14 Thai firms make Forbes Asia Best Under A Billion 2024 list
The 2024 list announced on Aug 7 recognises 200 top-performing public companies in the Asia-Pacific with annual sales above US$10 million (S$13.3 million) but below US$1 billion.
Fast food chain Old Chang Kee is one of seven local firms included in Forbes Asia’s new Best Under A Billion list.
They were selected from a pool of around 20,000 listed firms in the region in sectors such as finance, semiconductors and food and beverage (F&B).
Forbes Asia noted that geopolitical and inflationary headwinds “sapped” momentum from some Asia-Pacific economies, but strong domestic demand supported by an uptick in infrastructure spending and global trade drove the region’s overall growth in 2023.
It added that an expanding middle class and the return of tourists boosted the number of F&B companies on 2024’s list to 21, more than double 2023’s total, a trend underlined by the Singapore firms that made the rankings.
Forbes Asia selected the companies based on a composite score that took into account factors such as debt, sales, earnings per share growth and average returns on equity.
Firms with serious governance issues, questionable accounting practices, environmental concerns, management issues or legal troubles were excluded from consideration. State-controlled entities and subsidiaries of larger companies were also not considered.
The Best Under A Billion list was set up in 2002 to spotlight some of Asia’s most successful companies. Notable alumni include tech giant Tencent, fast-food chain Jollibee and budget carrier AirAsia.
Forbes highlighted eight companies reflecting the rise of the food and beverage industry on this year’s list. One of them is Sappe from Thailand, noting that the beverage company's revenue grew by nearly a third to 6 billion baht ($174 million), with the export market, mainly Asia, contributing over 80% of sales last year. The Thai company, best known for its fruit juices and coconut jelly drinks, is expanding its capacity and expects to increase production by 30% annually from 2024-2025. Forbes also featured a long article about the company.
