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).

SAPPE (SAPPE TB): Offers Drinks and Powder to Ride on Health Trend

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

Hidden Tigers (Season Finale): Thailand's Instant Noodle King

The New Thai-Coons (Part I): Class of 2017

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

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

Osotspa Public Company Limited / Equity Capital Markets

2018's rare big IPO. 2018 is not a great year for Thai IPOs, so Osothspa, a company that is older than a century and boasts control over Thailand's market leader in energy drink, is a rare breed if it lists this year. The Osathanukroh family is one of Thailand's richest, and post-IPO, MCorp Review estimates that they will become wealthier than the Bangkok Bank tycoons. We estimate the market cap of OSP to be US$1.9bn, so if they IPO at under Bt19.5/sh, we would recommend participating in this IPO. Granted, the company's outlook looked pretty poor in 2017, but that was largely due to the overall decline in consumer spending as well as cancellation of their contracts with Unicharm, the market leader in diapers, but these contracts are high volume and low margin, so we wouldn't be too worried. Why did it take them so long to list? We think it's largely because there was no need for the money to begin with. The market looks a little saturated, but they are trying to supplement that with growth in the mainland ASEAN regions. Also, CBG seems to be breathing down their neck, so that's always something to think about.

2018's rare big IPO. 2018 is not a great year for Thai IPOs, so Osothspa, a company that is older than a century and boasts control over Thailand's market leader in energy drink, is a rare breed if it lists this year. The Osathanukroh family is one of Thailand's richest, and post-IPO, MCorp Review estimates that they will become wealthier than the Bangkok Bank tycoons. We estimate the market cap of OSP to be US$1.9bn, so if they IPO at under Bt19.5/sh, we would recommend participating in this IPO. Granted, the company's outlook looked pretty poor in 2017, but that was largely due to the overall decline in consumer spending as well as cancellation of their contracts with Unicharm, the market leader in diapers, but these contracts are high volume and low margin, so we wouldn't be too worried. Why did it take them so long to list? We think it's largely because there was no need for the money to begin with. The market looks a little saturated, but they are trying to supplement that with growth in the mainland ASEAN regions. Also, CBG seems to be breathing down their neck, so that's always something to think about.

Saha Pathanapibul Public Company Limited (SPC TB)

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