Southeast Asian Conglomerates Lag Pure-Play Firms, Bain Report Finds

Southeast Asia conglomerates performance lagged pure-play companies between 2016 and 2025, according to Bain & Company.

Conglomerates delivered 4% annual returns, trailing pure plays by five percentage points.

Top performers posted 20% returns compared with 28% for focused firms.

Bain said challenges include slower growth, leadership succession and weaker advantages in capital and talent.

The Southeast Asia conglomerates performance gap underscores the need for strategic restructuring.