South East Asia - 2021 M&A Summary

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A L P S V E N T U R E P A R T N E R S 1
SOUTH EAST ASIA
This report is intended solely for informational purposes and is not intended to be and should not be used by any other person or entity. No other
person or entity is entitled to rely, in any manner or for any purpose, on this report.
Technology
Heath Care
Real Estate
Retail
M&A TEARSHEET 2021

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Introduction
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This version of South East Asia (“SEA”) 2020-21 M&A Tearsheet provides details on the Transaction Multiples (Revenue &
EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in South East Asia.
The summarized 5 years results (2016-20) for the various industries are as follows:
Industry
Average
TEV/Revenue
Average
TEV/EBITDA
Average
Deal Value ($M)
Technology 1.8x 19.6x $258.0
Retail 1.5x 11.2x $125.2
Health Care & Pharma 2.8x 26.3x $103.3
Real Estate 6.5x 21.5x $388.2
Note: In our analysis we have only considered deals which are closed from January 01, 2010 to April 06, 2021. Further, in estimating the multiples we have
excluded the following as outliers:
• TEV/Revenue Multiple: Less than 0.1x and more than 25.0x
• TEV/EBITDA Multiple: Less than 1.0x and more than 100.0x
We are confident you will find our analysis helpful and feel free to connect back to us to share your feedback.
Research Team
Alps Venture Partners

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Technology[1] - M&A Summary
Valuation Summary
Total Deal Value ($mm)[2] $21,924
Average Deal Value ($mm) $119.2
Average TEV/Revenue 2.0x
Average TEV/EBITDA 15.5x
Average Day Prior Premium (%) 4%
Average Week Prior Premium (%) 8%
Average Month Prior Premium (%) 15%
[1] Industries in the analysis include IT Consulting and Other Services, Technology Distributors, Application Software, Internet and Direct Marketing Retail, Security and Alarm Services, Technology
Hardware, Storage and Peripherals, Internet Services and Infrastructure, and Systems Software.
[2] Only transactions with available target deal value and revenue are considered for analysis. The actual number of transactions may be more than stated.
[3] Source: CapitalIQ, AlpsVP Analysis. Date Range: Jan 1, 2010 – Apr 6, 2021.
[4] The above analysis is based on transactions with acquired entity located in Singapore, Malaysia, Indonesia, Vietnam, Philippines, and Vietnam.
Transaction Ranges
Greater than $1 billion 2
$500 - $999.9 mm 0
$100 - $499.9 mm 5
Less than $100 mm 177

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Technology - Transaction Multiples
*Source – CapitalIQ, AlpsVP Analysis
Historical Multiples 2016 2017 2018 2019 2020 2021 5 Year
Average TEV/Revenue 2.1x 2.4x 1.6x 1.8x 1.2x 2.9x 1.8x
Average TEV/EBITDA 43.7x 13.7x NM 8.3x 12.7x 8.9x 19.6x
Number of transactions 20 21 15 17 7 4
2.1x
2.4x
1.6x
1.8x
1.2x
2.9x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue

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Technology - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Multiples (TEV/Revenue)
Average Transaction
Size (USD mn)
Singapore 69 1.7x $298.2
Malaysia 61 1.6x $6.3
Thailand 38 1.7x $22.5
Indonesia 9 1.2x $6.9
Vietnam 5 1.3x $10.3
Philippines 2 9.0x $1.2
*Source – Data based on transactions during Jan 01, 2010 to April 6, 2021 from CapitalIQ, AlpsVP Analysis
(in $ Million) 2016 2017 2018 2019 2020 2021 5 years
Average Deal Value $167.5 $9.5 $1,080.4 $26.3 $6.0 $124.1 $258.0

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Retail[1] - M&A Summary
Valuation Summary
[1] Industries in the analysis include Packaged Foods and Meats, Distributors, Computer and Electronics Retail, Automotive Retail, Apparel, Accessories and Luxury Goods, Food Retail, Specialty Stores,
Automotive Retail, Food Distributors, Department Stores, Apparel Retail, Drug Retail, Home Improvement Retail and Homefurnishing Retail.
Transaction Ranges
$500 - $999.9 mm 5
$100 - $499.9 mm 29

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Retail - Transaction Multiples
Average TEV/EBITDA 9.9x 14.2x 13.4x 7.7x 10.8x 31.4x 11.2x
0.8x
2.7x
1.4x 1.4x 1.4x 1.0x
9.9x
14.2x
13.4x
7.7x
10.8x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA

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Retail - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Average Transaction
Size (USD mn)
Vietnam 33 1.5x $96.5
(in $ Million) 2016 2017 2018 2019 2020 2021 5 years
Average Deal Value $289.4 $92.8 $53.3 $68.8 $122.0 $11.0 $125.2

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Healthcare & Pharma[1] - M&A Summary
Valuation Summary
Total Deal Value ($mm)[2] 16,720
[1] Industries in the analysis include Pharmaceuticals, Biotechnology, Life Sciences Tools and Services and Health Care (Services, Facilities, Equipment, Supplies, Technology and Distributors).
Transaction Ranges
$500 - $999.9 mm 2
$100 - $499.9 mm 19

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Healthcare & Pharma - Transaction Multiples
Historical Multiples 2016 2017 2018 2019 2020 5 Year
Average TEV/Revenue 2.4x 4.1x 1.5x 2.7x 3.1x 2.8x
Average TEV/EBITDA 21.3x 34.1x 38.1x 15.5x 22.4x 26.3x
Number of transactions 14 13 7 11 10
2.4x
4.1x
1.5x 2.7x 3.1x
21.3x
34.1x
38.1x
15.5x
22.4x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
45.0x
2016 2017 2018 2019 2020
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA

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Healthcare & Pharma - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Average Transaction
Size (USD mn)
Vietnam 12 2.2x $39.1
(in $ Million) 2016 2017 2018 2019 2020 2021 5 years

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Real Estate[1] - M&A Summary
Valuation Summary
[1] Industries in the analysis include Real Estate Development, Real Estate Operating Companies, Diversified Real Estate Activities and REITs.
Transaction Ranges
$500 - $999.9 mm 15
$100 - $499.9 mm 44

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Real Estate - Transaction Multiples
Average TEV/EBITDA 21.2x 23.7x 23.7x 13.0x 26.1x 50.5x 21.5x
6.6x 6.0x
8.4x
5.9x 5.7x 5.3x
21.2x
23.7x 23.7x
13.0x
26.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
2016 2017 2018 2019 2020 2021
Transaction
Multiples
Average TEV/Revenue
Average TEV/EBITDA

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Real Estate - Investment Focus
Geographic
Location
Number of
Transactions
Average Historical
Average Transaction
Size (USD mn)
Malaysia 129 5.4x $97.9
Thailand 58 5.2x $105.3
Vietnam 9 3.9x $114.0
(in $ Million) 2016 2017 2018 2019 2020 2021 5 years

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C OUNTRY A NA L YS I S

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South East Asia - Investments
*Source – CapitalIQ, AlpsVP Analysis; Date Range: Jan 1, 2010 – Apr 6, 2021
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Country
Yearly
Deal
Value
($
billion)
Singapore Malaysia Thailand Indonesia Vietnam Philippines
Yearly Metric 2014 2015 2016 2017 2018 2019 2020
Number of Transactions 311 316 313 257 200 183 163
Average Deal Value (USD mn) $62.7 $84.4 $125.0 $84.8 $231.4 $143.2 $135.4

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Indonesia – Top Sectors
Industry Transactions
Total Deal
Value
Average Deal
Value
Implied Enterprise
Value/Revenue
Coal and Consumable Fuels 30 $2,056.4 $68.5 3.1x
Packaged Foods and Meats 23 $778.8 $33.9 2.3x
Broadcasting 21 $1,475.4 $70.3 5.2x
Real Estate Development 19 $986.4 $51.9 5.5x
Integrated Telecommunication Services 17 $887.6 $52.2 10.7x
Real Estate Operating Companies 15 $403.5 $26.9 7.1x
Agricultural Products 14 $1,024.9 $73.2 5.8x
Food Retail 13 $717.4 $55.2 0.7x
Marine 12 $429.9 $35.8 1.6x
Computer and Electronics Retail 11 $812.9 $73.9 1.1x
Diversified Real Estate Activities 10 $855.8 $85.6 6.3x
Trading Companies and Distributors 10 $59.6 $6.0 4.8x
Oil and Gas Equipment and Services 9 $176.6 $19.6 1.8x
Pharmaceuticals 9 $320.1 $35.6 1.5x
Commodity Chemicals 8 $652.3 $81.5 0.6x

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Singapore – Top Sectors
Total Deal
Value
Average Deal
Value
Implied Enterprise
Value/Revenues
Trading Companies and Distributors 39 $3,442.8 $88.3 1.0x
Real Estate Development 34 $7,617.0 $224.0 5.3x
Construction and Engineering 32 $2,595.0 $81.1 1.5x
Oil and Gas Equipment and Services 24 $3,281.1 $136.7 3.7x
Real Estate Operating Companies 24 $29,011.5 $1,208.8 12.6x
IT Consulting and Other Services 19 $3,463.3 $182.3 1.6x
Hotels, Resorts and Cruise Lines 18 $1,859.5 $103.3 6.9x
Technology Distributors 18 $226.2 $12.6 2.0x
Diversified Real Estate Activities 17 $2,731.3 $160.7 5.6x
Packaged Foods and Meats 17 $9,757.8 $574.0 1.6x
Industrial Machinery 16 $1,982.4 $123.9 1.0x
Electronic Components 15 $2,282.0 $152.1 0.6x
Environmental and Facilities Services 15 $3,328.7 $221.9 3.1x
Health Care Facilities 15 $5,221.9 $348.1 5.0x

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Thailand – Top Sectors
Total Deal
Value
Average Deal
Value
Implied Enterprise
Value/Revenues
Renewable Electricity 40 $354.2 $8.9 5.2x
Health Care Facilities 30 $1,825.2 $60.8 3.0x
Advertising 27 $116.5 $4.3 2.2x
Packaged Foods and Meats 26 $577.9 $22.2 1.7x
Commodity Chemicals 22 $1,203.5 $54.7 1.3x
Hotels, Resorts and Cruise Lines 20 $826.5 $41.3 5.5x
IT Consulting and Other Services 15 $128.5 $8.6 1.6x
Steel 15 $695.8 $46.4 0.8x
Construction and Engineering 14 $132.4 $9.5 4.0x
Publishing 11 $62.1 $5.6 1.7x
Application Software 8 $9.6 $1.2 2.1x
Auto Parts and Equipment 8 $1,176.7 $147.1 3.4x

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Malaysia – Top Sectors
Total Deal
Value
Average Deal
Value
Implied Enterprise
Value/Revenues
Construction and Engineering 57 $2,019.0 $35.4 1.9x
Packaged Foods and Meats 31 $2,945.7 $95.0 1.9x
Hotels, Resorts and Cruise Lines 31 $686.6 $22.1 5.3x
Oil and Gas Equipment and Services 25 $6,471.9 $258.9 3.4x
Industrial Machinery 24 $409.5 $17.1 1.3x
Commodity Chemicals 22 $2,160.3 $98.2 1.3x
Environmental and Facilities Services 22 $636.4 $28.9 3.3x
IT Consulting and Other Services 22 $189.1 $8.6 2.2x
Steel 19 $307.4 $16.2 0.5x
Restaurants 17 $2,307.1 $135.7 2.1x
Paper Packaging 16 $398.8 $24.9 1.0x

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a team of experts that have experience
in valuing businesses across diverse
industry sectors and all developmental
stages; ranging from clients with seed
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With the team having experience of
both valuations and audits, our
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appraisal reports, along with our
responsive support, help our clients
easily pass through any stringent audit
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We provide clients with high quality
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support for transactions. We offer a
range of services such as initial
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analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
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Due Diligence
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research report, model, decks with
client specific requirements such as:
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South East Asia - 2021 M&A Summary

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