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!

IPO Radar: Another Melting Ice Cube on Sathorn Road

IPO Radar: A New Asian Series TV Content Provider Emerges

Thai Power Genisys: Origin Stories Before the IPOs

Thai Power: A Primer on Regulations, Returns, & Tariffs

Equity Capital Markets

TOA Paint (Thailand) / Equity Capital Markets

In Singapore, Nippon Paint tycoon Goh Cheng Liang is the fifth richest man, and that fires up our imagination for the Tangkarakun family in Thailand, which founded TOA. TOA is a clear market leader here with almost half the Thai market and 13% of the ASEAN paint market. The paint business is one of slow growth and little advertising, but with big economies of scale, strong branding, and continuous efficiency improvements, this could be an attractive business, and MCorp Reviewvalues the company at Bt22.8/sh and a market cap of US$1.4bn based on existing prospectus data. Currently, indicative pricing is unknown, but around quarter of the shares should be available for free float some time this year. If the indicative price falls below our expectation and we have the cash then, we are definitely participating yo.

In Singapore, Nippon Paint tycoon Goh Cheng Liang is the fifth richest man, and that fires up our imagination for the Tangkarakun family in Thailand, which founded TOA. TOA is a clear market leader here with almost half the Thai market and 13% of the ASEAN paint market. The paint business is one of slow growth and little advertising, but with big economies of scale, strong branding, and continuous efficiency improvements, this could be an attractive business, and MCorp Reviewvalues the company at Bt22.8/sh and a market cap of US$1.4bn based on existing prospectus data. Currently, indicative pricing is unknown, but around quarter of the shares should be available for free float some time this year. If the indicative price falls below our expectation and we have the cash then, we are definitely participating yo.

IPO Radar: TOA, Thailand's New Paint Tycoon