Investment Research Materials Built from Practice

We've spent years analyzing markets across Southeast Asia. These resources come straight from that work—financial models we actually use, research frameworks that proved valuable, and analysis techniques we developed while working with institutional clients.

Find What You Need

Different questions need different approaches. Start with what's keeping you up at night, and we'll point you toward materials that might help.

Valuation Uncertainty

When comparable companies don't quite fit your target, our DCF workshop materials walk through adjustments we made for Thai industrial firms with unusual capital structures.

Sector-Specific Analysis

Real estate in Bangkok behaves differently than textbooks suggest. Our materials cover metrics we track for Thai property developers, including pre-sale dynamics and land bank valuation.

Market Timing Questions

We don't claim to predict markets, but our technical analysis guide shows indicators that helped us spot regime changes in SET Index during 2023-2024 volatility.

Portfolio Construction

Risk management for emerging market portfolios requires different thinking. Our case studies examine actual portfolio decisions we made during recent ASEAN market corrections.

Cross-Border Analysis

Evaluating Thai subsidiaries of regional conglomerates gets messy. Our transfer pricing guide addresses complications we've encountered with ASEAN corporate structures.

Research Process

Building systematic research workflows takes time. Our templates show the frameworks we developed after analyzing hundreds of Thai mid-cap companies since 2020.

Analysis That Goes Beyond Standard Models

Financial theory works great until it doesn't. We learned that analyzing consumer companies in Thailand required adjustments to standard retail valuation models—family ownership structures and informal distribution networks don't show up in Western textbooks.

These articles document what we figured out the hard way. Some approaches worked better than expected. Others seemed promising but fell apart when we tested them with real money.

You'll find detailed breakdowns of specific deals we analyzed, including the parts where our initial assumptions proved wrong. That's often more instructive than the success stories.

Financial analysis workspace showing charts and research documents

Adjusting Beta for Thai Market Conditions

Standard CAPM calculations gave us nonsensical results for SET-listed small caps. Here's how we modified the approach to account for liquidity constraints and family control premiums.

12 min read Advanced

Real Estate Development Cycle Analysis

Bangkok's property market moves differently than Hong Kong or Singapore. We tracked pre-sale velocity and land acquisition patterns to build early warning indicators for oversupply.

18 min read Sector Focus

Cross-Holdings Valuation Framework

Many Thai conglomerates have circular ownership structures. Our framework helps untangle these relationships and estimate sum-of-parts values when standard approaches break down.

22 min read Technical

Practical Tools and Templates

These aren't polished academic papers. They're working documents we refined through actual use—spreadsheets that evolved as we encountered edge cases, checklists we built after missing important details, frameworks that survived contact with messy reality.

Financial Modeling Toolkit

Models we built for specific Thai sectors, including the assumptions we made and why. You'll see our actual Excel structures with notes on what worked and what we'd change.

Three-statement models adapted for Thai GAAP reporting
DCF templates with emerging market risk adjustments
Comparable company analysis for thin markets
LBO model modifications for family-controlled firms

Research Process Documentation

The systems we developed for tracking companies systematically. These evolved from simple spreadsheets into something more structured after we nearly missed warning signs at a company we were following.

Industry analysis frameworks for ASEAN markets
Management assessment checklists (non-quantitative factors)
Red flag databases from actual Thai company failures
Quarterly monitoring templates for portfolio holdings

Case Study Collection

Real investment decisions we made between 2022-2024, with full context about what we got right and wrong. Some of these are uncomfortable to share, but that's where the learning happens.

Thai retail sector analysis during COVID recovery
Industrial estate valuation amid supply chain shifts
Bank analysis during interest rate normalization
Energy transition plays in Southeast Asia

Market Data Resources

Data sources we rely on for Thai market research, including free alternatives to expensive terminals. Plus our notes on data quality issues we've encountered with local sources.

Thai SEC filings navigation guide
Reliable sources for SET historical data
Economic indicators that actually matter for Thai equities
Cross-border capital flow tracking methods

Kittipong Rattanawan

Senior Investment Analyst

I've been analyzing Thai equities since 2016, first at a local asset manager and now independently. Made plenty of mistakes early on—tried applying Singapore real estate metrics to Bangkok developments and got burned.

These materials come from work I did for institutional clients who needed practical analysis rather than theoretical frameworks. Most of our learning programs start in September 2025, giving participants time to work through foundational materials first.

CFA Charterholder 9 Years Thai Markets Bangkok-Based

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