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

Thai Airways International / Equity Bottom-Up

Five interesting news/developments that could impact Thai equities:<ul>
<li>
Updates on Thai Airways restructuring. The Planner gives out details about potential merger with Thai Smile and who will likely call the shots (bondholders, Boeing, Airbus) in the long run.</li>
<li>
Four New Airports. Bhumjaithai's Transport Minister pushes AOT to expand four more airports even as passenger throughput falls by more than half. Some locations such as Buriram seem politically oriented but make less business sense.</li>
<li>
Debt Exploding, as budget deficits lead Thai government to authorize Bt214bn of new loans. Public debt to GDP could rise to 57% by next year, prompting the State to raise its debt ceiling above 60%.</li>
<li>
Everyone wants power! From PTT to EA, everyone wants a piece of the action in the power sector. Increasing stakes in power companies, running electric ferries on the Chao Phrya, you name it.</li>
<li>
TTA's Ship Comes Home. The shipper is guiding for a strong revenue growth of 31% and expansion of both its fleet and restaurant outlets.</li>
</ul>

Five interesting news/developments that could impact Thai equities:

Updates on Thai Airways restructuring. The Planner gives out details about potential merger with Thai Smile and who will likely call the shots (bondholders, Boeing, Airbus) in the long run.

Four New Airports. Bhumjaithai's Transport Minister pushes AOT to expand four more airports even as passenger throughput falls by more than half. Some locations such as Buriram seem politically oriented but make less business sense.

Debt Exploding, as budget deficits lead Thai government to authorize Bt214bn of new loans. Public debt to GDP could rise to 57% by next year, prompting the State to raise its debt ceiling above 60%.

Everyone wants power! From PTT to EA, everyone wants a piece of the action in the power sector. Increasing stakes in power companies, running electric ferries on the Chao Phrya, you name it.

TTA's Ship Comes Home. The shipper is guiding for a strong revenue growth of 31% and expansion of both its fleet and restaurant outlets.


Snippets #44: More Turbulence at THAI, Four New Airports!

We met up with consumer products giant Osotspa and shipping company TTA, which we don't but used to many years ago. This is what they said:<ul>
<li>Osotspa delivered strong earnings of Bt838m (13.2% margin) on the back of 5.3% revenue growth. Much of its strength came from the liquid Vitamin C product, C-Vitt, which helped to drive consumer drinks sales up 22%.</li>
<li>Even once saturated energy drinks segment posted 6% growth as capacity continued to expand in Myanmar. Foreign sales grew 14-15% in the region, though it was partly blunted by the strong Baht on reported basis.</li>
<li>TTA's earnings more than tripled to Bt653m in Q3'19 on the back of a 26% growth in EBITDA. The offshore marine business stood out after signing new contracts with Saudi Aramco, roughly three times bigger than what they had in the past.</li>
<li>TTA also achieved freight rates of US$12,180/t, slightly above industry average but well above their US$5,500/vessel cash cost. The overall prospects for both companies look very bright indeed.</li>
</ul>

We met up with consumer products giant Osotspa and shipping company TTA, which we don't but used to many years ago. This is what they said:
Osotspa delivered strong earnings of Bt838m (13.2% margin) on the back of 5.3% revenue growth. Much of its strength came from the liquid Vitamin C product, C-Vitt, which helped to drive consumer drinks sales up 22%.
Even once saturated energy drinks segment posted 6% growth as capacity continued to expand in Myanmar. Foreign sales grew 14-15% in the region, though it was partly blunted by the strong Baht on reported basis.
TTA's earnings more than tripled to Bt653m in Q3'19 on the back of a 26% growth in EBITDA. The offshore marine business stood out after signing new contracts with Saudi Aramco, roughly three times bigger than what they had in the past.
TTA also achieved freight rates of US$12,180/t, slightly above industry average but well above their US$5,500/vessel cash cost. The overall prospects for both companies look very bright indeed.


First off, we have to admit that the companies (over 30 of them) we visited this quarter were far more interesting than the previous quarter.Note that despite the difficult conditions that all of these companies went through during the royal cremation period in Q4'17, most of them come out unscathed for the year. This indicates that they were either very resilient or simply quite unaffected by the weaker consumer sentiments. Some of them, such as Origin and Erawan, have had a stellar time, but…

First off, we have to admit that the companies (over 30 of them) we visited this quarter were far more interesting than the previous quarter.Note that despite the difficult conditions that all of these companies went through during the royal cremation period in Q4'17, most of them come out unscathed for the year. This indicates that they were either very resilient or simply quite unaffected by the weaker consumer sentiments. Some of them, such as Origin and Erawan, have had a stellar time, but…

Thoresen Thai Agencies / Equity Bottom-Up

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle after RCL (57,000 TEUs vs RCL's 68,000 TEUs). But they are pretty much all over the place. I mean...heck, RCL doesn't sell fertilizers, herbal drinks in Singapore, or pizzas, right? These guys are looking more and more like conglomerate than a shipper. Their sister company (outside the listed TTA) even sells Krispey Kreme Donuts and Nestle coffee in…

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle after RCL (57,000 TEUs vs RCL's 68,000 TEUs). But they are pretty much all over the place. I mean...heck, RCL doesn't sell fertilizers, herbal drinks in Singapore, or pizzas, right? These guys are looking more and more like conglomerate than a shipper. Their sister company (outside the listed TTA) even sells Krispey Kreme Donuts and Nestle coffee in…

If we defined a "Thai-Coon" as a top ten billionaire of Thailand with control of at least one listed entity, then there's gotta be some changes around here yo. The list was first made in 2016, and it's time for a little re-jig. For starters, King Power's tycoon Vichai didn't actually get poorer, though Leicester did horrible after winning the Premiere League just a year ago. The reason he's out is because he's sold the only listed company he controlled <a href="https://www.smartkarma.com/entities/7706" target="_blank" data-smartkarma-citation="entities:7706:1">Asia Aviation Pcl (AAV TB)</a>. Now, that was a…

If we defined a "Thai-Coon" as a top ten billionaire of Thailand with control of at least one listed entity, then there's gotta be some changes around here yo. The list was first made in 2016, and it's time for a little re-jig. For starters, King Power's tycoon Vichai didn't actually get poorer, though Leicester did horrible after winning the Premiere League just a year ago. The reason he's out is because he's sold the only listed company he controlled Asia Aviation Pcl (AAV TB). Now, that was a…

Thailand

Thoresen Thai Agencies Public Company Limited is a strategic investment holding company with diversified interests across several core business groups including shipping, offshore services, agrochemicals, food and beverage, and investment. The company operates dry bulk vessels, provides subsea engineering and offshore oil and gas services, produces fertilizers, and manages food and beverage franchises. Thoresen Thai Agencies is headquartered in Bangkok, Thailand, and was established as Thoresen & Co., (Bangkok) Ltd. on October 31, 1974, evolving from a branch office established in 1937, with its roots in shipping services dating back to 1904 in Hong Kong.

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Thoresen Thai Agencies (TTA TB)

Snippets #44: More Turbulence at THAI, Four New Airports!

Five interesting

Athaporn Arayasantiparb, CFA

Company Visits: Osotspa, TTA

We met up with consumer products giant Osotspa and shipping company TTA, which we don't but used to many years ago. This is what they said: Osotspa...

Athaporn Arayasantiparb, CFA

Company Visits: The Best of March 2018

First off, we have to admit that the companies (over 30 of them) we visited this quarter were far more interesting than the previous quarter.Note...

Athaporn Arayasantiparb, CFA

They Serve Pizza On This Ship!

OK, so they haven't been quite as focused as the other shippers in Thailand, and TTA has fallen in ranking from market leader to second fiddle...

Athaporn Arayasantiparb, CFA

The New Thai-Coons (Class of 2018)

If we defined a "Thai-Coon" as a top ten billionaire of Thailand with control of at least one listed entity, then there's gotta be some changes...

Athaporn Arayasantiparb, CFA

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