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 #31: PTTOR Intro, LTF Replacement

Snippets #32: MINOR Acquires Bonchon, ThaiBev's New Listing

Snippets #33: Symptoms of Downturn, Bangkok Bank Goes Indonesia

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

Snippets #17: PTTEP's Winner Curse, Huawei's Crisis

Snippets #29: Nomura Considers De-Listing, Return of Chinese Tourists

Telecom Review (October 2019): IPhone 11 Delays and Apple Arcade

Snippets #28: BTS Opens a School, Central/GPSC Deal Updates

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

Five recent news/development that showed up on our radar screen this month:<ul>
<li>
Singha Group agrees to buy 90% of Santa Fe, one of Thailand's top three steak chains, for US$50m. Lakeshore is one of the key sellers, and it seems likely that the chain will be IPO'd at some point given this surpisingly low valuation.</li>
<li>
Collateral for de-commissioning works becomes hot issue as Thailand 're-assigns' the Director-General of Energy Fuels Dept in an attempt to get PTTEP's works at Bongkok and Erawan fields going.  </li>
<li>
Fitch downgrades DTAC's outlook to Negative on the back of rising leverage. While we agree that the stock is very overvalued at this stage, we think the downgrade also seems unfair to them in light of the necessity of settlement.</li>
<li>
Pace Development defaulted on Bt2.6bn of its loans, and this could impact SCB, its largest creditor.</li>
<li>
Quasi-waiver for Thai property transfer fees. The Thai government is providing new stimulus program for the property sector by reducing property transfer fees from 2% to 1bps. Mortgage-oriented banks and lower end developers are likely to benefit from this trend.</li>
</ul>

Five recent news/development that showed up on our radar screen this month:

Singha Group agrees to buy 90% of Santa Fe, one of Thailand's top three steak chains, for US$50m. Lakeshore is one of the key sellers, and it seems likely that the chain will be IPO'd at some point given this surpisingly low valuation.

Collateral for de-commissioning works becomes hot issue as Thailand 're-assigns' the Director-General of Energy Fuels Dept in an attempt to get PTTEP's works at Bongkok and Erawan fields going.  

Fitch downgrades DTAC's outlook to Negative on the back of rising leverage. While we agree that the stock is very overvalued at this stage, we think the downgrade also seems unfair to them in light of the necessity of settlement.

Pace Development defaulted on Bt2.6bn of its loans, and this could impact SCB, its largest creditor.

Quasi-waiver for Thai property transfer fees. The Thai government is providing new stimulus program for the property sector by reducing property transfer fees from 2% to 1bps. Mortgage-oriented banks and lower end developers are likely to benefit from this trend.


Snippets #30: Singha Buys Santa Fe, DTAC's Downgrade

Siam Commercial Bank

Snippets #30: Singha Buys Santa Fe, DTAC's Downgrade