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)

In the world of credit, the Banks have always been the whales, and the non-bank financiers are like guppies. The bankers never saw them as serious competition, but thanks to lower regulations, higher interest rates, and just more flexibility in general, many of these companies have turned themselves into market darlings, trading at ridiculous multiples. While the deal by Thitkorn to buy BAY's car leasing business never panned out (we are sceptical from the start), the very fact that it was even…

In the world of credit, the Banks have always been the whales, and the non-bank financiers are like guppies. The bankers never saw them as serious competition, but thanks to lower regulations, higher interest rates, and just more flexibility in general, many of these companies have turned themselves into market darlings, trading at ridiculous multiples. While the deal by Thitkorn to buy BAY's car leasing business never panned out (we are sceptical from the start), the very fact that it was even…

Sathorn Series J: Non-Bank Financiers and Their Close Kin

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

The Stock Exchange of Thailand is hosting the Thailand Focus 2018 in Bangkok on August 29-31, 2018. This will be a great opportunity to meet some of the 140 companies listed to attend.
More information on the conference and the full list of companies can be found <a href="https://www.set.or.th/thailandfocus/2018/index.html" target="_blank">here</a>.
To filter the broad list of companies in attendance we have run five screens and highlight those which ranked well on each metric and our top picks for the conference.
For an excel with the full list of companies and fundamental…

The Stock Exchange of Thailand is hosting the Thailand Focus 2018 in Bangkok on August 29-31, 2018. This will be a great opportunity to meet some of the 140 companies listed to attend.
More information on the conference and the full list of companies can be found here.
To filter the broad list of companies in attendance we have run five screens and highlight those which ranked well on each metric and our top picks for the conference.
For an excel with the full list of companies and fundamental…

My Top Picks for the 2018 Thailand Focus Conference

Event-Driven

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. <ul><li>
TICON's takeover of Rojana. The TCC Group ( <a href="https://www.smartkarma.com/insights/tcc-group-the-man-with-the-iron-wallet" target="_blank" data-smartkarma-citation="insights:16450">TCC Group: The Man With the Iron Wallet</a>) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…</li></ul>

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by financial metrics, but they have some impact on the sectors they currently operate in. 
TICON's takeover of Rojana. The TCC Group ( TCC Group: The Man With the Iron Wallet) basically plans to use TICON, an industrial estate developer known for leasing out ready-made factories, to acquire Rojana, a more conventional developer. The combined company will…

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While starting small, we hope to build out the content over time to be more useful and insightful for readers. Any feedback or suggestions are most welcome in the comments below.Market OverviewSmall-cap indices were down across the board with the exception of Singapore and the Philippines, where WHC indices were up 2.7% and 4.7% respectively. Thailand was the…

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While starting small, we hope to build out the content over time to be more useful and insightful for readers. Any feedback or suggestions are most welcome in the comments below.Market OverviewSmall-cap indices were down across the board with the exception of Singapore and the Philippines, where WHC indices were up 2.7% and 4.7% respectively. Thailand was the…

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Feb'18

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for unsecured loans. The absolute JPY balance increases at Aiful (8515.JP) remains the highest within the consumer finance industry. * Aiful’s Thai business will be profitable by FY 3/19 and is expected to represent 7% of consolidated profits by FY 3/20.  Further, media reports suggest that Aiful is considering listing its Thai subsidiary. * The drawdown…

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for unsecured loans. The absolute JPY balance increases at Aiful (8515.JP) remains the highest within the consumer finance industry. * Aiful’s Thai business will be profitable by FY 3/19 and is expected to represent 7% of consolidated profits by FY 3/20.  Further, media reports suggest that Aiful is considering listing its Thai subsidiary. * The drawdown…

Thailand

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

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Srisawad Power 1979 (SAWAD TB)

Sathorn Series J: Non-Bank Financiers and Their Close Kin

In the world of credit, the Banks have always been the whales, and the non-bank financiers are like guppies. The bankers never saw them as serious...

Athaporn Arayasantiparb, CFA

My Top Picks for the 2018 Thailand Focus Conference

The Stock Exchange of Thailand is hosting the Thailand Focus 2018 in Bangkok on August 29-31, 2018. This will be a great opportunity to meet some...

Lloyd Moffatt

Notable Thai Deals for H1'18

Occasionally, we take stock of the most important deals in each period. For H1'18, we highlight three deals. They are not necessarily big deals by...

Athaporn Arayasantiparb, CFA

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Feb'18

This is the second instalment of Wickhams Hill’s monthly note covering the performance of small-cap markets across ASEAN and Hong Kong. While...

Lloyd Moffatt

Aiful – Sawasdee Ka

* Domestic Japanese lending business has new customer acquisition tracking above target, reflecting positive changes in the current environment for...

Thomas J. Monaco

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