com/insights/a-power-update-with-ptt" target="_blank" data-smartkarma-citation="insights:10965">A Power Update With PTT</a>), tanked after it reported that some 72,000 tons of raw material went missing, and this missing cache is said to be cause damages worth a whopping Bt2.1bn. Since it hasn't been resolved and June is over, this will hit Q2 results and turn GGC into a loss. First, let's talk about the missing stuff. GGC takes feedstocks in the form of CPO (crude palm oil) and turns them into…

The Case of The Missing 72,000 Tons. The stock price of PTT's flagship renewable company, GGC ( A Power Update With PTT), tanked after it reported that some 72,000 tons of raw material went missing, and this missing cache is said to be cause damages worth a whopping Bt2.1bn. Since it hasn't been resolved and June is over, this will hit Q2 results and turn GGC into a loss. First, let's talk about the missing stuff. GGC takes feedstocks in the form of CPO (crude palm oil) and turns them into…

Snippets #13: Dude, Where's My Inventory?

Bangkok Chain Hospital / Equity Bottom-Up

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of Forbes 50 Thailand list this year, whom we didn't notice much of last year yo. You ever know that feeling that you made it, but just barely. They allow 50 kids into the coolest night club in town, and right after you, the bouncer tells the rest to take a hike.<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 (x)</td>
<td style="text-align: center;">Yld (%)</td>
<td style="text-align: center;">Family</td>
<td style="text-align: center;">Forbes rank</td>
<td style="text-align: center;">Wealth (US$ m)</td>
</tr>
<tr>
<td>PCSGH</td>
<td>Aut</td>
</tr>
</tbody></table>…

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of Forbes 50 Thailand list this year, whom we didn't notice much of last year yo. You ever know that feeling that you made it, but just barely. They allow 50 kids into the coolest night club in town, and right after you, the bouncer tells the rest to take a hike.

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)
Family
Forbes rank
Wealth (US$ m)


PCSGH
Aut

…

The New Thai-Coons (Part 2): Class of 2017

Gone With the Wind. We’ve always been bearish on the overall wind farm industry, and there are a few names in this renewable energy space, all of which are trading at insane multiples (EA, GUNKUL, DEMCO). EA, prior to moving from the small-cap bourse (MAI) to the main bourse (SET), actually accounted for half of the MAI, so what’s that about?! In early February, EA was investigated for planning to trespass on natural reserves in order to build their wind farm. In the convoluted manner of Thai…

Gone With the Wind. We’ve always been bearish on the overall wind farm industry, and there are a few names in this renewable energy space, all of which are trading at insane multiples (EA, GUNKUL, DEMCO). EA, prior to moving from the small-cap bourse (MAI) to the main bourse (SET), actually accounted for half of the MAI, so what’s that about?! In early February, EA was investigated for planning to trespass on natural reserves in order to build their wind farm. In the convoluted manner of Thai…

Gone With the Wind: Wind Farms Facing Headwinds

Thematic (Sector/Industry)

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<table class="table table-striped"><tbody>
<tr><td> </td></tr>
<tr><td>
§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
</td></tr>
</tbody></table>


 

§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Thailand

Gunkul Engineering PCL is a power generation and engineering company that supplies hardware and accessory products used in electrical power transmission and distribution systems.

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Gunkul Engineering (GUNKUL TB)

Snippets #13: Dude, Where's My Inventory?

The Case of The Missing 72,000 Tons. The stock price of PTT's flagship renewable company, GGC ( A Power Update With PTT), tanked after it reported...

Athaporn Arayasantiparb, CFA

The New Thai-Coons (Part 2): Class of 2017

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of...

Athaporn Arayasantiparb, CFA

Gone With the Wind: Wind Farms Facing Headwinds

Gone With the Wind. We’ve always been bearish on the overall wind farm industry, and there are a few names in this renewable energy space, all of...

Athaporn Arayasantiparb, CFA

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)