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)

We met up these two leasing companies again, and it's pretty timely given the recent rumors about Thitikorn's rather quixotic attempt to buy BAY's leasing/car finance business. Phatra Leasing hasn't quite made the headlines recently. Hmm...when we think about it, we've never mentioned them lately. OK, so basically, these guys are like the leasing arm of KBANK Group ( <a href="https://www.smartkarma.com/insights/the-little-league-season-premiere-house-of-green" target="_blank" data-smartkarma-citation="insights:7748">The Little League (Season Premiere): House of Green</a>). Are they big? Yes. Are they the biggest in Thailand? Probably not, but it's…

We met up these two leasing companies again, and it's pretty timely given the recent rumors about Thitikorn's rather quixotic attempt to buy BAY's leasing/car finance business. Phatra Leasing hasn't quite made the headlines recently. Hmm...when we think about it, we've never mentioned them lately. OK, so basically, these guys are like the leasing arm of KBANK Group ( The Little League (Season Premiere): House of Green). Are they big? Yes. Are they the biggest in Thailand? Probably not, but it's…

Sathorn Series F: Exploring Thai Leasing

In the wake of the news about Barclay's potential acquisition of Standard Chartered, we had a chat with a friend who works for the potential target company. In Thailand, this deal itself is probably not a big issue as it is globally or in London. Barclays only has limited investment banking presence here, though Standard Chartered, even after selling off its retail business to TISCO, still has a large corporate loans portfolio, legacy of long years of operations as well as its long-ago…

In the wake of the news about Barclay's potential acquisition of Standard Chartered, we had a chat with a friend who works for the potential target company. In Thailand, this deal itself is probably not a big issue as it is globally or in London. Barclays only has limited investment banking presence here, though Standard Chartered, even after selling off its retail business to TISCO, still has a large corporate loans portfolio, legacy of long years of operations as well as its long-ago…

Sathorn Series E: New Wave of Bank Mergers?

Equity Bottom-Up

AsiaSoft turned their first quarterly profit like…ever. In Q1’16, they were still losing almost Bt60m, but they managed to eke out Bt10m profit this year. According to management, a big part of this is just better cost management yo. They’re still in the process of looking for a CFO, but they have pooled together many central functions into Singapore, especially those were the content are in English…This includes Malaysia and Philippines, just in case you were wondering. It’s also the first time…

AsiaSoft turned their first quarterly profit like…ever. In Q1’16, they were still losing almost Bt60m, but they managed to eke out Bt10m profit this year. According to management, a big part of this is just better cost management yo. They’re still in the process of looking for a CFO, but they have pooled together many central functions into Singapore, especially those were the content are in English…This includes Malaysia and Philippines, just in case you were wondering. It’s also the first time…

AsiaSoft's First Profit & Ride With the Devils

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Thailand

Thitikorn Public Company Limited provides hire purchase financing services for motorcycles and automobiles.

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Thitikorn Pcl (TK TB)

Sathorn Series F: Exploring Thai Leasing

We met up these two leasing companies again, and it's pretty timely given the recent rumors about Thitikorn's rather quixotic attempt to buy BAY's...

Athaporn Arayasantiparb, CFA

Sathorn Series E: New Wave of Bank Mergers?

In the wake of the news about Barclay's potential acquisition of Standard Chartered, we had a chat with a friend who works for the potential target...

Athaporn Arayasantiparb, CFA

AsiaSoft's First Profit & Ride With the Devils

AsiaSoft turned their first quarterly profit like…ever. In Q1’16, they were still losing almost Bt60m, but they managed to eke out Bt10m profit...

Athaporn Arayasantiparb, CFA

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Five Big Ideas for the Next Five Years

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that...

Athaporn Arayasantiparb, CFA

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