8 locals join Forbes billion-dollar list

Eight big Philippine companies landed on Forbes Asia magazine’s inaugural “Best Over a Billion (BOB) List” that spotlights 200 best-performing publicly listed companies with revenues of at least $1 billion across the Asia-Pacific region.

The local companies that made it to the roster were Ayala Corp., Cosco Capital, GT Capital Holdings Inc., JG Summit Holdings Inc., Jollibee Foods Corp., Megaworld Corp., San Miguel Food and Beverage and SM Investments Corp.

Forbes Asia said in a statement on Wednesday that from a universe of 3,200 listed companies in the Asia-Pacific region, candidates for the BOB list were evaluated based on more than a dozen metrics, including their average five-year sales, operating income growth, return on capital and projected growth over the next one to two years.

The list also highlighted the connection between the companies and members of Forbes Asia’s rich lists.

“The Best Over A Billion list provides an incredible insight into which are Asia’s best-run big companies. Nearly two-thirds of the companies on this list are controlled by or connected to families or individuals who have appeared on Forbes Asia’s rich lists,” said Justin Doebele, editor at Forbes Asia.

One example cited was San Miguel Food and Beverage, whose key shareholders are tycoons Ramon Ang and Eduardo Cojuangco Jr.—chief executive officer and chair, respectively. Forbes noted that the company’s shares had surged by more than 20 percent this year, outperforming the local stock market benchmark.

San Miguel Food and Beverage has been transformed into a new consumer powerhouse with the infusion of P336.35 billion worth of shares in beer and liquor businesses held by its parent San Miguel Corp. In addition to the food businesses under San Miguel Pure Foods Co. Inc., the company now owns majority of San Miguel Brewery Inc. and Ginebra San Miguel Inc.

Of the eight companies, the most valuable was Sy family-led SM Investments Corp., the country’s biggest conglomerate with market-leading positions in retailing, property development and banking. SM has a market capitalization of $22.8 billion, followed by San Miguel Food and Beverage with $11.86 billion and Ayala Corp. with $11.17 billion.

Gokongwei family-led JG Summit has a market capitalization of $9.04 billion while globalizing Jollibee, which aspires to be one of the most valuable restaurant operators in the world, is valued at $4.83 billion. Tycoon Andrew Tan-led Megaworld and GT Capital are valued at $3.76 billion and $3.74 billion, respectively. Cosco Capital was valued at $942 million.