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SINGAPORE : Singapore companies are urged to step up their branding. Experts said this will help to raise the value of their intangible assets.
According to a survey, local firms lag behind their overseas counterparts when it comes to the value of such assets.
Companies are now seeing the value of their intangible assets such as copyrights, patents and trademarks, given the competitive global marketplace.
David Haigh, chief executive of Brand Finance, said: "If you look at other small economies like Switzerland or Holland, they are now very dependant on pharmaceuticals, strongly branded companies, and IT.
"It's quite clear that that's the way Singapore is going. It has got the right ingredients - a smart population and a very entrepreneurial approach. All these conditions are right for external brands to come in and Singapore companies are grasping it."
While Singapore firms still lag behind their counterparts elsewhere, this may soon start to change.
Singapore came in 27th position at the Brand Finance ranking on contribution to intangible assets. Although it may be lagging behind India and China, Brand Finance said it expects interests in intangible assets to continue to grow.
Singapore's intangibles account for 50 per cent of the enterprise value of SGX-listed companies, while in China and India, it accounts for 73 per cent and 58 per cent respectively.
StarHub is one Singapore company that is ahead of the others in this field. Its intangible assets make up 89 per cent of enterprise value.
Brand Finance noted that some firms are spending up to 50 per cent of revenue on branding to stand out.
"40 per cent of our turnover goes to the entire process of building who we are... But apart from the marketing and advertising, building an entire team culture is also important," said David Chiem, CEO of Mind Champs.
Singapore's 50 largest brand portfolios and brands - including big names like Singapore Airlines, DBS and SembCorp industries - amount to US$25 billion, while Australia's big 50 are valued at nearly US$70 billion. The numbers suggest that there's plenty of room for Singapore brands to grow.
Singapore Airlines was voted the most valuable brand by Brand Finance, with a brand value of S$4.97 billion. MacCoffee, the flagship brand of Food Empire, was voted Singapore's hardest working brand.
List of Singapore's top 10 brands:
1. Singapore Airlines Ltd
2. Wilmar International Ltd
3. DBS Group Holdings Ltd
4. Keppel Corporation Ltd
5. Asia Pacific Breweries Ltd
6. United Overseas Bank Ltd
7. Neptune Orient Lines Ltd
8. Overseas-Chinese Banking Corporation Ltd
9. Singapore Telecommunications
10.SembCorp Industries Ltd.
- CNA /ls
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