Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Athaporn 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 22 years, of which 19 were in research and 9 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 performs financial advisory services for TKC Services and provides 11 other on-going thematic series ranked by frequency in descending order, namely:

1) Snippets (news-driven);
2) Sathorn Series (financial services);
3) Silicon Stories (technology); 
4) Thai-Coons (billionaire origin series);
5) Reality Check (data-driven, investigative);
6) Thai Media Spotlight;
7) Political Pit Stop; 
8) Telecom Review; 
9) Thai Macro Watch (read-through from foreign events);  
10) Small Cap Diary; and
11) Property Grid

There are also 3 limited-time series driven by specific events or locations, namely:
1) Thai Corona Crisis;
2) South Series; and
3) Mechanics and Details (deal forensics).

The Week that Was in ASEAN@Smartkarma - Indonesian Telcos, The Freeport Saga, and Amata in Vietnam

Company Visits: The Best of November/December 2018

GUNKUL (GUNKUL TB): Solar to Drive Top-Line Growth

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

<p>Vietnam has a higher population density and growth rate than Thailand, not to mention its incredibly long coastline. To top it off, the wage levels are lower than Thailand, China, or even Indonesia. It's pretty much a no-brainer.</p><ul>
<li>Amata's Vietnam subsidiary grew earnings by 56% in 9M'18 to Bt309m, while the parent company actually saw an 18% earnings decline. Fundamentals remains very strong on the Vietnam side with demand outstripping supply and the only bottleneck is the long bureaucratic process. </li>
<li>Occupancy rates at the industrial estate is 97% in Vietnam vs. 90% in Thailand.</li>
<li>The power biz, mainly from JVs with B Grimm, dropped 10% but still make up the bulk of the associate income, while the smaller natural gas business has actually doubled in terms of revenue contributions.</li>
<li>Amata also signed numerous constructive deals with partners such as Siam Cement and Eastwater.</li>
</ul>

Vietnam has a higher population density and growth rate than Thailand, not to mention its incredibly long coastline. To top it off, the wage levels are lower than Thailand, China, or even Indonesia. It's pretty much a no-brainer.
Amata's Vietnam subsidiary grew earnings by 56% in 9M'18 to Bt309m, while the parent company actually saw an 18% earnings decline. Fundamentals remains very strong on the Vietnam side with demand outstripping supply and the only bottleneck is the long bureaucratic process. 
Occupancy rates at the industrial estate is 97% in Vietnam vs. 90% in Thailand.
The power biz, mainly from JVs with B Grimm, dropped 10% but still make up the bulk of the associate income, while the smaller natural gas business has actually doubled in terms of revenue contributions.
Amata also signed numerous constructive deals with partners such as Siam Cement and Eastwater.


Amata: Boring in Bangkok, Shining in Vietnam

Amata Corp Public

Amata: Boring in Bangkok, Shining in Vietnam