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)

This is something of a collaborative piece between MCorp Review and <a href="https://www.smartkarma.com/profiles/1646" target="_blank" data-smartkarma-citation="accounts:1646">Victor Wai, CFA</a>, a Drewry ports specialist who flew into Bangkok to discuss some issues regarding the Kra Canal, which we attack from different angles ranging from politics, historical parallels, to economic viability. While we can not agree on all aspects yet, there are certain "near consensus" or "quasi-conclusions" on some issues yo. Well, heck, let's just dig in. Our Dark Side is taking over again, and we can't help feel…

This is something of a collaborative piece between MCorp Review and Victor Wai, CFA, a Drewry ports specialist who flew into Bangkok to discuss some issues regarding the Kra Canal, which we attack from different angles ranging from politics, historical parallels, to economic viability. While we can not agree on all aspects yet, there are certain "near consensus" or "quasi-conclusions" on some issues yo. Well, heck, let's just dig in. Our Dark Side is taking over again, and we can't help feel…

South Series (Part 4): Kra Canal, A Chinese Suez Smacked Two Days North of Singapore?!

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>For both carriers, rates and OP margins surged in H224, but have fallen ever since then</li>
<li>Though it's a distinct market, Intra-Asia conditions are impacted by deep-sea conditions</li>
<li>TS Lines' strong share outperformance vs market leader Wan Hai Lines is not justified</li>
</ul>


For both carriers, rates and OP margins surged in H224, but have fallen ever since then
Though it's a distinct market, Intra-Asia conditions are impacted by deep-sea conditions
TS Lines' strong share outperformance vs market leader Wan Hai Lines is not justified


Intra-Asia Container Carriers Wan Hai Lines, TS Lines Also Feeling the Pain of Lower Freight Rates

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial results, outpacing both our proprietary Drewry Port Index and MSCI China Transportation and Infrastructure benchmarks. Out of the five Chinese port operators that we track, four reported in the past two weeks which saw their share prices strengthening 3.6% on average. The market valuations of Chinese operators seem stretched to us, not fully reflecting…

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial results, outpacing both our proprietary Drewry Port Index and MSCI China Transportation and Infrastructure benchmarks. Out of the five Chinese port operators that we track, four reported in the past two weeks which saw their share prices strengthening 3.6% on average. The market valuations of Chinese operators seem stretched to us, not fully reflecting…

Chinese Port Operators - Core Earnings Remain Weak

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb</a> to canvass his views on Thailand and his top picks at the moment. His views on the overall economy suggest there may be too much optimism around on a domestic recovery and higher oil prices may eventually stymie growth for the Thai consumer. He likes selected banks, higher end property developers, energy, construction and tourism. Please read on for a…

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru Athaporn Arayasantiparb to canvass his views on Thailand and his top picks at the moment. His views on the overall economy suggest there may be too much optimism around on a domestic recovery and higher oil prices may eventually stymie growth for the Thai consumer. He likes selected banks, higher end property developers, energy, construction and tourism. Please read on for a…

The Week That Was in ASEAN@Smartkarma (Part 2) - Macet=Traffic Jam

Singapore

Hutchison Port Holdings Trust is a Singapore-based business trust that invests in, develops, operates, and manages deep-water container ports. It provides cargo handling and port-related services, including trucking, warehousing, and distribution, primarily in the Pearl River Delta of South China, encompassing Hong Kong and Mainland China. The trust was founded in 2011 and is headquartered in Singapore.

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Hutchison Port Holdings (HPHT SP)

South Series (Part 4): Kra Canal, A Chinese Suez Smacked Two Days North of Singapore?!

This is something of a collaborative piece between MCorp Review and Victor Wai, CFA, a Drewry ports specialist who flew into Bangkok to discuss...

Athaporn Arayasantiparb, CFA

Intra-Asia Container Carriers Wan Hai Lines, TS Lines Also Feeling the Pain of Lower Freight Rates

Revenue and OP margins for Intra-Asia container carriers Wan Hai Lines and TS Lines surged in H224 but have fallen sharply since then. We expect...

Tracking Traffic

Chinese Port Operators - Core Earnings Remain Weak

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial...

Drewry Maritime Financial Research

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma (Part 2) - Macet=Traffic Jam

For this week's ASEAN Weekly, created in the midst of Jakarta "Macet", I interviewed Insight Provider and Thai guru Athaporn Arayasantiparb to...

Angus Mackintosh

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52-week Range

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