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 Restaurants (Part 3): The Minor League Teams

A Primer on Thai Franchising: Structure, Roles, & Pitfalls

Reality Check XI: How Much of a Game Changer Is After You's Starbucks Connection?

Thai Hotels: Sky's the Limit! (...for Most)

Silicon Stories B: Airbnb...Zero to Hero in the Digital Age

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).

Thematic (Sector/Industry)

Thailand Hotels, restaurants and leisure / Thematic (Sector/Industry)

The two largest restaurant groups in Thailand, MINT and CENTEL, are both hotel operators. Yet, there are two things MCorp Review highlights here. Firstly, there is little or no synergy between hotels and restaurants. In fact, a better match would have been retailing, since most chain restaurants are located in malls. Secondly, the word "dominant" should never be associated with MINT and CENTEL. Despite their obvious size, we suspect that they do not account for even half of the industry. This is…

The two largest restaurant groups in Thailand, MINT and CENTEL, are both hotel operators. Yet, there are two things MCorp Review highlights here. Firstly, there is little or no synergy between hotels and restaurants. In fact, a better match would have been retailing, since most chain restaurants are located in malls. Secondly, the word "dominant" should never be associated with MINT and CENTEL. Despite their obvious size, we suspect that they do not account for even half of the industry. This is…

Thai Restaurants (Part I): Industry Structure and Key Success Factors