M&A Sp nhp & Mua li

Ni dung M&A trn th gii v khu vc

M&A Vit Nam

ng c thng gp ca M&A

M&A v qu u t

Trin vng M&A trong tng lai

Q&A

TRNH BY: NG DON KIN, CFA PARTNER, AUREOS CAPITAL

M&A trn th gii M&A l mt hot ng rt ph bin cc nn kinh t

pht trin.

Hoat ng M&A ghi nhn c trn th gii trong nhng nm gn y u cho thy s gia tng c v s lng ln gi tr

Gi tr v s thng v cao nht M (9873 thng v) v ti Trung Quc (3941 thng v)

Asia Pacific cng ngy cng chia s nhiu hn hot ng M&A trn th gii (khong 25%).

Theo t chc nghin cu 2011 2010

Mergermarket Group 2.18 trillion 2.12 trillion

Dealogic 2.7 trillion 2.74 trillion

Global M&A deals by region in 2010

Ngun: Thomson Reuters, Pickering Pacific Analysis

M & A vi nc ASEAN tiu biu Nm 2010 trong ASEAN 6 c 2,337 thng v, tng

ng 60.7 t USD c ghi nhn (khong 6% s lng thng v trn th gii, trong khi GDP ca cc nc ny ch khong gn 2% GDP th gii)

Gi tr trung bnh khong 45.5 triu USD/ thng v.

Vit Nam chim khong 15% trong s ny, cn Malaysia v Indonesia th khong trn 50%..

Malaysia, 28%

Indonesia, 22%Singapore, 17%

Vietnam, 15%

Thailand, 12%Philipines, 6%

Nguyn liu, 15%

Ti chnh, 16%

Cng nghip, 17%

Hng tiu dng ch yu, 9%

Bt ng Sn 9%

Nng lng, 8%

Cng ngh cao, 6%

Hng tiu dng v dch v, 6%

Khc, 14%

Cc thng v M&A ti Asean-6 theo Quc Gia

Cc thng v M&A ti Asean-6 theo Ngnh Ngun: Thomson Reuters, Pickering Pacific Analysis

M&A Vit Nam Theo nghin cu ca Nexus Group, sau 9 thng u

nm 2011, gi tr M&A ghi nhn c l 2.67 t USD tng 150% so vi c nm 2010.

Cc thng v xy ra ch yu l do cc ngun c yu t NN, chim 81.3%, ch yu t M, TQ, Nht. Cc ngun trong nc bt u xut hin, tuy chim t trng nh, khong 18.7%.

Giao dch M&A trong nhng nm nay cng nh du s thoi vn ca rt nhiu Qu u t

Ngnh hng tiu dng, ti chnh v bt ng sn dn u danh sch cc ngnh c t trng giao dch cao.

Mt vi giao dch M&A 2011

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2008 2009 2010 9M2011

Gi tr thng v M&A qua cc nm (t USD)

Loi hnh Triu USD % Gia cc DN trong nc 501.7 18.7 DN nc ngoi u t vo DN trong nc 2177.6 81.3

DN trong nc u t ra nc ngoi - - Tng Cng 2679.3 100%

Ngun: Nexus Group

M&A theo loi hnh thng v ti thng 9-2011

Quc gia Triu USD %

Trung Quc 609.0 22.7%

M 572.8 21.4%

Nht Bn 236.4 8.8%

Nga 196.0 7.3%

Vit Nam 494.2 18.4%

Others 570.9 21.4

Tng Cng 2679.3 100%

M&A Ngun gc bn mua Top 5

Ngun: Nexus Group

Ngnh Triu USD % Hng tiu dng 1,034.6 38.6% Ti Chnh 453.4 16.9% Bt ng Sn 251.0 9.4% Gii Tr 232.4 8.7% Du Lch 140.7 5.3% Cng Ngh 111.5 4.2% Khai Khong 100.0 3.7% Truyn Thng 73.6 2.7% Y t 64.0 2.4% Vt Liu Ha Cht 55.0 2.1% Khc 163.1 6% Tng Cng 2,679.3 100%

M&A theo ngnh Top 10

Ngun: Nexus Group

Cc ng c tiu biu ca M&A Li ch cng hng thu c

Tng trng nhanh chng hn (thay v hot ng sn xut thng thng)

Gia nhp th trng v tng th phn (i vi th trng mi)

Tip cn vi thng hiu, R&D, cng ngh hoc ti sn

a dng ha gim ri ro

Li ch v thu

Li ch c nhn ca lnh o doanh nghip (agency problem)

Chin lc phng th

Cc ng c khc.

M&A v gi tr doanh nghip Liu M&A c tng gi tr doanh nghip?

Ngn hn : doanh nghip bi mua : c s gia tng doanh nghip i mua: thng gim gi Di hn: doanh nghip sau M&A thng thua cc doanh nghip

cng ngnh khng c M&A

Li ch cng hng

Ngi tr gi cao nht (winners curse)

Cc vn ngoi ti chnh hay kinh doanh: vn ha DN vv

M&A v Qu u t PE Qu u t chim 1 t trng rt ln trong s cc giao dch M&A

(k c trong vai tr bn bn v bn mua), c nhng th trng th Qu u t ng vai tr ln hn Doanh nghip trong hot ng M&A.

Theo nghin cu ca Grant Thorton thng 1-2011, th VN t nm 2003 ti thi im thng 12, 2010: Tng gi tr u t khong 1.8 billion USD vi hn 200 giao dch. Tng s giao dch thoi vn (trn vn hoc mt phn) khong 150

giao dch, ch yu thng qua th trng nim yt (60%), vi gi tr ghi nhn c khong 1.2 billion USD tuy nhin ngy cng nhiu cc hnh thc thoi vn khc.

Thi gian nm gi trung bnh khong: 4-5 nm. Nm 2011 v sau ny, c k vng s c nhiu hot ng exit hn

c v s lng v gi tr.

u t ca cc Qu Mandate vi cc nh u t vo Qu (chin lc ca Qu)

Li nhun ti chnh (corporate M&A)

C thi gian u t tng i ngn hn

Cam kt v thoi vn

Khi nim v u t c trch nhim (ESG, SRI)

Cht lng v s lng ca i ng qun l (cao cp)

Minh bch v tnh chuyn nghip

Qu trnh h tr tng gi tr

Thch thc i vi u t ca Qu Tnh hnh v m v s hay thay i ca chnh sch

Khung php l (lut chi phi, gii hn s hu, cnh tranh, vv)

Thm nh (minh bch ca doanh nghip)

nh gi v cc h s php l ca giao dch

i ng qun l hin ti v k tha hoc m rng

Vn ha doanh nghip (tm c, gia nh, dilution)

Cam kt v Mi trng, X hi v Qun tr DN (ESG)

Thoi vn

Trin vng M&A Trn th gii, phn ln chuyn gia k vng hot ng M&A s

tng mnh trong nm 2012 v trong tng lai.

Ti Vit Nam Pht trin chm ca cc nc: c xu hng m rng sang cc th

trng pht trin nhanh hn Th trng ni a v trin vng lu di ca Vit Nam im n hp dn cho dng vn u t nc ngoi Chu k thoi vn ca nhiu qu ang hot ng Th trng chng khon gim gi, BDS kh khn: mc nh gi s

hp dn hn Li sut cn cao, lm pht cao -> tip tc tht cht tn dng Quy m v trnh ca doanh nghip Vit Nam Qu trnh c phn ha v ti cu trc DN

Ti liu tham kho http://www.mergermarket.com

http://pickeringpacific.com

The fundamentals of Financial Management, Eugene Brigham and Joel Houston, 2007, McGrawhill

Vietnam deals Review 2011, Nexus group

M&A, Sp nhp v Mua li Doanh nghip Vit Nam, Phm Tr Hng v ng Th c, 2011, Megabooks

Global M&A Survey, Intralinks, December 2011

Vietnam M&A activity review 2010 by PWC

Review of PE exit 2010 and Global PE report 2011- Grant Thornton

Q&A

CM N

M&A Sp nhp & Mua liNi dungM&A trn th giiSlide Number 4M & A vi nc ASEAN tiu biuSlide Number 6M&A Vit NamSlide Number 8Slide Number 9Slide Number 10Slide Number 11Cc ng c tiu biu ca M&AM&A v gi tr doanh nghipM&A v Qu u t PEu t ca cc QuThch thc i vi u t ca QuTrin vng M&A Ti liu tham khoQ&A