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1、Indonesia1002023The annual report on the most valuable and strongest Indonesian brandsJune 2023Brand Finance Indonesia 100 2Contents.2023 All rights reserved.Brand Finance Plc.About Brand Finance3Foreword8 Alex Haigh,Managing Director,Brand Finance Asia PacificExecutive Summary9Ranking Analysis 10Se
2、ctor Analysis 16Brand Value Ranking21Sustainability 23Methodology26Our Services33Brand Finance Indonesia 100 3About Brand Finance.Brand Finance is the worlds leading brand valuation consultancy.We bridge the gap between marketing and financeBrand Finance was set up in 1996 with the aim of bridging t
3、he gap between marketing and finance.For more than 25 years,we have helped companies and organisations of all types to connect their brands to the bottom line.We quantify the financial value of brandsWe put thousands of the worlds biggest brands to the test every year.Ranking brands across all secto
4、rs and countries,we publish over 100 reports annually.We offer a unique combination of expertiseOur teams have experience across a wide range of disciplines from marketing and market research,to brand strategy and visual identity,to tax and accounting.We pride ourselves on technical credibilityBrand
5、 Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales,and the first brand valuation consultancy to join the International Valuation Standards Council.Our experts helped craft the internationally recognised standards on Brand Valuation ISO 1
6、0668 and Brand Evaluation ISO 20671.Our methodology has been certified by global independent auditors Austrian Standards as compliant with both,and received the official approval of the Marketing Accountability Standards Board.Get in T business enquiries,please contact:Alex HaighManaging Director,As
7、ia PFor all other enquiries:+44 207 389 For media enquiries,please contact:Andrew EeCommunications Director,Asia PA Brand Value Report provides a complete breakdown of the assumptions,data sources,and calculations used to arrive at your brands value.Each report includes expert recommendations for gr
8、owing brand value to drive performance and offers a cost-effective way to gaining a better understanding of your position against peers.Request your ownBrand Value ReportBenefitsContentsCompetitorBenchmarkingVisit email enquiriesbrandfi Brand Valuation SummaryBrand Strength TrackingCost of Capital A
9、nalysisRoyalty RatesCustomer Research FindingsInsightStrategyBenchmarkingEducationCommunicationUBrand Finance Indonesia 100 5Brand Finance InstituteBrand Finance Institute is the educational division of Brand Finance,whose purpose is to create and foster a professional environment for knowledge-shar
10、ing and networking among practitioners and experts in the market.BFI organises events,in-company training,and corporate educational initiatives around the world.In the quest for marketing excellence and with the purpose to equip the brand valuation and strategy practitioners with the necessary skill
11、s and tools,we have developed a wide range of programmes and certifications in collaboration with the most coveted business schools,universities and thought leaders in the field.Brandirectory is the worlds largest database of current and historical brand values,providing easy access to all Brand Fin
12、ance rankings,reports,whitepapers,and consumer research published since 2007.+Browse thousands of published brand values+Track brand value,strength,and rating across publications and over time+Use interactive charts to compare brand values across countries,sectors,and global rankings+Purchase and in
13、stantly unlock premium data,complete brand rankings,and researchVisit to find out more.Brand Finance Group.Brand DialogueBrand Dialogue is a public relations agency developing communications strategies to create dialogue that drives brand value.Brand Dialogue has over 25 years of experience in deliv
14、ering campaigns driven by research,measurement,and strategic thinking for a variety of clients,with a strong background in geographic branding,including supporting nation brands and brands with a geographical indication(GI).Brand Dialogue manages communications activities across Brand Finance Groups
15、 companies and network.VI360VI360 is a brand identity management consultancy working for clients of all sizes on brand compliance,brand transition,and brand identity management.VI360 provide straightforward and practical brand management that results in tangible benefits for your business.BGlobal Br
16、andEquity MonitorOriginal market research on over 5,000 brands 38 countries and 31 sectors coveredMore than 150,000 respondents surveyed annuallyWe are now in our 7th consecutive year conducting the studyVisit or email enquiriesbrandfi SAVE THE DATEBringing you the best,and then some moreRegister yo
17、ur interest today at bfsbrandfi With one of the worlds leading reports on Indonesias most valuable brands at your fi ngertips,expand your insights with coverage on ASEANs top brands in our fi rst-ever ASEAN 250 2023 report releasing globally in September 2023.Alongside this report,Brand Finance prou
18、dly presents Brand Value Trends:The Importance of Corporate Conduct and Leadership for Brands in ASEAN Find out the top brands by brand value,brand strength and brand popularity in each sector across ASEAN Discover why analysing the gap between brand perceptions and brand performance is important an
19、d which brands do best Understand how corporate conduct and sustainability help build brand value Learn about the factors that drive brand value performance in ASEAN and how you can leverage these Recognise the role senior leaders play in building brand value and brand strength as well as who the to
20、p“Brand Guardians”in the region are 12 September 2023|2.00PM(SGT)|6.00AM(GMT)A Zoom-only eventAlex Haigh Managing Director,Brand Finance Asia PacificBrand Finance Indonesia 100 8Foreword.What makes a brand valuable?That is the question this study answers.A commitment to customers,cutting edge techno
21、logy,new approaches to service delivery,an understanding of market needs and the capability to take advantage of them are all root causes of why brands rise and fall in our rankings.Ultimately,however,it is not Brand Finance but customers and other stakeholders that decide how valuable a brand is.Th
22、ey do this by voting with their minds and feet to choose which brands are their favourites.With this in mind,Brand Finances brand valuation study starts with a deep review of what people think about brands.We study the views of over 100,000 respondents worldwide including over 25,000 in the Asia Pac
23、ific region covering brand awareness,consideration and many measures of brand reputation.This produces an understanding of a brand strength.Given that at Brand Finance,our reason for being is to“bridge the gap between marketing and finance”to help communicate the benefits of marketing and branding t
24、o financial teams the next step is to combine this analysis of brand perceptions with financial analysis of the business the brand is used for.This enables us to define the brand value.By conducting these two phases together,we as brand managers are able to identify what are the root causes of brand
25、 value in order to guide brands positioning,their promotional activities,their products,services and prices and their approach for all other manner of marketing tool.By valuing brands,we provide a mutually intelligible language for marketing and finance teams.Marketers then have the ability to commu
26、nicate 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 f
27、air 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?How do you know how much to spend behind each brand?Brand Finance has conducted thousands of brand and branded bus
28、iness valuations to help answer these questions.And answering them is particularly important in our region.Understanding the value that brands bring and maximising it will help bring growth,profitability and worldwide popularity.We hope you find this study and its associated analyses interesting,and
29、 that it enables you to explain and improve the value of brands in businesses you are working in or advising.If you need any help in doing so,the team and I are here to continue the conversation with you.Brand Finance Indonesia 100 9Indonesias mining brands hit pay dirt with rising energy and oil de
30、mand+Indonesias mining brands posted brand value increases of at least 5%with Bayan Resources seeing the fastest growth at 34%+BRI is Indonesias most valuable brand with a brand value of$4.3 billion +BCA defends position as Indonesias strongest brand +Indah Kiat Pulp&Paper(up 48%)claims fastest grow
31、ing brand in Indonesia titleRanking Analysis.Brand Finance Indonesia 100 11Ranking Analysis.Indonesias mining brands posted brand value increases of at least 5%with Bayan Resources seeing the fastest growth at 34%Mining brands in Indonesia yielded much harvest in their brand values as demand for ene
32、rgy and oil increased due to fallout from the Ukraine conflict.All brands posted brand value increases of at least 5%,with all but one either seeing improvements to or maintaining their rank positions.Bayan Resources saw its brand value rise by 34%to$178.76 million,jumping eight places to 44th posit
33、ion.With a brand strength rating of A-,its brand performance was driven by strong financial performance along with higher selling prices of coal.Riding on this momentum,the brand aims to increase production and become the largest and most profitable coal company in Indonesia.Being one of the country
34、s largest coal producers,Bayan Resources is highly committed to practicing sustainable business practices such as the consistent implementation of Good Mining Practices and environmental management during mining practices.Adaro Energy recorded an outstanding 32%increase in brand value to$177.07 mill
35、ion,gaining six positions to reach 45th position and retaining a brand strength rating of AA-.Its strong performance was attributed to higher coal prices which boosted the selling prices of the brands products.Adaro Energy is committed to decarbonisation efforts through joint ventures in power plant
36、s.In acknowledgement of its sustainability efforts,its subsidiary Adaro Indonesia won the PROPER Gold Award the highest recognition in environmental management from the Ministry of Energy and Mineral Resources of Indonesia(MoEMR)in 2022.Indika Energy charted a growth of 10%in brand value to$101.65 m
37、illion and maintained its ranking at 64th place.With a brand strength rating of A-,its growth continues to flourish as coal prices increase.The brand plans to develop the nations electric vehicle ecosystem with the launch of ALVA One,an electric two-wheelers vehicle via its subsidiary PT Ilectra Mot
38、or Group(IMG).Indika Energy has made inroads in sustainability through the incorporation of energy-saving processes such as the installation of solar panels and the use of biodiesel for operations.Brand Finance Indonesia 100 12Ranking Analysis.Top 10 Most Valuable Indonesian Brandsg6-3%USD2.9 bn4J7-
39、3%USD2.8 bn6J8-5%USD2.4 bn8L910USD1.7 bn+16%g109USD1.5 bn-7%g1+15%USD4.3 bn2z3+27%USD3.7 bn5g43USD3.4 bn+7%J57USD3.1 bn+8%H2-15%USD4.0 bn1 Brand Finance Plc 20231102122121United Tractors saw its brand value increase by 5%to$93.48 million,and an increase in its brand strength rating from A+to AA-.Add
40、itionally,it was able to retain its 67th position.This growth is mainly attributed to stronger revenue which is supported by higher contracting revenues and sales of construction machinery.United Tractors plans to improve operational efficiency.For instance,United Tractors is currently focused on op
41、timising coal production from mines belonging to PT Asmin Bara Bronang,PT Telen Orbit Prima,and PT SuprabariMapanindo Mineral.Indo Tambangraya Megah(ITM)saw an increase in brand value by 7%to$73.83 million while retaining a brand strength rating of A.The brand saw its ranking decrease by one positio
42、n to 73rd position.ITMs growth was mainly driven by stronger revenue fuelled by higher coal prices.The brand plans to increase its sustainability capabilities through further development of its ethical mining practices culture and digital infrastructure.On the ethics front,ITM received 11 awards for
43、 ethical mining practice from Bisnis Indonesia Daily and Investor magazine in 2022.This enabled ITM to further its reputation as an ethical brand within the Indonesian community.On the digitalisation front,ITM launched SIGAP(Sustainability,Information,Governance Apps),which enabled it to reduce mini
44、ng waste through improved data analytical methods.Bukit Asam posted an increase in its brand value by 10%to$71.08 million along with a 2-place rank improvement to 76th position.With a corresponding brand strength rating of A-,its brand performance can be attributed to stronger revenue driven by glob
45、al and national economic recovery and increased demand and prices of coal.Bukit Asam plans to improve its sustainability capabilities through innovative practices and active collaboration with other organisations.On innovative practices,the brand digitalised its coal handling facilities in 2022 base
46、d on 4.0 technology which led to a decrease in emissions by up to 7352tCO2e.On the collaboration front,Bukit Asam and China Huadian Cooperation signed a memorandum of understanding in the same year to explore the development of renewable energy in South China.This enabled Bukit Asam to increase its
47、sustainability research capacity.Brand Finance Indonesia 100 13Ranking Analysis.BRI is Indonesias most valuable brand with a brand value of$4.3 billion BRI inched a place forward to claim the title of Indonesias most valuable brand this year.The banking brand saw its brand value increase by 15%to$4.
48、3 billion while retaining a brand strength rating of AAA.The increase in brand value was mainly attributed to an improvement in financial performance.BRI had reported a net profit of Rp39.31 trillion($2.5 billion)in the third quarter of 2022,representing a significant year-on-year growth of 106.14%.
49、In 2022,BRI acquired Danareksa Investment Management,with the aims of establishing itself as a one-stop financial services provider.BRI captured the digital needs of its customer base with the 2022 launch of QLola,an Integrated Corporate Solution Platform that offered users a single sign-on login to
50、 various banking services.It also teamed up with its subsidiary Bank Raya Indonesia(Bank Raya)to integrate Bank Rayas registration portal into its flagship mobile banking application,BRImo.This integration saw the expansion of BRIs customer base to include workers in the gig economy.By the end of 20
51、22,the BRImo app became the nations most used banking app.It achieved an exponential increase in downloads by 68.46%year-on-year,accumulating more than 23.8 million total users.BRI remains dedicated in its pledge to sustainability with the close alignment of its business practices with environmental
52、,social and governance(ESG)principles.The brand implemented financing policies for various sub sectors,encouraging customers to adopt sustainability-based business processes.By December 2022,the brand had pumped Rp78.8 trillion($5.26 billion)into the green sector.To minimise carbon footprint,BRI als
53、o opened its own Public Electric Vehicle Charging Station(SPKLU)and provided electric vehicles for its offices throughout the nation.Brand Finance Indonesia 100 14Top 10 Strongest Indonesian Brands92.9-1.1g1AAA+183.9-1.7z3AAA-783.4+15.9b464AAA-83.3+13.4b552AAA-83.1-6.5g6AAA-285.3-3.9g2AAA382.6-5.5g7
54、AAA-482.5-5.0H8AAA-582.1-4.1J96AAA-81.6+1.7D1011AAA-Ranking Analysis.Brand Finance Plc 20231111202122BCA defends position as Indonesias strongest brand BCA retained its title of being Indonesias strongest brand with an outstanding brand strength rating of AAA+,although its brand value dipped by 3%to
55、$2.9 billion.However,we note that this decline in brand value was mainly due to the depreciation of the Indonesian Rupiah against the US Dollar.The banking brand had made enormous gains in 2022,achieving a total loan growth of 11.7%year-on-year,driven by recovery in all of its loan segments.In 2022,
56、the brand organised strategic events such as BCA Expoversary,BCA UMKM Fest 2022,and BCA Wealth Summit 2022.This contributed to its performance and resulted in a mortgage portfolio exceeding Rp108 trillion($6.9 billion)for the first time.One of its events,BCA Expoversary,showcased various flagship pr
57、oducts and promotions which attracted thousands of visitors to the event.Various special interest rate programs were offered,with one of its highlights offering tiered KPR interest rates for customers who desired to own properties.These interest rates were customisable to the diverse financial chara
58、cteristics of customers,helping to fulfil their property ownership needs.On the ESG front,BCA ramped up its sustainability efforts with increasing participation in sustainable financing and management of waste from business operations.By December 2022,the brand saw credit disbursements to sustainabl
59、e sectors increase by 14.9%year-on-year to reach Rp183.2 trillion($12.3 billion),contributing 25.4%to BCAs total financing portfolio.The brand has also introduced a waste management programme to significantly reduce its carbon footprint where it has processed 518 tonnes of waste in total,potentially
60、 minimising 348.9 tonnes of CO2 emissions.The programme also helped generate funds to finance scholarships for the underprivileged local community.Brand Finance Indonesia 100 15Ranking Analysis.Brand Value Change 2023-2022(%)48%38%38%34%32%30%27%25%22%22%-35%-32%-29%-27%-25%-21%-20%-20%-19%-18%Brand
61、 Finance Plc 2023Indah Kiat Pulp&Paper(up 48%)claims fastest growing brand in Indonesia title Indah Kiat Pulp&Paper is the fastest growing brand in Indonesia in our rankings as its brand value surged by 48%to$367 million,propelling it 11 places to 23rd place.The engineering&construction brand garner
62、ed a brand strength rating of AA,decreasing slightly from AA+last year.Its brand performance was driven by impressive financial performance,with a consolidated net profit increase of 62.9%to$857.5 million in 2022.This increase was due to higher selling price of the brands products,which include cult
63、ural paper and pulp products,industrial paper and tissue.With increasing global demand for industrial paper,Indah Kiat Pulp&Paper sets its sights on expanding its manufacturing facilities to accommodate greater production capacity.In 2023,the brand announced plans to inject Rp54.25 billion($3.63 bil
64、lion)in funds for the building of a new paper factory and accompanying facilities in West Java.This new plant is expected to churn out an annual production capacity of 3.9 million tonnes of industrial paper,boosting its current production capacity of 2.2 million tonnes.The brand is resolute in its c
65、ommitment to sustainability with the implementation of energy efficiency programmes in its production processes.Overall,it aims to reduce greenhouse gas emissions through energy efficiency processes in both paper production processes and power plant operations.In the past three years,it has reduced
66、energy usage by 2.9%for electricity and 3%for steam.The brand has also actively incorporated ESG principles into its business practices.As such,Indah Kiat Pulp&Paper was presented with the Indonesia Green and Sustainable Companies Award(IGSCA)2023 in the Natural Resource-based Industry category to r
67、ecognise its sustainability efforts.Sector Analysis.Brand Finance Indonesia 100 17Sector Analysis.Banking Banking brands in Indonesia posted solid growth in 2022.In the first half of 2022,they experienced improved profitability that was primarily driven by wider net interest margins(NIMs).This widen
68、ing of NIMs was due to declining funding costs and lower credit costs.In addition,consumer demand has been increasing post-pandemic following the nations accelerated economy-with a 5.03%growth in Q1 2023.The strength of banking brands is helping them to leverage these advantageous factors and their
69、overall profitability is expected to remain healthy,supported by stronger loan growth and improving asset quality.Banking brands are the largest contributor to our rankings.The combined brand value from all 17 banking brands listed improved from$14.5 billion to$14.8 billion,making up approximately 3
70、1%of total brand value of all 100 brands listed in our rankings.The top five most valuable banking brands in Indonesia are Bank Rakyat Indonesia(BRI),Bank Mandiri,BCA,Bank Negara Indonesia(BNI)and Bank Syariah Indonesia with the brand value of these five banking brands amounting to$12.5 billion,appr
71、oximately 85%of the sectors brand value.BRI posted a 15%brand value increase to$4.3 billion,moving up one position to clinch the title of Indonesias most valuable brand this year.It was also able to maintain its brand strength rating of AAA.BRIs increase in brand value was mainly attributed to an im
72、provement in financial performance.This performance was due to an increase in year-on-year profits,assets,total loans and financing in 2022.BRI plans on achieving widespread financial inclusion through digitalisation.For instance,the brand initiated in 2022 the Ultra Micro(UM)holdings development th
73、at sought to integrate databases from BRI,Pegadaian and Permodaln Nasional Madani(PNM).This development allowed for the data integration of more than 34 million customers which enabled more personalised and coordinated financial services.Bank Mandiris brand value increased by 7%to$3.4 billion.Howeve
74、r,it saw a decrease in brand strength rating from AAA+to AAA-and a drop in ranking by one position to 4th place.Bank Mandiris increased Brand Finance Indonesia 100 18Sector Analysis.Top 5 Most Valuable Indonesian Banking Brandsg1+15%USD4.3 bng3-3%USD2.9 bng4USD1.5 bn-7%g5USD0.5 bn+22%g2+7%USD3.4 bn
75、Brand Finance Plc 2023brand value was mainly attributed to improved financial performance,which included an increase in net interest income and maintaining levels of NIMs.Bank Mandiri plans on improving customers experiences through a brand building strategy that focuses on increased integration of
76、its financial offerings.For instance,the brand actively collaborates with various brands across industries to create an integrated financial ecosystem.Some of the brands Mandiri has partnered with are Telkomsel,PT Garuda Indonesia and Indomart.BCA is the strongest brand in our rankings this year.The
77、 brand saw a decrease in brand value of 3%to$2.9 billion and a decline in its ranking by two spots to 6th place while maintaining its AAA+ranking.The decline in brand value was mainly due to the depreciation of the Indonesia Rupiah against the US Dollar.However,BCA was still able to make gains that
78、were driven by a recovery in all loan segments.It plans on improving its wealth management system and client engagement.For instance,BCA partnered with wealth management technology services provider Avaloq to improve back-office operations and front-office interfaces for its investment services.This
79、 partnership revolves around the adoption of Avaloqs Process-as-a-Service model which seeks to improve back-office efficiency and user experience through a high degree of automation.BNIs brand value decreased by 7%to$1.5 billion.Moreover,it also saw a deterioration in brand strength rating from AAA
80、to AAA-and a drop in ranking by one spot to 10th position.As with BCA,BNIs brand value decline was mainly due to the negative impacts arising from the depreciation of Indonesia Rupiah against the US Dollar.BNI plans on improving its business model through digitalisation and financial initiatives.On
81、the digitalisation front,the brand stresses on upgrading its digital infrastructure through collaboration and technical upgrades.For instance,BNI and integrated augmented reality technology provider WIR Group have been actively developing metaverse and digital banking service innovations.With regard
82、s to financial initiatives,BNI actively focuses on initiatives targeting foreign markets to create improved financial products and widen its customer base.It improved operations in Japan in 2022 by opening a Tokyo office in the Nurihiko building.This would allow BNI to promote superior financial ser
83、vices and facilitate better business matching between buyers from Japan and sellers from Indonesia.Bank Syariah Indonesia recorded an increase in brand value of 22%to$495.57 million,improving its ranking by four places to 16th position.Additionally,it saw an increase in brand strength rating from A
84、to A+.The increase in brand value was mainly driven by better financial performance led by an increase in financing disbursement and fee-based income,which resulted in higher year-on-year profits.Bank Syariah Indonesia plans to utilise tech disruption to enhance its business operations and service o
85、fferings,with this approach mainly revolving around strategic collaboration with technology providers.For instance,the brand partnered with Magnus Digital in 2022 with aims of bringing about widespread awareness and user acquisition for its Superapp.Brand Finance Indonesia 100 19Sector Analysis.Engi
86、neering&Construction The E&C sector is a keystone of Indonesias economy,being the fourth-largest contributor to the countrys gross domestic product.In 2023,the sector grew as the government focused on developing infrastructure to enhance connectivity throughout the archipelago.However,its growth is
87、expected to slow down in 2023 due to factors such as high building material prices and elevated interest rates.Nevertheless,the industry continues to receive Rp392 trillion($25 billion)in funding from the government for infrastructure development.E&C brands collectively form the 7th largest contribu
88、tor of brand value in our rankings,posting a total brand value of$1.68 billion.This makes up approximately 4%of the total brand value of all brands listed.Compared to the previous year,the total brand value of E&C brands declined slightly by 1%to$1.68 billion.The top five most valuable E&C brands in
89、 Indonesia are Semen Indonesia,Indah Kiat Pulp&Paper,Wika,Indocement and PP Construction&Investment.Semen Indonesia,Indonesias largest cement producer,saw its brand value decrease by 11%to$432.08 million.Although its ranking declined by four positions to 20th place,its brand strength rating improved
90、 from AA+to AAA-.The decrease in brand value was due to weaker business performance as the domestic demand for cement slowed.To optimise profitability,the brand implemented multibrand and dynamic pricing strategies by leveraging premium brands in key markets and conducting price increases.Brand Fina
91、nce Indonesia 100 20Sector Analysis.Top 5 Most Valuable Indonesian Engineering&Construction Brandsm1-11%USD0.4 bnm3+11%USD0.2 bnm4USD0.2 bn-7%m5USD0.2 bn-20%m2+48%USD0.4 bn Brand Finance Plc 2023Semen Indonesia has also strengthened sustainability initiatives through the replacement of fossil fuels
92、with alternative fuels and the use of solar panels.Indah Kiat Pulp&Paper the fastest growing brand in our rankings posted a brand value increase of 48%to$367 million,leaping 11 places in brand ranking to attain 23rd place.Its brand strength rating decreased slightly from AA+to AA.With increased sell
93、ing prices of its products,Indah Kiat Pulp&Paper recorded stellar financial performance that bolstered its brand performance.The brand had recorded an increase in net profits of 62.9%to$857.5 million in 2022.In recognition of its sustainability efforts,Indah Kiat Pulp&Paper won the 2022 Indonesia Gr
94、een Awards in the Integrated Waste Management Development category.Wikas brand value increased by 11%to$228.04 million.It improved four positions to 35th place while retaining a brand strength rating of AA-.Wikas brand performance was due to strong financial performance,where it gained a 20.61%incre
95、ase in total net revenue amounting to Rp21.48 trillion($1.36 billion).This growth in revenue was driven by the brand securing new contracts valued at Rp6.49 trillion($0.4 billion).In recognition of its sustainability efforts,Wika bagged three awards in the Indonesia CSR Excellence Award(ICEA)2022 he
96、ld by First Indonesia Magazine Best CSR Global Program,Best CSR in MSME(UKM)Program,and The Best Leadership Focus in CSR Program.Indocement recorded a 7%decrease in brand value to$198.52 million.It dropped two places in rankings to 39th place while retaining a brand strength rating of AA+.The brand
97、recorded weaker financial performance as the Indonesian cement industry faced oversupply issues and slowing domestic demand.To address this,Indocement plans to utilise alternative fuels in cement production for cost efficiency and sustainability purposes.In 2022,the brand signed a memorandum of unde
98、rstanding with DKI Jakarta Provincial Governments Environmental Agency to harness urban waste from TPST Bantargebang as an alternative fuel.PP Construction&Investments brand value decreased by 20%to$196.97 million,falling seven places to 42nd position as it experienced slower revenue growth.Despite
99、this decrease,the brand improved its brand strength rating from AA-to AA.PP Construction&Investment made significant breakthroughs in construction projects last year,with its Mandalika Circuit Project winning the Innovator of the Year category at the ASEAN Innovation Awards 2022.It also successfully
100、 completed the development of Komodo Airport facilities,with its inauguration ceremony graced by Indonesian President Joko Widodo in July 2022.On the ESG front,the brands construction of the Menara Danereksa Tower in Jakarta was awarded the Gold Green Building certification by the Green Building Cou
101、ncil Indonesia(GBCI).Brand Finance Indonesia 100 21Brand Value Ranking(USDm).Top 100 most valuable Indonesian brands 1-502023 Rank2022 RankBrandSector2023 Brand ValueBrand Value Change2022 Brand Value2023 Brand Rating2022 Brand Rating122BRIBanking4,258+15%3,698AAAAAA211Telkom IndonesiaTelecoms4,008-
102、15%4,691AAA-AAA352PertaminaOil&Gas3,691+27%2,914AAA-AAA431Bank MandiriBanking3,375+7%3,146AAA-AAA+572SampoernaTobacco3,092+8%2,854AA-AA-641BCABanking2,881-3%2,965AAA+AAA+761Gudang GaramTobacco2,783-3%2,871A+A+880A MildTobacco2,374-5%2,492AAA-AAA9102PLNUtilities1,732+16%1,493AAA-AAA-1091BNIBanking1,5
103、32-7%1,657AAA-AAA11122Dji Sam SoeTobacco12-3GojekCar Rental Services13111IM3Telecoms14140IndomieFood15150XLTelecoms16202Bank Syariah IndonesiaBanking17212BimoliFood18171Astra InternationalAutomobiles19131U MildTobacco20161Semen IndonesiaEngineering&Construction21222IndomilkFood22181SGMFood23342Indah
104、 Kiat Pulp&PaperEngineering&Construction24231CIMB NiagaBanking25302Medco EnergiOil&Gas26260IndofoodFood27292PGNUtilities28241EnergenFood29191Bank DanamonBanking30362Garuda IndonesiaAirlines31271Bank BTNBanking32281Kereta ApiLogistics33432RomaFood34311Jasa MargaLogistics35392WikaEngineering&Construct
105、ion36382Alfa MartRetail37422AKR CorporindoLogistics38251Panin BankBanking39371IndocementEngineering&Construction40321BTPNBanking41331KopikoFood42351PP Construction&InvestmentEngineering&Construction43442Bank MegaBanking44522Bayan ResourcesMining,Metals&Minerals45512Adaro EnergyMining,Metals&Minerals
106、46401Bank OCBC NISPBanking47470Matahari Department StoreRetail48480BJBBanking49490Chandra Asri PetrochemicalChemicals50582BintangBeersBrand Finance Indonesia 100 22Brand Value Ranking.Top 100 most valuable Indonesian brands 51-1002023 Rank2022 RankBrandSector2023 Brand ValueBrand Value Change2022 Br
107、and Value2023 Brand Rating2022 Brand Rating51461Waskita KaryaEngineering&Construction52552Kalbe FarmaPharma53592Media Nusantara CitraMedia54572Lippo KarawaciReal Estate55411Surya Citra MediaMedia56541Gajah TunggalTyres57561Bank PermataBanking58531Mayora IndahFood59602CitilinkAirlines60501TorabikaFoo
108、d61451Adira FinanceBanking62611Adhi KaryaEngineering&Construction63621Bumi Serpong DamaiReal Estate64640Indika EnergyMining,Metals&Minerals65682ErajayaRetail66660SmartfrenTelecoms67670United TractorsMining,Metals&Minerals68651BFIBanking69722Blue BirdCar Rental Services70631LinkNetTelecoms71701Silver
109、 QueenFood72711MPMAutomobiles73772Bank JatimBanking74731ITMMining,Metals&Minerals75762JapfaFood76782Bukit AsamMining,Metals&Minerals77691ProtelindoTech78812EnsevalPharma79802Astra Agro LestariFood80741Sinar Mas MultiarthaInsurance81791Tower BersamaTelecoms82842RamayanaRetail83862Charoen PokphandFood
110、84751PakuwonReal Estate85872Smart(Sinar Mas Agro Res&Tech)Food86912Kimia FarmaPharma87821Choki ChokiFood88942Mitra KeluargaHealthcare Facilities89932SupermiFood90922HypermartRetail91891SarimiFood92901Siloam HospitalHealthcare Facilities93831MNC Sky VisionMedia94851Beng-BengFood95-3Citra Marga Nusaph
111、ala PersadaCommercial Services96881Tempo ScanPacificPharma97970ElnusaOil&Gas98951CSALogistics99-3Tunas RideanAutomobiles100961MNC InvestamaMediaSustainability.Brand Finance Indonesia 100 24Sustainability.Sustainability Perception Values(SPV)L64.78USD184 m 75.82USD116 mg84.18USD109 mH9USD43 m3.72z10U
112、SD26 m4.24H14.00USD356 mz34.34USD307 mg4USD222 m4.53g5USD220 m3.83g24.42USD320 m Brand Finance Plc 2023Top Sustainability Perceptions Score and Value for 2023 As part of its analysis,Brand Finance assesses the role that specific brand attributes play in driving overall brand value.One such attribute
113、 growing rapidly in significance is sustainability.Brand Finance assesses how sustainable specific brands are perceived to be,represented by a Sustainability Perceptions Score(SPS).The value that is linked to this score,the Sustainability Perceptions Value(SPV),is then calculated for each brand.Goje
114、k has the highest Sustainability Perceptions Score New entrant Gojek has the highest SPS among brands listed in our rankings at 5.82 out of 10.The on-demand car rental services brand,under its parent company GoTo,is making significant strides towards a sustainable future by aligning its sustainabili
115、ty strategy with the ambitious“Three Zeros by 2030”commitments.These commitments include Zero Emissions,Zero Waste,and Zero Barriers by 2030.Through its various brands,such as Gojek,GoTo is actively working towards reducing emissions,transitioning to renewable Brand Finance Indonesia 100 25Sustainab
116、ility.has that is tied up in sustainability perceptions among stakeholders.Telkom Indonesia has undertaken a number of sustainability initiatives,including implementing measures to reduce energy consumption at its data centres which account for the brands largest energy consumption.This is achieved
117、by adjusting the temperature and humidity of cooling devices and adopting energy-efficient technologies.Furthermore,Telkom Indonesia has incorporated clean and environmentally friendly energy sources,such as solar cells and fuel cells,in its Base Transceiver Stations.In terms of social aspects,Telko
118、m Indonesia remains committed to the development of training and education programs aimed at creating a skilled workforce capable of adapting to digital technology Additionally,the brand continues to contribute to the connectivity and expansion of digital-based telecommunication infrastructures acro
119、ss Indonesia,aligning with the growth of the digital economy in the country.While Telkom Indonesia has made positive strides in its sustainability initiatives,there is room to further enhance its efforts and improve communication regarding its sustainability practices.By doing so,the brand can stren
120、gthen stakeholders perceptions of its sustainability commitments and make continued progress towards a more sustainable future.energy sources for its offices,exploring innovative methods to extract value from waste within its ecosystem,and developing new financial products to improve the well-being
121、of its driver-partners.In line with its sustainability goals,Gojek is also forging partnerships across the electric vehicle value chain,aiming to establish a fully electric fleet by 2030.Additionally,besides reduction efforts,the brand plans to offset any unavoidable emissions through the implementa
122、tion of its GoGreener Carbon Offset feature.By collaborating with carbon management platform Jejak.in,Gojek users can calculate their carbon emissions from daily transportation and household appliance usage and then determine the number of trees required to offset their carbon footprint.By promoting
123、 and communicating these sustainability initiatives and commitments to all stakeholder groups,Gojek has successfully built high sustainability perceptions amongst its stakeholders,as reflected in its SPS standing.Telkom Indonesia has the highest Sustainability Perceptions Value As well as being Indo
124、nesias second most valuable brand,Telkom Indonesia also has the highest SPV among brands listed in our rankings at$356 million.It is important to note that this value is not an assessment of the brands overall sustainability performance.Rather,SPV indicates how much brand value Telkom Indonesia Meth
125、odology.Brand Finance Indonesia 100 27Enterprise ValueBranded Business ValueBrand ContributionDefinitions.SampoernaA MildA MildA MildBrand Value+Enterprise Value The value of the entire enterprise,made up of multiple branded businesses.Where a company has a purely mono-branded architecture,the enter
126、prise value is the same as branded business value.+Branded Business Value The value of a single branded business operating under the subject brand.A brand should be viewed in the context of the business in which it operates.Brand Finance always conducts a branded business valuation as part of any br
127、and valuation.We evaluate the full brand value chain in order to understand the links between marketing investment,brand-tracking data,and stakeholder behaviour.+Brand Contribution The overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic
128、 brand.The brand values contained in our league tables are those of the potentially transferable brand assets only,making brand contribution a wider concept.An assessment of overall brand contribution to a business provides additional insights to help optimise performance.+Brand Value The value of t
129、he trade mark and associated marketing IP within the branded business.Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668.It defines brand as a marketing-related intangible asset including,but not limited to,names,terms,signs,symbols,logos,and designs,i
130、ntended to identify goods,services or entities,creating distinctive images and associations in the minds of stakeholders,thereby generating economic benefits.Brand ValueBrand Finance Indonesia 100 28Brand Valuation Methodology.1324Definition of BrandBrand is defined as a bundle of trademarks and ass
131、ociated IP which can be used to take advantage of the perceptions of all stakeholders to provide a variety of economic benefits to the entity.Brand ValueBrand value refers to the present value of earnings specifically related to brand reputation.Organisations own and control these earnings by owning
132、 trademark rights.All brand valuation methodologies are essentially trying to identify this,although the approach and assumptions differ.As a result published brand values can be different.These differences are similar to the way equity analysts provide business valuations that are different to one
133、another.The only way you find out the“real”value is by looking at what people really pay.As a result,Brand Finance always incorporates a review of what users of brands actually pay for the use of brands in the form of brand royalty agreements,which are found in more or less every sector in the world
134、.This is sometimes known as the“Royalty Relief”methodology and is by far the most widely used approach for brand valuations since it is grounded in reality.It is the basis for a public rankings but we always augment it with a real understanding of peoples perceptions and their effects on demand from
135、 our database of market research on over 3000 brands in over 30 markets.DisclaimerBrand Finance has produced this study with an independent and unbiased analysis.The values derived and opinions produced in this study are based only on publicly available information and certain assumptions that Brand
136、 Finance used where such data was deficient or unclear.Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate.The opinions and financial analysis expressed in the report are not to be cons
137、trued as providing investment or business advice.Brand Finance does not intend the report to be relied upon for any reason and excludes all liability to any body,government or organisation.We review what brands already pay in royalty agreements.This is augmented by an analysis of how brands impact p
138、rofitability in the sector versus generic brands.This results in a range of possible royalties that could be charged in the sector for brands(for example a range of 0%to 2%of revenue)The BSI score is applied to the royalty range to arrive at a royalty rate.For example,if the royalty range in a secto
139、r is 0-5%and a brand has a BSI score of 80 out of 100,then an appropriate royalty rate for the use of this brand in the given sector will be 4%.We adjust the rate higher or lower for brands by analysing Brand Strength.We analyse brand strength by looking at three core pillars:“Inputs”which are activ
140、ities supporting the future strength of the brand;“Equity”which are real current perceptions sourced from our market research and other data partners;“Output”which are brand-related performance measures such as market share.Each brand is assigned a Brand Strength Index(BSI)score out of 100,which fee
141、ds into the brand value calculation.Based on the score,each brand is assigned a corresponding Brand Rating up to AAA+in a format similar to a credit rating.We determine brand-specific revenues as a proportion of parent company revenues attributable to the brand in question and forecast those revenue
142、s by analysing historic revenues,equity analyst forecasts,and economic growth rates.We then apply the royalty rate to the forecast revenues to derive brand revenues and apply the relevant valuation assumptions to arrive at a discounted,post-tax present value which equals the brand value.Brand Impact
143、Brand Impact Brand StrengthBrand StrengthForecast Brand Value CalculationBrand Finance Indonesia 100 29Brand StrengthAnalytical rigour and transparency are at the heart of our approach to brand measurement at Brand Finance.Therefore,in order to adequately understand the strength of brands we conduct
144、 a structured,quantitative review of data that reflect the Brand Value Chain of brand-building activities,leading to brand awareness,perceptions and onwards to brand-influenced customer behaviour.To manage the Brand Value Chain process effectively we create and use the“Brand Strength Index”(BSI).Thi
145、s index is essentially a modified Balanced Scorecard split between the three core pillars of the Brand Value Chain:Brand Inputs,Brand Equity and Brand Performance.Brand Strength IndexWidely recognised factors deployed by marketers to create brand loyalty and market share.Perceptions of the brand amo
146、ng different stakeholder groups,with customers being the most important.Quantitative market and financial measures representing the success of the brand in achieving price and volume premium.Stakeholder EquityBusiness PerformanceMarketing InvestmentBrand Strength.132Although we follow a general stru
147、cture incorporating the three pillars(Brand Inputs,Brand Equity and Brand Performance),the attributes included are different depending on the sector.A brand strength index for a luxury apparel brand will differ in structure from an index designed for a telecommunications brand.An index for luxury ap
148、parel brand may emphasize the exclusiveness,word of mouth recommendation,and price premium,whereas an index for a telecommunications company may emphasis customer service and ARPU as important metrics.These attributes are weighted according to their perceived importance in driving the following pill
149、ar:Brand Investment measures in driving Brand Equity;Brand Equity measures for Brand-Related Business Performance measures;and finally the relevance of Brand-Related Business Performance measures for driving business value.Attribute Selection and WeightingBrands ability to influence purchase depends
150、 primarily on peoples perceptions.Therefore,the majority of the Brand Strength Index is derived from Brand Finances proprietary Global Brand Equity Research Monitor research,a quantitative study of a sample of over 100,000 people from the general public on their perceptions of over 4,000 brands in o
151、ver 25 sectors and 37 countries.However,at Brand Finance we also believe that there are other measures that can be used to fill gaps that survey research may not capture.These include total investment levels for example in marketing,R&D,innovation expenditure,that can a better guide to future perfor
152、mance than surveys.They also include online measures such as ratings by review sites and social media engagement that can give a more granular understanding of marketing effectiveness.Finally they also include real behaviour for example net additions,customer churn and market share,to overcome the t
153、endency for surveys to incorporate intended behaviour rather than real.Over a period of 3 to 4 months each year,we collect all this data across all the brands in our study in order to accurately measure their comparative strength.Data CollectionIn order to convert raw data in to scores out of 10 tha
154、t are comparable between attributes within the scorecard,we then have to benchmark each attribute.We do this by reviewing the distribution of the underlying data and creating a floor and ceiling based on that distribution.Each brand is assigned a Brand Strength Index(BSI)score out of 100,which feeds
155、 into the brand value calculation.Based on the score,each brand is assigned a corresponding rating up to AAA+in a format similar to a credit rating.Analysing the three brand strength measures helps inform managers of a brands potential for future success.Benchmarking and Final ScoringBrand Finance I
156、ndonesia 100 30Global Brand Equity Monitor.Original market research in 38 countries and across 31 sectors with over 150,000 consumers rating over 5,000 brands.Brand KPIs and Diagnostics1.Brand Funnel2.Brand Usage3.Quality4.Reputation5.Loyalty6.Closeness9.Brand Imagery7.Recommendation(NPS)10.Advertis
157、ing Awareness8.Word of Mouth11.Brand MomentumAwarenessHave heard of your brandFamiliarityKnow something about your brandConsiderationWould consider buying/using your brandApparelAutomobilesLuxury AutomobilesBanksCosmetics&Personal CareFoodInsuranceOil&GasRestaurantsRetail&E-CommerceTelecomsUtilities
158、AirlinesLuxury ApparelAppliancesBeersLuxury CosmeticsGeneral RetailHealthcare ServicesHotelsHousehold ProductsLogisticsMediaPharmaReal EstateSoft DrinksSpirits&WineTechnologyTyresTier 1Tier 2Brand Finance Indonesia 100 31Highlights from the Global Brand Equity Monitor.Brand Finances proprietary mark
159、et research provides a robust assessment of brand health on key equity measures,allowing comparison both within and across product and service categories.Benchmarking against brands outside your sector is especially helpful in assessing the real strength of brand not just the best of a bad bunch in
160、a category where brands are generally weaker.What makes a brand great?Amazon is undoubtedly one of the worlds strongest brands,one of just a handful achieving the highest AAA+rating.It has an extremely strong brand funnel,with near-universal familiarity,and consideration,and while its reputation sco
161、re is not best-in-class,it is stronger than many of its critics might think.Every strong brand has its own winning formula,and our research highlights Amazons particular advantages.Top of that list is the outstanding value which shoppers believe Amazon delivers.Amazon ranks on this measure in big ma
162、rkets such as Brazil,USA,UK,and is#1 among retailers in many more.Value has always been a big driver of consumer behaviour,but Amazon also delivers a slick shopping experience(“excellent website/apps”),and this powerful combination is irresistible for many consumers,even those who question Amazons v
163、alues and broader corporate reputation.Does brand purpose deliver?Argument rages among CMOs and marketing gurus over this issue.The jury is out our data suggests that being seen to“care about the wider community”does correlate somewhat with higher Consideration levels,and is an asset particularly fo
164、r local favourites such as Jio(India)or Bunnings(Australia).But brands like McDonalds and Nike(as well as Amazon)are liked and desired despite somewhat moderate reputations on sustainability and values.Whos the coolest cat?In categories like apparel,tech and automotive,sustainability can make you co
165、ol,but its not the only way.Porsche wins relatively few plaudits for sustainability,but its bercoolness is very apparent.Great value for moneyExcellent website/apps 55 11 81 61Selected Rankings for Amazon All Non-Luxury Brands Brand Finance Plc 202343%Care about the wider community(Rank#1)88%Conside
166、ration Conversion 8%Care about the wider community(Rank#86)92%Consideration Conversion Brand Finance Indonesia 100 32Highlights from the Global Brand Equity Monitor.Similarly in the apparel category(especially footwear),the correlation between coolness and sustainability is not especially high.Meanw
167、hile in France,the epitome of chic,the 2nd-highest highest scorer among non-luxury brands is.Burger King.Get your brand talked-aboutCool brands get talked about,and word-of-mouth(WOM)is another key asset some brands possess.It has proven impact on brand growth,hence WOMs inclusion in our Brand Stren
168、gth Index model.In an absolute sense,big brands get talked about a lot more than small ones their sheer mass presence and relevance ensures that.But deeper analysis reveals a number of challenger brands who look set to profit from above-expectation WOM levels and positive consumer sentiment.Keep an
169、eye on Tim Hortons in Spain,Peros Garment Factory(Canada),SAIC in,yes,the USA and iinet in Singapore.1st2nd3rd Top-ranked brands for being“Cool”(Among Category Users)Brand Finance Plc 2023Our Services.Brand Finance Indonesia 100 34Consulting Services.Brand ValuationMake your brands business case Bra
170、nd valuations are used for a variety of purposes,including tax,finance,and marketing.Being the interpreter between the language of marketers and finance teams they provide structure for both to work together to maximise returns.Brand StrategyMake branding decisions with your eyes wide open Once you
171、understand the value of your brand,you can use it as tool to understand the business impacts of strategic branding decisions in terms of real financial returns.Make branding decisions using hard dataBrand ResearchWhat gets measured Brand evaluations are essential for understanding the strength of yo
172、ur brand against your competitors.Brand Strength is a key indicator of future brand value growth whether identifying the drivers of value or avoiding the areas of weakness,measuring your brand is the only way to manage it effectively.+Brand Audits+Primary Research+Syndicated Studies+Brand Scorecards
173、+Brand Drivers&Conjoint Analysis+Soft Power+Brand Impact Analysis+Tax&Transfer Pricing+Litigation Support+M&A Due Diligence+Fair Value Exercises+Investor Reporting+Brand Positioning +Brand Architecture+Franchising&Licensing +Brand Transition+Marketing Mix Modelling +Sponsorship Strategy+Are we build
174、ing our brands strength effectively?+How do I track and develop my brand equity?+How strong are my competitors brands?+Are there any holes in my existing brand tracker?+What do different stakeholders think of my brand?+How much is my brand worth?+How much should I invest in marketing?+How much damag
175、e does brand misuse cause?+Am I tax compliant with the latest transfer pricing?+How do I unlock value in a brand acquisition?+Which brand positioning do customers value most?+What are our best brand extension opportunities in other categories and markets?+Am I licensing my brand effectively?+Have I
176、fully optimised my brand portfolio?+Am I carrying dead weight?+Should I transfer my brand immediately?+Is a Masterbrand strategy the right choice for my business?Brand Finance Indonesia 100 35Brand Evaluation Services.How are brands perceived in my category?Brand Finance tracks brand fame and percep
177、tions across over 38 markets in 31 consumer categories.Clear,insightful signals of brand performance,with data mining options for those who want to dig deeper all at an accessible price.What if I need more depth or coverage of a more specialised sector?Our bespoke brand scorecards help with market p
178、lanning and can be designed to track multiple brands over time,against competitors,between market segments and against budgets.Our 30-country database of brand KPIs enables us to benchmark performance appropriately.Do I have the right brand architecture or strategy in place?Research is conducted in
179、addition to strategic analysis to provide a robust understanding of the current positioning.The effectiveness of alternative architectures is tested through drivers analysis,to determine which option(s)will stimulate the most favourable customer behaviour and financial results.How can I improve retu
180、rn on marketing investment?Using sophisticated analytics,we have a proven track record of developing comprehensive brand scorecard and brand investment frameworks to improve return on marketing investment.What about the social dimension?Does my brand get talked about?Social interactions have a prove
181、n commercial impact on brands.We measure actual brand conversation and advocacy,both real-world word of mouth and online buzz and sentiment,by combining traditional survey measures with best-in-class social listening.With strategic planning and creative thinking,we develop communications plans to cr
182、eate dialogue with stakeholders that drives brand value.Our approach is integrated,employing tailored solutions for our clients across PR and marketing activations,to deliver strategic campaigns,helping us to establish and sustain strong client relationships.We also have a specific focus on geograph
183、ic branding,including supporting nation brands and brands with a geographical indication(GI).Brand Dialogue Limited is a member of the Brand Finance Plc GroupResearch,Strategy&Measurement Brand&Communications StrategyCampaign PlanningMarket Research&InsightsMedia AnalysisPublic Relations&Communicati
184、onsMedia RelationsPress Trips&EventsStrategic Partnerships&Influencer OutreachSocial Media ManagementMarketing&EventsPromotional EventsConference ManagementNative AdvertisingRetail MarketingContent CreationBespoke Publications,Blogs&NewslettersPress ReleasesMarketing Collateral DesignSocial Media Co
185、ntentStrategic Communications Crisis CommunicationsBrand Positioning&ReputationGeographic BrandingCorporate Social Responsibility(CSR)Brand Finance Indonesia 100 37Brand Finance Network.For further information on our services and valuation experience,please contact your local representative:Market C
186、ontactEmailAfricaJeremy Sampsonj.sampsonbrandfi Asia Pacifi cAlex Haigha.haighbrandfi AustraliaMark Crowem.crowebrandfi BrazilEduardo Chavese.chavesbrandfi CanadaAlexandre St-Amoura.amourbrandfi China Scott Chens.chenbrandfi East Africa Walter Seremw.serembrandfi FranceBertrand Chovetb.chovetbrandfi
187、 Germany/Austria/SwitzerlandUlf-Brun Drechselu.drechselbrandfi IndiaAjimon Francisa.francisbrandfi IrelandDeclan Ahernd.ahernbrandfi ItalyMassimo Pizzom.pizzobrandfi MexicoLaurence Newelll.newellbrandfi Middle EastAndrew Campbella.campbellbrandfi NigeriaTunde Odumerut.odumerubrandfi PolandKonrad Jag
188、odzinskik.jagodzinskibrandfi PortugalPilar Alonso Ulloap.alonsobrandfi RomaniaMihai Bogdanm.bogdanbrandfi South AmericaPilar Alonso Ulloap.alonsobrandfi SpainPilar Alonso Ulloap.alonsobrandfi Sri LankaAliakber Alihussaina.hussainbrandfi SwedenAnna Brolina.brolinbrandfi TurkeyMuhterem Ilgnerm.ilgunerbrandfi United KingdomAnnie Browna.brownbrandfi USALaurence Newelll.newellbrandfi Contact us.The Worlds Leading Brand Valuation ConsultancyT:+44(0)20 7389 9400E: