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 Strategy 2019 (Part 1): Themes and Risks

Thai Strategy 2018 (Part III): Sector Outlook & Highlights

South Series (Part 5): Phuket Cruise Crisis and Sino-Thai Tourism

Final-Lap Thai Strategy Recap (Sept 2018)

Telecom Review (Sept'18): Regulatory Wranglings

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 faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do benefit from the macroeconomic changes. Relative to our earlier outlook in 2018, we highlight that the following:<ul>
<li>
upgrades to: 1) energy due to continued tensions  between America and Iran; 2) defensives such as telecoms, power, and REITs as investors seek safe haven from an overall bearish market; and 3) industrial estates due to the ongoing election-related hype around the EEC.</li>
<li>
downgrades to: 1) consumer sector due to weaker domestic consumption based on channel checks; 2) the related media sector, since businesses become less eager to advertise in this environment; and 3) electronics as the global export environment is slowing down.</li>
<li>
maintenance of: 1) our originally positive outlook for sectors such as tourism, construction, and autos; and 2) bearish views on properties, securities, and soft commodities, all of which are affected by rising interest rates (albeit a slow one).</li>
</ul>

Thailand faces headwinds in many directions, and upsides from improving political sentiment should be limited to Q1'19. However, several sectors do benefit from the macroeconomic changes. Relative to our earlier outlook in 2018, we highlight that the following:

upgrades to: 1) energy due to continued tensions  between America and Iran; 2) defensives such as telecoms, power, and REITs as investors seek safe haven from an overall bearish market; and 3) industrial estates due to the ongoing election-related hype around the EEC.

downgrades to: 1) consumer sector due to weaker domestic consumption based on channel checks; 2) the related media sector, since businesses become less eager to advertise in this environment; and 3) electronics as the global export environment is slowing down.

maintenance of: 1) our originally positive outlook for sectors such as tourism, construction, and autos; and 2) bearish views on properties, securities, and soft commodities, all of which are affected by rising interest rates (albeit a slow one).


Thai Strategy 2019 (Part 2): Sector Outlooks