Vietnam ma report 2015

Thuan Nguyen, FCCA Lan Nguyen Giang Ha Anh Nguyen CEO Research Manager Research Associate Research Assistant StoxPlus Corporation StoxPlus Corporation StoxPlus Corporation StoxPlus Corporation thuan.nguyen@stoxplus.com lan.nguyen@stoxplus.com giang.ha@stoxplus.com anh.phuong@stoxplus.com +84(4) 35626962 (ext 111) +84(4) 35626962 (ext 109) +84(4) 35626962 (ext 109) +84(4) 35626962 (ext 109) This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Table of contents PREFACE ACRONYMS EXECUTIVE SUMMARY THE ECONOMIC CONTEXT 6-8 9-17 VIETNAM M&A ACTIVITIES REVIEW 18-40 THE REALIZATION OF OPPORTUNITIES FROM SOE EQUITIZATION 41-70 PERSPECTIVES OF FOREIGN INVESTORS ON SOE IPOS: A STOXPLUS SURVEY 71-78 TOP 10 UPCOMING SOE IPOs 79-84 Appendix: Top 40 In-bound M&A Transactions Factsheet 85-93 Important Disclosures 94 Our Survey 95 Our Methodology 96 About StoxPlus Corporation 97 @ 2014 StoxPlus Corporation All rights reserved All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Preface We are pleased to bring to you the Vietnam M&A Research Report 2015 (Issue 5) In addition to the M&A data mining, we also focus on equitisation progress of Vietnamese State-owned enterprises including IPOs, divestures from non-core businesses and equitized SOEs in this Issue In this year, the recorded deals from SOEs are only a few However, we believe SOE restructuring progress will be accelerated quickly in coming period, and new opportunities for M&A will emerge from second wave of equitisation, the prominent trend which has been analyzed in our recent issues Our M&A report utilized extracted database with over 15 years of historical data in Vietnam In addition to data analysis, the report also relies on the authors extensive knowledge and experience in advising deals in Vietnam We have surveyed relevant foreign and local institutional investors as well as conducting a number of in-depth interviews in with experienced M&A advisers and Government officials in during our preparation About StoxPlus This report is prepared by a team of experienced analysts, researchers and data clerks at StoxPlus StoxPlus is a leading financial and business information provider in Vietnam Our services include provision of high quality data feeds, analytic tools and market research StoxPlus is now serving a client portfolio of over 100 corporate data clients including securities companies, research houses, asset managers, investment companies, and thousands of sophisticated individual investors Our Research division has been established as an independent research house in Vietnam to provide local insights to our clients at quality standards of the World’s prestige advisory firms If you have any questions about this report or our services, please don not hesitate to contact Thuan Nguyen, CEO of StoxPlus at thuan.nguyen@stoxplus.com or +84- 4-3562 6962, ext 111 We strongly believe that this report will be valuable to institutional investors, investment companies and foreign players who are considering M&A as a strategy to set a foothold or to expand their businesses in Vietnam Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Acronyms No 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Word AEC AnDate ASEAN BOD CAGR CF ECs EGs FTAs GCs GRDI GSO HNX HOSE IPSI MAC MARD MM MNCs SBV SCs SEGs SOE SSC TBT WEF Stands for ASEAN Economic Community Announcement Date Association of Southeast Asian Nations Board of Directors Compound Annual Growth Rate Consumer Finance Economic Corporations Economic Groups Free Trade Areas Government Corporations Global Retail Development Index General Statistics Office Hanoi Stock Exchange Ho Chi Minh City Stock Exchange Industrial Policy and Strategy Institute Middle and Affluent Class Ministry of Agriculture and Rural Development Money Market Multi-National Corporations State Bank of Vietnam State Corporations State Enterprise Groups State Owned Enterprise State Securities Commission Technical Barriers to Trade World Economic Forum Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Executive Summary Inbound M&A by country, 2014 Vietnam M&A market is back on an upward trend with deal value totaling US$4.66bn: StoxPlus’ database recorded 265 completed M&A deals in 2014 with value totaling US$4.66bn, an increase of 33.1% from 2013 (total deal value recorded by StoxPlus in 2013 was US$ 3.504bn) The US$4.66bn did not take into account a major real estate project Vung Ro Resort by Rose Rock Group and Vung Ro Petroleum Ltd with a total investment of US$2.5bn, as the disbursement for the project is still unclear If counting this project, the total M&A deal value in 2014 could reach US$7.16bn Thailand US Malaysia Israel Hong Kong Japan Singapore UK Indonesia Denmark Finland Undisclosed Norwegian NGO Ireland South Korea Luxembourg France • M&A activities in 2014 also increased in terms of number deals, with 265 completed deals compared to 196 deals in 2013, and nearly reached the record of 267 deals in 2011 (when Vietnam M&A market was at its peak) Vietnam M&A market has clearly shown signs of warming up in 2014, with more activities as well as major mega deals -100 Vietnam M&A deal value, 2003 – 2014 100 300 Minority 400 Number of deals 295 300 250 166 200 150 100 50 7,000 345 6,319 350 41 118 23 34 22 61 38 299 700 900 Majority Number of deals 108 1,750 1,719 1,1171,140 267 5,142 6,000 4,663 5,000 3,504 265 4,000 173 3,000 196 - 2,000 1,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 The increase in deal value in 2014 was driven by a number of mega-deals There were 07 M&A deals in 2014 whose deal value was at least US$100mn, including: Berli Jucker Pcl acquiring Metro Cash & Carry Vietnam, SapuraKencana Energy acquiring two oil blocks in Cuu Long Basil, Mondelez acquiring Kinh Do Confectionery, and four other real estate projects Total value of these 07 mega-deals amounted to US$2.44bn, or 52% of the total Vietnam M&A market in 2014 It was due to the presence of mega-deals that Vietnam M&A market had such a big jump in deal value in 2014 compared to 2013 Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Value US$mn Deal Value 500 Thai investors led the inbound investment trend in 2014, and Thai interest is expected to increase in the coming years Inbound M&A into Vietnam totaled US$3.024bn in 2014, an big jump of 64.9% compared to only US$1.83bn of inbound M&A in 2013 This proved the regained confidence and interest of foreign players for Vietnam market In terms of deal value, Thai investors ranked first among countries and territories investing in Vietnam with only 01 deal but investment value is US$870mn (Berli Jucker Pcl acquiring Metro Cash & Carry Vietnam), equivalent to 29.1% of total inbound deal value United States ranked second in terms of deal value, with 07 deals totaling US$498.6mn Sector appetite of foreign investors has not changed much, still focusing mostly in consumers-oriented sectors (food & beverage, retail, real estate), and oil & gas Foreign investors still find it attractive to take advantage of the big consumer base in Vietnam, and this theme will likely to continue in the coming years Oil & gas acquisitions mostly happen at the upstream, where foreign companies acquire oil blocks within Vietnam’s water territory, as local companies are still limited in their oil exploitation capabilities Executive Summary (cont’d) The acceleration of SOE privatization: According the data announced by the Government, over the period 2011 – 2014, there has been 247 SOE IPOs Among which, StoxPlus was able to identify 169 IPOs via public and our own sources The rest 78 IPOs were unidentified There were 148 SOE IPOs in 2014 itself given the above Government’s efforts, signaling a promising prospect for SOE IPOs in 2015 Upcoming IPOs by sector Number of IPOs Charter Capital (in VNDbn) 190 2,461 Oil & Gas 1,550 Telecommunications 750 Utilities 47 437 Even though the quantity of SOE IPOs has been increasing, the quality of IPO reflected in average percentage of private investors shares after public auction was an issue Overall, the Government still holds 90% on average after IPO of one SOE Retail 27 426 Food & Beverage 32 414 Financial Services 278 Travel & Leisure 14 263 Personal & Household Goods 21 256 Consequently, M&A activities generated from SOE IPOs were minimum: Only 37 SOE IPOs attracted institutional investors and led to M&A deals (1.16% in market capitalization value and 14.7% in deal number) Real Estate 17 190 Basic Resources 23 136 Health Care 10 96 Media 25 76 Chemicals 14 Technology SOE IPOs from 2008 - 2015 284 300 250 200 148 150 105 100 74 50 12 13 2011 2012 2008-2010 2013 2014E 2015F There are still many investment opportunities from the SOE IPOs: As stipulated in Decision 929 issued on July 17th 2012, the Government committed to a plan to equitize 531 SOEs by the end of 2015 Hence, the actualization of IPO plans at remaining SOEs is expected to be aggressively urged in the coming year The promising sectors for M&A of SOE IPOs will come from Telecommunications, Constructions and materials, Retail, and Travel & Leisure Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Sector Construction & Materials Divestment progress from non-core business of SEGs and SCs has been slow: Divestment from noncore business of SEGs and SCs are an important part of the overall SOE restructuring process As of 2014, the Government has approved the Restructuring Plan of 20/20 SEGs and SCs until 2015, which details the list of companies to be divested According to StoxPlus database, there are 296 companies that SEGs and SCs are required to divest or fully divest by 2015 According to StoxPlus’ review from public sources, out of the 292 required divestment, only 18% or 52 companies have been divested, 6% are currently in the divestment process, and the rest are either unidentified (36%) or having no plan on divestment (40%) Executive Summary (cont’d) There has been little divesture of existing state capital from already equitized SOEs From our review of changes in State Capital at listed companies on HOSE, HNX and Upcom, 2014 marked a humble year of divesting State Capital at equitised companies In particular, only 121 divestures were resulted from 941 entities being listed on Stock Exchanges or managed by SCIC As a result of these divestures, average ownership level of State reduced slightly from 36.06% in 2013 to 36.01% in 2014 on the stock market, including companies on HOSE, HNX and UpCom Even though the Government is directing enterprises to divest State Capital, this change is minimal in comparison with desirable level of State ownership in the whole market According to StoxPlus’ targeted survey of foreign investors, foreign interest in SOE IPOs is high: Investors regards highly the M&A opportunities from SOE equitization process: 11% are very positive, 53% positive, 31% neutral, and only 5% are not at all positive about SOE equitization This is a very positive sign for higher foreign participation in SOE IPOs and divestment in the coming year Overall interest of foreign investors in SOE equitization Overall sentiment: How positive are you with M&A opportunities from SOE equitization? Not at all positive 5% Very positive 11% Listed companies with State holding over 50% chartered capital Sector Retail Insurance Real Estate Technology Oil & Gas Financial Services Energy Travel & Leisure Industrial Goods & Services Household Goods Chemicals Banks Automobiles & Parts Basic Resources Food & Beverages Media Telecommunications Construction & Materials Healthcare # of Company 3 28 State Ownership 63% 62% 59% 50% 59% 74% 60% 63% 57 13 3 20 20 65 56% 62% 61% 79% 51% 61% 58% 51% 51% 58% 51% Neutral 31% Positive 53% However, there are still many key challenges and issues that need to be overcome to make SOEs more attractive, in particular the disclosure of information for investment opportunity screening: The biggest challenge faced by foreign investors is the lack of transparency and information about the SOEs and their IPO plans StoxPlus faced the same issue when documenting this report Despite our thorough research methodology and extensive data mining from various sources, we were only able to identify 169 IPOs out of 247 IPOs, or 68% of the total SOEs that have been reported to be equitize by the Government’s report The rest 78 IPOs are unknown Without the information about the SOEs and their IPO / equitization plans, it would be impossible for investors to screen for investment opportunities in the SOEs Hence, transparency is the first and foremost important issue that needs to be improved by the SOEs in order to accelerate the equitization process Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Section 1: The economic context Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Section 1: The Economic Context Vietnam Economy Context in 2014 – An economy in recovery • Vietnam economy saw clearer signs of recovery in 2014 Since 2013, Vietnam economy started seeing signals of recovery after economic crisis topped in 2012 This year 2014’s GDP achieved an estimated growth of 5.98% against 2013 while having inflation at the lowest rate over 10 years • During 2014 the country’s sovereign risk ratings has been improved which allowed government bonds to be issued on international capital markets, raising US$1 billion with higher capitalization level and more favorable terms Also, Vietnam has risen two spots ranking in the World Economic Forum’s (WEF) Global Competitiveness Report 2014–2015 The country now ranks the 68th out of 144 countries Figure 1: Vietnam GDP Growth 2005 – 2014 (% y-o-y) Figure 2: GDP Growth by sector 2014 (%) 3.49% 8% 20% 6% 15% 4% 10% 2% 5% 0% 0% Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014 In a recovering trend GDP Growth 7.14% 5.96% CPI Source: StoxPlus from GSO Source: StoxPlus from GSO • The economic growth is critically supported by continuous stability of macroeconomic environment In terms of GDP growth in details, we determine that strengthening services sector as well as industrial and construction sectors were the key drivers Besides, relatively flat domestic demand has stimulated even faster recovery Vietnam M&A Research Report 2015 | Issue | 13 February 2015 10 Section 5: Top 10 upcoming IPOs & Divestures – Detailed analysis Highlights of upcoming IPOs and divestures VISSAN’S SPOTLIGHT Company’s profile Attractiveness BEN THANH GROUP’S SPOTLIGHT Company’s profile Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Attractiveness 83 Section 5: Top 10 upcoming IPOs & Divestures – Detailed analysis Highlights of upcoming IPOs and divestures CHOLIMEX’S SPOTLIGHT Company’s profile Attractiveness ACV’S SPOTLIGHT Company’s profile Vietnam M&A Research Report 2015 | Issue | 13 February 2015 Attractiveness 84 Appendix 1: Top 40 In-bound M&A Transactions Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 85 Annex 1: Top 100 M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 86 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 87 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 88 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 89 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 90 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 91 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 92 Annex 1: Top 40 inbound M&A Transaction Factsheet Vietnam M&A Research Report 2015 | Issue | 13 February 2015 93 Important Disclosures • This material is prepared by StoxPlus Corporation for information purpose only This material is not intended to recommend or suggest any particular transaction • Any information contained in this material shall be used at your own discretion and risk StoxPlus Corporation will not be subject to any liability for any consequence caused by the information contained in this material • This material may be changed without any prior notice Content of this material may be changed according to any changes in the situation, or effects of the additional information after its preparation, and StoxPlus Corporation shall undertake no obligation to update, revise or complement the content of this material according to the changes • While this material is prepared based on the public information and other information StoxPlus Corporation duly obtained, StoxPlus Corporation has not independently verified its accuracy, completeness, or suitability for your use, also shall not guarantee them • StoxPlus Corporation reserves the copyright of this material This material is protected in accordance with the copyright laws of Vietnam and other countries, as well as the treaty provisions regarding the copyrights signed between Vietnam and other countries For any purpose whatsoever, no one shall be entitled to duplicate, summarize, quote, or reprint this material, or disclose it to the third party without StoxPlus Corporation’s prior consent Vietnam M&A Research Report 2015 | Issue | 13 February 2015 94 Our Survey Program In January 2015, StoxPlus conducted a targeted survey with 55 participants from Vietnam, Japan, Denmark, Malaysia, Singapore and South Korea Participants Our survey’s participants were divided in 03 main groups, including: players (investors who want to invest in Vietnamese companies), their investment advisors (both foreign and Vietnamese, who are proxy of the players’ opinions) and others (consulting firms, law firms, think tanks, etc who understand the investment environment in Vietnam) Investment advisors is the biggest group with 44% of total participants, players group contributes 16%, while others group accounts for 40% Methodology The survey was sent to participants via online survey within the first two weeks of January 2015 The survey contained 13 questions with 07 main contents were as followed: - Overall sentiment - Investment environment - SOE attractiveness - Key challenges to participate in an SOE IPO deal - Key success factors in an SOE IPO deal - Post-deal issues - Participant’s information Figure 75: Composition of survey participants Figure 76: Number of participants by country Vietnam Players 16% Japan Investment advisors 44% Others 40% Denmark Malaysia Singapore Korea Source: StoxPlus Vietnam M&A Research Report 2015 | Issue | 13 February 2015 10 20 30 Source: StoxPlus 95 Our Methodology Sources and Completeness of Data Data works in Vietnam are actually a very tedious and time consuming job due to lack of a sound reporting system and regulations This is particularly true for M&A activities In many case where the seller finds it positive for their public relation or investor relation works, they would be proactive in spreading the news In many cases, including the public and listed companies, we found it hard to obtain an official explanations in a deal that has been actually concluded This is particularly true in Real Estate sector where it is sensitive from tax perspectives if the deal value and details are announced Our sources of M&A data are therefore firstly based on public information and media releases from relevant parties involved We also access to various announcements of ownership changes, management changes, extra-ordinary shareholder’s meeting notes etc where we may identify a M&A transaction The other important source of M&A data is our intelligent networks including our expert channel, mobilisation from applicable authorities, interviews and discussion with corporate leaders etc We also obtains M&A data from discussion at various M&A seminars for corporate leaders, investor relation officers and investment analysts where we host or co-host the events We believe that our database might not include all M&A transactions but we believe our M&A database is the most comprehensive in Vietnam and have covered all the market in all material aspects Deal Value If deal value is not publicly and explicitly disclosed, we calculate the deal size from deal parameters such as purchase price per share We also obtained deal size and value from our intelligent network where possible Deal Valuation Multiples In calculating price earning ratio (P/E), we use the acquiree latest EPS For deal P/B, we take the deal price divided by book value per share in a pre-deal basis, this means the cash proceed from the transaction is not included in the book value Sector Classification We adopt the Industrial Classification Benchmark (ICB) for all sector classification Vietnam M&A Research Report 2015 | Issue | 13 February 2015 96 About Us About StoxPlus Corporation StoxPlus is proud to be a leading financial and business information corporation in Vietnam, providing comprehensive information, analytic solutions, and industry research for both domestic and foreign clients StoxPlus has provided intelligent information to help clients to analyse and make strategic decisions and bring success to investors, banks, financial institutions, corporate owners and management Financial and Business Information • Pioneer in Vietnam in securities market data • Highly standardised and daily updated spectrum of company reference data, corporate actions, financial data and earning consensus • Daily corporate news and announcements, market news and analysis in both Vietnamese and in English • From the start of stock markets with 2000+ companies • Serving to 30+ local and foreign clients in their service application and platforms Securities Analytic Tools: StoxPro Professional StoxPro is a powerful investing tool which helps investors to watch and analyze real-time interactive and comprehensive data for the entire market or individual stocks StoxPro also provides useful investment ideas and in-depth market analysis • Developed by a team of ACCA, CPA and CFA Charterholders for serious and active investors • Assisting your trading and investing decisions, in use by 500+ institutional investor customers • Real-time interactive data for Vietnam stock market, watch lists, sector performance and live price board with advanced stock filter by sector, exchange and winners/losers etc • Most up-to-date and reliable financial information including balance sheet and P&L on annual and quarterly basis for all companies listed on HOSE and HNX (5 years and last quarters) • A comprehensive suite of over 200 leading indicators for stock valuation, trading risk management, market liquidity, management efficiency, financial strength and profitability • Compare stocks with hundreds of indicators, charts, income statements and balance sheet items • Filter the whole market using over 100 criteria and display only the stocks that meet your criteria • A complete analysis for each sector and sector to sector comparison International Benchmarking Classification standards are applied Market Research Our Research division has been established as an independent research house in Vietnam since 2011 to provide local insights to our clients at quality standards of the World’s prestige advisory firms Our research team with a team of 50 experienced staff with CFA Charterholders, ACCA Chartered Accountants and MBAs with extensive experience in investment, banking, corporate finance and technology with well respected firms in the United Kingdom, United States, Australia and Vietnam • Covering 10 key sectors of Vietnam namely Financial including Banking, Consumer Finance, Payment Cards; Construction Materials including Cement; Consumer Goods and Services; Healthcare including Hospital Operation and Clinics; Flexible Packaging; Internet and E-commerce; Chemicals (Fertilizers & Pesticides); etc • Local insights at standards of the World’s prestige advisory firms for “ready-to-use” reports via web portal: www.StoxResearch.com and customizable researches including defining market entry • Customers include a Global Fortune 500 company and many Japanese players Contact us If you have any questions about this report or our services, please don’t hesitate to contact Thuan Nguyen, CEO of StoxPlus at thuan.nguyen@stoxplus.com or +84-4-3562 6962, ext 111 Publishing license No 1608 – 2014/CXB/23 – 46/HD issued on 04/06/2014 Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company on 05/08/2014, Hanoi, Vietnam Vietnam M&A Research Report 2015 | Issue | 13 February 2015 97 [...]... inbound and outbound M&A between Vietnam and Korea 17 Section 2: Vietnam M&A Activities Review Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 18 Section 2: Vietnam M&A Activities Review M&A market is back on an upward trend with 265 deals valuing US$4.70bn in 2014 • The growth of Vietnam s GDP reached 5.9% in 2014, an increase of 5.42 % compared to 2013, making Vietnam the second fastest growing... blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 19 Section 2: Vietnam M&A Activities Review Deal size analysis: Mega deals in 2014 Figure 13: M&A deal size, 2014 7 mega-deals (deal value of at least US$100mn) accounted for 52% of total Vietnam M&A market in 2014 Source: StoxPlus This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 20... in Asia pacific 2014 This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 32 Section 2: Vietnam M&A Activities Review Vietnamese products at risk due to foreign participation in retail This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 33 Section 2: Vietnam M&A Activities Review Inbound M&A: Real Estate spotlight... Profile of SCG Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 • SCG was established in 1913 following a royal decree of His Majesty King Rama VI to produce cement, the main building material for infrastructure projects • SCG has grown continually and diversified into three core businesses, namely SCG Cement-Building Materials, SCG Paper and SCG Chemicals 24 Section 2: Vietnam M&A Activities... Services Utilities Technology Basic Resources Health Care Automobiles & Parts Media Consulting Total Source: StoxPlus Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 21 Section 2: Vietnam M&A Activities Review Vietnam M&A Marker 2014: Further Data and Figures Figure 16: M&A Vietnam Market 2014, by sub-sector level 4 US$mn 2014 Value Real Estate Holding & Development Food Products Oil & Gas Milk... by sector Source: StoxPlus Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 28 Section 2: Vietnam M&A Activities Review Inbound M&A by Country: United States spotlight Figure 23: GEM’s investment structure in Vietnam Source: StoxPlus Review GEM and its investment in Vietnam: Global Emerging Markets ("GEM") is a $3.4 billion alternative investment group that manages a diverse set of investment... on emerging markets across the world This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 29 Section 2: Vietnam M&A Activities Review Inbound M&A by Country: Japan spotlight Figure 24: Japan M&A deals from 2011 – 2014 This page is intentionally left blank Figure 25: Japan M&A deals 2014 by sector Source: StoxPlus Vietnam M&A Research Report 2015 | Issue... Singapore United States Korea Russia Others Hong Kong Japan Finland UK Canada Thailand Indonesia Denmark Norwegian Malaysia Cayman Islands Australia India Luxembourg Source: StoxPlus 100.0 200.0 300.0 400.0 500.0 600.0 Minority Majority Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 23 Section 2: Vietnam M&A Activities Review Inbound M&A by Country: Thailand spotlight This page is intentionally... left blank Figure 34: Inbound Food & Beverage M&A by country, 2014 Source: StoxPlus Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 35 Section 2: Vietnam M&A Activities Review Inbound M&A: Food & Beverage spotlight This page is intentionally left blank Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 36 ... Construction & Materials Personal & Household goods Industrial Goods & Services Transport Financial Services Logistics Hydropower (100.0) 100.0 300.0 500.0 700.0 900.0 Minority Majority Source: StoxPlus Vietnam M&A Research Report 2015 | Issue 5 | 13 February 2015 0 200 Source: StoxPlus 400 600 800 1,000 31 Section 2: Vietnam M&A Activities Review Inbound M&A: Retail spotlight Figure 30: Top 10 markets where