Forbes Asia announced 2023 Best Under A Billion list

From a universe of over 20,000 listed companies, candidates were selected – not ranked – based on a
composite score that incorporated their overall track record in measures such as debt, sales and earnings-per-share growth over both the most recent fiscal one- and three-year periods, and the strongest one- and five-year average returns on equity.

Companies on this year’s list outperformed despite stiff global headwinds like inflation and rising funding costs. The standouts are concentrated in chipmaking and related industries.

Demand for semiconductors, found in everyday items like smartphones, appliances and cars, skyrocketed in the past three years with the accelerating adoption of AI technologies although the market is expected to soften somewhat this year as supply constraints ease.

Other top performers on the list include companies delivering IT solutions that underpin the digital transformation of healthcare, logistics and manufacturing and other industries.

Meanwhile, businesses that rely on consumer spending, such as restaurants, entertainment and sports, continued to see an uptick in sales as Covid-19 restrictions faded away.

Justin Doebele, Editor of Forbes Asia, said: “This year's Best Under A Billion list highlights some of the Asia-Pacific region’s best-managed small and midsized listed companies, including how they are using AI and digital technologies to improve their competitive edge.”

Among the newcomers is Shift, a Tokyo-based company, which expects double-digit growth in 2023, having seen earnings soar last year as revenue rose 41% to $533 million and profit jumped 76% to $41 million. The strong results came on the back of solid demand for its third-party software testing and quality assurance services.

Global sales of semiconductor manufacturing equipment reached a record $109 billion last year as chipmakers continued to add capacity. That strong demand boosted Singapore-based UMS Holdings’ net profit by 77% to $71 million, making 2022 the chip-equipment maker’s most profitable yet. The company makes its second consecutive showing on the list.

In March, KPIT Technologies signed an agreement with Japanese automaker Honda to develop software for next-generation systems for vehicles, following a similar deal last November with French automaker Renault. In 2022, revenue of the India-based automotive software solutions provider surged 38% to $419 million.

Among the 58 returnees to this year’s list is Aspeed Technology, a Taiwan-based manufacturer of semiconductors, which has made the Best Under A Billion list for a remarkable 10 consecutive years, as its sales and net income totalled $175 million and $71 million in the past year respectively.

Making its return is Indonesia’s Impack Pratama Industri, a construction materials manufacturer, whose products have proved resilient and allowed its earnings to keep growing even during the Covid-19 pandemic. The company’s net profit surged 50% last year to $21 million while revenue gained 26% to $189 million, most of which came from roofing and ceiling materials.

Three-time returnee Taiwan-based Alchip Technologies focuses on producing high-performance chips that are essential in both cryptocurrencies and artificial intelligence sectors.

Alchip has seen five consecutive years of revenue growth, benefiting from increased demand as advanced chips find their way into new products and applications, mostly recently AI. Last year, the company's sales were $460 million, a 24% rise over the previous year.

The followings are Thai companies ( and their annual sales ) that were included in the Best Under A Billion list. 

- Fortune Parts Industry US$75 million

- Karmarts US$53 million

- Lanna Resources US$718 million

- Mega Lifesciences US$447 million

- Sahamitr Pressure Container US$150 million

- Sappe US$130 million

- SISB US$38 million

- Supalai US$983 million

- Thai Nakarin Hospital US$77 million

- Thai Optical Group US$83 million

- Thaitheparos US$96 million

For the full methodology and more information on the list, please visit www.forbes.com/bub and in the August issue of Forbes Asia.