Asia’s Best Under a Billion, According to Forbes
What do these companies have in common?
Each year, Forbes releases the “Asia’s Best Under a Billion” list which features 200 companies in Asia-Pacific with under US$1 billion in revenue. In her article for Forbes, staff writer, Christine Settimi explains that the annual list “highlights 200 Asia-Pacific public companies with less than [US]$1 billion in revenue and consistent top- and bottom-line growth.” Settimi explains the methodology and due diligence; criteria like profitability, growth, debt, and accounting practices are taken in consideration.
Pulling data from the 2017 Asia’s Best Under a Billion list, this article zooms in on the companies with the highest market value. These companies hail from China, India, Japan, Malaysia, Singapore, Thailand, Vietnam.
Best under a billion
Out of 200 companies, the 2017 list included 119 that made it for the first time.
There were 70 Chinese companies on the list[i], three from India, 38 from Japan, five from Malaysia, three from Singapore, four from Thailand and nine from Vietnam.
Here are the APAC companies with the highest market value in their respective country:
Market value: US$14,635 million
The largest blood products company in China, Shanghai RAAS Blood Products has 11 blood-related products that are exportable. Their goal is to integrate global resources to build an innovation chain as well as build three innovation foundations.
Market value: US$675 million
A fruit juice company founded in 1998 that first found success by focusing on manufacturing juice for tier-2 cities, semi-rural, and rural areas in India[ii].
Market value: US$7,194 million
Start Today operate services and develop technologies to improve the Start Today Group. Their goal is to scientifically define and predict fashion using innovation and technology.
Market value: US$1,806 million
This group serves as a conduit for development and implementation of Electronic Government services in Malaysia and investment holding. Their focus has been on using Internet of Things (IoT) and Big Data to improve quality of life.
Market value: US$2,244 million
A developer and publisher of free-to-play mobile games with the goal of becoming a global leader in the gaming industry.
Market value: US$963 mil market value
A beauty products company that focuses on innovative concepts to create new products. They “create beauty products for a beautiful life” by making products that support a busy life.
Market value: US$136 million
A manufacturing company that makes home goods like furniture, granite products, raw timber, cars for Toyota Vietnam, and office leasing. They partner with multinational retailers “early in our development to realize continuous improvement is a way to stay competitive.”
What do they have in common?
These seven companies from the 2017 Best Under a Billion List know the importance of collaborating to achieve innovation and focusing on serving their customer base. Though the seven companies are from a diverse mix of industries from manufacturing to fast-moving consumer goods to IT and technology, they have common qualities. They are customer-focused and innovative. Key words like ‘innovation’ and ‘continuous improvement’ appear in many of the mission statements in their companies’ websites.
Their strong sense of purpose in what they are trying to achieve is also present in their mission statements. For example, MYEG Services’ focuses on improving quality of life. IGG’s goal is to become a global player in gaming. Meanwhile, Start Today’s prioritises using technology to scientifically define and predict fashion. Lastly, Shanghai RAAS’ uses the innovation chain in the blood products industry.
EY and Harvard Business Review found in a study, The Business Case for Purpose[iii], that companies with a strong sense of purpose are able to transform and innovate better. The study explains that when it comes to purpose, companies tend to be in one of three categories: prioritisers, developers and laggards. Not surprisingly, prioritisers have an advantage and not just with business results. The study also found that companies that are prioritisers are able to connect purpose and innovation and get results specifically in strategy development and evolving the business or operating model. Research shows that having a purpose yields higher profits.
To earn your first billion, focus not on this goal, but on your customers and product first. The revenue will come naturally enough.