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).

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

Homepro Struggles Against High Base Effects

HMPRO (HMPRO TB): Continued Margin and Store Expansions

Five Strategies Favored by Thai Conglomerates and Tycoons

IPO Radar: Chic Republic, Homepro Wannabe

A Tale of Two Retailers: Homepro Vs. Platinum

Telecom Review: A Primer on Concessions and Spectrums

Telecom Review: Four Bunnies Up True's Magic Hat

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 Capital Markets

We came across DoHome, a sizable furniture retailer with 9 outlets and plans to expand to 13 within four years, and their investment story seem far more interesting than the operational underperformer Chic Republic, which we studied earlier. Using DCF, we arrived at a value of Bt27/sh (market cap around US$1.6bn), so we'll see how this measures against their actual IPO. The company has grown earnings on average 56% a year prior to 2019, and gross margins on their house brand is consistently double of third party brands. Now, that's an interesting angle we could go with. This IPO is good for 26% of shares outstanding and helps to reduce risk associated with lack of funding for expansion, since it's firmly underwritten by Phatra and KSec.

We came across DoHome, a sizable furniture retailer with 9 outlets and plans to expand to 13 within four years, and their investment story seem far more interesting than the operational underperformer Chic Republic, which we studied earlier. Using DCF, we arrived at a value of Bt27/sh (market cap around US$1.6bn), so we'll see how this measures against their actual IPO. The company has grown earnings on average 56% a year prior to 2019, and gross margins on their house brand is consistently double of third party brands. Now, that's an interesting angle we could go with. This IPO is good for 26% of shares outstanding and helps to reduce risk associated with lack of funding for expansion, since it's firmly underwritten by Phatra and KSec.

IPO Radar: DoHome, House Brand Furniture Advocate

Dohome PCL

IPO Radar: DoHome, House Brand Furniture Advocate