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

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that they only IPO'd recently and the stock has already shot up almost 60% from its IPO price of just Bt4.5/sh. That's better than the average IPO, which returned about 30% this year. While this stock is no longer cheap, it's interesting to delve down into what these guys actually do and why people are so interested in them in the first place. Just as…

IPO Stalker: PORT, The Merchant of Venice (Of the East)

Italian-Thai Development / Equity Bottom-Up

Two separate branches of the Karnasutra family founded the country's biggest contractor Italian-Thai (by backlog) and TV broadcaster Channel 7 BBTV. Another branch shortly ran the national power company EGAT and includes a CFO of B. Grimm in Thailand. Track record hasn't been that great though. ITD dabbled in non-core businesses (winery, hotels, airlines) in the past and has lost money as contractors, while Channel 7 has now fallen under the control of the Ratanarak banking family. Nevertheless, there's no denying their size and influence in Thai business, the strange nature of the corporate culture, and some interesting discussions about their more successful (if smaller) rivals like STEC, CK, and BEC World.

Two separate branches of the Karnasutra family founded the country's biggest contractor Italian-Thai (by backlog) and TV broadcaster Channel 7 BBTV. Another branch shortly ran the national power company EGAT and includes a CFO of B. Grimm in Thailand. Track record hasn't been that great though. ITD dabbled in non-core businesses (winery, hotels, airlines) in the past and has lost money as contractors, while Channel 7 has now fallen under the control of the Ratanarak banking family. Nevertheless, there's no denying their size and influence in Thai business, the strange nature of the corporate culture, and some interesting discussions about their more successful (if smaller) rivals like STEC, CK, and BEC World.

Hidden Tigers (Episode 2): The Three-Pronged Family Empire

Thailand

Italian-Thai Development Public Company Limited is a comprehensive construction contractor, specializing in large-scale civil engineering and infrastructure projects in Thailand and internationally. The company provides services for buildings, industrial plants, pipelines, highways, railways, dams, tunnels, and power plants, and also engages in real estate, manufacturing of construction materials, and mining. It was founded on August 15, 1958, and is headquartered in Bangkok, Thailand.

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Italian-Thai Development (ITD TB)

IPO Stalker: PORT, The Merchant of Venice (Of the East)

To be fair, this may not be proper stalking, because we never really looked at PORT (Saha Thai Terminal) prior to their IPO, but we learnt that...

Athaporn Arayasantiparb, CFA

Hidden Tigers (Episode 2): The Three-Pronged Family Empire

Two separate branches of the Karnasutra family founded the country's biggest contractor Italian-Thai (by backlog) and TV broadcaster Channel 7...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)