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

Thematic (Sector/Industry)

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP insights of the Week in ASEANIn his insight, <a href="https://www.smartkarma.com/insights/thailand-s-hotel-software-honcho" target="_blank" data-smartkarma-citation="insights:11272">Thailand’s Hotel Software Honcho</a>, our Thai Guru, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  comments on two companies following company visits. The first is <a href="https://www.smartkarma.com/entities/24174" target="_blank" data-smartkarma-citation="entities:24174:1">Comanche International PCL (COMAN TB)</a>, which is a Thai software company catering to the hotel and restaurant industry. Its existing client base includes 42 hotel…

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP insights of the Week in ASEANIn his insight, Thailand’s Hotel Software Honcho, our Thai Guru, Athaporn Arayasantiparb, CFA  comments on two companies following company visits. The first is Comanche International PCL (COMAN TB), which is a Thai software company catering to the hotel and restaurant industry. Its existing client base includes 42 hotel…

The Week that Was in ASEAN@Smartkarma - Railways, Scandals and Dog Fights

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

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

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of the profits came from subsidiaries, amounting to Bt513m, and the majority of this came from the power business (Bt410m). Another Bt76m of the profits came from its LNG distribution joint venture which they recently started with PTT. These are pretty impressive numbers considering the fact that Thai labor costs are expensive compared to Indonesia and…

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of the profits came from subsidiaries, amounting to Bt513m, and the majority of this came from the power business (Bt410m). Another Bt76m of the profits came from its LNG distribution joint venture which they recently started with PTT. These are pretty impressive numbers considering the fact that Thai labor costs are expensive compared to Indonesia and…

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who once supported the Thaksinites but have since defected to the swing vote party Bhumjaitai. This family is also a splinter of the Jurangkool family which recently acquired a big stake in Nok Air. In other words, they are BIG!! But most of their assets are not listed. We stumbled upon the tip of the dragon’s tail recently when we met Thai Steel Cable…

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who once supported the Thaksinites but have since defected to the swing vote party Bhumjaitai. This family is also a splinter of the Jurangkool family which recently acquired a big stake in Nok Air. In other words, they are BIG!! But most of their assets are not listed. We stumbled upon the tip of the dragon’s tail recently when we met Thai Steel Cable…

Thailand

Pylon Public Company Limited is a construction services company specializing in foundation construction and civil engineering in Thailand. The company's core business involves providing bored piling, ground improvement by jet grouting, and diaphragm wall services for various construction projects. It was founded on August 13, 2002, and is headquartered in Bangkok, Thailand.

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Pylon (PYLON-R TB)

The Week that Was in ASEAN@Smartkarma - Railways, Scandals and Dog Fights

This week's offering in ASEAN includes a plethora of company visits and on the ground commentary from our Insight Providers in South East Asia.TOP...

Angus Mackintosh

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

AMATA: Immortals of the Industrials

AMATA. For 9M'17, Amata reported 39% revenue growth and more than doubling (+140%) of earnings. Pre-land sales rose 18% to 331 rais. Almost half of...

Athaporn Arayasantiparb, CFA

A Glimpse into Thai Summit Group

Thai Summit Group is one of the largest industrial groups in Thailand, mainly doing auto parts. It was founded by the Jungrungroengkij family, who...

Athaporn Arayasantiparb, CFA

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