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Agenda
1. Intangible Asset Study - Global Intangibles Tracker (GIT) 2. Malaysia Brand League Table
- Methodology
- Malaysias Best Rated Brand - Malaysias Most Valuable Brand - Malaysia Top 10
Agenda
1. Intangible Asset Study - Global Intangibles Tracker (GIT) 2. Malaysia Brand League Table
- Methodology
- Malaysias Best Rated Brand - Malaysias Most Valuable Brand - Malaysia Top 10
Intangible Value refers to the total value of the Enterprise over and above its Tangible Net Assets. This includes brands, patents and technology, contracts, customer lists an relationships, copyrights, design rights, confidential information, human capital, workforce
Graphically .
Country Comparisons
The U.S. has the highest proportion of intangible value at 75%. Switzerland has the second highest proportion of intangible value at 74%.
The five countries with the highest level of disclosed intangible asset value 2007 : France (25% of total enterprise value), Germany (19%), Belgium (18%), Italy (17%), and the UK (16%). The five countries with the largest proportion of their value made up of tangible net assets are S. Korea, Croatia, Turkey, Malaysia and Japan.
Brand Finance 2008
70% 7%
Malaysia is in 29th position of the ranking of the intangible component of enterprise value.
Unrecorded Value Disclosed Intangibles
60% 50%
40%
Lags behind Australia, UAE, Singapore, HK Only 43% of Malaysias listed value is contributed by intangibles
30%
57%
Tangible Assets
20% 10%
0% Malaysia
Agenda
1. Intangible Asset Study - Global Intangibles Tracker (GIT) 2. Malaysia Brand League Table
- Methodology
- Malaysias Best Rated Brand - Malaysias Most Valuable Brand - Malaysia Top 10
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Selection Criteria
Brand Finance has valued brands and brand portfolios owned by Malaysian companies listed on Bursa Malaysia Companies must be of Malaysian origin. Hence, brands like Guinness-Anchor, Pelikan, Lafarge, KFC etc are excluded. Brands (for e.g. Maxis) are not listed on KLSE, but are of Malaysian origin and have sizeable revenue, so they are included Due to the de-merger of Telekom Malaysia, Brand Finance has valued Celcom separately Many Malaysian conglomerates adopt a monolithic branding strategy. We have valued them as an aggregate of individual listed entities
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Selection Criteria
Brand Portfolio Value has been defined as the value of trade marks and trade mark licenses, together with associated goodwill.
Valuation date is as at 31 Dec 2007 All quantitative data and listed company sources are obtained from Bloomberg, company annual reports, analyst and industry reports, and all publicly available sources We have used the Relief from Royalty Method
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Branded Enterprise
Branded Business
Brand
Trademarks
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Segment A Segment B
Segment C
Forecasts
revenue costs
3) Financial analysis
Segment A
2) Segment analysis
Royalty Earnings
Segment B
Branded or Brand values
Segment C
5) Discount Rate
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Geography
Product
Customer
Brand Finance 2008
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Opex
Risk Analysis
Segment Analysis
Comparable Royalties
Margin analysis Sales Forecasts Royalty Rate Study Brand Strength Analysis
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5 key steps
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Brand Finance uses the Royalty Relief methodology for three key reasons:1. It is the approach recognised by technical authorities worldwide and favoured by accounting, tax and legal users because it calculates brand values by reference to comparable, third-party transactions It ties back to the commercial reality of brands - their ability to command a premium in an arms length transaction Compliant to the requirement under the International Valuation Standards Committee (IVSC) to determine Fair Market Value of brands
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2.
3.
Input Measures
Brand Presence
Brand Awareness
Brand
Strength
Brand Equity
Sources: Available market research data Brand Finance panel External panel
Revenue Growth
Output Measures
Brand Rating Definitions Rating Definition AAA Extremely Strong AA Very Strong A Strong BBB Average BB Under-performing B Weak CCC Very Weak CC Extremely Weak C Failing
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AA+
Genting
A
Petronas Sime Darby CIMB TM Resorts World Celcom YTL Berjaya Group Lion Group Hong Leong Group DiGi Proton Magnum MISC AmBank UEM KLK PLUS Expressway
BBB
UMW Affin Holdings MMC The Star AirAsia EON Bank Group PPB Setia Hap Seng Boustead WCT Titan Chemicals SCOMI OSK IJM KPJ Healthcare AmInvestment Sin Chew
IOI RHB Capital Alliance Financial Group Kulim Tradewinds Bank Islam
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Malaysias Top 50
Malaysias Top 50 largest brands and brand portfolio amount to MYR64.8bil(US$20bil) Compare this with Australias Top 50 brands at A$80bil (US$70b) and Singapores Top 50 at SGD 36.2bil (US$25bil) Combined value of Top 10 brand account for 56% of total brand portfolio of Malaysias Top 50. We expect (and hope) to see more brand creation and developments effort in future
Brand Finance 2008
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Malaysias Top 10
Brand Value
% to Enterprise Value
Brand rating
PETRONAS Genting Maybank Maxis TNB Sime Darby CIMB TM Public Bank Resorts World
Brand Finance 2008
8.3b 4.2b 2.2b 3.3b 3.2b 2.9b 2.7b 2.6b 2.5b 2.3b
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Performance
Value
Business Value Financial Performance
Sales NOPAT CAPEX Margin Growth Risk
Retention
Cross Purchase
Human Resources
Market Share
Relational Resources
Volume Growth
Brand Association
Technology Resource
Brand Preference
Production Resources
Customer Share
Brand Equity
Brand Usage
Physical Resources
Brand Loyalty
Organisational Resources
Brand Commitment
Brand Finance 2008
Brand Value
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Inputs
Actions
Intermediate Measures
Perceptions Behaviour
Outputs
Perceptions Financials
Activity measures
Performance measures
Brand Scorecard
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Suppliers
Staff
Bankers/Investors
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I can make a whole lot money skillfully managing intangible assets than tangible assets
- Warren Buffet, CEO Berkshire Hathaway
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Contact details
Lucy Gwee
l.gwee@brandfinance.com
Brand Finance Consultancy (Singapore) Pte Ltd One North Bridge Road Level 6, Unit 34 Singapore 179094 T : (65) 6336 8691 F : (65) 6337 1209 www.brandfinance.com 58