How to Value Private Sectors Without Public Comparables

Private-Dominated Sectors Can Still Be Analyzed Effectively

Public data scarcity shouldn’t paralyze your analysis

In Southeast Asia and wider Asia-Pacific markets, numerous high-growth and fragmented sectors—such as niche manufacturing, specialized B2B services, emerging consumer brands and localized tech plays—are dominated by private firms. Unlike listed companies, these businesses are not obliged to publish detailed annual reports, investor presentations or earnings transcripts that investors and deal advisors typically use for analysis. For many investors, analysts and deal advisory teams, this creates an immediate barrier. Without public filings, how can private equity investors, banks or M&A advisors establish benchmarks, assess profitability or understand competitive positioning in these private markets?

The absence of listed comparable does not equal the absence of data. It merely requires a shift in methodology and data sources. Rather than relying on public disclosures as the starting point, analysts must pivot towards consolidated private company databases that aggregate information from government filings, registries and  other verified sources across ASEAN.

Private Company Databases Open a Window into Opaque Markets

Certain data platforms can provide access to private company records. Financials (where available), shareholder data, M&A deals data and related news allow professionals to reconstruct a market landscape that would otherwise appear opaque.

The implication is powerful: private-heavy sectors are not unknowable; they are simply under-analyzed. For PE funds, banks, M&A advisory firms, consultants and transfer pricing teams equipped with the right data infrastructure, they present an opportunity rather than a constraint.

Comparative Benchmarking Is Still Possible Without Public Peers

Build Peer Sets from Private Financials

Traditional benchmarking often begins with listed companies. Analysts examine revenue growth, EBITDA margins, capital intensity and valuation multiples to run comparable analysis. In private-dominated sectors, some of these variables might not be available. However, comparative analysis can still be constructed by assembling peer groups directly from private company financials sourced through a private company database.

By filtering companies based on revenue bands, geography, sub-sector classification or margin ranges, analysts can create structured peer sets that replicate the logic of public comparable  for deal sourcing, valuation and transfer pricing purposes. Integrated databases enable users to sort, filter and download financial data efficiently, transforming what would otherwise be weeks of manual registry searches into a streamlined workflow for deal sourcing and fundamental analysis..

Ratio analysis—such as gross margin comparisons, benchmarks or growth dispersion—becomes feasible even in the absence of listed firms. While private financial disclosures may vary by jurisdiction, aggregated datasets across ASEAN provide sufficient breadth for meaningful statistical interpretation.

In effect, analysts are no longer constrained by the presence or absence of IPOs. Instead, they construct their own benchmarks from the ground up—often yielding a more locally relevant and granular picture  of Southeast Asia’s private markets than relying on a handful of large public players.

Value Chain Roles and Deal Data as Alternative Anchors

Beyond financial ratios, structural benchmarking can be achieved by examining value chain positioning and transaction data.

In fragmented industries, companies often occupy distinct roles—upstream producers, contract manufacturers, distributors, integrators or direct-to-consumer brands. Mapping firms according to these roles clarifies profit pools and bargaining power dynamics. Even without a dominant public leader, analysts can identify which segment captures the most value and where potential M&A opportunities may emerge.

Industry-Level Understanding Can Be Built from Bottom-Up Insights

Mapping the Value Chain Reveals Hidden Structure

In sectors lacking headline public players, industry structure must be derived from the ground up. Value chain analysis becomes indispensable.

By identifying how goods or services flow—from raw material suppliers through manufacturers and distributors to end customers—analysts can uncover bottlenecks, concentration risks and areas of differentiation along the Southeast Asia supply chain. This approach is particularly useful in markets where no single firm discloses comprehensive industry data or detailed company financial reports.

The outcome is a structured sector narrative where the analysis is not dependent on one dominant listed firm, but built from multiple interconnected data points  drawn from company databases, industry reports and M&A records.

News and Deals Signal Momentum

In data-light environments, timeliness matters. Financial statements may lag, particularly for smaller private entities. However, news flows and deal activity often provide earlier signals of change.

Setting news alerts ensures that sector monitoring becomes continuous rather than periodic which is critical for active deal sourcing.

By synthesizing financials, industry context, news and M&A data within a single workflow, analysts create a dynamic picture of sectors that might otherwise appear static or obscure to investors.

Don’t Miss Opportunities Just Because Firms Aren’t Public

High-growth opportunities across Southeast Asia are often hidden within private markets. The lack of listed-company disclosures should not limit your market research, industry analysis, company valuation or deal sourcing ambitions.

Speeda equips you with 12 million company data, over 3,000 market reports, 2.6 million M&A deals, and expert network service. You can conduct robust benchmarking, competitor analysis and strategic screening—even in data-light sectors — whether you are in private equity, banking, M&A advisory, consulting or transfer pricing.

Reach out to us today for a free consultation and demo.