Business

Nine Singapore firms make Forbes Asia list

They are among 200 top firms across the region with revenues over $1.4b

Nine companies from Singapore made it to Forbes Asia's inaugural list, which spotlights 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 - Wilmar International, CapitaLand, City Developments, Olam International, ASM Pacific Technology and Venture Corp.

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 technology 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, transportation, and food and beverage manufacturing.

A 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.

- THE STRAITS TIMES

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