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Southeast Asia IPO Market Southeast Asian Bourses Show Southeast Asia IPO market Southeast Asian bourses show strong performance in 2018 even as companies in region look beyond their local shores 2018 Report Brochure / report title goes here | Section title goes here Southeast Asia IPO market 03 Vietnam’s IPO market in 2018 09 Singapore’s IPO market in 2018 11 Contact us 18 02 Southeast Asia IPO market Southeast Asia IPO market Southeast Asia performance Capital markets across Southeast Asia have performed relatively well in 2018, compared to the past five years, with a record high market capitalisation ofS$62.2 billion, having produced 152 initial public offerings (IPOs) and raisingS$12.5 billion of funds. IPO Market Capitalisation by country 45,000 2014 2015 2016 2017 2018 ) s 40,000 n o i l 35,000 l i M 30,000 $ S ( p 25,000 a C t 20,000 e k r a 15,000 M O 10,000 P I 5,000 0 Indonesia Malaysia Philippines Singapore Thailand Vietnam ota 2014 5,153 6,736 2,167 15,303 11,998 1,207 42,564 2015 6,357 4,561 559 1,888 8,470 1,297 23,132 2016 5,950 1,285 5,479 4,396 6,237 2,324 25,671 2017 4,434 5,569 3,415 8,470 18,429 5,243 45,560 2018 8,107 918 1,042 2,883 7,887 41,368 62,205 30,001 19,069 12,662 32,940 53,021 51,439 199,132 The IPO market capitalisation in Southeast Asia increased by 36.5% from 2017’s S$45.6 billion to 2018’s S$62.2 billion. Vietnam produced the highest IPO market capitalisation of S$41.4 billion in 2018, accounting for 67% of the total IPO market capitalisation for the region in 2018. ) Amount raised, market capitalisation and number of IPOs 2014 - 2018 s n o i 200 70,000 l l 178 62,205 i 180 M 60,000 $ S ( 160 154 152 149 p a 50,000 C s 140 t e O 45,560 k P I 113 120 42,564 r f 40,000 a o M 100 r O e P b 30,000 80 I / m 25,671 d u e N 60 s 23,132 20,000 i a 12,511 r 40 9,269 t 13,466 10,000 n 20 u 7,525 o 5,312 0 m 0 A 2014 2015 2016 2017 2018 ota No of IPOs 149 154 113 178 152 746 Amt Raised 9,269 5,312 7,525 13,466 12,511 48,083 Market Cap 42,564 23,132 25,671 45,560 62,205 199,132 No of IPOs Amt Raised Market Cap 03 Southeast Asia IPO market Vietnam emerges as top performer in Southeast Asia with largest funds raised in 2018 Amount raised by country 2014-2018 7,000 6,000 ) s 2014 2015 2016 2017 2018 n o i l l 5,000 i M $ S ( 4,000 d e s i s a r 3,000 t n u o m 2,000 A 1,000 0 Indonesia Malaysia Philippines Singapore Thailand Vietnam ota 2014 964 1,779 425 3,451 2,515 135 9,269 2015 1,166 1,128 157 512 2,085 264 5,312 2016 1,264 377 1,277 2,263 2,078 266 7,525 2017 1,399 2,362 654 4,661 3,971 419 13,466 2018 1,697 251 208 730 3,402 6,223 12,511 6,490 5,897 2,721 11,617 14,051 7,307 48,083 This performance was led by Vietnam, followed by Thailand, which respectively accounted for 50% and 27% of total funds raised in 2018. Vietnam In Vietnam, the IPO capital market raised a total of S$6.2 billion in 2018 alone, far exceeding the funds raised in the past years. This was due to several factors including the Vietnam government’s privatisation drive and market reforms, strong interest from foreign investors and local funds, as well as the high GDP growth of 6.8% in 2018. Many large SOEs were being divested, especially in the energy and resources industry, which contributed significantly to the high amount of funds raised. “With the Vietnam Finance Ministry proposing to remove the 49% foreign ownership cap for listed companies, and the stock exchange streamlining the listing and IPO process, we can expect the Vietnam IPO market to continue to do well in the next few years.” – Ms Tay Hwee Ling, Global IFRS & Offerings Services Leader, Deloitte Southeast Asia and Singapore Thailand Even amid stagnating economic growth mid-year, Thailand still managed to come in second with S$3.4 billion worth of funds raised, maintaining its strong IPO performance trend from the past 4 years. The Thai property market has been strengthening, with demand for residential property growing. This can also be seen with the real estate sector being one of the main contributors to capital raised via IPOs for Thailand. Indonesia Indonesia was the third best performer with S$1.7 billion worth of funds raised from a total of 57 IPOs in 2018, the highest number of IPOs in the region. This is surprising to many especially with Indonesia facing stagnating economic growth the past 5 years, a weak rupiah and poor global and local investors’ demand due to global uncertainty. The increase could also be an indicator that IDX’s efforts to encourage IPOs in the local bourse has paid off. The financial services industry was the main contributor to funds raised through IPOs in Indonesia, with the sector raising S$416 million with only 9 IPOs. 04 Southeast Asia IPO market Top 3 IPOs The top three blockbuster listings in Southeast Asia for 2018 came from Vietnam and Thailand: S/N Country of Company name Date of IPO market Amount Industry listing listing cap (S$’bil) raised (S$’bil) Vietnam Vinhomes Joint Stock Company 7 May 2018 14.5 3.6 Real Estate Thailand Thailand Future Fund 31 Oct 2018 1.9 1.8 Financial Services Vietnam Vietnam Technological and 22 May 2018 8.8 1.2 Financial Commercial Joint Stock Bank Services ihomes oit Stok oma S raised S iio on the HCM Stock Exchange. It is the residential property developer of conglomerate Vingroup JSC VIC.HM, which operates in real estate, education, healthcare, entertainment, retailing and automobile manufacturing sectors. Drawing strong interest from global and local funds, it is the country’s biggest-ever IPO in a market. As the dominant player in the high-end property segment in Hanoi and Ho Chi Minh City, it has Singapores GIC as a pre-IPO investor with 7% stake of US$853 million. haia uture u I raised S iio. As an ietam ehooia a infrastructure fund launched by ommeria oit Stok ak the government, it invests 45% ehomak, one of the of toll revenue of the leading commercial banks in Expressway Authority of Vietnam, raised S iio. Thailand on two expressways, With more than 5.4 million totalling 83.2km, over 30 years. customers in Vietnam, it is one Proceeds from the fund’s IPO of Vietnam’s largest private will be used to finance sector banks and one of the construction of another two leading banks in Asia. expressways projected to be in a range between 4.75% and 5.3% in the first year. 05 Southeast Asia IPO market IPOs by industry 2018 IPOs by Industry 70 61 5,000 4,655 4,500 60 s 4,000 O P 50 3,761 I 3,500 f 2,352 (S$Millions) o 3,000 d 40 e r 2,500 s e 25 i b 30 2,000 a r m t u 15 20 14 12 13 1,500 n N 1,093 8 1,000 u 10 4 o 500 467 m 0 119 0 A 42 22 Real Estate Public Sector Health Care Financial Services Life Sciences and Consumer Business Industrial Products Energy and Resources Technology,Telecommunications Media and No. of IPOs Amount raised 2014-2018 IPOs by industry 16,971 ) 250 18,000 s 216 n o 16,000 i l l s 200 i O 14,000 M P $ I 12,000 S f ( 132 107 o 150 d 10,221 10,000 r e e s 99 i b 8,094 8,000 a 100 r m u 54 56 50 6,000 t n N 4,663 32 3,199 4,000 u 50 3,070 o 1,373 2,000 m A 0 492 0 Real Estate Public Sector Health Care Financial Services Life Sciences and Consumer Business Industrial Products Energy and Resources Technology,Telecommunications Media and No. of IPOs Amount raised The increase in amount raised for Financial Services in 2018 was largely due to the 2 blockbuster listings: Thailand Future Fund and Vietnam Technological and Commercial Joint Stock Bank. Both listings raised a total of S$3 billion worth of funds, 80% of the amount raised by the entire industry in the region for 2018. There was a 30% growth in amount raised by Real Estate IPOs in 2018. Of the S$4.66 billion raised by Real Estate in 2018, 77% is attributed to Vietnam’s top listing Vinhomes Joint Stock Company. Top count Highest amount raised 216 IPOs from the Consumer Business sector from 2014 - S$17 billion raised by IPOs from the Real Estate sector 2018, of which Vietnam had a total of 80 Consumer Business over the past 5 years.
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