Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

<p>Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.</p><p>We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.</p>

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

<p>During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…</p>

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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

Research Reinvented

Equity Bottom-Up

Interlink Communication / Equity Bottom-Up

<p>For our next Smartkarma Corporate Webinar, we are glad to welcome the General Manager of <a href="https://www.smartkarma.com/entities/interlink-communication-pcl" target="_blank" data-smartkarma-citation="entities:15031:1" rel="noopener">Interlink Communication (ILINK TB)</a>, Khun Varisa (Risa) Anuntarumporn. </p><p>ILINK imports and distributes cabling accessories; acts as a contractor for cabling, networking, and communication systems; and provides solutions for computer, information, and communication systems in Thailand. </p><p>In this Webinar, Risa will share a short company presentation and then engage in a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>, followed by a live Q&amp;A session.</p><div><h3>The Corporate Webinar will be hosted on Tuesday, 27 July 2021, 17:00 SGT / 16:00 ICT</h3></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87606270735" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>
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For our next Smartkarma Corporate Webinar, we are glad to welcome the General Manager of Interlink Communication (ILINK TB), Khun Varisa (Risa) Anuntarumporn. ILINK imports and distributes cabling accessories; acts as a contractor for cabling, networking, and communication systems; and provides solutions for computer, information, and communication systems in Thailand. In this Webinar, Risa will share a short company presentation and then engage in a fireside chat with Smartkarma Insight Provider Angus Mackintosh, followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 27 July 2021, 17:00 SGT / 16:00 ICT
Register for the Webinar here
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.


Smartkarma Corporate Webinar | ILINK TB: Three-Pronged Network Provider of Thailand

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 Capital Markets

Asset World Corporation / Equity Capital Markets

<p><strong>Chareon's TCC Group </strong>is planning to launch the IPO of AWC or <strong>Asset World Corporation </strong>sometime later this year. Unless CDS (Central Department Stores) gets listed this year too, AWC is likely to be the year's top IPO ahead of PTTOR, which includes Amazon Coffee. In the first part of this series, we'll talk about the component businesses and leave the valuations and risk for later, since it's a pretty complex mix of business we got here:</p><ul>
<li>
<strong>Hotel. </strong>The biggest part of the group currently includes 12 properties. Trademark names include Plaza Athenee and Okura Prestige both on Wireless Road and the Banyan Tree on Sathorn Road. On top  of this, there are plans to expand into 13 other properties (5 owned, 8 leased).</li>
<li>
<strong>Commercial property</strong> includes Panthip Plaza, famed for pirated software. The AEC Trade Center, which should add another 145,219 of retail space, is the main expansion plan.</li>
<li>
<strong>Offices</strong> includes the remainder. Granted, there is less plan for expansion here, but they have pricing power and have been able to raise rates by 5% annually. Also, the buildings in this part of the biz is very prestigious. Think Athenee Tower (which houses both ANZ and Deutsche), the humongous Empire Tower on Sathorn Road, and the Interlink Tower, which recently went through refurbishment.</li>
</ul>

Chareon's TCC Group is planning to launch the IPO of AWC or Asset World Corporation sometime later this year. Unless CDS (Central Department Stores) gets listed this year too, AWC is likely to be the year's top IPO ahead of PTTOR, which includes Amazon Coffee. In the first part of this series, we'll talk about the component businesses and leave the valuations and risk for later, since it's a pretty complex mix of business we got here:

Hotel. The biggest part of the group currently includes 12 properties. Trademark names include Plaza Athenee and Okura Prestige both on Wireless Road and the Banyan Tree on Sathorn Road. On top  of this, there are plans to expand into 13 other properties (5 owned, 8 leased).

Commercial property includes Panthip Plaza, famed for pirated software. The AEC Trade Center, which should add another 145,219 of retail space, is the main expansion plan.

Offices includes the remainder. Granted, there is less plan for expansion here, but they have pricing power and have been able to raise rates by 5% annually. Also, the buildings in this part of the biz is very prestigious. Think Athenee Tower (which houses both ANZ and Deutsche), the humongous Empire Tower on Sathorn Road, and the Interlink Tower, which recently went through refurbishment.


IPO Radar: AWC (Part I), Possibly the Biggest IPO in 2019

Symphony Communication / Equity Bottom-Up

<p><strong>The <em>Forgotten</em> Series. </strong>There is a saying that we should never forget our friends, and even though I only covered Symphony and Esso (Thailand) briefly, I guess I should mention them. All the other stocks I ever covered directly on the equities side before I became a full macro guy in Singapore, I kinda mentioned them in some detail at the <em>MCorp Review</em>, but then I realized these are the two oddballs out. So let's talk about Symphony first, and then we can move to Esso (Thailand) in the next review…</p>

The Forgotten Series. There is a saying that we should never forget our friends, and even though I only covered Symphony and Esso (Thailand) briefly, I guess I should mention them. All the other stocks I ever covered directly on the equities side before I became a full macro guy in Singapore, I kinda mentioned them in some detail at the MCorp Review, but then I realized these are the two oddballs out. So let's talk about Symphony first, and then we can move to Esso (Thailand) in the next review…

Thailand

Interlink Communication Public Co., Ltd. is a major importer and distributor of information technology network cabling system products, including UTP, fiber optic, and solar cables, and networking equipment in Thailand and ASEAN. The company also offers engineering services for network and cabling system design and installation, telecommunication services for data connectivity, and medical equipment services. It was founded 39 years ago and is headquartered in Bangkok, Thailand.

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Interlink Communication (ILINK TB)

Five Big Ideas for the Next Five Years

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that...

Athaporn Arayasantiparb, CFA

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Smartkarma Corporate Webinar | ILINK TB: Three-Pronged Network Provider of Thailand

On 27 July, 5PM SGT, join our Corporate Webinar featuring Interlink Communication General Manager Varisa (Risa) Anuntarumporn. Risa will share a...

Smartkarma Research

IPO Radar: AWC (Part I), Possibly the Biggest IPO in 2019

Chareon's TCC Group is planning to launch the IPO of AWC or Asset World Corporation sometime later this year. Unless CDS (Central Department...

Athaporn Arayasantiparb, CFA

Forgotten Fiber...Symphony's Sad Song

The Forgotten Series. There is a saying that we should never forget our friends, and even though I only covered Symphony and Esso (Thailand)...

Athaporn Arayasantiparb, CFA

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