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).

StubWorld - Set-Up & Unwind Extremes: CPF/CPALL

StubWorld - Set-Up & Unwind Extremes: China Conch, China Unicom

The CIO's Corner: QE Unwinding, Laggards, & Rejuvenators

CPALL (CPALL TB): More than 10,000 7-Eleven Stores in Thailand

SCB Mounts a White Knight Rescue for Pace

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

The Ministry of Finance has reportedly become more receptive to the idea of CP All entering the banking business. While there is nothing inked with regulators yet, it's not too early to think about this potential. In Japan, Seven Bank, a bank that leverages the network and brand of 7-Eleven, is ubiquitous. So in this review, we try to figure out how far this company, already Thailand's third most valuable with 10,000 branches and counting, might continue to rise from this point if they managed to get the deal.We assume that they will focus primarily on the consumer banking side but will approach the business in a more user-friendly and different manner than conventional banks. Based on our analysis, the best case valuation for CP All should be Bt86/sh, while the banks that currently have strong consumer banking franchise could lose almost 4% of their current market values.

The Ministry of Finance has reportedly become more receptive to the idea of CP All entering the banking business. While there is nothing inked with regulators yet, it's not too early to think about this potential. In Japan, Seven Bank, a bank that leverages the network and brand of 7-Eleven, is ubiquitous. So in this review, we try to figure out how far this company, already Thailand's third most valuable with 10,000 branches and counting, might continue to rise from this point if they managed to get the deal.We assume that they will focus primarily on the consumer banking side but will approach the business in a more user-friendly and different manner than conventional banks. Based on our analysis, the best case valuation for CP All should be Bt86/sh, while the banks that currently have strong consumer banking franchise could lose almost 4% of their current market values.

Reality Check XII: How Much Upside Can CP All Squeeze from a New Banking Venture?

CP ALL PCL

Reality Check XII: How Much Upside Can CP All Squeeze from a New Banking Venture?