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Indonesia 100 2021 The annual report on the most valuable and strongest Indonesian brands September 2021 Contents. About Brand Finance 4 Get in Touch 4 Brandirectory.com6 Brand Finance Group 6 Foreword 8 Executive Summary 10 Sector Reputation Analysis 16 Brand Finance Indonesia 100 (USD m) 18 Methodology 20 Definitions 22 Brand Valuation Methodology 23 Brand Strength 24 Brand Equity Research Database 25 Our Services 26 Consulting Services 28 Brand Evaluation Services 29 Communications Services 30 Brand Finance Network 33 © 2021 All rights reserved. Brand Finance Plc. Brand Finance Indonesia 100 September 2021 3 About Brand Finance. Brand Finance is the world's leading brand valuation consultancy. We bridge the gap between marketing and finance Brand Finance was set up in 1996 with the aim of 'bridging the gap between marketing and finance'. For 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 brands We put 5,000 of the world’s biggest brands to the test every year. Ranking brands across all sectors and countries, we publish nearly 100 reports annually. We offer a unique combination of expertise Our 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 credibility Brand 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 10668 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 Touch. For business enquiries, please contact: Samir Dixit Managing Director, Brand Finance Asia Pacific +65 9069 8651 s.dixit@brandfinance.com For media enquiries, please contact: Bernard Lee Senior Manager, Brand Finance Asia Pacific +8803 0893 b.lee@brandfinance.com For all other enquiries, please contact: bfs@brandfinance.com +65 6727 8388 For more information, please visit our website: www.brandfinance.com 4 Brand Finance Indonesia 100 September 2021 linkedin.com/company/brand-finance twitter.com/brandfinance facebook.com/brandfinance instagram.com/brand.finance brandfinance.com Request your own Brand Value Report A Brand Value Report provides a complete breakdown of the assumptions, data sources, and calculations used to arrive at your brand’s value. Each report includes expert recommendations for growing brand value to drive business performance and offers a cost-effective way to gaining a better understanding of your position against competitors. Visit brandirectory.com/request-a-valuation or email enquiries@brandfinance.com Insight Strategy Benefits Brand Valuation Summary Brand Strength Tracking Conte Royalty Rates Cost of Capital Analysis nts benraqnudiriireesc@tobryr.acnodmir/escintograyp.coorem Customer Research Findings Competitor Benchmarking Benchmarking Education Communication Understandin Brand Finance Indonesia 100 September 2021 5 Brandirectory.com Brandirectory is the world’s largest database of current and historical brand values, providing easy access to all Brand Finance 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 instantly unlock premium data, complete brand rankings, and research Visit brandirectory.com to find out more. Brand Finance Group. 6 Brand Finance Indonesia 100 September 2021 Brand Finance Institute Brand Finance Institute is the educational division of Brand Finance, whose purpose is to create and foster a professional environment for knowledge-sharing 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 skills 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. Brand Dialogue Brand 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 delivering 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 Group's companies and network. VI360 VI360 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. brandfinance.com Global Brand Equity Monitor Original market research on 2,500 brands 29 countries and 23 sectors covered More than 50,000 respondents surveyed annually We are now in our 5th consecutive year conducting the study Visit brandirectory.com/consumer-research or email enquiries@brandfinance.com benraqnudiriireesc@tobryr.acnodmir/escintograyp.coorem Brand Finance Indonesia 100 September 2021 7 Foreword. David Haigh CEO, Brand Finance 25 years ago, on 1st April 1996, I launched Brand Finance to ‘Bridge the Gap Between Marketing and Finance’. I thought that the gap between the silos would progressively disappear as finance people learned the importance of marketing for driving growth and marketing people learned the need for financial accountability. Progress has been made but the gap is still there and we are now working hard through our publications, rankings, forums and the Brand Finance Institute training programmes to narrow the gap. Over the last 25 years we have lived through four major recessions: 2001, when the dotcom bubble burst; 2009, when the Great Financial Crash washed over us; 2013, when the Euro caused a meltdown in Europe and in 2020, when the Covid Pandemic brought the world to a halt. Brand Finance has been through many ups and downs but we have survived because we have always tried to lead our growing niche market. We claim to be the World's Leading Brand Valuation Consultancy. Over the last 25 years we have innovated continuously in our market place and we have transparently shared our innovations, knowledge and techniques to help grow the market, most obviously via ISO global standards on Brand Valuation and Brand Evaluation. Throughout the last 25 years we have always invested heavily in training and professionalising our staff, in research to bring greater insight to our work and in high profile marketing and communications. We practice what we preach to clients. There has never been greater recognition of brands as assets and the need to manage them for value. We are poised for significant growth as CEOs and Boards wake up to the need to manage brands better. I started Brand Finance in the spare bedroom in Teddington. We now operate from the Brand Exchange building in the heart of the City of London and in 25 cities worldwide. Over the last 25 years, many famous brands have disappeared or declined. Many new brands have emerged. Sectors have risen and fallen. Oil and gas brands are in decline while data- and technology-driven brands are booming. America and Europe are losing out to China and Asia. But while there may be volatility, brands have never been more important for Nations, Companies, Products and Services. With a nudge from Brand Finance even Football teams and the Monarchy now recognise that they have valuable brands. I hope the next 25 years will be as interesting and fun as the last. I would like to thank all the clients, staff and partners who have helped Brand Finance over the last 25 years. 8 Brand Finance Indonesia 100 September 2021 Telkom Indonesia Named Indonesia’s Most Valuable Brand for 5th Consecutive Year. + Total value of Indonesia’s top 100 most valuable brands is down 16% to US$34.2 billion as nation grapples with COVID-19 pandemic + Telkom Indonesia retains title of Indonesia’s most valuable brand despite recording 19% brand value loss + BCA remains nation’s strongest brand and is only brand with elite AAA+ strength rating + Following impressive 32% brand value increase, Indosat Ooredoo breaks into top 10 + Banking sector dominates top 10, four brands feature with combined brand value of US$9.3 billion + Two new entrants in Brand Finance Indonesia 100 2021 ranking: Angkasa Pura in 77th and Supermi in 100th + Top 10 most valuable Indonesian brands account for 63% of total brand value in ranking, while bottom 50 brands contribute only 9% Brand Finance Indonesia 100 September 2021 9 Executive Summary. Executive Summary. Telkom Indonesia has claimed the title of Indonesia’s most valuable brand for the 5th consecutive year, despite recording a 19% brand value loss to US$3.9 billion. Fellow telecoms brand, Indosat Ooredoo, has also entered the top 10 this year, jumping from 15th last year, following an impressive 32% brand value increase – the only brand in the top 10 to record a brand value growth. The banking industry continues to dominate the top 10, with four brands featuring with a combined brand value of US$9.3 billion. BRI is the most valuable banking brand, claiming second spot in the overall ranking with a brand value of US$3.1 billion. The telecoms and tobacco industries are the second and third most valuable sectors respectively across the nation. In addition to measuring overall brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. According to these criteria, BCA is once again Indonesia’s strongest brand, with a Brand Strength Index (BSI) score of 91.6 out of 100 and a corresponding elite AAA+ brand strength rating. Telkom Indonesia is the second strongest brand with a BSI score of 87.1 out of 100, Bank Mandiri follows in third with a BSI score of 86.9. The 18 banking brands account for 30% of the total brand value in the Brand Finance Indonesia 100 2021 ranking. As Indonesia further develops, we expect consolidation across the sector, so it will be interesting to see which brands survive in the coming years. Banks who can digitalise and remain relevant will be the ones that will win. Samir Dixit Managing Director of Brand Finance Asia Pacific The top 10 account for 63% of the total brand value in the ranking, while the bottom 50 brands 12 Brand Finance Indonesia 100 September 2021 brandfinance.com Executive Summary. Brand Value Change 2020-2021 (%) -44.8% 56.1% -40.9% 31.5% -39.5% 8.1% -39.0% 5.7% -38.8% 5.2% -36.9% -1.7% -36.7% -2.2% -34.1% -2.6% -32.1% -3.0% -31.6% -4.3% brandirectory.com/singapore Top 10 Most Valuable Brands 101 2021: $3,854m 2020: $4,762m 20 2 2021: $3,098m 2020: $3,531m 32 4 2021: $2,493m 2020: $2,918m 42 5 2021: $2,415m 2020: $2,708m 51 3 2021: $2,403m 2020: $3,252m 60 6 2021: $2,397m 2020: $2,599m 707 2021: $2,215m 2020: $2,480m 80 8 2021: $1,325m 2020: $1,580m 90 9 2021: $746m 2020: $780m 10 2 15 2021: $715m 2020: $544m H -19.1% g -12.3% g -14.6% g -10.8% J -26.1% z -7.7% J -10.7% g -16.1% L -4.3% H +31.5% Brand Finance Indonesia 100 September 2021 13 © Brand Finance Plc 2021 © Brand Finance Plc 2021 © Brand Finance Plc 2021 Executive Summary. Top 10 Strongest Brands 101 g 2021: 91.6 AAA+ 2020: 91.6 AAA+ 0.0 20 2 H 2021: 87.1 AAA 2020: 87.5 AAA -0.4 32 4 g 2021: 86.9 AAA 2020: 85.1 AAA +1.8 41 3 g 2021: 84.8 AAA 2020: 85.2 AAA -0.4 50 5 g 2021: 84.6 AAA 2020: 84.9 AAA -0.3 60 6 z 2021: 83.1 AAA2020: 81.7 AAA- +1.4 7 2 12 o 2021: 80.2 AAA2020: 74.8 AA+ +5.4 8 2 26 f 2021: 78.3 AA+ 2020: 70.7 AA +7.6 9 2 30 H 2021: 77.6 AA+ 2020: 70.2 AA +7.4 o 10 2 14 2021: 77.2 AA+ 2020: 74.0 AA +3.2 14 Brand Finance Indonesia 100 September 2021 contribute only 9% of the total brand value, highlighting the significant effort required from smaller brands should they wish to contest the status quo across the nation. The brand with the highest intangible value is Silver Queen with a brand value to enterprise value ratio of 58%, followed by MPM at 51% and Indomie at 40%, highlighting the role of brands in overall business success, especially in the food sector. The Brand Finance Indonesia 100 2021 ranking is very top heavy again this year. We would like to see a more diverse mix at the top and more significant brand value increases at the bottom. To do so, brands must focus on building brand strength, rather than being sales and offers driven. Such tactics might help in the short term but can ultimately undermine the long-term value of brands. Boards must treat brands as strategic assets, instead of seeing them as legal trademarks only. Samir Dixit Managing Director of Brand Finance Asia Pacific brandfinance.com Brand Value by Sector brandirectory.com/singapore Executive Summary. Sector Brand Value (USD bn) ● Banking 11.5 ● Tobacco 5.6 ● Telecoms 5.3 ● Oil & Gas 2.6 ● Food 2.4 ● Engineering & Construction 1.6 ● Other 5.0 Total 34.2 % of total Number of Brands 36.8% 18 18.0% 4 17.1% 6 8.4% 2 7.8% 18 5.2% 9 16.1% 43 100.0% 100 Brand Finance Indonesia 100 September 2021 15 Sector Reputation Analysis. Benchmarking against the very best Sectors Ranked by Reputation Brand Finance’s brand evaluations are designed to facilitate broader comparisons with brands across markets, and both within and across industries. This provides a more rounded assessment of brand strength, with benchmarking against the very best. This perspective is particularly important as brand categories converge, with new technologies enabling disruption and brands seeking tactical entry into neighbouring categories. Brands with a strong reputation also have licensing opportunities in new sectors. This year’s global sector reputation rankings from our B2C research included a significantly larger number of product categories, with scores for over 2,500 brands. Reputation on the up l 1= Cosmetics o 1= Food M3 Appliances r 4= Hotels 7.6/10 7.6/10 7.5/10 7.4/10 Overall, reputation scores are slightly higher in 2021 across sectors covered both this year and last. In part, this reverses a small dip from 2020, but the impact of COVID-19 cannot be discounted. In a challenging year, consumers have relied upon and tested brands in different ways, and the best brands have stood up well to the challenge, keeping kitchens and wardrobes stocked, connections running, and essential services available. Supermarkets, restaurants, and apparel shine In many countries, being able to obtain basic groceries became a challenge for the first time in decades, as shopping was restricted and demand for online delivery slots surged. But by and large, supermarkets have responded well, and consumers have noted this. The average reputation score in the sector increased significantly year-on-year, and brands such as Aldi, Lidl, and Migros have improved already-strong reputations. A similar dynamic has helped restaurants to a lesser degree, ensuring that brands in this sector maintain a positive reputation overall, despite reduced levels of in-store experiences. Apparel brands have also seemingly benefited from this dynamic, as the shift to online shopping accelerates. D 4= Retail 7.4/10 d 6= Apparel 7.3/10 h 6= Beers 7.3/10 N 8= 7.2 Supermarkets /10 A 8= Pharma 7.2/10 z 8= Oil & Gas 7.2/10 16 Brand Finance Indonesia 100 September 2021 brandfinance.com Sector Reputation Analysis. C 8= Restaurants f 12= Auto w 12= Logistics G 12= Tech B 15 Real Estate b 16 Airlines t 17 Insurance L 18 Utilities H 19= Telecoms g 19= Banking brandirectory.com/singapore FMCG brands have outstanding reputation 7.2/10 7.1/10 Major cosmetics and food brands have the highest reputations, on average, a reminder of the enduring value of a strong brand – some of the top performers are over a century old. The positive reputations of global giants such as Johnson’s, Dove, Danone, and (in some markets) Nestlé have been nurtured and refreshed over long periods. Local favourites, such as Bimbo (Mexico) and Amul (India), show that they can match their global counterparts. 7.1/10 7.1/10 The slight cloud for the food sector is the more ‘average’ reputation that some of the big brands have in a number of developed markets, such as the UK. Here, supermarkets have perhaps squeezed the big food brands somewhat. Tech admired, but not universally 6.9/10 6.8/10 6.6/10 The overall ranking of the tech sector fell slightly, and while the biggest brands such as YouTube, Google, and Apple continue to enjoy strong reputations, not all consumers are in love with these brands. Amazon, for example, ranks high in some markets (#1 in the sector in the USA, #3 in Spain), but polarises in some markets (e.g. Sweden, France). Similarly, the mixed reputation of brands such as Facebook shows no sign of significant improvement. Many consumers may support the increasing regulation of tech giants, and it might also be the case that there is room for an upstart challenger with the right innovation, a fresh approach and perhaps a clean slate. Banks and telecoms struggle to improve their standing 6.5/10 6.3/10 6.3/10 Banking and telecoms brands rank lowest of all in many markets for reputation and trust, and last year saw little improvement, though banks did at least pull level with telecoms. As with other sectors, many brands have arguably served customers well in difficult times (with connectivity even more vital in the case of telecoms), but this has not helped erode distrust appreciably. Frustrated CMOs may feel that their brands continue to be taken for granted – unfortunately for them, ‘business as usual’ means treading water in terms of reputation. Across 2,500 brands, seven of the ten lowest-ranked for reputation are banks, the most prominent being Deutsche Bank in its home country. Brand Finance Indonesia 100 September 2021 17 Brand Finance Indonesia 100 (USD m). Top 100 most valuable Indonesian brands 1-50 2021 2020 Rank Rank Brand 11 0 Telkom Indonesia 22 34 45 53 66 77 88 99 10 15 11 10 12 11 13 13 14 16 15 18 16 14 17 12 18 17 19 20 20 41 21 21 22 23 23 25 24 22 25 19 26 35 27 24 28 30 29 37 30 34 31 26 32 31 33 29 34 33 35 36 36 32 37 28 38 27 39 39 40 40 41 38 42 44 43 42 44 52 45 48 46 47 47 43 48 45 49 51 50 49 0 BRI 2 BCA 2 Bank Mandiri 1 Sampoerna 0 Pertamina 0 Gudang Garam 0 BNI 0 PLN 2 Indosat Ooredoo 1 Dji Sam Soe 1 U Mild 0 XL 2 Astra International 2 Indomie 1 Semen Indonesia 1 Garuda Indonesia 1 Bank Danamon 2 Energen 2 Bimoli 0 PGN 2 Indomilk 2 CIMB Niaga 1 Kereta Api 1 Pembangunan Perumahan 2 Adira Finance 1 Waskita Karya 2 Medco Energi 2 BTPN 2 Indofood 1 Bank BTN 1 Jasa Marga 1 Panin Bank 1 Indah Kiat Pulp & Paper 2 Bank OCBC NISP 1 Kopiko 1 WIKA 1 Matahari Department Store 0 Indocement 0 Surya Citra Media 1 Roma 2 Tiphone 1 Media Nusantara Citra 2 Alfa Mart 2 Chandra Asri Petrochemical 2 Gajah Tunggal 1 Adhi Karya 1 AKR Corporindo 2 Adaro Energy 1 Lippo Karawaci Sector Telecoms Banking Banking Banking Tobacco Oil & Gas Tobacco Banking Utilities Telecoms Tobacco Tobacco Telecoms Automobiles Food Engineering & Construction Airlines Banking Food Food Utilities Food Banking Logistics Engineering & Construction Banking Engineering & Construction Oil & Gas Banking Food Banking Commercial Services Banking Engineering & Construction Banking Food Engineering & Construction Retail Engineering & Construction Media Food Telecoms Media Retail Chemicals Tyres Engineering & Construction Tyres Mining, Iron & Steel Real Estate 2021 Brand Value $3,854 $3,098 $2,493 $2,415 $2,403 $2,397 $2,215 $1,325 $746 $715 18 Brand Finance Indonesia 100 September 2021 Brand Value Change -19.1% -12.3% -14.6% -10.8% -26.1% -7.7% -10.7% -16.1% -4.3% +31.5% 2020 Brand Value $4,762 $3,531 $2,918 $2,708 $3,252 $2,599 $2,480 $1,580 $780 $544 2021 Brand Rating AAA AAA AAA+ AAA A+ AAAA AAA AA+ AA+ 2020 Brand Rating AAA AAA AAA+ AAA AAAAAA+ AAA AA AA brandfinance.com Brand Finance Indonesia 100 (USD m). Top 100 most valuable Indonesian brands 51-100 2021 2020 Rank Rank Brand Sector 2021 Brand Value 51 46 52 50 53 53 54 54 55 55 56 58 57 57 58 56 59 61 60 59 61 62 62 60 63 72 64 70 65 66 66 69 67 73 68 67 69 65 70 68 71 71 72 64 73 80 74 76 75 63 76 81 77 78 84 79 78 80 79 81 86 82 93 83 75 84 89 85 88 86 74 87 85 88 90 89 87 90 82 91 91 92 92 93 94 94 77 95 96 96 99 97 97 98 83 99 95 100 - 1 Torabika Food 1 Bank Mega Banking 0 Mayora Indah Food 0 BJB Banking 0 Bumi Serpong Damai Real Estate 2 Kalbe Farma Pharma 0 Silver Queen Food 1 Bintang Beers 2 Bank Permata Banking 1 MPM Automobiles 2 Indika Energy Mining, Iron & Steel 1 United Tractors Mining, Iron & Steel 2 Smartfren Telecoms 2 LinkNet Telecoms 2 ITM (Indo Tambangraya Megah) Mining, Iron & Steel 2 Bayan Resources Mining, Iron & Steel 2 Bank Jatim Banking 1 Pakuwon Real Estate 1 BFI Banking 1 Sinar Mas Multiartha Insurance 0 Citra Marga Nusaphala Persada Commercial Services 1 Blue Bird Logistics 2 MNC Sky Vision Media 2 Astra Agro Lestari Food 1 Ramayana Retail 2 Enseval Pharma 3 ANGKASA PURA II PT PERSERO Engineering & Construction 2 Charoen Pokphand Food 1 Erajaya Retail 1 Hypermart Retail 2 Protelindo Tech 2 Bukit Asam Mining, Iron & Steel 1 WIKA BETON Engineering & Construction 2 Tower Bersama Tech 2 Japfa Food 1 Bank Mayapada Banking 1 CSA Logistics 2 Smart (Sinar Mas Agro Res & Tech) Food 1 Beng-Beng Food 1 Bank Bukopin Banking 0 Choki Choki Food 0 Mitra Keluarga Healthcare 2 Kimia Farma Pharma 1 Tunas Ridean Automobiles 2 Tempo ScanPacific Pharma 2 Sarimi Food 0 MNC Investama Media 1 ANTV Media 1 Siloam Hospital Healthcare 3 Supermi Food brandirectory.com/singapore Brand Value Change 2020 Brand Value 2021 Brand Rating 2020 Brand Rating Brand Finance Indonesia 100 September 2021 19 Methodology. Definitions. alue ution Enterprise Value Branded Business Brand Contrib V Brand Value 22 Brand Finance Indonesia 100 September 2021 [Axiata] [Celcom] [Celcom] [Celcom] Brand Value + Enterprise Value The value of the entire enterprise, made up of multiple branded businesses. Where a company has a purely monobranded architecture, the ‘enterprise 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 brand valuation. We evaluate the full brand value chain in order to understand the links between marketing investment, brandtracking 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 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 the 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, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits. brandfinance.com Brand Valuation Methodology. Definition of Brand Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits. Brand Value Brand value refers to the present value of earnings specifically related to brand reputation. Organisations own and control these earnings by owning 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 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. 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. 1 Brand Impact We review what brands already pay in royalty agreements. This is augmented by an analysis of how brands impact profitability 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) Brand Strength 2 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 activities 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 feeds 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. 3 Brand Impact × Brand Strength The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector 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%. It is the basis for a public rankings but we always augment it with a real understanding of people’s Forecast Brand Value Calculation 4 perceptions and their effects on demand – from our database of market research on over 3000 brands in over 30 markets. We determine brand-specific revenues as a proportion of parent company revenues attributable to the brand in question and forecast those Disclaimer Brand 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 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 construed 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. revenues 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, posttax present value which equals the brand value. brandirectory.com/singapore Brand Finance Indonesia 100 September 2021 23 Brand Strength. Brand Strength Brand Strength is the efficacy of a brand’s performance on intangible measures, relative to its competitors. In order to determine the strength of a brand, we look at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds 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 brand’s potential for future success. Marketing Investment Widely recognised factors deployed by marketers to create brand loyalty and market share. Brand Strength Index Stakeholder Equity Perceptions of the brand among different stakeholder groups, with customers being the most important. Business Performance Quantitative market and financial measures representing the success of the brand in achieving price and volume premium. Equity Investment Performance Marketing Investment • A brand that has high Marketing Investment but low Stakeholder Equity may be on a path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. •However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers’ preference. Stakeholder Equity •The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is likely that Business Performance will improve in the future. •However, if the brand’s poor Business Performance persists, it would suggest that the brand is inefficient compared to its competitors in transferring stakeholder sentiment to a volume or price premium. Business Performance •Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder Equity, it would imply that, in the future, the brand’s ability to drive value will diminish. •However, if it is able to sustain these higher outputs, it shows that the brand is particularly efficient at creating value from sentiment compared to its competitors. 24 Brand Finance Indonesia 100 September 2021 brandfinance.com Brand Equity Research Database. Original market research in 29 countries and across more than 20 sectors Sector Coverage & Classification 2021 Tier 1 sectors cover all measures, Tier 2 KPIs only Tier 1 Banking Contributes 35% To the ‘Brand Strength Index’ (BSI) score Tier 1 Insurance Tier 1 Telecoms Tier 1 Utilities T1&T2† Automotive Tier 2 Airlines Tier 2 Apparel Tier 2 Tier 2 Tier 2 Tier 2 Appliances Beers Cosmetics Food Methodology Online sample of the general population. Each respondent covers 3-4 categories. Sample sizes: 55,000 500-1500 per category/market Tier 2 Tier 2 Tier 2 Tier 2 Tier 2 Hotels Logistics Luxury Automobiles Media Oil & Gas Brand KPIs and Diagnostics 1. Brand Funnel Awareness Have heard of your brand Familiarity Know something about your brand Tier 2 Tier 2 Tier 2 Tier 2 Pharma Real Estate Restaurants Retail 2. Brand Usage* 3. Quality* 4. Reputation Consideration Would consider buying/using your brand Tier 2 Tier 2 Tier 2 Spirits Supermarkets Tech Not all categories are covered in every country † Brand KPIs and diagnostics differ per sector depending on research tier allocation 5. Closeness* 6. Recommendation (NPS)* 7. Word of mouth 8. Brand Imagery* *Tier 1 categories only brandirectory.com/singapore Brand Finance Indonesia 100 September 2021 25 Our Services. Consulting Services. Make branding decisions using hard data Brand Research What gets measured Brand evaluations are essential for understanding the strength of your 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 + Brand Drivers & Conjoint Analysis + Soft Power + Are we building 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? Brand Valuation Make your brand's business case Brand 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 Impact Analysis + Tax & Transfer Pricing + Litigation Support + M&A Due Diligence + Fair Value Exercises + Investor Reporting + How much is my brand worth? + How much should I invest in marketing? + How much damage does brand misuse cause? + Am I tax compliant with the latest transfer pricing? + How do I unlock value in a brand acquisition? Brand Strategy Make branding decisions with your eyes wide open Once you 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. + Brand Positioning + Brand Architecture + Franchising & Licensing + Brand Transition + Marketing Mix Modelling + Sponsorship Strategy +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 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? 28 Brand Finance Indonesia 100 September 2021 brandfinance.com Brand Evaluation Services. How are brands perceived in my category? Brand Finance tracks brand fame and perceptions across 30 markets in 10 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 planning 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 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 return 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 proven 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. brandirectory.com/singapore Brand Finance Indonesia 100 September 2021 29 Communications Services. How we can help communicate your brand’s performance in brand value rankings Brand Accolade – create a digital endorsement stamp for use in marketing materials, communications, annual reports, social media and website. Advertising use subject to terms and conditions. TOP 100 INDONESIAN BRAND MOST VALUABLE INDONESIAN BRAND STRONGEST INDONESIAN BRAND Video Endorsement – record video with Brand Finance CEO or Director speaking about the performance of your brand, for use in both internal and external communications. Bespoke Events – organise an award ceremony or celebratory event, coordinate event opportunities and spearhead communications to make the most of them. Digital Infographics – design infographics visualising your brand’s performance for use across social media platforms. Trophies & Certificates – provide a trophy and/or hand-written certificate personally signed by Brand Finance CEO to recognise your brand’s performance. Sponsored Content – publish contributed articles, advertorials, and interviews with your brand leader in the relevant Brand Finance report offered to the press. Media Support – provide editorial support in reviewing or copywriting your press release, pitching your content to top journalists, and monitoring media coverage. 30 Brand Finance Indonesia 100 September 2021 brandfinance.com With strategic planning and creative thinking, we develop communications plans to create dialogue with stakeholders that drives brand value. Our approach is integrated, employing tailored solutions for our clients across PR, marketing and social media, to deliver strategic campaigns and helping us to establish and sustain strong client relationships. We also have a specific focus on geographic branding, including supporting nation brands and brands with a geographical indication (GI). Brand Dialogue is a member of the Brand Finance plc group of companies Research, Strategy & Measurement Brand & Communications Strategy Campaign Planning Communications Workshops Market Research & Insights Coverage Analysis Social Media Analytics Public Relations & Communications Media Relations Press Trips & Events Strategic Partnerships Relationship Management Influencer Outreach Media Training Social Media Management Marketing & Events Promotional Events Conference Management Sponsorship Management Native Advertising Print Advertising Shopper Marketing Trade Marketing Content Creation Bespoke Publications Press Releases Blog Posts & Newsletters Marketing Collateral Design Photography & Videography Social Media Content Strategic Communications Crisis Communications Brand Positioning & Reputation Geographic Branding Corporate Social Responsibility (CSR) For more information, contact enquiries@brand-dialogue.com or visit www.brand-dialogue.com Brand Finance Institute Learn how to build, protect and measure brand value The Brand Finance Institute is the educational division of Brand Finance, offering expert training on brand evaluation, management and strategy. Our in-house training and workshops, online learning offer and webinars will help you answer key strategic questions about your brand for different levels of seniority and development needs: • How can I grow brand value? • How can I build a business case to show the return on my marketing investment? • How can I set up my marketing budget using brand research and analytics? For more information, contact enquiries@brandfinance.com Brand Finance Institute is a member of the Brand Finance plc group of companies Brand Finance Network. For further information on our services and valuation experience, please contact your local representative: Market Africa Asia Pacific Australia Brazil Canada China East Africa France Germany/Austria/Switzerland India Indonesia Ireland Italy Mexico & LatAm Middle East Nigeria Romania Spain Sri Lanka Turkey UK USA Vietnam Contact Jeremy Sampson Samir Dixit Mark Crowe Eduardo Chaves Charles Scarlett-Smith Scott Chen Walter Serem Bertrand Chovet Ulf-Brun Drechsel Ajimon Francis Jimmy Halim Declan Ahern Massimo Pizzo Laurence Newell Andrew Campbell Tunde Odumeru Mihai Bogdan Teresa de Lemus Ruchi Gunewardene Muhterem Ilgüner Richard Haigh Laurence Newell Lai Tien Manh Email j.sampson@brandfinance.com s.dixit@brandfinance.com m.crowe@brandfinance.com e.chaves@brandfinance.com c.scarlett-smith@brandfinance.com s.chen@brandfinance.com w.serem@brandfinance.com b.chovet@brandfinance.com u.drechsel@brandfinance.com a.francis@brandfinance.com j.halim@brandfinance.com d.ahern@brandfinance.com m.pizzo@brandfinance.com l.newell@brandfinance.com a.campbell@brandfinance.com t.odumeru@brandfinance.com m.bogdan@brandfinance.com t.delemus@brandfinance.com r.gunewardene@brandfinance.com m.ilguner@brandfinance.com rd.haigh@brandfinance.com l.newell@brandfinance.com m.lai@brandfinance.com Telephone +27 82 885 7300 +65 906 98 651 +61 282 498 320 +55 (16) 9 9161 7075 +1 514 991 5101 +86 186 0118 8821 +8254 733 444 969 +33 6 86 63 46 44 +49 171 690 6828 +91 989 208 5951 +62 215 3678 064 +353 85 132 5903 +39 02 303 125 105 +52 55 9197 1925 +971 508 113 341 +234 012 911 988 +40 728 702 705 +34 654 481 043 +94 11 770 9991 +90 216 352 67 29 +44 207 389 9400 +214 803 3424 +84 90 259 82 28 brandirectory.com/singapore Brand Finance Indonesia 100 September 2021 33 Contact us. The World’s Leading Brand Valuation Consultancy T: +65 6727 8388 E: bfs@brandfinance.com www.brandfinance.com
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