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).

Lam Soon Group: Not So Sunny Under This Palm Tree

Two Sides of the Same Coin: Energy Vs Airlines

TWPC: Our Foray into Noodles Vs Soft Commodities

Equity Bottom-Up

<p>We met with TMILL (TS Flour Mill) today, and they claim to be the biggest and only one listed in Thailand. These guys probably have something like a 30% market share, and the market cap is microscopic at just US$27m. Now, PE is slightly below market average at 13.4x; you don't really have comparables yo. Even TWPC would be in a different business if you ask me. These guys are much broader. Add to that, a 4.3% dividend yield ain't too shabby either.</p><table class="table table-striped"><tbody>
<tr>
<td>% YoY growth in</td>
<td style="text-align: center;">Q1'16</td>
<td style="text-align: center;">Q2'16</td>
<td style="text-align: center;">Q3'16</td>
<td style="text-align: center;">9M"16</td>
</tr>
<tr>
<td>Volume</td>
<td style="text-align: center;">32.1</td>
<td style="text-align: center;">25.</td>
</tr>
</tbody></table>…

We met with TMILL (TS Flour Mill) today, and they claim to be the biggest and only one listed in Thailand. These guys probably have something like a 30% market share, and the market cap is microscopic at just US$27m. Now, PE is slightly below market average at 13.4x; you don't really have comparables yo. Even TWPC would be in a different business if you ask me. These guys are much broader. Add to that, a 4.3% dividend yield ain't too shabby either.

% YoY growth in
Q1'16
Q2'16
Q3'16
9M"16


Volume
32.1
25.

…

TS Flour Mill

Willy Wonka's Flour Mill