The factors that make South-east Asia’s top conglomerates stand out

Look inwards, engage markets and pair capital with evidence

    • For the roughly 80% of South-east Asian conglomerates that are family-controlled, staging capital against tested validation is critical to survival.
    • For the roughly 80% of South-east Asian conglomerates that are family-controlled, staging capital against tested validation is critical to survival. PHOTO: YEN MENG JIIN, BT
    Published Wed, Aug 12, 2026 · 07:00 AM

    BAIN & Company’s analysis of 177 South-east Asian conglomerates across two decades reveals an enormous performance gap.

    The top quartile achieved a 20 per cent annualised total shareholder return between 2016 and 2025, while the average conglomerate managed just 4 per cent.

    What separates top performers from others involves two factors: where they compete and, more importantly, how they transition into new sectors.