9 local firms in Forbes Asia's Best Over A Billion

Inaugural list spotlights 200 Asia-Pacific companies with revenues of $1.4b and above

Olam International, which supplies food products like cocoa, is also on the list. DBS Bank, one of Singapore's leading lenders, ranks 13th by market value within the Asia-Pacific. The three local banks - DBS, OCBC Bank and United Overseas Bank - are
US$13.71b: DBS Bank, one of Singapore’s leading lenders, ranks 13th by market value within the Asia-Pacific. The three local banks – DBS, OCBC Bank and United Overseas Bank – are the largest Singapore companies featured on the inaugural Best Over A Billion list. ST PHOTO: JASMINE CHOONG
Olam International, which supplies food products like cocoa, is also on the list. DBS Bank, one of Singapore's leading lenders, ranks 13th by market value within the Asia-Pacific. The three local banks - DBS, OCBC Bank and United Overseas Bank - are
US$22.6b: Olam International, which supplies food products like cocoa, is also on the list PHOTO: BLOOMBERG
Olam International, which supplies food products like cocoa, is also on the list. DBS Bank, one of Singapore's leading lenders, ranks 13th by market value within the Asia-Pacific. The three local banks - DBS, OCBC Bank and United Overseas Bank - are
US$4.15b: CapitaLand, which manages Funan mall, is one of two Singapore developers on the list. ST PHOTO: KEVIN LIM

Nine companies from Singapore made it to Forbes Asia's inaugural list spotlighting 200 top-performing listed companies across the Asia-Pacific with revenues of US$1 billion (S$1.4 billion) or more.

They are the Republic's three banks - DBS Bank, OCBC Bank and United Overseas Bank (UOB) - as well as Wilmar International, CapitaLand, City Developments, Olam International, ASM Pacific Technology and Venture Corporation.

The latest full-year revenues for these Singapore companies ranged from US$2.5 billion at ASM Pacific Technology to US$44.5 billion at Wilmar International, according to the Best Over A Billion list launched yesterday.

From a pool of 3,200 listed firms in the region, candidates were evaluated on their average five-year sales, operating income growth, return on capital and projected growth over the next one to two years.

The largest Singapore companies featured are DBS, OCBC and UOB, ranking 13th, 20th and 23rd, respectively, by market value within the Asia-Pacific.

Topping the list by market value were behemoths from the tech sector and those headquartered in the region's biggest markets.

They include Internet conglomerates Alibaba and Tencent from China, semiconductor giants Taiwan Semiconductor Manufacturing and SK Hynix, as well as Japan's Fast Retailing, which operates the Uniqlo apparel chain.

The industries that dominated the list were retail, real estate, banking, transport, and food and beverage manufacturing.

  • SINGAPORE COMPANIES THAT MADE THE LIST

  • ASM PACIFIC TECHNOLOGY Makes semiconductor equipment, listed in Hong Kong

    Market cap: US$4.36b

    Annual revenue: US$2.49b

    CAPITALAND Property developer which also owns and manages shopping malls and industrial buildings

    Market cap: US$12.64b

    Annual revenue: US$4.15b

    CITY DEVELOPMENTS Property developer which also owns and manages hotels

    Market cap: US$5.98b

    Annual revenue: US$3.13b

    DBS BANK Banking and financial services

    Market cap: US$46.33b

    Annual revenue: US$13.71b

    OCBC BANK Banking and financial services

    Market cap: US$34.56b

    Annual revenue: US$11.02b

    OLAM INTERNATIONAL International supplier of agricultural products and food ingredients such as nuts, coffee and rice

    Market cap: US$4.54b

    Annual revenue: US$22.6b

    UNITED OVERSEAS BANK Banking and financial services

    Market cap: US$31.28b

    Annual revenue: US$10.41b

    VENTURE CORPORATION Electronics manufacturing services provider

    Market cap: US$3.03b

    Annual revenue: US$2.58b

    WILMAR INTERNATIONAL Agribusiness group which produces palm oil, flour and fertiliser, among other things

    Market cap: US$18.22b

    Annual revenue: US$44.5b

One notable company is STO Express, the first courier service in China to go public, in 2015. The Shenzhen-listed firm's net profit rose 38 per cent last year to 2.1 billion yuan (S$407 million) thanks to a 35 per cent spike in revenue, Forbes said.

India's jewellery and watch retailer Titan saw its net profit climb 26 per cent to 13.9 billion rupees (S$269 million) for the year ended March 31, amid rising demand among Indian consumers for gold.

The Best Over A Billion list also highlighted the connections between the best-run big companies and the wealthiest people in the region.

"Nearly two-thirds of the companies on this list are controlled by or connected to families or individuals who have appeared on Forbes Asia's rich lists," said Mr Justin Doebele, editor of Forbes Asia.

An example is San Miguel Food and Beverage, which makes food products, beer and gin. Philippine billionaires Ramon Ang and Eduardo Cojuangco Jr are its biggest shareholders, as well as chief executive and chairman, respectively. Its shares have surged more than 20 per cent this year, outperforming the local stock market benchmark, Forbes noted.

Companies in fast-growing industries also made the cut.

Recruit Holdings, Japan's biggest employment search and recruiting company by market value, posted its third consecutive year of increased earnings.

Its net profit rose nearly 15 per cent in the year ended March 31 to 174 billion yen (S$2.3 billion), on 2.3 trillion yen in revenue.

While companies from China, Japan and South Korea naturally dominated the list because of the larger candidate pool, many came from smaller markets such as Indonesia, Malaysia and Vietnam, Forbes said.

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A version of this article appeared in the print edition of The Straits Times on August 29, 2019, with the headline 9 local firms in Forbes Asia's Best Over A Billion. Subscribe