泰国并购活动（英文版）_9页_4mb

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. The M&A market experienced notable fluctuations between 2015 and 2017, with 2016 being the prime year for M&A deals. In 2017, the total value of M&A transactions was USD 12.7 billion, representing a 19% decrease from 2016. However, the number of closed deals in 2016 was significantly higher than in 2015 and 2017, indicating a more active market in that year.

Key Statistics and Trends

• M&A Value and Deals:

  • 2015: USD 7.9 billion
  • 2016: USD 15 billion
  • 2017: USD 12.7 billion
  • Total deals: 357 in 2017
  • 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 increased by CAGR of 5.5% over the period.

• Outward Investment:

  • Thai companies such as Thai Beverage (ThaiBev), Indorama Ventures, and Thai Union Group have been increasing their outward investment.
  • Despite traditionally being more focused on domestic and inbound investments, these firms are now allocating budgets to overseas M&A.
  • This is driven by the need to diversify risks and take advantage of ASEAN's emerging economies.

• Consumer Sector Growth:

  • The consumer sector is expected to be a key growing area in Thailand's M&A market, due to rising regional consumption and the recovery of Thailand's exports.
  • Consumer discretionary and staples sectors have historically represented the largest in terms of deal volume and value.

• Geographical Trends:

  • Inbound and outbound M&A volumes increased from 2015 to 2017, but transaction values declined significantly in 2017.
  • Most M&A in 2017 were domestic, due to strategic decisions by major firms such as ThaiBev and PTT.
  • ThaiBev's USD 4.8 billion acquisition of SABECO was recorded as a domestic deal in Vietnam, not as an outbound transaction.
  • PTT's USD 3.5 billion restructuring of its oil business unit was the largest transaction in 2017 and contributed to the high domestic value.

• 2018 Outlook:

  • M&A activity in Thailand is expected to peak in the next two years.
  • In 1Q18, the M&A transaction value reached USD 2.2 billion with 57 deals, a decline from 1Q17.
  • The consumer discretionary sector accounted for 37% of the transaction value in 1Q18, followed by energy (34%) and real estate (14%).
  • 85% of the transaction value came from domestic deals, attributed to the recovery of exports in the industrial sector and government investments in the Eastern Economic Corridor.

Anticipated Growth Drivers

• ASEAN Economic Community (AEC) Integration:

  • Expected to create a wider range of accessible targets for both inbound and outbound intraregional cross-border acquisitions.

• Economic Recovery:

  • Thailand's macroeconomic indicators, including GDP growth, private investment, and public investment, are projected to grow faster in 2018 than in 2017.
  • Tourism, high-value manufacturing, and infrastructure development are seen as key sectors attracting foreign direct investment (FDI).

• Strategic M&A:

  • Thai firms are increasingly using M&A to expand their market share in the region, secure brand recognition, and leverage overseas skills and resources.

Conclusion

Thailand's M&A market is poised for growth in the coming years, driven by regional integration, economic recovery, and strategic expansion by local firms. While 2017 saw a decline in transaction value compared to 2016, the outlook for 2018 is optimistic, with the potential for M&A activity to reach or exceed 2017 levels. The consumer, energy, and real estate sectors are expected to lead this growth, and Thailand will continue to be an attractive market for both domestic and international investors.

Key Authors

Mickaël Feige - Partner

• Based in Thailand
• Manages large projects for Fortune 500 companies in sectors such as automotive, chemicals, construction, energy, heavy industries, and healthcare
• Expertise: Market entry, growth strategy, industry benchmarking, and commercial diagnostics
• Languages: French and conversational Japanese
• Education: Masters from Lyon Political Science Institute and Senshu University; MBA from INSEAD

Jirathit Phokai - Senior Consultant

• Based in Thailand
• Prior experience in global and boutique management consulting firms across energy, coal mining, aviation, automotive, and banking industries
• Experience: Corporate Finance & Strategy, Business Development, Investor Relations, and Business Process Improvement
• Education: Master's in Financial Modelling from University of Glasgow; Bachelor's in Aerospace Engineering from Chulalongkorn University

About Solidiance

• What We Do:

  • Corporate strategy consulting firm with a focus on Asia
  • Advises CEOs on critical deals, defines new business models, and accelerates Asia growth
  • Provides insights into regional issues through 13 offices across Asia

• What We Focus On:

  • Supports M&A activities in manufacturing, construction, healthcare, technology, and food industries
  • Offers full due diligence, valuation, and negotiation support
  • Helps clients screen and qualify targets based on corporate strategy

• Our Footprint:

  • Offices in Australia, China, India, Indonesia, Lebanon, Malaysia, Myanmar, Philippines, Singapore, Thailand, UAE, and Vietnam
  • Client liaison offices in Germany and the USA
  • Continuously expanding and seeking exceptional talent