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).

IPO Radar: ICN, Nokia Siemens' Best Buddy

Reality Check VIII: Is ZIGA Still Worth a Bet?

IPO Radar: Do Day Dream, the Turbo-Charged Snail Cream Startup

Sathorn Series A: Asia Plus Treading Water

IPO Radar: Thonburi, Scruffy Hospital from the West Side Yo!

IPO Radar: TOA, Thailand's New Paint Tycoon

IPO Radar: A New Asian Series TV Content Provider Emerges

Equity Capital Markets

Kingsford Securities / Equity Capital Markets

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

Maybank Kim Eng Securities Thailand (MBKET TB)

IPO Radar: Another Melting Ice Cube on Sathorn Road