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).

Company Visits: The Best of November/December 2018

GUNKUL (GUNKUL TB): Solar to Drive Top-Line Growth

The Competitive World of Thai Contractors (Non-Network)

IPO Radar: Enter the Stonehenge!...A Rare Architectural Consulting Firm

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 Bottom-Up

Thai Enger Holding PCL / Equity Bottom-Up

TIGER launched its IPO in late October, and we finally got our chance to meet up with management to discuss how they were doing. Here's a quick run-down:<ul>
<li>
Revenues rising over 50% to Bt1.25bn for the year due to several projects being delivered. Q4 is a high season for them, and some samples of projects being delivered in Q4'18 and Q1'19 include Singha Complex, Labaris Hotel, and Boost Fitness.</li>
<li>
ROE temporarily falling from 30% to 15% due to the much bigger equity base, but it's climbing back to 20%+ levels by 2019.</li>
<li>
Gearing has fallen dramatically from 1x to 0.2x due to IPO proceeds. This gives them extra ammo to pick up new projects, and ...</li>
<li>
Margins are rising, especially in the aluminium business. In some housing projects, project owners require lifetime guarantee and are very particular about the contractor's quality of work.</li>
</ul>

TIGER launched its IPO in late October, and we finally got our chance to meet up with management to discuss how they were doing. Here's a quick run-down:

Revenues rising over 50% to Bt1.25bn for the year due to several projects being delivered. Q4 is a high season for them, and some samples of projects being delivered in Q4'18 and Q1'19 include Singha Complex, Labaris Hotel, and Boost Fitness.

ROE temporarily falling from 30% to 15% due to the much bigger equity base, but it's climbing back to 20%+ levels by 2019.

Gearing has fallen dramatically from 1x to 0.2x due to IPO proceeds. This gives them extra ammo to pick up new projects, and ...

Margins are rising, especially in the aluminium business. In some housing projects, project owners require lifetime guarantee and are very particular about the contractor's quality of work.


IPO Stalker: Thai Enger, Aggressive New Construction Company