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

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in <a href="https://www.smartkarma.com/insights/five-big-ideas-for-the-next-five-years" target="_blank" data-smartkarma-citation="insights:8457">Five Big Ideas for the Next Five Years</a>, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in Five Big Ideas for the Next Five Years, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited / Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited (BAT3K TB)

Hitachi Chemical Storage Battery (Thailand) Public Company Limited

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.<ul>
<li>
Hitachi’s Thai unit to make a tender offer for BAT-3K
</li>
<li>
TOA’s tender offer of Sherwood</li>
<li>Potential management buyout of Q-CON
</li>
</ul><table class="table table-striped"><tbody>
<tr>
<td>Stock</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>
</tr>
<tr>
<td>BAT-3K (Thai</td>
</tr>
</tbody></table>…

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.

Hitachi’s Thai unit to make a tender offer for BAT-3K


TOA’s tender offer of Sherwood
Potential management buyout of Q-CON



Stock
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BAT-3K (Thai

…

Somboon Advance Technology / Equity Bottom-Up

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since Thaksin's sister initiated the hare-brained first time car buyers' incentive program in 2011. Finally, the 6-year slump may be over. We stress that this is before the impact of the Motor Show at BITEC which is happening in March 2017, which is normally a good support for the sector though certainly no panacea. To be fair, not everyone is doing well…

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since Thaksin's sister initiated the hare-brained first time car buyers' incentive program in 2011. Finally, the 6-year slump may be over. We stress that this is before the impact of the Motor Show at BITEC which is happening in March 2017, which is normally a good support for the sector though certainly no panacea. To be fair, not everyone is doing well…

Auto Updates Yo: Glimmers of Hope...Not for Everyone

There is much talk about Tesla's plans on the ground to expand production into Thailand, even if they don't seem to have adequate capital. Potential beneficiaries include battery maker BAT-3K and firms that could build some of its circuit boards and other components (KCE and Forth). The impact on autoparts makers (OEM) is still quite unpredictable at this stage, since firms like AH (Aapico Hi-tech) have no experience supplying to Tesla.Further away from the eye of the storm, Sansiri has already built EV chargers in some of its developments. We also met with management from solar power company Superblock who expressed strong skepticism about Tesla's prospects both in Thailand and even globally.

There is much talk about Tesla's plans on the ground to expand production into Thailand, even if they don't seem to have adequate capital. Potential beneficiaries include battery maker BAT-3K and firms that could build some of its circuit boards and other components (KCE and Forth). The impact on autoparts makers (OEM) is still quite unpredictable at this stage, since firms like AH (Aapico Hi-tech) have no experience supplying to Tesla.Further away from the eye of the storm, Sansiri has already built EV chargers in some of its developments. We also met with management from solar power company Superblock who expressed strong skepticism about Tesla's prospects both in Thailand and even globally.

Thailand

Hitachi Chemical Storage Battery (Thailand) Public Company Limited produces and distributes vehicle batteries. The Company offers offers motorcycle, golf cart, traction, cycle, and lighting and stationary batteries. Hitachi Chemical Storage Battery serves customers worldwide.

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Hitachi Chemical Storage Battery (Thailand) Public Company Limited (BAT3K TB)

RATCH: Power Is the New Oil

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we...

Athaporn Arayasantiparb, CFA

Recent/Upcoming Deals in Thailand

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard...

Athaporn Arayasantiparb, CFA

Auto Updates Yo: Glimmers of Hope...Not for Everyone

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since...

Athaporn Arayasantiparb, CFA

What if Tesla Comes to Detroit of Asia?

There is much talk about Tesla's plans on the ground to expand production into Thailand, even if they don't seem to have adequate capital....

Athaporn Arayasantiparb, CFA

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