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: CMC, New Condo Listing...Literally

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

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

Sathorn Series 9: Surviving the Sunset in Thai Securities

Snippets#3: Thailand's New Debt Crisis? Hmm...Maybe Not

IPO Radar: CHAYO, the Next JMT (Debt Collection Biz)

IPO Radar: B-WORK, A True Office REIT....Yeah, That'll Work :)

IPO Radar: SHREIT, Charoen's Next Hotel REIT

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

Nakhonluang Capital PCL / Equity Capital Markets

<p><strong>NCAP or Nakornluang Capital</strong> is the last IPO we can currently find in the MAI (Thailand's secondary bourse) filing so far. Basically, this company does all sorts of non-banking financing, but over 80% of it is just loans, typically with higher interests than banks. They are prone to all the risks we normally think about in banking (credit, default, concentration risk, etc). We valued them using two methods and eventually picked relative valuation over DDM (dividend discount), because the numbers make a lot more sense from a practical standpoint. If the IPO comes out at under Bt3.2/sh and we still have capital at the time, we will be willing to participate.</p>

NCAP or Nakornluang Capital is the last IPO we can currently find in the MAI (Thailand's secondary bourse) filing so far. Basically, this company does all sorts of non-banking financing, but over 80% of it is just loans, typically with higher interests than banks. They are prone to all the risks we normally think about in banking (credit, default, concentration risk, etc). We valued them using two methods and eventually picked relative valuation over DDM (dividend discount), because the numbers make a lot more sense from a practical standpoint. If the IPO comes out at under Bt3.2/sh and we still have capital at the time, we will be willing to participate.

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