2017新加坡100强品牌报告（英文版）.pdf

Singapore 1002017The Annual Report on the Most Valuable Singaporean Brands June 2017Brand Finance Singapore 100 June 2017 3.Brand Finance Singapore 100 June 2017 2.ContentsAbout Brand Finance 2Davids Foreword 4Samirs Foreword 5Introduction 6Should Singapore be concerned with Intangible Asset Value 7Definitions 8-9Methodology 10-11Gettingagriponintangibles 12-14Categories of Intangibe Assets Under IFRS 3 15BrandGovernance 16-17SingaporeTop10Brands 19Top100BrandsListing 20-23BackgroundonIntangibleAssetValue 24-28Global500Brands 30-35NewInternationalStandardonBrandValuation 36-42Glossary of Terms 43UnderstandYourBrandValue 46-47ContactDetails 48About Brand FinanceBrand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For 21 years we have helped companies to connect their brands to the bottom line, building robust business cases for brand decisions, strategies and investments. In doing so, we have helped finance people to evaluate marketing programmes and marketing people to present their case in the Board Room.Independence Brand Finance is impartial and independent. We access and help to manage brands, but we do not create or own them. We are therefore able to give objective, unbiased advice because we have no vested interest in particular outcomes of a project and our recommendations are entirely independent. We are agency agnostic and work collaboratively with many other agencies and consultancies. Technical credibilityBrand Finance has high technical standards.Our work is frequently peer-reviewed by the big four audit and our work has been accepted by tax authorities and regulatory bodies around theworld. We are one of the few companies certified to provide brand valuation that is fully compliant with ISO 10668, the global standard on monetary brand valuations.Transparency There are no black boxes. Our approach is to work openly, collaboratively and flexibly with clients and we will always reveal the details of our modelling and analysis. This means our clients always understand what lies behind the number.ExpertiseWe possess a unique combination of skills and experience. We employ functional experts with marketing, research and financial backgrounds, as well as ex-client-side senior management who are used to making things happen. This gives us the mindset to think beyond the analysis and to consider the likely impact on day-to-day operations. We like to think this differentiates us because our team has real operational experience.For more information, please visit our website: brandfinance Brand Finance puts thousands of the worlds biggest brands to the test every year, evaluating which are the most powerful and most valuable. The Singapore 100 is just one of the many annual reports produced by Brand Finance. Visit brandirectory to access all the sectors and countries report.Brand Finance Singapore 100 June 2017 5.Brand Finance Singapore 100 June 2017 4.ForewordWhat is the purpose of a strong brand; to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch and ongoing promotion of brands. Given their potential financial value, this makes sense.Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place it frequently lacks financial rigour and is heavily reliant on qualitative measures poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Skeptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo may fail to agree necessary investments. What marketing spend there is can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources and a negative impact on the bottom line.Brand Finance bridges the gap between the marketing and financial worlds. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketers and finance teams.Marketers then have the ability to communicate the significance of what they do and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions.Brand Finances recently conducted share price study revealed the compelling link between strong brands and stock market performance. It was found that investing in the most highly branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you.David HaighChief Executive OfficerBrand Finance plc Foreword2017 continues to be an unpredictable year. There are new challenges emerging each day; some that the global economies are used to and some that come and surprise everyone out of nowhere. Being in ASEAN markets with a growing consumer base isnt enough. Business growth is getting more and more unpredictable. Forecasting is impossible. This will be the new norm for everyone. And the brands will not be immune to it either. We are seeing more and more unpredictable behaviour from brands and customers alike. Loyalty has been put aside for discounts. Brand equity has been put aside for sales. “Short term”, “quick results” and “sell and move on” are some of the new mantras. So the only thing that remains a constant is the brand and thats why it is the most critical business asset. Shareholders invest for the intangible value increase of the share price, mostly driven by brands. Business managers however seldom look at it that way giving their undivided focus to sales, balance sheet performance and cost cuts. Singapore is no exception to the failing brand attention and some serious drops in brand value outside of the top 15-20 brands. The brands with BBB brand strength rating, which are largely non-competitive, have increased to seven - a new high for any single country in ASEAN. A strong external brand must be managed effectively internally first. Internal brand management therefore is more critical than external brand management. Consistency is the single largest brand value driver and that comes from everyone inside the organisation being on the same page, having the same brand understanding, its messaging, and its application and so on. In our assessment, 10-15% of the total brand value is influenced by how well the brand is managed and understood internally. This is the challenge that we address in our 2017 annual Brand Forum and our report.Valuation is a great tool to evaluate, monitor and track the internal brand management contribution for your business success. This becomes critical since huge investments are already being made in the design, R&D, launch and re-launch and ongoing tactical promotion of numerous products around the world but unfortunately, most corporates fail to effectively measure the ROI for their important and valuable asset their brand. We have also observed that a number of brand valuation consultancies produce brand ranking tables using methods that do not stand up to technical scrutiny or to the ISO Standards for Brand Valuation. We use methods that are technically advanced, which conform to ISO Standards and are well recognised by our peers, by various technical authorities and by academic institutions.Brand Finance published brand rankings are the worlds only published ranking of ISO compliant brand values. This annual report pits the best Singapore brands against one another in the most definitive list of brand values available. The Brand value accorded to each brand is a summary of its financial strength. Each brand has also been given a brand rating, which indicates its strength, risk and future potential relative to its competitors. This report provides an opinion regarding the point in time valuations of the most valuable Singapore brands as at 31st December 2016. The sheer scale of these brand values show how important an asset these brands are to their respective owners. As a result, we firmly believe that brand valuation analysis can offer marketers and financiers critical insight into their brand management efforts and the impact of a stronger brand on marketing activities and should be considered as a key part of the decision making process.Samir DixitManaging DirectorBrand Finance Asia PacificBrand Finance Singapore 100 June 2017 7.Brand Finance Singapore 100 June 2017 6.IntroductionThe balance between tangibles and intangibles has changed dramatically over the past 50 years as corporate performance is increasingly driven by exploitation of ideas, information, expertise and services rather than physical products. Intangible assets have traditionally tipped the scales over tangible assets to create value for companies and the global economy. They now make up for a significantly large value of an enterprise. Yet, its an area of least focus amongst the management.Whilst accountants do not measure intangible assets, the discrepancy between market and book values shows that investors do. Brand Finance has been researching and tracking the role of intangible assets since 2001 as part of its annual Global Intangible Finance Tracker (GIFT) with an emphasis on helping corporations understand brand strength and value. Brand Finance has found that intangible assets play a significant part in enterprise value generation. The GIFT is a study that tracks the performance of intangible assets on a global level.The GIFT is the most extensive study on intangible assets, covering more than 160 jurisdictions, more than 57,000 companies. The analysis goes back over a fifteen-year period from the end of December 2015.Currently, 48% of global market value is vested in intangible assets. There is just a marginal decrease as compared to last year. However, the management paradigm is yet to shift in tandem with large proportion and the importance of intangible assets.In last years GIFT 2016 report , the Enterprise Value of the companies covered stands at $89 trillion: of which, $46.8 trillion represented Net Tangible Assets, $11.8 trillion represented disclosed intangible assets (including goodwill) and $30.1 trillion represented undisclosed value.The fact that most of the intangible value is not disclosed on company balance sheet further illustrates how poorly understood intangibles still are by investors and management alike and how out of date accounting practice is.Such ignorance leads to poor decision-making companies and systematic mis-pricing of stock by investors.Purpose of studyTo this end, our study aims to examine the performance of Singapores intangible assets and brands.For the intangible asset study, the total enterprise value of corporate Singapore is divided into four components shown below.Undisclosed Value Disclosed GoodwillThe difference between the market and book value of shareholders equity, often referred to as the premium book valueGoodwill disclosed on balance sheet as a result of acquisitionsDisclosed Intangible AssetsTangible Net AssetsIntangible assets disclosed on balance sheet including trademarks and licencesTangible net assets is added to investments, working capital and other net assetsShould Singapore be concernedwith intangible asset value?Singapore as an IP hub of AsiaWhile this is not an impossible task and objective, it would not be an easy journey given the relative footprint of the industries here compared to other Asian economies.Currently Singapore is ranked 26th in the global rankings of the “2015 Nation Brands” rankings published by Brand Finance. The starting point for the journey to be the IP hub of Asia should ideally begin with the Brand Singapore itself and the analysis of the contribution from the various brand value drivers.Singapore is behind the peers such as Malaysia in the Brand Finance 2016 GIFT (Global Intangible Financial Tracker) Study. Clearly the Singapore companies are more driven by the tangibles over intangibles. This is not an ideal mix towards the journey of being the IP hub of Asia. Singapore therefore needs to both actively participate and fundamentally change the ways in which both Singapore and the companies in Singapore manage their IP.Singapores full convergence to international financial reporting standards by end 2012The full convergence to IFRS by 2012 was a critical step in a bid to put Singapore on the same footing as other nations and strengthen its role as an international centre of commerce.Having a standardised accounting standard means that the value of disclosed intangible assets is likely to increase in the future. Strong advocates of fair value reporting believe that the changes should go further. Specifically, all of a companys tangible and intangible assets and liabilities should regularly be measured at fair value and reported on the balance sheet, including internally generated intangibles such as brands and patents. This is provided the valuation methods and corporate governance adopted is sufficiently rigorous. This is likely to be less of a concern going forward due to the ISO standards announced for valuation in October 2010, which is fast becoming a gold standard in valuation.Some go as far as to suggest that internally generated goodwill should be reported on the balance sheet at fair value, meaning that management would effectively be required to report its own estimat