Study: Where do ASEAN’s brands stand in value and strength?

In a recent report evaluating the value and strength of brands in ASEAN, Singapore dominated the rankings with four brands listed among the top 10 most valuable brands. The four brands, which were DBS, UOB, OCBC Bank, and Singtel, all saw an increase in brand value. DBS grew by 21%, UOB and OCBC Bank by 13% each, and Singtel by 6%.

According to Brand Finance’s ASEAN 300 2023 report, all four of these brands yielded positive growth in their brand values and defended their 2022 brand strength ratings. DBS and Singtel clocked the highest AAA rating, while UOB and OCBC Bank each obtained a commendable AAA-.

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Most airline brands also witnessed an uptick in brand values with the resumption of flight services following loosened border restrictions and the 2022 ASEAN-EU Comprehensive Air Transport Agreement. Through extensive marketing campaigns, airlines such as Singapore Airlines, airasia, and Thai Airways have bolstered their flight services and operations and increased their brand values.

On top of being Malaysia’s most valuable and strongest brand, PETRONAS was also crowned the most valuable brand of the region in 2023. The oil and gas brand kept its AAA brand strength rating. Its 7% brand value decrease was mainly attributed to the depreciation of the Malaysian Ringgit against the US Dollar, as well as Malaysia’s projected GDP growth rate weighing its sales projections down.

Indonesia’s BCA emerged as the region’s strongest brand with a brand strength rating of AAA+. Similar to PETRONAS, its 3% decrease in brand value was attributed to the depreciation of the Indonesian Rupiah against the US Dollar.

The Hour Glass was ASEAN’s fastest-growing brand, charting a brand value growth of 81%. Based in Singapore, the luxury watch retail group also improved its brand strength rating from BBB to A. Its performance was boosted by a significantly broadened public fascination with high-quality mechanical timepieces.

In fact, The Hour Glass’ brand growth more than doubles that of the second and third fastest-growing retail brands in the region – Singapore’s Sheng Siong and Thailand’s HomePro.

A brand’s ranking in value and strength has implications on its business growth, indicating how it might sway consumer behaviours and business growth.

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