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

<p>Airlines and energy companies seldom do well at the same time. Airlines consume a lot of a fuel, so when fuel prices, usually highly correlated with oil (the world's most important fuel), rises as it did in 2017, airlines tend to do badly. As is shown in 2017, Bangkok Airways will simply be swamped by higher fuel cost, even as Siam Gas has a field day. As mentioned in <a href="https://www.smartkarma.com/insights/thai-strategy-2018-part-i-key-themes" target="_blank" data-smartkarma-citation="insights:15834">Thai Strategy 2018 (Part I): Key Themes</a>, oil prices rose strongly from US$50+/bbl range to US$70/bbl, where it currently trades…</p>

Airlines and energy companies seldom do well at the same time. Airlines consume a lot of a fuel, so when fuel prices, usually highly correlated with oil (the world's most important fuel), rises as it did in 2017, airlines tend to do badly. As is shown in 2017, Bangkok Airways will simply be swamped by higher fuel cost, even as Siam Gas has a field day. As mentioned in Thai Strategy 2018 (Part I): Key Themes, oil prices rose strongly from US$50+/bbl range to US$70/bbl, where it currently trades…

Two Sides of the Same Coin: Energy Vs Airlines

Thailand

Siamgas and Petrochemicals Public Company Limited is a leading distributor of liquefied petroleum gas (LPG) and petrochemical products in Thailand and East Asia. The company's core businesses include trading LPG and petrochemicals, providing transportation services by land and sea, manufacturing LPG cylinders, and offering oil depot and port services. Founded in 2001, the company is headquartered in Bangkok, Thailand.

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Siamgas and Petrochemicals (SGP TB)

Two Sides of the Same Coin: Energy Vs Airlines

Airlines and energy companies seldom do well at the same time. Airlines consume a lot of a fuel, so when fuel prices, usually highly correlated...

Athaporn Arayasantiparb, CFA

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