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).

Thai-Coons Ep.5: Great Gatsby Bangkok-Style

Thai-Coons (Ep. 3): RBS Logo...Seriously?

Thai-Coons (Episode 2): Bottle Cap Boy Turned Beer Baron

Thai-Coons (Season Premiere): The Richest Man in Thailand

Equity Bottom-Up

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

In 2013, Mitbuishi-UFJ, once the world's biggest bank, acquired Bank of Ayudhya (BAY) for US$6bn and became the largest foreign bank in Thailand. The Ratanarak family, which founded BAY and still holds a minority stake, is worth US$4.7bn and are the richest banking tycoons in Thailand today, but this is hardly their first major deal with foreign partners. They also founded Siam City Cement, which is now controlled by Switzerland's Holcim, and Forbes says their most valuable asset is Channel 7 (BBTV), the country's biggest broadcaster. Pretty amazing for a family that started as migrant coolie just one generation ago when you consider that BAY is hardly the biggest nor most profitable bank in Thailand.How did they get to this point? We think it's partly the humility of accepting their own limitations and borrowing other people's strengths, but you be the judge. Stock-wise, we are a bit puzzled that their property arm GLAND can pay such high yields (15.6%) and feel that BAY will continue to be a beneficiary of Abenomics.

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy

Bank Of Ayudhya

Thai-Coons (Ep. 4): Mitsubishi's Bankin' Buddy