Red Horse Beer from the Philippines made it to Kantar BrandZ’s top 30 most valuable Southeast Asian brands 2023.
The Top 30 from Vietnam, Thailand, Indonesia, Malaysia, the Philippines and Singapore have a combined brand value of $119.6 billion. Indonesia, Singapore, Malaysia and Thailand dominated the list of top brands in terms of brand value.
Kantar BrandZ says these brands look outwards.
Vietnam and the Philippines are each represented by a single brand. Vietcombank ranked No. 21 with brand value of $1.8 billion, while Red Horse Beer was No. 28, with brand value of $1.3 billion.
“In addition to its home market, Red Horse Beer is sold in 71 markets outside the Philippines. The brand’s communications associate it with daring, bold masculinity wrapped up in the local term ‘astig’ [cool],” Kantar BrandZ says.
It named Indonesia’s Bank Central Asia (BCA) as the most valuable brand in Southeast Asia, worth $23.5 billion.
The top brands in the region also include DBS of Singapore, BRI of Indonesia, UOB of Singapore, AIS of Thailand, Mandiri of Indonesia, Telkomsel of Indonesia, Shopee of Singapore, Marina Bay Sands of Singapore and True of Thailand and Singapore Airlines of Singapore.
Kantar BrandZ describes its list as the most definitive and robust ranking of the region’s brands available. The 2023 ranking was based on opinions of over 98,048 respondents, about 1,744 unique brands across 78 categories and six markets, it says.
The regional brands are owned by listed companies that publish their financial statements.
Kantar BrandZ says financial services and telecom providers contribute two-thirds of all the brands in the ranking, and 79 percent of its value.
BCA is just one of 11 banks in the Top 30, and one of five in the Top 10.
Indonesia has eight brands in the Top 30 and contributes the greatest share of brand value at 43 percent. Singapore is home to 10 brands, the highest number among the six markets, which contribute 35 percent of the total value. Its most valuable brand is DBS, ranked No.2 with a brand value of $11.8 billion.
Malaysia has seven brands in the Top 30, with telecom provider Maxis at No. 13 with brand value of $2.6 billion.
Thailand has three brands in the Top 30, with AIS as tts leading brand, at No.5 in the region with $6.8 billion.
“In contrast to the strongest brands in most other markets surveyed by Kantar BrandZ, the leading Southeast Asian brands generate almost all their business ‘at home,’ with only 20 percent generated in international markets. This highlights an opportunity for them to expand into new territories to build value,” it says.
It says Southeast Asian brands have the highest demand power, compared with other markets with a Kantar BrandZ ranking. Demand power is a Kantar BrandZ measure of a brand’s ability to drive consumers’ predisposition to buy.
Kantar BrandZ says brands in Southeast Asia excel at justifying the prices they charge, by demonstrating why they are ‘worth it’.
Despite budget constraints, consumers are willing to pay more for brands that meet their needs and stand out from the competition, it says.
“Our region’s leading brands have good reason to celebrate. They contribute significant value to the companies behind them, by connecting with consumers and adapting to their changing needs. In such a fast-changing, diverse, and rapidly growing region, brands need to be agile – and the Top 30 are masters of remaining relevant. There is huge potential for significant further growth if they can extend their local strengths into other Asian and even global markets,” says Katie McClintock, managing director for Southeast Asia at Kantar.
Adji Saputro, head of brand guidance solutions for APAC at Kantar, says “brands matter – especially in turbulent times.”
“Southeast Asia’s most valuable brands are thriving by positioning themselves as meaningfully different brands to consumers, and this will be the key to growth as budgets become tighter. Rethinking how to gain consumer trust amidst the evolution of consumer values, while also delivering true uniqueness in their brand offer is the delicate balance that brands must strive to achieve. Brands must also keep on communicating; resisting the urge to cut spend, and telling culturally relevant stories that demonstrate their role in being a part consumers’ lives.”