solidiance-泰国并购活动（英文版）-2018.6-11页-5mb

报告摘要

Summary of Thailand's M&A Activities

Core Content

Thailand's M&A activities have shown a positive growth trend despite political uncertainty and tight credit conditions. Companies, both domestic and foreign, have increasingly turned to mergers and acquisitions (M&A) as a means to boost productivity, expand their customer base, and increase revenue. The trend is expected to continue and even grow in value from 2018 onwards, with the M&A market anticipated to reach its peak by 2020.

Main Points

Economic Context

Thailand's economy has strengthened over the past three years, driven by manufacturing exports and tourism.
GDP growth was estimated at 3.9% in 2017, reaching an approximate value of USD 423 billion, the highest since 2012.
The ASEAN Economic Community (AEC) integration is expected to open up more opportunities for both inbound and outbound cross-border acquisitions.

M&A Trends

In 2017, M&A activities in Thailand were valued at USD 12.7 billion, with 357 deals in total, marking a 19% decrease from 2016.
The average transaction size increased by 21% from USD 39.7 million in 2015 to USD 48.2 million in 2017.
Value transactions over USD 400 million grew at a CAGR of 5.5%.
The consumer sector (discretionary and staples) has been the largest in terms of both deal volume and value, followed by industrial and materials sectors.

Key Deals

The Casino Group and Beri Jucker mega-deal in 2016, valued at USD 6.2 billion, was the largest in Thailand and Southeast Asia that year.
In 2017, TCC Group Holdings led with USD 1.3 billion in total M&A value, including the acquisition of Thai Hotel Investment Freehold and Leasehold Property Fund for USD 874.13 million and 252 KFC stores from Yum! Restaurants International for USD 342.55 million.
Thaibev's USD 4.8 billion acquisition of SABECO was a major deal, but it was executed through its local Vietnamese unit, thus not counted in Thailand's M&A data.
PTT's USD 3.5 billion restructuring of its oil business unit was the largest M&A deal in 2017.

Sector Analysis

Consumer sector is expected to be a key driver for future M&A growth due to increasing regional consumption and the recovery of Thailand's exports.
Energy and real estate sectors are also promising for growth in 2018.
In 1Q18, 37% of M&A transaction value was in the consumer discretionary sector, 34% in energy, and 14% in real estate.
Domestic transactions accounted for 85% of the M&A value in 1Q18, driven by the recovery of the industrial sector and government support for initiatives like the Eastern Economic Corridor.

Outlook for 2018

M&A transaction value in 1Q18 reached USD 2.2 billion, with 57 deals, which was significantly lower than 1Q17.
However, global and domestic macroeconomic indicators suggest that M&A activity is expected to pick up in the next three quarters of 2018.
The market is anticipated to reach similar or higher levels than 2017, with a focus on domestic, outbound, and inbound deals.

Key Information

GDP Growth: 3.9% in 2017, projected to reach 4.2% in 2018.
M&A Value (2017): USD 12.7 billion.
M&A Value (2016): USD 15 billion.
M&A Value (2015): USD 7.9 billion.
Top Sectors: Consumer discretionary and staples, followed by industrial and materials.
Top Companies: TCC Group Holdings, Thai Beverage (ThaiBev), Indorama Ventures, and Thai Union Group.
Outbound M&A: Increased in recent years, especially with the integration of the AEC.
Domestic M&A: Dominated in 2017 due to the execution of Thaibev's SABECO acquisition via a local unit and PTT's restructuring.

Authors

Mickaël Feige - Partner

Based in Thailand.
Manages large projects for Fortune 500 companies across various sectors.
Expertise in market entry, growth strategy, industry benchmarking, and commercial diagnostics.
Multilingual: French and conversational Japanese.
Education: Masters from Lyon Political Science Institute and Senshu University, MBA from INSEAD.

Jirathit Phokai - Senior Consultant

Based in Thailand.
Previously worked in global and boutique management consulting firms.
Experience in corporate finance, business development, investor relations, and M&A support.
Education: Master's in Financial Modelling from University of Glasgow, Bachelor's in Aerospace Engineering from Chulalongkorn University.

About Solidiance

Solidiance is a corporate strategy consulting firm focused on Asia, offering services from Dubai to Shanghai. They assist CEOs in make-or-break deals, define new business models, and accelerate Asia growth.

Focus Areas

M&A Services: Include due diligence, valuation, and negotiation support.
Industries Served: Manufacturing, construction, healthcare, technology, and food.

Office Locations

Australia, China (Shanghai & Beijing), India, Indonesia, Lebanon, Malaysia, Myanmar, Philippines, Singapore, Thailand, UAE, Vietnam.
Client Liaison Offices: In Germany and USA.