The returns of south-east Asia’s conglomerates have plummeted to record lows, marking the end of a golden age for the sprawling businesses that are among the biggest drivers of the region’s $3.6tn economy.
After decades of outperforming global peers, conglomerates from countries including Indonesia, Thailand, Malaysia and the Philippines have “lost their edge”, according to research by management consultancy Bain & Company.
Bain said for roughly 100 conglomerates in the region with a listed parent or at least one listed subsidiary, the average annual total shareholder return was 4 per cent between 2013 and 2022, a 24-percentage point decline from the preceding decade.
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