Entrepreneur

Who Are The 16 M'sian Firms That Made It To Forbes Asia's Best Under A Billion 2020 List?

Each year, Forbes releases its Asia’s Best Under A Billion list which highlights 200 publicly-listed SMEs in the Asia Pacific region which have sales under US$1 billion.

The selected companies showcase consistent top- and bottom-line growth and have track records of exceptional corporate performance.

Of the 200 companies listed, 16 Malaysian companies made the cut this 2020.

However, there is one COVID-19 caveat to note: the list is based on full-year data as of July 7 and does not fully reflect the impact from the pandemic-led downturn.

1. Scientex Berhad

Image Credit: Scientex

Scientex topped the list with US$786 million sales, US$81 million in net income, and a market value of US$1.122 billion.

Scientex pioneered the manufacturing of polyvinyl chloride (PVC) leather cloth and sheeting.

It produces stretch films, thin plastic films used for packaging that replace bulkier and less flexible carton boxes. The company also engages in property development. 

Founded in 1968, it became a public listed company in 1990 when it was granted a listing on the main board of the Kuala Lumpur Stock Exchange (KLSE), now known as Bursa Malaysia.

2. Kossan Rubber Industries

Image Credit: Kossan

Kossan Rubber Industries (Kossan) ranks second on the list with US$535 million in sales, US$54 million in net income and a market value of US$3.265 billion.

It is one of the largest manufacturers of latex disposable gloves in the world with an annual production capacity of 28 billion pieces.

They currently manufacture highly technical input engineered rubber products used in automotive, infrastructure, marine, aviation, rail and mining industries and latex disposable gloves.

More than 80% of its products are exported to over 130 countries with 350 active customers mostly located in developed nations such as the United States, UK, Scandinavian countries, Europe, China, Korea, and Japan.

Established in 1979, the group operates with 20 plants (19 in Malaysia, 1 in China) and has a total workforce of approximately 6,000 comprising both local and foreign nationals.

The company joined Bursa Malaysia as a public listed company in 1996.

3. Magni Tech Industries Berhad

Magni Tech Industries (MTI) records US$288 million in sales, US$29 million in net income and a market value of US$212 million.

MTI manufactures and conducts the sale of garments. They also manufacture and distribute a wide range of flexible plastic and corrugated packaging products.

It was initially involved in the packaging business, before diversifying into apparel business.

The company was founded in 1997 and is headquartered in Penang, Malaysia. It was incorporated in Malaysia in March 1997 and listed on the Second Board of Bursa Malaysia Securities Berhad (Bursa Securities) in April 2000. 

4. Lii Hen Industries Berhad

Image Credit: MPIC Twitter

Lii Hen Industries (LHI) records US$202 million in sales, US$19 million in net income and a market value of US$115 million.

Founded in 1994, the company engages in the manufacturing and sale of furniture.

Its products include bedroom sets, occasional products, utility products, sofa sets, buffet and hutch products, dining furniture and others.

In addition, the company is also involved in plantation and other segments.

5. Johore Tin Berhad

Image Credit: Johore Tin Berhad

Johore Tin Berhad (JTB) ranks fifth recording US$140 million in sales, US$11 million in net income and a market value of US$104 million.

JTB started off as a manufacturer of packaging, mainly tin cans. Since then, it has expanded into the F&B industry via the acquisition of Able Dairies Sdn Bhd. 

Presently, the company is maintaining their manufacturing of tin cans, and have expanded their portfolio in the F&B business by producing condensed milk, evaporated milk, milk powder, and other dairy products.

JTB was incorporated in Malaysia in November 2000 as a public limited company under the Companies Act, 1965.

It was then listed on Bursa Malaysia in 2003, consisting of three subsidiaries in the tin can manufacturing segment. 

6. Sunsuria Berhad

Sunsuria Berhad records US$129 million in sales, US$33 million in net income and a market value of US$89 million.

Sunsuria engages in property development, management, and leasing businesses.

It operates through the following business segments: construction, property development, and investment holding, and others. 

Founded in 1990, it began by developing various residential, commercial and industrial property projects within Klang Valley.

Today, Sunsuria has grown into a multifaceted and well-established property developer, gaining recognition as one of the leading property developers in Malaysia.

7. Pentamaster Corporation Berhad

Image Credit: Pentamaster

Pentamaster Corporation Berhad ranks fifth recording US$118 million in sales, US$20 million in net income and a market value of US$629 million.

Pentamaster engages in the provision of automation manufacturing and technology solutions.

It operates through the following segments: automated equipment, automated manufacturing solutions, and smart control solution systems. 

Established in 1991 in Penang, it has experience serving customers worldwide in sectors ranging from semiconductor, computer, electrical and electronics, medical devices, and pharmaceutical, to name a few.

Its global customers include countries from the US, Europe, Africa, Asia Pacific, and ASEAN countries.

8. AME Elite Consortium Berhad

Image Credit: AME Elite Consortium

AME Elite Consortium records US$91 million in sales, US$15 million in net income, and has a market value of US$170 million.

First getting its start in construction, it has since expanded its businesses while still specialising in the development of industrial parks and construction of large scale manufacturing plants and industrial buildings. 

Alongside that, it also has a provision of engineering services, and property investment and management services.

The company was founded in 1995, and in its 25 years of operations has completed projects for Dyson Manufacturing Sdn Bhd and Yoke Food Industries Sdn Bhd (a member of the F&N Group), to name a few.

It went public just late last year, with the aim to raise RM166.6 million from its IPO on Bursa Malaysia. 

About a month after that, it announced that its IPO had been oversubscribed by over 4x.

9. Frontken Corporation Berhad

With US$82 million in sales, Frontken finds itself ranking ninth on Forbes’ list. The company also recorded US$17 million in net income and has a market value of US$677 million.

Frontken provides support services to the semiconductor industry, surface treatment and mechanical engineering solutions.

Its clients come from the semiconductor, oil and gas, power generation, and marine industries, and more.

It was established in 1996 as Frontken Singapore Pte Ltd with a staff force of 12, and now it’s grown to over 1,000 employees stationed in 7 countries.

10. Oriental Interest Berhad

Oriental Interest boasts US$72 million in sales, a net income of US$14 million and a market value of US$60 million.

This investment holding company was founded in 1986 and it engages in the development of commercial and industrial properties, general construction, and provision of management services.

It has more than 25,100 development units under its belt in areas from Puchong to Alor Setar and even Malacca.

11. Mi Technovation Berhad

Image Credit: Mi Technovation

Mi Technovation’s sales of US$46 million puts it at tenth place, and it has a net income of US$14 million and a market value of US$500 million.

It is principally involved in the design, development, manufacture and sale of Wafer Level Chip Scale Packaging (WLCSP) sorting machines with inspection and testing capabilities for the semiconductor industry.

However, in November 2019, The Edge Markets reported that the company is seeking to reduce its dependency on the semiconductor industry.

This is because its semiconductor equipment business unit, Mi Equipment, is seasonal and affected by the cyclical nature of the industry.

Group CEO Oh Kuang Eng told the publication that they aim to be a player with multiple products across multiple industries by 2023.

12. Uchi Technologies Berhad

Uchi Technologies has recorded sales amounting to US$38 million, a net income of US$18 million, and a market value of US$273 million.

Originally established in Taiwan in 1981, it later set up a manufacturing base in Penang in 1989. It operates through the following segments: investment holding, manufacturing, and trading.

Its investment holding segment consists of management services, while its manufacturing segment refers to the production of touch screen advance display, high-precision light measurement equipment, mixed signal control system for centrifuge and laboratory equipment, and more.

Meanwhile, its trading segment handles the trade of complete electric modules and saturated papers for PCB lamination.

13. UWC Berhad

Image Credit: UWC

Forbes records UWC’s sales at US$35 million, its net income at US$9 million and its market value at US$538 million.

UWC was incorporated in Malaysia under the Act in March 2018 as a private limited company under the name UWC Sdn Bhd. 

In October 2018, it was converted into a public limited company and assumed its present name, UWC Berhad.

The company provides integrated engineering supporting services in the form of precision sheet metal fabrication and value-added assembly services, and the fabrication of precision machined components.

14. OpenSys Berhad

OpenSys has a recorded US$25 million in sales, a net income of US$3 million and a market value of US$57 million.

This investment holding company provides solutions to the financial services, telecommunications and utility 

It operates through the hardware and software solution and services segments, which include the sale, assembly and distribution of cheque deposit and cash recycling machines and the sale of licensing software and rental of ESM machines.

Some of their notable clients include Maxis, Tenaga Nasional, Telekom, and Maybank.

15. C-Link Squared

C-Link Squared has US$17 million in sales, a net income of US$3 million, and a market value of US$109 million.

The outsourced document management services provider and related software application and enterprise software solutions developer company was founded in 2000.

Its services include electronic document delivery, document print and mail, document imaging and scanning services.

In 2019, it provided its services to 19 banks and 24 insurance companies in Malaysia.

16. Revenue Group Berhad

Forbes recorded Revenue Group’s sales at US$14 million, its net income at US$2 million and its market value at US$109 million.

Founded in 2003, it provides cashless payment solutions through the following business segments: EDC terminals, electronic transaction processing, and solutions and services.

According to the company, it’s been experiencing steady growth, coming out with solutions such as EMV Smart Card technology, consumer behavioural management systems, and loyalty systems, to name a few.

Some of its alliance partners include MasterCard, Visa, Petronas, Touch ‘n Go, AmBank, and more.

  • You can read our coverage of other Malaysian companies and entrepreneurs on previous Forbes lists here.

Featured Image Credit: Lim Peng Jin, CEO of Scientex / Tan Sri Dato’ KS Lim, CEO of Kossan Rubber Industries / Tan Sri Ter Leong Yap, Executive Chairman of Sunsuria

Subscribe to Vulcan Post Newsletter

Stay updated with our weekly curated news and updates.
 
Read more about our privacy policy here.