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 Capital Markets

SISB Public Company Limited / Equity Capital Markets

There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are local brands and a few British (Shrewsberry, Harrow) and American (Stamford) ones, only Singapore's <a href="https://www.smartkarma.com/entities/27425" target="_blank" data-smartkarma-citation="entities:27425:1">Singapore International School of Bangkok (SISB TB)</a> has agreed to list. A few things to note about the stock:<ul>
<li>
Valuations: We value the stock at Bt12.4/sh using DCF. The alternate valuation using PE is Bt9.4/sh. We are pretty confident this IPO will be well oversubscribed given its uniqueness and business model.</li>
<li>
Business Model. SISB may not be as good as top international schools, since only 10% of the student body is foreign. The Thai students come from wealthy but not super rich families. Their strongest suit is in kindergarten.</li>
<li>
Leverage is considered high (2x gearing) but manageable given very stable cash flows and inelastic demand for premium education.</li>
<li>
Demographics. High concentration of wealth, increasing need for English and international norms as the export- and tourism-oriented industries take a bigger share of the economy, and more foreigners enter Thailand to support that growth due to lack of local labor.</li>
</ul>

 There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are local brands and a few British (Shrewsberry, Harrow) and American (Stamford) ones, only Singapore's Singapore International School of Bangkok (SISB TB) has agreed to list. A few things to note about the stock:

Valuations: We value the stock at Bt12.4/sh using DCF. The alternate valuation using PE is Bt9.4/sh. We are pretty confident this IPO will be well oversubscribed given its uniqueness and business model.

Business Model. SISB may not be as good as top international schools, since only 10% of the student body is foreign. The Thai students come from wealthy but not super rich families. Their strongest suit is in kindergarten.

Leverage is considered high (2x gearing) but manageable given very stable cash flows and inelastic demand for premium education.

Demographics. High concentration of wealth, increasing need for English and international norms as the export- and tourism-oriented industries take a bigger share of the economy, and more foreigners enter Thailand to support that growth due to lack of local labor.


IPO Radar: SISB...International Schools = License to Print Money

Thailand

SISB operates a premium K-12 international school in Thailand, adopted Singapore, UK and IBDP curriculum as a blended student pathway in schools. SISB was established in 2001 with the school license under the Private School Act. Currently, there are 6 international schools with over 4,000 students.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SISB Public Company Limited (SISB TB)

IPO Radar: SISB...International Schools = License to Print Money

There are probably around 10 international schools in Bangkok catering to expatriates and very select Thai upper class. Though the majority are...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)