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

Bangkok Chain Hospital / Equity Bottom-Up

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  <a href="https://www.smartkarma.com/companies/339" target="_blank" data-smartkarma-citation="companies:339">A. Stotz Investment Research</a> has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  A. Stotz Investment Research has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

Old Wine in New Bottle. In September, the unpopular Nok Air CEO Patee Sarasin resigned in favor of his deputy Piya Yodmanee, who immediately announced plans to recapitalize to the tune of Bt1.7bn without committing to any timeline regarding when Nok Air would return to profitability. The stock rose soon after his appointment, and Thai Airways softened its stance on not joining the recap plan. China's Henan Group continues to wait in its wings, seemingly eager to pounce on Nok Air at least via…

Old Wine in New Bottle. In September, the unpopular Nok Air CEO Patee Sarasin resigned in favor of his deputy Piya Yodmanee, who immediately announced plans to recapitalize to the tune of Bt1.7bn without committing to any timeline regarding when Nok Air would return to profitability. The stock rose soon after his appointment, and Thai Airways softened its stance on not joining the recap plan. China's Henan Group continues to wait in its wings, seemingly eager to pounce on Nok Air at least via…

Thai Airways International / Equity Bottom-Up

Recently, there has been a lot of ongoing drama in Thai aviation. In roughly a month’s time, we have seen Thai Airways rise almost 20% from a recent low of Bt17/sh, and most of the catalysts are short-term and external in nature. The two biggest issue appears to be: 1) their refusal to invest in former low-cost subsidiary Nok Air; and 2) the sanctions by Arab states on Qatar, home to aviation honcho Qatar Air. In this review, we look at some of the issues surrounding both events. In our view…

Recently, there has been a lot of ongoing drama in Thai aviation. In roughly a month’s time, we have seen Thai Airways rise almost 20% from a recent low of Bt17/sh, and most of the catalysts are short-term and external in nature. The two biggest issue appears to be: 1) their refusal to invest in former low-cost subsidiary Nok Air; and 2) the sanctions by Arab states on Qatar, home to aviation honcho Qatar Air. In this review, we look at some of the issues surrounding both events. In our view…

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth slowed down to 13%, but that's on a base of close to a million. This year, we seem on track to cross the million mark, since the first two months alone, some 140,300 Thais have gone to the Land of Rising Sun. On this theme, we focus on airports and airlines, since the hotels are mainly based in Thailand. Chains such as MINT may have presence in weird…

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth slowed down to 13%, but that's on a base of close to a million. This year, we seem on track to cross the million mark, since the first two months alone, some 140,300 Thais have gone to the Land of Rising Sun. On this theme, we focus on airports and airlines, since the hotels are mainly based in Thailand. Chains such as MINT may have presence in weird…

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the Kingdom. Currently, there are 586 stores in total, and CENTEL, the second largest restaurant operator in Thailand after MINT, already runs 212 of them. KFC is the biggest brand under CENTEL's umbrella in terms of both number of stores and revenues (other portfolio brands include Mister Donuts, Ootoya, Auntie Anne, and Pepper Lunch), so they are definitely…

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the Kingdom. Currently, there are 586 stores in total, and CENTEL, the second largest restaurant operator in Thailand after MINT, already runs 212 of them. KFC is the biggest brand under CENTEL's umbrella in terms of both number of stores and revenues (other portfolio brands include Mister Donuts, Ootoya, Auntie Anne, and Pepper Lunch), so they are definitely…

Snippets#6: CENTEL's KFC Bid, Trump's Flabby Dollar$

Thailand

Thai Airways International Public Company Limited is the flag carrier airline of Thailand, providing passenger, cargo, and mail transportation on scheduled and chartered flights to domestic and international destinations. The company also offers related services such as ground handling, catering, and aircraft maintenance. It is headquartered in Bangkok, Thailand, and was founded in 1960.

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Thai Airways International (THAI TB)

On the Ground Observations at BCH

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our...

Athaporn Arayasantiparb, CFA

Nok (Bird) Air: Albatross or Galapagos?

Old Wine in New Bottle. In September, the unpopular Nok Air CEO Patee Sarasin resigned in favor of his deputy Piya Yodmanee, who immediately...

Athaporn Arayasantiparb, CFA

Dog Fight Over Thai Skies

Recently, there has been a lot of ongoing drama in Thai aviation. In roughly a month’s time, we have seen Thai Airways rise almost 20% from a...

Athaporn Arayasantiparb, CFA

It's Songkran. Let's Fly to Japan!

The Number One Foreign Destination for Thai outbound tourists is Japan. Over the past five years, it's grown 36% per year. Last year, the growth...

Athaporn Arayasantiparb, CFA

Snippets#6: CENTEL's KFC Bid, Trump's Flabby Dollar$

CENTEL could bid for KFC Franchises in Thailand, as Yum! Brands appears on the verge of selling some 244 stores it operates directly in the...

Athaporn Arayasantiparb, CFA

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