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).

HMPRO (HMPRO TB): Continued Margin and Store Expansions

TASCO: Surfing the Spread Uptrend in 2020

The Little League (Season Finale): The Nelson to Kanjanapat's Napoleon

HMPRO: Margin Expands with Improved Consumption

IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players

IPO Radar: DoHome, House Brand Furniture Advocate

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

This week, we visited Homepro, the country's largest home improvement retailer. We have only indirect exposure to this stock through a small investment in QH. The strategy of coming up with multiple formats is starting to pan out.  Homepro currently has 26 main stores in Bangkok, 56 in upcountry Thailand, and six more in Malaysia. They have also created a smaller format that can fit into other party's malls called Homepro S. Currently, there are four of these, including one built in Paseo in…

This week, we visited Homepro, the country's largest home improvement retailer. We have only indirect exposure to this stock through a small investment in QH. The strategy of coming up with multiple formats is starting to pan out.  Homepro currently has 26 main stores in Bangkok, 56 in upcountry Thailand, and six more in Malaysia. They have also created a smaller format that can fit into other party's malls called Homepro S. Currently, there are four of these, including one built in Paseo in…

Homepro Struggles Against High Base Effects

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Homepro Struggles Against High Base Effects