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).

ARROW: Revenue to Flow Down the Pipe Amid Product Expansion

SNC: Cool Breeze Brings in 2018 Earnings and Core Business Revival

FTE: Largest Thai Firefighting Equipment Trader Has Burning Potential

IPO Radar: TOA, Thailand's New Paint Tycoon

IPO Radar: ICN, Nokia Siemens' Best Buddy

IPO Radar: Another Melting Ice Cube on Sathorn Road

IPO Radar: Thonburi, Scruffy Hospital from the West Side Yo!

Equity Bottom-Up

Good investment or pipe dream? We looked at ZIGA, a pipe company that was just listed in August, after some of our friends missed the IPO and was wondering if it's still worth a punt. INGRESS, another similar recent IPO on a Malaysian auto parts maker, seems like a bad idea, while ZIGA is almost fully valued...so you gotta be cautious. While the IPO price of Bt5.9/sh was based on relative valuation, we prefer to use DCF for this and came up with Bt6.7/sh. In other words, there's still some room for upside, but not much.ZIGA produces pre-zinc pipes for home construction under two brands, namely ZIGA and Daiwa. The majority shareholders (founding Ngamjitcharoen family) hold over 62% of the shares and hold key management positions including CEO. The tricky thing here includes things like high customer concentration risks (30%) and low free float. After all, the IPO itself involves less than 10% of outstanding shares yo.

Good investment or pipe dream? We looked at ZIGA, a pipe company that was just listed in August, after some of our friends missed the IPO and was wondering if it's still worth a punt. INGRESS, another similar recent IPO on a Malaysian auto parts maker, seems like a bad idea, while ZIGA is almost fully valued...so you gotta be cautious. While the IPO price of Bt5.9/sh was based on relative valuation, we prefer to use DCF for this and came up with Bt6.7/sh. In other words, there's still some room for upside, but not much.ZIGA produces pre-zinc pipes for home construction under two brands, namely ZIGA and Daiwa. The majority shareholders (founding Ngamjitcharoen family) hold over 62% of the shares and hold key management positions including CEO. The tricky thing here includes things like high customer concentration risks (30%) and low free float. After all, the IPO itself involves less than 10% of outstanding shares yo.

Reality Check VIII: Is ZIGA Still Worth a Bet?

Ziga Innovation

Reality Check VIII: Is ZIGA Still Worth a Bet?