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 Stalker: SHREIT Clarifies Its Expansion Plans

Applying the Baum Principles to Thai Property

IPO Radar: SHREIT, Charoen's Next Hotel REIT

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

Sector Briefing: Beer in Vietnam (Production, Imports and Exports + Competitive Landscape) - Part 2

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).

Event-Driven

Strategic Hospitality Freehold and Leasehold REIT / Event-Driven

Strategic Hospitality Freehold and Leasehold REIT (SHREIT TB)

Strategic Hospitality Freehold and Leasehold REIT

In this review, we re-evaluated what SHREIT is worth based on its new acquisition and (for now) abandonment of two Cambodian projects. The memo (two booklets collectively over 200 pages) sent by the company allows us to value the deal, the acquisitions of Sofitel Bali and Hilton KL (Malaysia), under three assumptions, and our new fair value for SHREIT ranges from the worst case (Bt15.3/sh) to the base case (Bt17.3/sh). Though it is 9% lower than the original target price, there is still considerable upside here. Even in the worst case, we see considerable upside for the REIT.On the balance, we decided to keep our existing investment but not put in new money. We prefer domestic office REITs such as B-WORK over SHREIT. Considerable details of the deal dynamics will be provided below. While the 532-room Hilton KL caters to a lot of business travelers and hosts seminars, Sofitel Bali is primarily a tourist hotel. Located close to the BIMC Hospital, it also derives much of its income from those going to the Ismaya Beach.

In this review, we re-evaluated what SHREIT is worth based on its new acquisition and (for now) abandonment of two Cambodian projects. The memo (two booklets collectively over 200 pages) sent by the company allows us to value the deal, the acquisitions of Sofitel Bali and Hilton KL (Malaysia), under three assumptions, and our new fair value for SHREIT ranges from the worst case (Bt15.3/sh) to the base case (Bt17.3/sh). Though it is 9% lower than the original target price, there is still considerable upside here. Even in the worst case, we see considerable upside for the REIT.On the balance, we decided to keep our existing investment but not put in new money. We prefer domestic office REITs such as B-WORK over SHREIT. Considerable details of the deal dynamics will be provided below. While the 532-room Hilton KL caters to a lot of business travelers and hosts seminars, Sofitel Bali is primarily a tourist hotel. Located close to the BIMC Hospital, it also derives much of its income from those going to the Ismaya Beach.  

IPO Stalker: SHREIT Doubles Down on Bali & Malaysia