Professional Valuation Training for Financial Analysts
Back in early 2022, three of us were sitting in a Bangkok coffee shop after another grueling valuation project. We'd just spent weeks building models that felt more like guesswork than analysis. That's when Siriporn said what we were all thinking: "There has to be a better way to learn this stuff."
The problem wasn't our intelligence or work ethic. We'd all graduated from decent programs and landed analyst roles. But valuation felt like this secret language nobody bothered teaching properly.
Textbooks gave us formulas. Senior analysts expected us to "just know" how to apply them. The gap between theory and practice was massive, and we were tired of falling into it.
So we started meeting weekly. Sharing techniques we'd picked up. Breaking down deals we'd worked on. Comparing notes on what actually moved the needle when building financial models for Thai companies versus Western firms.
After six months, our group had grown to fifteen analysts. People kept asking if we'd formalize things. Launch something real. By late 2023, pulsewaveapp was more than just weekend study sessions.
Three years of running programs has taught us what works. And what definitely doesn't.
Discounted cash flow models trip up most new analysts. We break down each component using real company examples from SET-listed firms. You'll understand why certain assumptions matter and others are just noise.
Finding the right comps isn't about grabbing the first five companies in the same industry. We show you how to filter for business model similarity, growth stage alignment, and regional market dynamics that actually affect multiples.
Deal comps are trickier than most people think. Market conditions change. Strategic premiums vary wildly. We teach you how to adjust historical transactions for current valuations without just copying numbers.
Your model is only as good as the logic behind your inputs. Revenue growth, margin expansion, working capital needs - we walk through how to justify each assumption when your manager inevitably asks "why this number?"
Valuing companies in Thailand requires understanding local accounting standards, family business structures, and how regional economic factors play out differently than in developed markets. This context changes your entire approach.
A brilliant valuation that nobody understands is useless. We spend considerable time on how to structure your analysis, highlight key drivers, and communicate uncertainty without undermining your credibility.
You won't find hundred-page PDFs or three-hour lecture videos here. Our programs run for six to eight months because real skill development takes time. And repetition. And making mistakes in a low-stakes environment.
Each cohort works through live case studies. Sometimes these are disguised versions of deals we've actually worked on. Other times they're built from public information about recent transactions.
The goal isn't perfection. It's getting you to the point where you can build a defensible valuation without second-guessing every single cell in your model.
Lead Valuation Instructor
Seven years doing equity research at a Bangkok boutique before joining us full-time in 2024. Nattaya has valued over 80 Thai companies across sectors and has strong opinions about terminal growth rates. She handles our DCF-focused courses and gives the bluntest feedback you'll ever receive.
Program Director
The one who started this whole thing. Siriporn spent five years in M&A advisory before realizing she preferred teaching valuation to actually doing deals. She designs our curriculum and somehow keeps track of 120 students across four cohorts while maintaining her sanity.
Our next cohort starts in September 2025. We're keeping it small again - probably around 30 people - because quality feedback matters more than scale.
We're also building out specialized modules for people who want to go deeper on specific industries. Real estate valuation works differently than tech companies. Consumer goods have their own quirks. Energy sector valuations in Thailand require understanding regulatory frameworks that don't exist elsewhere.
But fundamentally, we're staying focused on the same thing that started this: helping analysts get genuinely better at valuation work through practice, feedback, and honest conversations about what works.
If that sounds useful, you can learn more about our programs or just reach out with questions. We're pretty responsive to email and happy to chat about whether our approach fits what you need.