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).

Mechanics and Details of the MINT-NHH Deal in Spain

ORI: Laggard Play with a Strong Position in the EEC

S: Outshines Thai Property Peers on High Recurring Profit

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

<p>Minor is one of the best performers in our portfolio after BTS, and Origins has done quite well until this year. We visited both of them recently to see how things were going. </p><ul>
<li> MINT's revenues rose 94% in H1'19 on the back of the NH acquisition, but earnings dropped 2% on various costs involved in that same deal. Much of this trend is reflected on the hotel operations, where revenues almost tripled while earnings rose only 6%. An interesting sales and leaseback deal was also made between Tivoli and Invesco.</li>
<li> Restaurant revenues rose only 3% with segmental profits declining 17%. There were signs of strength in China but weaknesses in more mature markets (Thailand, Australia). Greater focus was made on downsizing store sizes and increasing deliveries.</li>
<li> Origins' results were essentially flat with revenues up only 2% and earnings down 3% despite many sold out units and seemingly innvoative concepts, providing more service to customers than rivals.</li>
</ul>

Minor is one of the best performers in our portfolio after BTS, and Origins has done quite well until this year. We visited both of them recently to see how things were going. 
 MINT's revenues rose 94% in H1'19 on the back of the NH acquisition, but earnings dropped 2% on various costs involved in that same deal. Much of this trend is reflected on the hotel operations, where revenues almost tripled while earnings rose only 6%. An interesting sales and leaseback deal was also made between Tivoli and Invesco.
 Restaurant revenues rose only 3% with segmental profits declining 17%. There were signs of strength in China but weaknesses in more mature markets (Thailand, Australia). Greater focus was made on downsizing store sizes and increasing deliveries.
 Origins' results were essentially flat with revenues up only 2% and earnings down 3% despite many sold out units and seemingly innvoative concepts, providing more service to customers than rivals.


Minor International

Two Highflyers: Minor and Origins