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200
Best Under A Billion
The annual Best Under A Billion list spotlights 200 publicly listed small and mid-sized companies in
the Asia-Pacific region with sales under $I billion. These companies have track records of exceptional
corporate performance, with one Covid-to caveat: The list is based on full-year data as of July 7 and
does not fully reflect the impact from the pandemic-led downturn. The companies on this list have
scored above their peers in a composite ranking that includes sales and profit growth, low debt levels
and robust governance. The criteria also ensured a geographic diversity of companies from across the
region. By using metrics both quantitative and qualitative, the final list of 200 is truly a select group

COMPANY INDUSTRY COUNTRY/ NET MARKET

SALES
TERRITORY INCOME VALUE
Accel Group Construction Hong Kong 67 9 75
Accrete Inc Telecom Japan 13 2 42
Acrysil Kitchen fixtures India 39 3 27
AEM Holdings [2] Electronic components Singapore 237 39 640
After You PCL Hotels & Restaurants Thailand 38 8 256
AK Medical Holdings Health care China 134 39 3,6()1
Alkindo Naratama Paper & Packaging Indonesia 78 4 30
AllaPCL Industrial machinery Thailand 28 3 25
Alufluoride Chemicals India 11 1 13
AME Elite Consortium Construction Malaysia 91 15 170
Anhui Genuine New Materials Packaging China 96 29 2,419
Arwana Citramulia Tiles & Ceramics Indonesia 152 15 188
Asia United Bank Banking Philippines 319 86 4151
Aspeed Technology [71 Semiconductors Taiwan 80 27 1A65
'Auras Technology Electronic components Taiwan 331 31 539
Australian Ethical Investment Financial services Australia 29 5 538
Barrel co Apparel South Korea 51 6 156
Beijing Wanji Technology Software & IT equipment China 481 126 1,360
Beijing Zuojiang Technology Networking equipment China 31 13 !127
BrainPad Software Japan 51 8 311
Business Online Ecommerce Thailand 16 5 94
,
c-Link Squared Document management Malaysia 17 3 109
C&G Hi Tech Semiconductors South Korea 110 10 63
Carabao Group Beverages Thailand 481 81 3,503
Century Land Construction Vietnam ; 100 17 64
China Bright 1:ulture Media China 69 21 452
China Education Group Educational services Hong Kong 285 86 3,352
·.
•·.
China Grand Pharma & Healthcare [2] Pharmaceuticals .. Hong Kang 841 .. 147 2,510
Chlitina Holding Beauty & Health care Taiwan 166 46 572
Chularat Hospital Health care Thailand 166 23 852
Clover Corp Health care Australia 55 7 261
l
Compumedics · Health care Australia 30 3 52
Coweaver Telecom South Korea 97 18 78

[x] Number oi consecutive years on the list, including thls year D Returnee ALL VALU£S IN$ 11/LLJON

FORBES INDIA • OCTOBER 9, 2020

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I THE LIST I •• -1

COMPANY INDUSTRY COUNTRY/ NET MARKET

TERRITORY SALES INCOME VALUE
Cross-Harbour (Holdings) Transportation infrastructure Hong Kong 89 93 530
Crown Asia Chemicals Plastics Philippines 28 3 24
Dadi Early-Childhood Education Educational services Taiwan 35 23 299
Danawa Software South Korea 143 20 333
Deepak Nitrite Chemicals India 597 86 958
Dllmah Ceylon Tea Tea Sri Lanka 65 10 70
Dolat Investments Securities trading India 22 10 113
Dong Hai of Ben Tre Paper & Packaging Vietnam 62 8 86
Double Standard Inc. Marketing Japan 34 7 330
Dream International Toys Hong Kong 507 63 250
DSC Investment Financial services South Korea 12 5 44
ECHO Marketing Marketing South Korea 95 27 535
Eggriculture Foods Eggs Singapore 34 4 8
Egis Technology Software Taiwan 238 28 497
Ekachai Medical Care Health care Thailand 29 5 85
ELAN Microelectronics Semiconductors Taiwan 307 81 1,352
Energy One Energy trading Australia 11 1 73
Espressil Systems Semiconductors China 109 23 2,586

Essex Bio-Technology [2] Pharmaceuticals Hong Kong 163 39 410

Excelllance MOS [21 Semiconductors Taiwan 53 9 143
Extreme Co. Games developer Japan 66 9 82

Feroze1888 Mills Terry cloth & yarn Pakistan 215 44 189

Fire Rock Holdings [21 Computer games China 44 30 165
Fisher & Paykel Healthcare Health care New Zealand 824 186 13,492

Foodwell Corp Food & Beverages South Korea 123 27 42

Fortune Shoes Footwear Bangladesh 18 3 28

Frontiei Springs Industrial parts India 14 2 15

Frontken Corp Chemicals Malaysia 82 17 677

Global standard Technology Semiconductors South Korea 144 1_5 156

Grace Technology Software Japan 18 6 733

Gremz, Inc Housing services Japan 142 14 315

HG Infra Engineering Civil engineering India 313 23 174

Hang Chi Holding5 Elder care Hong Kong 22 4 43

Hangzhou Onechance Tech Ecommerce China 208 32 3,734

Hans Biomed Health care South Korea SB 9 182

[x] Number of consecutive_years on the list. including this year D Returnee ALL VALUES IN$ MILLION

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COMPANY INDUSTRY COUNTRY/ SALES NET MARKET

TERRITORY INCOME VALUE
Hexaware Technologies IT consulting India 793 91 1,338
HLsclence Pharmaceuticals South Korea 110 17 246
Homeland Interactive Technology Software China 82 30 460
Huarchl Global Construction Hong Kong 58 6 64
Hype beast Advertising Hong Kong 96 8 211
lcares Medicus Health care Taiwan 14 3 87
Indonesian Paradise Property Property developer Indonesia 64 143 542
lnfomedia Software Australia 61 12 461
Integrated Research Ltd. Software Australia 72 16 489
International Games System Games developer Taiwan 171 64 1,950
IOL Chemicals & Pharmaceuticals Chemicals & Drugs India 267 51 419

1G) I IPH Ltd

IR Japan
Legal services
Consulting
Australia
Japan
181
71
i 38
22
1,179
1,859
Jasuindo Tiga Perkasa Specialised printing Indonesia 102 12 91
Jlangsu Canion 8uildi11g Materials Waterproofing China 168 20 985
JKN Global Media · Media Thailand 55 8 107
Johore Tin Dairy & Packaging Malaysia 140 11 104
Jubilee Enterprise Jewellery Thailand S8 8 88
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Jumbo Interactive Lottery operator Australia 47 19 532
Just Dlal Search services India 134 38 326
JVP Entertainment [2] Talent management South Korea 133 27 741
Kamakura Shlnsho [2] Funeral services Japan 30 6 380
Kathmandu Holdings Clothing & Camping New Zealand 36S 39 577
Kato (Hong Kong) Holdings Elder care Hong Kong 25 6 63
Kaverl seed Seeds India 131 37 476
Khoon Group Construction Singapore 36 3 48
Kino Indonesia Food & Drugs Indonesia 331 37 348
Kip McGrath Education Centres Educational services Australia 12 2 38
KltanotatsuJln [3] Beauty & Healthcare Japan 93 18 725·

Kossan Rubber Industries Rubber products Malaysia 535 54 3,265

Kuang Hong Arts Management Media Taiwan 52 7 50

Laserbond Industrial services Australia 16 2 30

LIi Hen Industries Furniture Malaysia 202 19 115
Lotus Horizon Exteriors Hong Kong 31 4 S1

G I LvJI Technology Software China 78 23 175

~
8'i
t::
~ I [x] Number of consecutive years on the list. including this year O Returnee ALL VALUES IN$ MILLION

FORBES INDIA • oc,roilER 9, 2020

 I THE LIST I .•• i;-:J

COMPANY INDUSTRY COUNTRY/ NET MARKET

TERRITORY SALES INCOME VALUE
M&A Capital Partners Financial services Japan 114 36 1,216
Magellan Flnanclal Group Financial services Australia 413 270 8,131
Magni-Tech Industries Clothing & Packaging Malaysia 288 29 212
Management Solutions Co Management consulting Japan 36 3 216
Maxs~end Microelectronics Semiconductors China 218 72 11,250
Maxvision Technology Inspection systems China 116 31 1,688
Medical Imaging Corp Medical equipment Taiwan 16 3 3S
Medikaloka Hermina Health care Indonesia 257 18 611
Metropolitan Land Property developer Indonesia 99 34 206
Ml Technovation Semiconductors Malaysia 46 14 500
Minwlse Software South Korea 106 15 154
Mltake Information Software Taiwan 54 6 98
Mulia Boga Raya Cheese Indonesia 69 7 96
Nam Viet Corp Metals & Seafood Vietnam 193 30 95
Nanjing Wondux Waste management China 111 18 538
Nath Bio-Genes Seeds India 40 7 83
Navin Fluorine International Chemicals India 150 58 1,144
Netbay Software Thailand 13 6 219
Netwealth Group Financial services Australia 69 25 1,530
Novarex Pharmaceuticals South Korea 136 13 282
OpenSys Machinery & Software Malaysia 25 3 57
Oriental Interest Property developer Malaysia 72 14 60

Over The Wire Holdings Telecom Australia 57 7 139

Pakuwon Jati . [2] Property developer Indonesia 509 192 1,374

Park Systems Corp Health care equipment South Korea 45 7 288

..
Pentamaster [4] Factory automation Malaysia 118 20 629

Perfect Group International Jewellery Hong Kong 100 22 71

Perfect Shape Medical Beauty Hong Kong 159 46 440

Phat Dat Real Estate Construction Vietnam 146 36 387
Phil Co Property developer Japan 64 5 131

Plover Bay Technologies Telecom Hong Kong 46 12 140

PNE Solution Battery chargers South Korea 126 13 241

Poly Medicure Medical equipment India 97 14 359

Pro Medicus Health care Australia 36 14 1,983

Property For Industry Construction New Zealand 63 116 786

[X] Number of consecutive years on the list, including this year O Returnee ALL VALUES IN$ MILLION

OCTOBER 9, 2020 • FORBES INDIA

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'COMPANY INDUSTRY COUNTRY/ NET MARKET

TERRITORY SALES INCOME VALUE
Prored Partners Financial services Japan 24 6 544
Protec Co Semiconductors South Korea 154 32 212
PWR Holdings Auto parts Australia 47 10 308
Pylon PCL [2] Construction Thailand so ·. 9 103
Ratcnathanl Hospital Health care Thailand 57 13 206
Renata Ltd Pharmaceuticals Bangladesh 271 45 1,071
Revenue Group Software Malaysia 14 2 109
Rhom Bho Property Property developer Thailand 41 B 43
Ricksoft Software Japan 28 3 275
Sabina Lingerie Thailand 106 13 213 t
-
Sakar Healthcare Pharmaceuticals India 12 1 10 T
-
Sakura Development Property developer Taiwan 240 48 546 u
-
San Far Property Property developer Taiwan I 164 51 156 u
-
Saracen Mineral Mining Australia 397 66 4,612 u
-
Sariguna Primatirta Bottled water Indonesia 77 9 386 u
-
Scales Corp Logistics New Zealand 319 30 468 u
-
Scientex Packaging Malaysia 786 81 1,122 V
-
Seafco [21 Construction Thailand 98 13 136 V
-
Sensortek Technology Semiconductors Taiwan 155 43 1,302 Vi

Shanghai Friendess Electronics Automation China 54 36 2,847

-v,
-
Shenzhen Genvict Technologies .. Transportation systems China 408 127 1,209 w
-
Shri Jagdamba Polymers Textiles India 29 4 25 w
-
Siam Wellness [3] Spa operator Thailand 45 .8 196 w
-
Siantar Top Food Indonesia 248 34 794
-w
Sido Muncul Traditional medicine Indonesia 217 57 1,278 Yi
-
Singapore El!Change Financial services Singapore 666 286 6,314 VI
-
SISB PCL ·~ Educational services Thailand 35 7 286 Zil

Smaregi Software Japan 30 5 339 I [x)

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Singapore
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I= SPL Industries Textiles India 25 4 12
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~ Square Pharmaceuticals Chemicals & Drugs Bangladesh 512 150 1,716
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5' 'strike Co Financial services Japan 46 12 936
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~ (x] Number of consecutive years on the list. including this year D Returnee ALL VALUES IN$ MILLION rese

FORBES INDIA • OCTOBER 9, 2020

i
 1 THE LIST 1· •• :-J

wjELBE, INC
This Japanese service provider saw
ne~ profits rise by roughly a fifth, to
¥1.i billion ($11 million), in fiscal 2020.
Th$ firm provides services such as
he~ing preschool children with
de elopmental disorders and
Ion -term care for senior citizens

COMPANY INDUSTRY COUNTRY/ NET MARKET

TERRITORY SALES
INCOME VALUE
Suyog Telematics Telecom India 17 s 38
systems Ltd Software Pakistan so 11 139
TAC Consumer Beverages Thailand 49 5 98
Taseco Air Services Airport concessions Vietnam 49 8 100
TCICo Beauty & Health care Taiwan 309 65 1,132
Thailand Prime Property REIT Property investment Thailand . 32 22 252
Thien Long Group Stationery Vietnam 140 14 117
Tian Chang Group Financial services Hong Kong 160 16 51
Town Ray Holdings Home appliances Hong Kong 65 8 40
Transcom Semiconductors Taiwan 18 5 172
Tyche Industries Pharmaceuticals India 10 2 17
Uchi Technologies Industrial services Malaysia 38 18 273
Ultrajaya Milk Beverages Indonesia 441 73 1,292
Union Auction PCL Auctions Thailand 26 8 135

Union Gas Fuel Singapore 58 6 48

uwc Construction Malaysia 35 9 538
Vitzrocell Batteries South Korea 17 '
114 297
Viva Blotech Pharmaceuticals China 47 38 2,172
Vivant Corp Electricity Philippines 70 45 279
Voltronic Power Techn1>logy Solar equipment Taiwan 418 69 2,507
Wah ~o Holdings Exteriors Hong Kong 31 4 21
Weibe, Inc . Child & Elder care Japan 63 11 349
WNS (Holdings) Outsourcing India 927 117 2,770
Wuxi Biologics Pharmaceuticals China 577 147 23,503
YIChang HEC ChangJiang Pharma Pharmaceuticals China 901 278 1,769
YMTCo Chemicals South Korea 82 11 211
ZIIITek Technology Semiconductors Taiwan 45 s 264

[X] Number of consecutive years on the li~t, including this year D Returnee ALL VALUES IN$ MILLION

DATA AS OF JULY 7. 2020

METHODOLOGY
This list is meant to identify companies with long-term sustainable performance across a variety of metrics. From a universe of 18,000 publicly
traded companies in the Asia-Pacific region with annual revenue above $10 million and below $1 billion, only these 200 companies made the cut.
The companies on this list, which is unranked, were selected based on a composite score that incorporated their overall track record in measures
such as debt, sales and earnings growth over both the most recent fiscal one- and three-year periods, and the strongest one- and five-year
,, .. average returns on equity. Aside from quantitative criteria. qualitative screens were used as well, such as excluding companies with serious
governance issues, questionable accounting, environmental concerns, management issues or legal troubles. State-controlled and subsidiary
companies were also excluded. The latest available full-year annual results on FactSet as of July 7, 2020, were used for numeric data. All other
research was done by Forbes Asia.

OCTOBER 91 2020 • FORBES INDIA