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)

A recent report by Verisk Maplecroft has some pretty grim conclusions for labor markets in Asia. It's pretty long reading, but they highlight the risk that in many Asian markets, labor will become super cheap as they are forced to compete with robots:<ul>
<li>China bought 30% of the industrial robots globally.</li>
<li>According to the ILO (International Labor Organization), ASEAN-5 countries could see 56% job loss to robots by 2040.  </li>
<li>On the bright side, Thailand seems to have the best chance of escaping this…</li>
</ul>

A recent report by Verisk Maplecroft has some pretty grim conclusions for labor markets in Asia. It's pretty long reading, but they highlight the risk that in many Asian markets, labor will become super cheap as they are forced to compete with robots:
China bought 30% of the industrial robots globally.
According to the ILO (International Labor Organization), ASEAN-5 countries could see 56% job loss to robots by 2040.  
On the bright side, Thailand seems to have the best chance of escaping this…


Equity Capital Markets

Since Phil Knight wrote his autobiography Shoe Dog, Nike went out to invest in Michael Jordan's shoe company Jordan and acquired rival Converse. In Thailand, Converse's exclusive agent is Rich Sport, which has recently filed for IPO. While Converse is not necessarily as strong a brand as Nike or Adidas, it is sold in more than 150 stores nationwide. We estimate that the IPO range is very wide between Bt4.3/sh to Bt9/sh depending on whether you use DCF or relative valuation, but suspect that it will be priced in the high range, if the IPO happens in the bullish late 2017 period.Though not fans of this brand, we might be willing to participate in the IPO if the indicative price comes in under Bt9/sh. After all, you don't have to like the cook to enjoy the food, and Liu Pei used to be a shoemaker before he became Emperor of Shu (...Yes, that's Shu, not shoe).

Since Phil Knight wrote his autobiography Shoe Dog, Nike went out to invest in Michael Jordan's shoe company Jordan and acquired rival Converse. In Thailand, Converse's exclusive agent is Rich Sport, which has recently filed for IPO. While Converse is not necessarily as strong a brand as Nike or Adidas, it is sold in more than 150 stores nationwide. We estimate that the IPO range is very wide between Bt4.3/sh to Bt9/sh depending on whether you use DCF or relative valuation, but suspect that it will be priced in the high range, if the IPO happens in the bullish late 2017 period.Though not fans of this brand, we might be willing to participate in the IPO if the indicative price comes in under Bt9/sh. After all, you don't have to like the cook to enjoy the food, and Liu Pei used to be a shoemaker before he became Emperor of Shu (...Yes, that's Shu, not shoe).

IPO Radar: Rich Sport, the Thai "Shoe Dog"

Thailand

Rich Sport Public Company Limited is a Thailand-based distributor of fashion and lifestyle products, including footwear, apparel, and accessories like bags, caps, and socks. The company distributes products from international brands such as Converse, Barrel, ECCO, O&B, Havaianas, ADLV, and Geox across Thailand and Cambodia. It was established in 2001 and is headquartered in Bangkok, Thailand.

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Rich Sport (RSP TB)

Maplecroft on Labor & Robotics

A recent report by Verisk Maplecroft has some pretty grim conclusions for labor markets in Asia. It's pretty long reading, but they highlight the...

Athaporn Arayasantiparb, CFA

IPO Radar: Rich Sport, the Thai "Shoe Dog"

Since Phil Knight wrote his autobiography Shoe Dog, Nike went out to invest in Michael Jordan's shoe company Jordan and acquired rival Converse. In...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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