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: Osothspa, The Thai Energy Giant Behind M-100/M-150

Silicon Stories #10: Thailand Taxes the Internet

IPO Radar: CMC, New Condo Listing...Literally

IPO Radar: Grand Prix, the Guys Who Bought Us Motor Show Yo!!

IPO Radar: NCAP...Like a Bank, But Not Quite

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

<p>Thailand ranks as one of the major MICE (meetings, incentives, conventions, exhibitions) in Southeast Asia after Singapore, so we are increasingly seeing exhibition-themed companies being listed. Next up is M Vision, the organizer of the Mobile Expo, which happens three times a year in Thailand. Unlike the auto exhibitors, this is only roughly half of their revenues, and their fastest growing revenue stream is in e-commerce, selling a lot of phones for Samsung via Lazada and 11Street.</p><p>Assuming varying growth rates for their businesses (explained in this review) and a net margin of 10%, we arrive at a valuation of Bt1.3/sh for this upcoming IPO by small-ish underwriter Asset Pro. If we have capital at the time, we would be interested in joining assuming the indicative pricing comes in below this level. Granted, it is a really small IPO and will be done on the secondary MAI bourse, not the primary SET one.</p>

Thailand ranks as one of the major MICE (meetings, incentives, conventions, exhibitions) in Southeast Asia after Singapore, so we are increasingly seeing exhibition-themed companies being listed. Next up is M Vision, the organizer of the Mobile Expo, which happens three times a year in Thailand. Unlike the auto exhibitors, this is only roughly half of their revenues, and their fastest growing revenue stream is in e-commerce, selling a lot of phones for Samsung via Lazada and 11Street.Assuming varying growth rates for their businesses (explained in this review) and a net margin of 10%, we arrive at a valuation of Bt1.3/sh for this upcoming IPO by small-ish underwriter Asset Pro. If we have capital at the time, we would be interested in joining assuming the indicative pricing comes in below this level. Granted, it is a really small IPO and will be done on the secondary MAI bourse, not the primary SET one.

IPO Radar: M Vision, The Guys Who Bought Us the Iconic Mobile Expo

M Vision PCL

IPO Radar: M Vision, The Guys Who Bought Us the Iconic Mobile Expo