Real analysis from people who spend their days deep in financial models and corporate decisions. We write about what we encounter in boardrooms and balance sheets across Bangkok's evolving business landscape.
Our team shares what they're seeing in the field. Not every company faces the same challenges, but these patterns keep showing up in our work with Thai corporates.
We keep seeing analysts apply textbook weighted average cost of capital formulas to Thai mid-caps and wonder why their valuations miss the mark. The issue isn't the math—it's the assumptions that don't translate.
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In Bangkok, the cheapest debt isn't always the best debt. Family-owned businesses often prioritize relationship banking over basis points, which changes how you should think about optimal leverage.
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What companies don't say in their quarterly reports often matters more than what they do. After reviewing hundreds of filings, you start recognizing the patterns—and the red flags.
Continue readingOur contributors aren't academic theorists. They're analysts who've built models for actual M&A deals, advised on real capital raises, and sat through tense restructuring negotiations.
Marieke Thorsen spent five years in equity research before moving client-side. She writes about valuation methodology with the kind of detail that only comes from having to defend your numbers to skeptical portfolio managers.
Anselm Hargrave covers capital markets and regulatory developments. His background in investment banking gives him a practical lens on how policy changes actually affect corporate finance decisions in practice.
Equity Valuation & Financial Modeling
Capital Markets & Corporate Strategy
Topics come from actual work—modeling challenges, regulatory changes affecting deal structures, or market dynamics that textbooks don't cover. If we haven't seen it in practice, we don't write about it.
Before any piece goes live, we check it against cases we've worked on. Does the methodology actually hold up? Have we seen situations where this approach wouldn't work? We include those caveats.
Corporate finance has enough genuine complexity without adding unnecessary terminology. We write the way analysts talk to each other—precise when it matters, plain when it doesn't.
A piece about debt markets written in 2023 might need revision by 2025. We revisit older articles when underlying conditions shift enough to change the practical takeaways.