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).

Snippets #23: Italian-Thai's Hotel Diversification, New Starbucks Honcho!

The Week that Was in ASEAN@Smartkarma - Thai Politics, Bank Negara Indonesia, and Singapore Property

Snippets #24: Kerry's Thai IPO, SCB Re-Arranges Its Portfolio

Lyft IPO: Valuation Analysis (Prudent Investment or Quasi-Gambling?)

Telecom Review (Sept'18): Regulatory Wranglings

Lyft IPO: Key Takeaways from In-Depth Interviews with Drivers

We Foresee a Ride-Sharing Lyft-Off Toward a Narrow Moat Rating

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

In this review, we look at True Corp's new ride payment app True Ryde and try to imagine how positive it could be to the stock's prospects going forward if it eventually develops into ride hailing. In general, we will touch on four key issues:<ul>
<li>
Synergies within the True Ecosystem. True and CP Groups have numerous supporting businesses and potential customer base via their control of True Move (mobile) and 7-Eleven stores. There's also a huge fleet and plenty of media (True Visions, True4U, and TNN24).</li>
<li>
Fundamental valuation as a subsidiary. Using DCF and grafting some of Grab's stats on this venture, we value True Ryde at Bt3.4bn, implying only 2% upside to True's current value.</li>
<li>
Relative valuations based on high-flying peers. Applying the 10.5x multiple from four unicorns in the peer group, we would assign a best case value of Bt13.4bn. That's an 8% upside.</li>
<li>
Analysis of 'soft factors' such as strategy, culture, &amp; marketing. In these aspects, MCorp Review finds that this venture has more in common with successful players (Grab, Uber, LINE Taxi) than failures (ASAP, All Thai Taxi).</li>
</ul>

In this review, we look at True Corp's new ride payment app True Ryde and try to imagine how positive it could be to the stock's prospects going forward if it eventually develops into ride hailing. In general, we will touch on four key issues:

Synergies within the True Ecosystem. True and CP Groups have numerous supporting businesses and potential customer base via their control of True Move (mobile) and 7-Eleven stores. There's also a huge fleet and plenty of media (True Visions, True4U, and TNN24).

Fundamental valuation as a subsidiary. Using DCF and grafting some of Grab's stats on this venture, we value True Ryde at Bt3.4bn, implying only 2% upside to True's current value.

Relative valuations based on high-flying peers. Applying the 10.5x multiple from four unicorns in the peer group, we would assign a best case value of Bt13.4bn. That's an 8% upside.

Analysis of 'soft factors' such as strategy, culture, &amp; marketing. In these aspects, MCorp Review finds that this venture has more in common with successful players (Grab, Uber, LINE Taxi) than failures (ASAP, All Thai Taxi).


Reality Check XVIII: How Much Mojo Can True Derive From True Ryde?

True Corp Pcl

Reality Check XVIII: How Much Mojo Can True Derive From True Ryde?