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

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its market cap and has gotten an earful from retail investors. Having said that, MCorp Review feels that the management hasn't done such a poor job, considering:<ul>
<li>Earnings jumped from Bt8m last year to Bt288m in 9M'18 even as rubber prices tanked 24%.</li>
<li>They achieved this mainly through margin expansion and cost reduction (change of production process) and are in the process of expanding capacity by next year.</li>
<li>Don't forget that if the Dems, whose voter base has always been in the rubber-growing South, gets into this government, they will probably do something about that rubber price.</li>
</ul>We also threw in a little bonus track for the short meeting we had with ASN, an insurance broker, on the same day.

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its market cap and has gotten an earful from retail investors. Having said that, MCorp Review feels that the management hasn't done such a poor job, considering:
Earnings jumped from Bt8m last year to Bt288m in 9M'18 even as rubber prices tanked 24%.
They achieved this mainly through margin expansion and cost reduction (change of production process) and are in the process of expanding capacity by next year.
Don't forget that if the Dems, whose voter base has always been in the rubber-growing South, gets into this government, they will probably do something about that rubber price.
We also threw in a little bonus track for the short meeting we had with ASN, an insurance broker, on the same day.

IPO Stalker: Northeast Rubber Works Hard for A Little Investor Respect

Thailand

North East Rubber Public Company Limited manufactures and sells rubber products, including ribbed smoked sheets, standard Thai rubber, and mixture rubber, primarily for the automotive industry. The company also produces specialty products like Cattleflex livestock rubber mats. It exports its products to various countries, including China, Singapore, Japan, Cambodia, and India. North East Rubber Public Company Limited was established on June 12, 2006, and is headquartered in Prakhon Chai, Thailand.

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North East Rubber (NER TB)

IPO Stalker: Northeast Rubber Works Hard for A Little Investor Respect

NER (Northeast Rubber) is a Sri Trang look-alike on a much smaller scale that just IPO'd on November 7, but it's already lost a quarter of its...

Athaporn Arayasantiparb, CFA

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