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: Thonburi, Scruffy Hospital from the West Side Yo!

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

Praram 9 Hospital PCL / Equity Capital Markets

<p>As the name suggests, <a href="https://www.smartkarma.com/entities/27345" target="_blank" data-smartkarma-citation="entities:27345:1">Praram 9 Hospital PCL (PR9 TB)</a> is located on Rama 9 Road, one of Bangkok's busiest. Like the earlier <a href="https://www.smartkarma.com/entities/27331" target="_blank" data-smartkarma-citation="entities:27331:1">Dohome PCL (DO TB)</a> IPO we discussed, it is underwritten by Phatra, increasingly an IPO leader in Thailand this year. The Damapong family of Thaksin's former First Lady  is the key shareholder with token representation from the Singha Group. The single-facility hospital is doubling its capacity by the end of next year at a cost of over Bt2bn. After some iterations, we have valued the stock at Bt11.1/sh using a target PE of 32.7x, the average amongst smaller Thai hospitals, though we have experimented with other methods such as DCF as well. The best case valuation, using the latter method, is Bt18.4/sh.</p>

As the name suggests, Praram 9 Hospital PCL (PR9 TB) is located on Rama 9 Road, one of Bangkok's busiest. Like the earlier Dohome PCL (DO TB) IPO we discussed, it is underwritten by Phatra, increasingly an IPO leader in Thailand this year. The Damapong family of Thaksin's former First Lady  is the key shareholder with token representation from the Singha Group. The single-facility hospital is doubling its capacity by the end of next year at a cost of over Bt2bn. After some iterations, we have valued the stock at Bt11.1/sh using a target PE of 32.7x, the average amongst smaller Thai hospitals, though we have experimented with other methods such as DCF as well. The best case valuation, using the latter method, is Bt18.4/sh.

IPO Radar: Praram 9, a Hospital on One of Bangkok's Busiest Roads