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 #33: Symptoms of Downturn, Bangkok Bank Goes Indonesia

The Week That Was in ASEAN@Smartkarma - Indonesia's Deficit, Slowing Staples, and Bangkok Bank

Political Pit Stop 2020: Power Concentrates For the Thai Government

Snippets #31: PTTOR Intro, LTF Replacement

The Seven Masters of Thai Consumer Electronics

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

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

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 interesting news or developments on our radar screen include:<ul>
<li>
Minor acquires Bonchon, the most famous Korean fried chicken chain in Thailand, in a deal valuing it at Bt2bn. It's an interesting  addition to the Western food portfolio they currently have.</li>
<li>
Excise tax on jet fuel raised more than twenty-folds for LCCs (low-cost carriers) from Bt0.2 to Bt4.72. In the center of this tax storm are AAV and Nok Air and could also blunt AOT's rise in 2020, since many Asian tourists travel to Thailand via LCCs.</li>
<li>
Thai Beverage discussed the listing of its beer unit with an estimated value of US$10bn. MCorp Review believes most of the value will come from SABECO and that this IPO will happen in Singapore, not Thailand.</li>
<li>
IT City acquires CSC for Bt337m. The combination of the electronics and smartphone retailers will see the acquirer's store count more than double.</li>
<li>
Indorama acquires Green Fiber, yet another sustainable PET producer on the US West Coast.</li>
</ul>

Five interesting news or developments on our radar screen include:

Minor acquires Bonchon, the most famous Korean fried chicken chain in Thailand, in a deal valuing it at Bt2bn. It's an interesting  addition to the Western food portfolio they currently have.

Excise tax on jet fuel raised more than twenty-folds for LCCs (low-cost carriers) from Bt0.2 to Bt4.72. In the center of this tax storm are AAV and Nok Air and could also blunt AOT's rise in 2020, since many Asian tourists travel to Thailand via LCCs.

Thai Beverage discussed the listing of its beer unit with an estimated value of US$10bn. MCorp Review believes most of the value will come from SABECO and that this IPO will happen in Singapore, not Thailand.

IT City acquires CSC for Bt337m. The combination of the electronics and smartphone retailers will see the acquirer's store count more than double.

Indorama acquires Green Fiber, yet another sustainable PET producer on the US West Coast.


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

Minor International

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