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 #34: Tesco in Play, CRC's Indicative IPO Pricing

Central Retail Corp IPO - Thailand Operations Weighed Down Vietnam Food’s Stellar Performance

Central Retail Corp IPO - Proxy Trading Only 2.6% Higher

IPO Radar: CRC (Part 2), Valuation and Risks

Reality Check XIX: Is There Some Upside to ROBINS in a Central Dept Backdoor Listing?

IPO Radar: CRC (Part I), Thai Department Store Behemoth

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).

Event-Driven

Unless you work in a giant fund, chances are you won't get allocations for the super-sized IPO of the decade like CRC. Our plan is to invest in Robinson and then swap them for CRC shares during the IPO. This trade is not without its risk, but MCorpReview finds the risk-return tradeoff stacked in our favor. Here's a few ways it could pan out. <ul>
<li>
The tender offer may simply fail. ROBINS stays listed, albeit with much lower liquidity. However, in this scenario, a number of our friends say there could still be more than 8% upside on Robinson on a standalone basis.</li>
<li>
CRC might go back and improve the swap ratio. This is the best case scenario that may happen if CRC really wants to de-list Robinson.</li>
<li>
The tender goes through, and most of our returns come from the the IPO rather than the swap itself. In this review, we simulate the returns we might get under different IPO prices.</li>
</ul>

Unless you work in a giant fund, chances are you won't get allocations for the super-sized IPO of the decade like CRC. Our plan is to invest in Robinson and then swap them for CRC shares during the IPO. This trade is not without its risk, but MCorpReview finds the risk-return tradeoff stacked in our favor. Here's a few ways it could pan out. 

The tender offer may simply fail. ROBINS stays listed, albeit with much lower liquidity. However, in this scenario, a number of our friends say there could still be more than 8% upside on Robinson on a standalone basis.

CRC might go back and improve the swap ratio. This is the best case scenario that may happen if CRC really wants to de-list Robinson.

The tender goes through, and most of our returns come from the the IPO rather than the swap itself. In this review, we simulate the returns we might get under different IPO prices.


Reality Check XXII: How Might the Central-Robinson Trade Pan Out?

Central Retail Corp Ltd

Reality Check XXII: How Might the Central-Robinson Trade Pan Out?