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

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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 8th. We estimate that they had an aggregated short interest worth USD3.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Krung Thai Bank, PTT E&amp;P, SCC, Thai Union, Bangchak, PTT E&amp;P, Scc, Krung Thai Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 8th. We estimate that they had an aggregated short interest worth USD3.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Krung Thai Bank, PTT E&amp;P, SCC, Thai Union, Bangchak, PTT E&amp;P, Scc, Krung Thai Bank.


Thailand Short Interest Weekly (May 8th): Krung Thai Bank, PTT E&P, SCC, Thai Union, Bangchak

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market awareness. Many peers investing in this space were up more than 20% in 2017 but were labelled as underperforming the Index, which in the case of the MSCI Asia Ex.Japan was up 38.7%!The purpose of this report is to dig beyond the headline figure and highlight pockets of over and underperformance, as-well-as opportunities for the upcoming year.We have created…

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market awareness. Many peers investing in this space were up more than 20% in 2017 but were labelled as underperforming the Index, which in the case of the MSCI Asia Ex.Japan was up 38.7%!The purpose of this report is to dig beyond the headline figure and highlight pockets of over and underperformance, as-well-as opportunities for the upcoming year.We have created…

ASEAN Small-Micro Cap – Winners, Losers and Opportunities for 2018

Thailand

Srisawad Corporation Public Company Limited is a Thai financial services company specializing in retail credit systems, including hire-purchase, secured loans for vehicles, homes, and land, and unsecured personal loans. The company also engages in non-performing asset management and debt collection services. It was founded in 1979 and is headquartered in Bangkok, Thailand.

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Srisawad (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

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

Thailand Short Interest Weekly (May 8th): Krung Thai Bank, PTT E&P, SCC, Thai Union, Bangchak

We analyzed SET short interest report for the past week and highlighted short interest changes in Krung Thai Bank, PTT E&P, SCC, Thai Union,...

Ke Yan, CFA, FRM

ASEAN Small-Micro Cap – Winners, Losers and Opportunities for 2018

If there’s one thing we bottom-up small-cap investors do poorly versus our large-cap mutual- and hedge-fund counterparts is overall market...

Lloyd Moffatt

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)