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).

Reality Check XXIII: How Does the New GPS Measures Benefit Telcos?

The Diwali Week That Was in ASEAN@Smartkarma - Indonesia's Cabinet, Keppel Corp, and Thai Telcos

Thai Strategy 2020 (Part 3): Top 10 Stock Picks

Silicon Stories G: Netflix's Uphill Battle in Thailand

Thai Media Spotlight: Seven Channels Returned to NBTC

Telecom Review (April 2019): DTAC Calls for Truce With CAT

Thai Media Spotlight: An 'End Game' for the Industry

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).

Thematic (Sector/Industry)

Thailand Diversified telecommunication services / Thematic (Sector/Industry)

Between August and September, 7 digital TV licenses were returned to the regulators. We believe this could benefit incumbents such as AIS and True more than relative newcomers such as Netflix and iFlix.<ul>
<li>
AIS' video streaming offering appears more attractive than True Corp. In this review, we also estimate the potential upside to the video streaming industry, particularly the arms of mobile players. The best case price targets incorporate a Bt6.5bn upside for True Corp and Bt19.4bn upside for AIS. In the best case, AIS would be upgraded back to a Buy ratings.</li>
<li>
Silver lining for Thaicom. While the new lower end clientele are more likely to go with True ID, AIS Play, or even Netflix rather than the premium offering of True Visions, some who are based in homes (not condos) may opt for the satellite TV option. We hope this will provide some upside for Thaicom in terms of satellite utilization.  </li>
</ul>

Between August and September, 7 digital TV licenses were returned to the regulators. We believe this could benefit incumbents such as AIS and True more than relative newcomers such as Netflix and iFlix.

AIS' video streaming offering appears more attractive than True Corp. In this review, we also estimate the potential upside to the video streaming industry, particularly the arms of mobile players. The best case price targets incorporate a Bt6.5bn upside for True Corp and Bt19.4bn upside for AIS. In the best case, AIS would be upgraded back to a Buy ratings.

Silver lining for Thaicom. While the new lower end clientele are more likely to go with True ID, AIS Play, or even Netflix rather than the premium offering of True Visions, some who are based in homes (not condos) may opt for the satellite TV option. We hope this will provide some upside for Thaicom in terms of satellite utilization.  


Reality Check XX: How Can Streaming Outfits Benefit from the Return of Digital TV Licenses?