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).

Airport of Thailand (AOT): No Sign of Improvement Yet

Airport of Thailand (AoT): Travel Bubble, MoF, and Certify Hub

A Second Look at the Thai Airlines Industry

Airports of Thailand 60 Macro Pivot Support

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

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

It's interesting to see a common thread of Thai companies trying to jump back into business after facing the tough times, even though the worst is definitely over yet. Five interesting news / trends we noticed that could influence Thai equities include:<ul>
<li>
Don Maung Phase 3. AOT ignores the current turmoil and focuses on expanding Don Maung Airport's passenger capacity by a third as well as its non-passenger revenues.</li>
<li>
SCB jumps into Chinese e-commerce with a joint venture with JD.com and is exploring one with Alibaba. The idea is to market Thai products to Chinese consumers, and most of them are big merchants.</li>
<li>
Nok Air gets new boss in Wutthiphum Jurangkool, cousin of the Future Forward founder. He claims to have turned around educational bookseller SE-ED prior to taking up this role.</li>
<li>
GPSC's shopping spree. In a flurry of deals, GPSC, the acquirer of Glow, acquire nine solar plants generating 39.5MW.</li>
<li>
Dean &amp; Deluca files for bankruptcy, though property developer PACE, which manages its Asian stores including Thailand, claims the business is unaffected.</li>
</ul>

It's interesting to see a common thread of Thai companies trying to jump back into business after facing the tough times, even though the worst is definitely over yet. Five interesting news / trends we noticed that could influence Thai equities include:

Don Maung Phase 3. AOT ignores the current turmoil and focuses on expanding Don Maung Airport's passenger capacity by a third as well as its non-passenger revenues.

SCB jumps into Chinese e-commerce with a joint venture with JD.com and is exploring one with Alibaba. The idea is to market Thai products to Chinese consumers, and most of them are big merchants.

Nok Air gets new boss in Wutthiphum Jurangkool, cousin of the Future Forward founder. He claims to have turned around educational bookseller SE-ED prior to taking up this role.

GPSC's shopping spree. In a flurry of deals, GPSC, the acquirer of Glow, acquire nine solar plants generating 39.5MW.

Dean &amp; Deluca files for bankruptcy, though property developer PACE, which manages its Asian stores including Thailand, claims the business is unaffected.


Snippets #39: Don Maung Phase 3, SCB Attacks China Market