The Rise of Myanmar s. Automotive Aftermarket. solidiance. April 2015

Transcription

1 solidiance The Rise of Myanmar s Automotive Aftermarket April 2015 Solidiance has produced this white paper for information purposes only. While every effort has been made to ensure the accuracy of the information and data contained herein, Solidiance bears no responsibility for any possible errors and omissions. All information, views, and advice are given in good faith but without any legal responsibility; the information contained should not be regarded as a substitute for legal and/or commercial advice. Copyright restrictions (including those of third parties) are to be observed.

2 2 content Executive Summary 04 Myanmar - Macroeconomic Indicators 05 Myanmar s Automotive Market Overview 13 Myanmar s Automotive Aftermarket 24 Recommendations & Conclusion 40 Authors 42

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4 4 Executive Summary Following the ease of car import regulations, Myanmar s automotive aftermarket is undergoing an impressive growth phase. However, the rise in vehicle numbers is only one of the market drivers. The majority of passenger and commercial cars in circulation are second-hand, creating higher demand for spare parts and after-sales services. Myanmar s automotive aftermarket is dominated by more than 20 Asian brands. For tires and battery, majority of products are Japanese, while oil filters come mostly from Indonesia, Thailand, and China. Preference for Japanese spare parts is driven by perception for good quality. In addition, majority of imported cars come from Japan, so many Burmese customers prefer purchasing Japanese products. However, despite the strong Japanese presence, Burmese end-users remain price-sensitive and often choose cheaper Chinese spare parts. Price remains the number one criteria of purchase in addition to car type, price difference between branded and cheap products, and products usage period. All industry players rely on an extensive number of local importers and distributors, including 250+ wholesalers, retailers, and workshops & service centers. Looking forward, the automotive aftermarket is set for strong growth, with investment opportunities opening up for brand spare parts, garage chains, and customer service.

5 5 Myanmar : Macroeconomic Indicators Economy Population & Density Infrastructure & Roads

6 6 Myanmar s GDP is projected to grow at 7.8% annually through 2016 Myanmar s GDP growth accelerated to 7.5% in 2013, surpassing the overall GDP growth for the East Asia region. The country s impressive economic performance is the result of strong Foreign Direct Investment (FDI), rising commodity exports, growing tourism, and rapid credit growth coupled with ambitious government reform. If Myanmar sticks to the reform course, the economy is projected to grow at an average 7.8% in the coming years. East Asia & Myanmar s GDP Growth, F (%) F 2016F East Asia Myanmar Sources: World Bank, Asian Development Bank (ADB), Solidiance Interviews & Analysis

7 7 With a population of 53 million, Myanmar is the 5th most populous country in ASEAN Myanmar, Thailand & Vietnam s Population Size, (Million) Myanmar Thailand Vietnam Sources: World Bank, United Nations, The World Factbook - CIA, Solidiance Interviews & Analysis

8 8 Myanmar s Population Structure, yrs yrs 7% 5% 26% Myanmar s population size tripled within 60 years from 17.8 million in 1950 to 53.3 million in Currently, 43% of the population is between the ages of 25 and 54, creating a labor force of 23 million people yrs Myanmar is home to 135 ethnic groups yrs 65+ yrs 43% 18% with the Bamar, Shan, Kayin, Rakhine, Mon, Kayah, and Kachin being the largest ones. Currently, 29.6% of the population lives in urban areas, but this trend is accelerating at 2.9% per year. Sources: World Bank, United Nations, The World Factbook CIA, Solidiance Interviews & Analysis

9 9 Myanmar s Population Density, Less than State/Region is denoted by number in Table 3 Sources: ADB, Solidiance Interviews & Analysis Yangon is the most densely populated urban area, followed by Mandalay and Nay Pyi Daw Myanmar s Population by State/Region, 2014 Yangon Ayeyawady Mandalay Shan Sagaing Bago Magway Rakhine Mon Kachin Kayin Tanintharyi Nay Pyi Taw Chin Kayah 7,355,075 6,175,123 6,145,588 5,815,384 5,320,299 4,863,455 3,912,711 3,188,963 2,050,282 1,689,654 1,572,657 1,406,434 1,158, , ,738 Sources: ADB, Solidiance Interviews & Analysis

10 10 While more roads are being built, the majority remains unpaved

11 11 As Myanmar opens to the world, there is growing pressure to upgrade and expand the country s infrastructure. An extensive and reliable infrastructure network is essential to ensure the country continues to attract and absorb FDI as well as promote trade, tourism, and development. As a result, the government has committed to a National Transport Policy. The objective is to build 36 roads from north-south and 45 from east-west, cutting across 7 regions and 7 states by This would facilitate transportation within Myanmar and with neighboring countries.

12 12 Unpaved & Paved Roads in Myanmar, 2011 Myanmar s road length, (in thousands km) Paved 21% Unpaved 79% Sources: Myanmar Ministry of Transport, Ministry of Construction, Solidiance Interviews & Analysis City roads Yangon Highway Yangon Bago Inter-state roads Chin Unpaved rural roads

13 w w w.s olid ia nc e.c om 13 Myanmar : Automotive Market Overview Regulation Changes Automotive Market Car Types & Brands Distribution Channels Trends, Drivers & Barriers

14 14 After decades of restrictions, all Myanmar citizens were allowed to import cars in The Burmese government controlled and reduced car imports The government allowed seamen, study abroad students, and embassy staffs to import 1 car for every 3 years spent abroad Seamen, study abroad students, and embassy staffs could import 1 car per year instead of only every 3 years Old Car Replacement Plan: Owners of older cars were allowed import permits for newer model cars (produced between ) in exchange for returning their old cars. As of August 2012, a total of 58,7116 import permits were issued under this program. People unable to import cars could purchase vehicles at authorized showrooms The government lifted restrictions and allowed all individuals to import the latest model cars, produced from 2007 onward, but commercial vehicle imports remained limited. Sources: Solidiance Interviews & Analysis 2013 The government removed restrictions on commercial vehicle imports.

15 15 Ease of import restrictions led to rapid increase in car numbers Number of Registered Vehicles in Myanmar, ,000,000 4,500,000 4,407,741 4,000,000 3,739,947 3,500,000 All CAGR 17.1% 3,000,000 2,500,000 2,000,000 1,998,960 2,147,404 2,308,521 2,363,747 Others* CAGR 17.7% Motorcycles CAGR 18.4% Buses/Passenger Cars CAGR 2.6% 1,500,000 Trucks CAGR 6.2% 1,000,000 Private Cars CAGR 10.8% 500, Note: Others refers to trawlergi, three-wheelers, agricultural machinery and others. After the government allowed all Myanmar citizens to import cars in 2012, the number of vehicles grew sharply registering a 58% growth rate between Over the period, motorcycles contributed the most to the increase with 18.4%. As of May 2014, there were 4,407,741 registered vehicles in the country. The sector is expected to grow at 7.8% through 2019, driven by an emerging economy, expanding infrastructure, and rising income levels. Sources: Myanmar Ministry of Transport, Solidiance Interviews & Analysis

16 16 Myanmar still relies mainly on motorcycles for transport, while cars remain out of reach for majority of the population due to high cost The majority of transport vehicles in Myanmar remain two-wheelers which make up 85% of total vehicles due to low income levels and high import tax on cars. Even though the Myanmar government allowed temporarily the registration of illegal motorcycles in 2012, a significant number of vehicles remain unregistered.

17 17 Only 9% of all vehicles are passenger cars which are mostly concentrated in Yangon (71%) and Mandalay (16%). Cars, even second-hand, remain accessible only to the wealthy Burmese consumers. Number & Type of Registered Vehicles in Myanmar, May 2014 Two-wheelers 3,747,785 Passenger Cars 389,441 Three-wheelers 53,753 Trawlergi 34,205 Others 26,800 Buses 22,369 Light Trucks 79,536 Heavy Trucks 52,703 Machinery 1,149 Passenger vs. Commercial Cars in Myanmar, May 2014 Commercial Cars 21% Passenger Cars 79% Sources: Myanmar Ministry of Transport, Solidiance Interviews & Analysis

18 18 Those who can afford a car, most often choose imported, second-hand, and Japanese ones due to quality at affordable prices perception. Used imported vehicles still dominate the streets of Myanmar due to absence of local car manufacturing. Moreover, imported cars are preferred because of their quality and spare parts availability. The top import country remains Japan due to trusted quality at affordable prices. However, recently Chinese and Korean brands have started to gain popularity because they offer new vehicles for half the price of new imported Japanese cars. Also, the steering wheel of Korean and Chinese cars is on the left side, which is adapted to the circulation rules in Myanmar where cars drive on the right side of the road.

19 19 Toyota remains the most popular brand in Myanmar because of its durability, a key customer preference since the country s infrastructure is still underdeveloped outside major urban areas. { Myanmar s Car Sales by Country of Origin, 2014 Japan 87% Korea 10% EU, USA, China 3% Myanmar s Car Sales by Car Brand, % 11% 8% 7% 6% 3% 3% Others 2% 2% 1% 1% 3% Sources: Mizzima, Solidiance Research & Analysis

20 20 The number of both registered passenger and commercial vehicles has been growing driven by regulatory changes, but absolute numbers remain humble for a 53 million inhabitants country

21 21 After the relaxation of import regulations in 2012, the number of passenger and commercial vehicles increased by 24% and 6%, respectively, from 2013 to Overall CAGR for passenger cars was approximately 11% from 2008 to 2014 despite a slight drop in as a result of the Old Car Substitution Program. The Program prompted old car owners to take their vehicles off the street in exchange for a new car license. Commercial vehicles grew at a CAGR of 4% over the same period. Number of Registered Passenger Vehicles in Myanmar, , , , , , , , , , , , , , ,000 50, Number of Registered Commercial Vehicles in Myanmar, , ,000 80,000 78,540 80,939 85,832 87,329 96, ,905 60,000 40,000 20,000 Soluptam endest ames modipsae nemo blaborae Sources: Road Transportation Department, Solidiance Research & Analysis

22 22 Brokers remain the most prominent car sales channel and capture more than half of car sales in Myanmar Myanmar s Car Value Chain, % car sales 100% Used Cars Car Showrooms Around 120 showrooms in Myanmar Not the largest sales channel due to high prices compared to broker offerings 55% car sales 100% Used Cars Brokers Imported Car Market 5% car sales Mix of new and second hand 10% car sales 100% Used Cars More than 500 brokers that auction and resell with a 10% margin Strong sales channel based on previous experiences and good relationships Authorized Dealers Global automotive manufacturers are rushing to set up shop in Myanmar 90% of their sales come from brand new cars, but they make up only 5% of overall car sales due to high prices Individuals End User Very small percentage of end users buy and import their own cars from Japan, as it remains a complex and long procedure Even though they can get a cheaper car, end users prefer buying cars from brokers because they lack of knowledge about the import process, face obstacles with bank payments, and need to wait at least 2 months for the procedure Sources: Solidiance Interviews & Analysis

23 23 Opportunities Ease of Regulatory Restrictions Relaxation of the import permit policy, allowing every Myanmar citizen to import vehicles, followed by a drop in car taxation and prices Rising income Income gains and urbanization are driving higher demand for automobiles and related services new untapped Market Myanmar presents huge potential to foreign automotive manufacturers as local demand for cars continues to rise Modernization of Banking System Banking reform has created access to loans to purchase cars on credit. Higher Purchase Systems from showrooms are also available Less stringent regulations and rising incomes will drive Myanmar s automotive industry Challenges Regulatory uncertainty & weak legal System Make investors cautious about investing in Myanmar and protecting their investment low disposable income Car ownership is still limited to the wealthiest Burmese, with Myanmar s car ownership rate being the lowest in Southeast Asia Government Monopoly Presence of state-owned or state-linked enterprises in the automotive industry could be a barrier to private companies limited human capital & Tech Expertise Shortage of skilled workers and tech expertise severely restricts Myanmar s capability to manufacture cars on a large scale

24 24 www. s o l i d i a nce.com Myanmar : Automotive Aftermarket Overview Automotive Aftermarket Products Tires, Battery & Oil Filter Value Chain & Key Automotive Aftermarket Players End Users Trends & Opportunities

25 25 Hot climate and poor roads accelerate spare parts replacement rates Battery Average Price per Battery US$ 50 Replacement Rate the recommended replacement rate for battery is every 4 years However, car batteries in Myanmar get changed every 1.5 years due to the hot climate and humidity which decrease battery life Oil Filter Average Price per Oil Filter US$ 5 Replacement Rate experts recommend that the oil filter is changed at the same time as the lubricant (every 3-4 months or after every 5,000 km travelled) In Myanmar, 95% of car owners change their oil filter every 3 months. Only 5% clean the oil filter when they change the lubricant and reuse it to save money Tires Average Price per Tire US$ 60 Replacement Rate the recommended replacement rate for tires is every 5-6 years. However, due to the poor road conditions in Myanmar, car owners usually replace tires every 3 years. In addition, new roads (e.g. Yangon-Mandalay highway) are covered with concrete which wears out tires faster Sources: Solidiance Interviews & Analysis

26 26 Battery and oil filter register the strongest growth rate, followed by tires

27 27 Myanmar s Battery Market size*, (US$ Mn) cagr 11.3% After the lift of import restrictions, the battery market saw impressive growth in when sales reached US$ 14.8mn. Battery demand is set for an upward trend as the number of cars continues to rise Myanmar s Oil Filter Market size*, (US$ Mn) Oil filter experienced the strongest cagr 11.5% CAGR growth indicating a shift towards more frequent oil filter purchase and changes Sales jumped by 25% in , and demand is forecasted to stay strong Myanmar s Tires Market size*, (US$ Mn) Like batteries, the tire market cagr 11% experienced major growth in when sales jumped by 23%. Demand for tires is expected to grow in tandem with the automotive market (*) Note : Market size refers to passenger cars and commercial vehicles and accounts for inflation

28 28 Leveraging a reputation for quality, Japanese tires make up 27% of the passenger and commercial vehicles market Tire Brands in Myanmar, 2014 Others 14% 13% 11% 10% 8% 7% 6% 5% 4% 22% Sources: Solidiance Interviews & Analysis Global Japanese brands, Yokohama and Bridgestone, are leaders in the Myanmar market, especially for passenger cars. The reasons behind this is the dominance of second-hand Japanese automobiles as well as the customer s belief that Made in Japan guarantees quality. The rest of the market is fragmented by a variety of brands which are cheaper than the Japanese products, such as Maxxis (Taiwan), Deestone (Thailand), Apollo (India), and G-stone (China). Premier tires like Michelin hold a smaller market share due to higher prices.

29 29 Tires by Import Country, 2014 Thailand China Indonesia Japan Korea India Others 36.5% 14.5% 12.5% 9.5% 8% 5.5% 13.5% Tires imported from Thailand dominate the Myanmar market due to a few factors. Drawn by cheap and skilled labor and large rubber supply, most global players, such as Yokohama and Bridgestone, have established one or several tire factories in Thailand. In addition, Thailand is the preferred import partner due to geographical proximity. Tire imports from China make up 14.5% of the market due to low prices and channel access. Note: Tire market share includes passenger cars and commercial vehicles Sources: Solidiance Interviews & Analysis

30 30 Japanese battery brands hold nearly half of the Myanmar market Battery Brands in Myanmar, 2014 Others 30% 25% 10% 10% 8% 4% 3% 10% Sources: Solidiance Interviews & Analysis Currently, there are over 20 battery brands on the Myanmar market. The most dominant ones come from Japan : GS Battery accounts for 30% of the market share, Toyo s is 10%, and Panasonic s is 4%. Just like with tires, the Burmese also prefer Japanese car batteries because they believe they get quality at an affordable price. Another popular brand is 3K from Thailand which has had a long presence in Myanmar and is easy to procure. Recently, brands like Rocket (Korea) and Delkor (US) have started to grow in popularity due to their tech quality. High-end brands like Panasonic and Bosch have only 4% and 3% market share because of their higher prices in this very price-sensitive market.

31 31 Battery by Import Country, 2014 Thailand Korea Indonesia Others 55% 15% 10% 20% Currently, the ratio of conventional vs. Maintenance-free (MF) batteries is 70% vs. 30%. MF batteries are on average 50% more expensive than the conventional ones. { Note: Battery market share includes passenger cars and commercial vehicles Sources: Solidiance Interviews & Analysis

32 32 Indonesian, Thai, and Chinese brands share the oil filter market Oil Filter Brands in Myanmar, 2014 Other China Brands Other Brands 30% 25% 10% 10% 10% 15% Sources: Solidiance Interviews & Analysis The oil filter market has been growing at 15% over the past five years. Sakura, produced in Indonesia, is the leading brand in the oil filter market with 30% market share, followed by JS, a Japanese brand. Chinese brands hold 30% of the market with Fuji Toyo and Tora leading the way with 10% each. Other popular Chinese brands are Tori and Fujimax. The popularity of Chinese oil filters is not a surprise since they are the cheapest in the market, around US$ 4, while Japanese brands retail for US$ At the moment, more new cars are entering the market. New car owners care a lot about their vehicles and often choose a quality oil filter like Sakura or JS. At the same time, second-hand car owners tend to pick Chinese oil filters because they are cheaper. I think, as people start earning more, their preference will definitely shift to higher quality {oil filters. - Owner, Car Service Center in Yangon

33 33 Oil Filter by Import Country, 2014 China Indonesia Thailand Singapore Others 30% 25% 25% 10% 10% Majority of oil filters are imported from China, Indonesia, and Thailand. Brands imported from Singapore are usually more expensive and used in high-end cars. Branded cars, such as Toyota, use their own oil filter. Oil filters are changed frequently, around 3-4 times a year, usually at the same time as the engine oil. Therefore, there is a preference for cheaper Chinese oil filters. Note: Oil filter market share includes passenger cars and commercial vehicles Sources: Solidiance Interviews & Analysis

34 34 Retailers and workshops have the most influence over end users product choice Myanmar s Automotive Spare Parts Value Chain, 2014 Player Number Role & Responsibility Importers/ Distributors ~100 Gatekeepers Importers work closely with foreign suppliers, deciding on brands and products for distribution in Myanmar. Wholesalers ~250 Price Setters Wholesalers deal directly with importers/distributors. They have the power to set the prices to retailers. Retailers ~4,000+ Influencers Retailers sell spare parts directly to end users and have the power to influence their choices. Usually, retailers carry many brands but push the ones that give them a high profit margin. Car Workshops/ Service Centers ~7,800+ Influencers Along with retailers, car workshops and car service centers play a major role in end user product choices. End Users ~0.5mn Users Majority of customers are price-sensitive. Only a few car owners choose spare parts based on quality and brand. They are likely to own new cars rather than a used model. Note: The table illustrates the value chain for all spare parts Sources: Solidiance Interviews & Analysis

35 35 Myanmar s Tire Value Chain, 2014 Tire distributors capitalize on market demand by reaching out to end users directly Retail Sales & Services ~360+ Imported Tires Importers/ Distributors ~50 Wholesalers/ Dealers ~100 End Users Workshops ~280+ Sources: Solidiance Interviews & Analysis { - In the Myanmar tire market, distributors reach out to end users directly. Since the market opened up and car circulation increased, distributors have been opening up showrooms and proactively offering replacement and maintenance services In Yangon and Mandalay, wholesalers have unofficial regions where they focus and distribute Some key players in the Myanmar tire market are Anawyahtar Showroom (Tyre World Co., Ltd), Universal Showroom (Pyi Htun Aung Co., Ltd), and Naing Brother General Trading Co.,Ltd If there is a price difference between tire and repair in one workshop versus another, end users will often buy the tire from the cheaper workshop and go for repair & maintenance somewhere else despite the inconvenience. Manager, Car Service Center in Yangon

36 36 In the battery market, technician recommendations sway end users choice of products Myanmar s Battery Value Chain, 2014 Retail Sales & Services ~120+ Imported Batteries Importers/ Distributors ~30 Wholesalers/ Dealers ~70 End Users Workshops ~280+ Sources: Solidiance Interviews & Analysis Although there are currently around 30 importers and distributors for battery, only the main players have a sizable market share due to in-depth market knowledge and long-term presence The key battery importers and distributors are Win Cherry Co. Ltd, Yangon Trading Co. Ltd, Tun Eletronic Trading Co. Ltd, Rainbow Bridge Distribution Co. Ltd The recommendations and suggestions of technicians from workshops and retail shops significantly influence end users choice of products - they act as prescribers of products to end-users

37 37 Bayint Naung Market serves as key distribution point for oil filters Myanmar s Oil Filter Value Chain, 2014 Retail Sales & Services ~500+ Imported Oil Filters Importers/ Distributors ~25 Wholesalers ~100 End Users Workshops ~200+ Sources: Solidiance Interviews & Analysis Oil filters are mostly distributed via the biggest automotive spare parts wholesalers market, Bayint Naung in Yangon, which has more than 100 wholesalers that can reach both end users and retail shops The market leading brand, Sakura, is imported via an authorized sole distributor - Bawgawadi Group. JS and Chinese brands are distributed by importers as well as wholesalers Most workshops do not keep oil filters and engine oil in stock. They purchase them from retailers on consumer requests

38 38 Majority of spare parts channels are located in Yangon, followed by Mandalay Mandalay Battery Sales and Services 55 Accessories and Spare Parts Shop 1,604 Maintenance & Repairing Services 2,978 Car Wheel, Tires and Tubes Dealers 331 Workshops 119 Nay Pyi Taw Battery Sales and Services 20 Accessories and Spare Parts Shop 192 Maintenance & Repairing Services 391 Car Wheel, Tires and Tubes Dealers 123 Workshops 65 Yangon Battery Sales and Services 120 Accessories and Spare Parts Shop 2,263 Maintenance & Repairing Services 4,483 Car Wheel, Tires and Tubes Dealers 761 Workshops 381 Note: The table numbers refer to channels for all spare parts Sources: Solidiance Interviews & Analysis

39 39 Other factors (besides price) that influence Burmese end users purchasing choices Factors Determining End Users Purchasing Behavior Type of Car Used Cars Owners of used vehicles tend to choose cheaper spare part brands Price Difference Between Branded & Cheap Spare Parts Low (~ US$ 2-3) The end users will choose the branded product Period of Usage Long The longer a spare part can be used, the more likely a consumer will invest in a branded product New Cars Owners of new vehicles invest in quality brand products High (< US$ 3) Consumers will choose spare part depending on the car type : used or new Short The shorter a spare part can be used, the less likely a consumer will pay for a branded product Sources: Solidiance Interviews & Analysis End users care the most about product s price. The quality of the product and service come second and third Majority of end users are only knowledgeable about the price, but not about the brands and products. Often they request a product by asking for the price instead of the brand End users are very much influenced by marketing, promotions, and sales incentives { - General Manager, Western Car Showroom Burmese car owners are not used to quality aftersales service. Yet, I see growing demand for it and tremendous opportunity as the country opens up further.

40 40 Recommendations & Conclusion

41 Myanmar s Tires, Battery & Oil Filter Market Size, F (in US$ Mn) F F F The future of Myanmar s automotive aftermarket is tied to increase in vehicle numbers as well as income per capita and credit access Considering the low car penetration rate as well as the country s accelerating development, the future for automotive spare parts looks bright In addition, since Myanmar s vehicle market consists mainly of used cars, the demand for spare parts and quality aftersales service will continue to increase The market for tires, battery, and oil filter will remain attractive and reach US$ 80mn in 2017 The Rise of Myanmar s Automotive Aftermarket Video Podcast { Myanmar s automotive aftermarket is set for strong growth, creating a variety of opportunities for investors Myanmar Automotive Aftermarket Key Opportunities Branded Spare Parts Garage Chains Aftersales Customer Service Currently, customers are very sensitive about price which draws them to cheap Chinese-made spare parts However, demand for quality spare parts is expected to pick up as incomes and imports of new cars increase The spare parts distribution landscape remains quite fragmented Currently, there are no garage chains in Myanmar At the same time, there is no regulation prohibiting the creation of such enterprises Emphasis on customer service is still rare in Myanmar There is growing demand for well-trained aftersales staffs while supply is low. A new garage or workshop chain with trained staffs would likely attract a number of car owners looking for better services Note: Market size refers to passenger cars and commercial vehicles and accounts for inflation Sources: Myanmar Business Today, Solidiance Interviews & Analysis

42 42 Authors Mickael Partner Mickael Feige is a Partner based in Thailand. Mickael has more than 10 years of professional experience. He manages large projects for Fortune 500 in various sectors such as automotive, chemicals, construction, energy, heavy industries and healthcare. His expertise lies mostly in market entry, growth strategy, industry and competitive benchmarking, and commercial problems diagnostics. Mickael speaks French and conversational Japanese. He holds a Masters Degree from a joint program between Lyon Political Science Institute and Senshu University. He holds an MBA from INSEAD. Neli Consultant Neli is a Consultant based in Solidiance s Myanmar office. Prior to joining Solidiance, she worked in Afghanistan for Roshan Telecom, focusing on process management and capacity-building. In addition to telecom experience, Neli has honed her consulting and market research skills through her work in a variety of projects across India, China, and the USA. She holds an MA in International Management from Sciences Po, Paris. Mie Ko Analyst Mie Ko is an Analyst based in our Myanmar office. Mie Ko worked on several projects for Solidiance in Myanmar where she supported feasibility studies and investment projects for Fortune 500 companies. Prior to joining our team, she worked at the Finance Department of a large hospitality group in Yangon. She obtained her Bachelors degree of Computer Studies from the University of Computer Studies Mandalay. Mie Ko holds an MBA with specialization in Strategic International Marketing from the Asian Institute of Technology. Shin Thant Analyst Shin Thant is an Analyst based in our Myanmar office in Yangon and has served clients in doing market landscape analysis and commercial due diligence. Prior to joining Solidiance, he worked as an audit and advisory associate for KPMG on financial advisory services responsible for auditing MNCs and INGOs. With an in-depth knowledge in accounting and engineering, Shin Thant has obtained his advanced diploma in engineering and accounting. He is also member of Association of Chartered Certified Accountants UK (ACCA).

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