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DBS, OCBC and UOB continue to dominate the Top 100 Most Valuable Singapore Brands

§  Total value of Top 100 Singapore brands in 2018 has increased to US$45.0 billion, up 5% from US$42.6 billion in 2017.

§  DBS retains the #1 Most Valuable Singapore Brand for the 6th year in 2018 with an increase of the brand strength.

§  Singtel has managed to squeeze its way past DBS and Singapore Airlines to be the strongest brand in Singapore with AAA- Brand Strength rating

§  Top 10 brands contribute 59% of the total value while Bottom 50 brands contribute only 5% of the total value.

Every year, leading brand valuation and brand strategy consultancy Brand Finance puts thousands of the world’s top brands to the test, evaluating which are the most powerful and valuable at a global level and also in Singapore by way of publishing the Brand Finance Top 100 Singapore Brands for the 11th year.

Formidable Three

The three local banks have been performing well for several years and again in 2018, we see no other contenders being able to challenge the top three spots and it’s also unlikely that DBS, with US$ 6.4 billion brand value, will be dethroned from the top of the Brand Finance Top 100 Most Valuable Singapore Brands table for a while unless OCBC of UOB go for a big acquisition or the 3 airline brands are merged together.

OCBC and UOB again finish second and third with a brand value of US$4.02 billion and US$3.74 billion. Notably, OCBC brand rating has dropped this year allowing Singtel and Starhub to be ahead.

The 3 banks have contributed 31% of the total brand value in Singapore, up from a marginal increase from 30% last year. The growth is in line with other financial brands around the world.

The Focus on Brand Strength

The brand strength, measured by Brand Strength Index (‘BSI’ shows that the average BSI of the Top 100 brands has improved by approximately 5% from 70.7 in 2017 to 74.9 this year. Most brands however have remained stagnant in terms of their brand strength and while they may be doing well locally, they have been losing out to some of the key competitors in the region as they lack competitiveness outside of Singapore market.

Singtel is named the strongest brand in 2018 and one of the three brands with triple-A brand rating, along with DBS and Singapore Airlines. OCBC has loses its triple-A brand rating and has dropped behind the 3 brands and Starhub.

Brand Highlights   

Starhub and Singapore Petroleum Company, with 24% and 12% brand value growth, made their way into the top 10, replacing Frasers Centrepoint and ComfortDelGro, both operating  in tough industries with increasing competition and market fragmentations coupled with not so favourable business conditions over the past couple of years.

ComfortDelGro missed the top 10 spot by a narrow margin, with brand value decrease of -12% pushing the company to finish at 11th place. 

Samir Dixit, Managing Director of Brand Finance Asia Pacific highlighted that unless the companies have a strong brand agenda and are managing the strength of their brand and the brand value in a concentrated manner, we will continue to see the large year on year variations in brand value, brand strength and brand rankings”.

Samir continues to highlight that “The big problem is, majority of the Singapore companies don’t have the top management focus on brand. It’s just a lip service. Brand value growth forms a significant part of their shareholder returns yet most companies don’t even know what their brand value is, leave alone managing it”.

“While the Singapore brands have grown considerably well overall, it is the brand strength for most brands that still remains a concern.  Also, the rankings still remains very top heavy with 59% of the total brand value contributed by the Top 10 brands and 95% contributed by the Top 50 brands. We would like to see a more diverse mix at the top and more significant value increase at the bottom which means other brands must start focusing on their value and brand strength.”  Added Samir.

Samir Dixit also challenged the Singapore companies to be more brand-driven and not sales or offers-driven. While the sales focus helps in the short term, it destroys the long-term value and the strength of the brand. Brand has to be a strategic agenda for the senior management and boards and must be managed like any other business asset and not just a legal trademark.”



Samir Dixit, Managing Director – Asia Pacific

T: +65 6727 8383        M: +65 9069 8651, + 62 81802098651


Note to Editors

2018 brand values are calculated in USD with a valuation date of 1/1/2018.

More information on our methodology can be found on our website here.


About Brand Finance

Brand Finance is the world’s leading valuation and strategy consultancy, with offices in over 20 countries. We provide clarity to marketers, brand owners and investors by quantifying the financial value of brands. Drawing on expertise in strategy, branding, market research, visual identity, finance, tax and intellectual property, Brand Finance helps clients make the right decisions to maximise brand and business value and bridges the gap between marketing and finance.



Definition of Brand

In the very broadest sense, a brand is the focus for all the expectations and opinions held by customers, staff and other stakeholders about an organisation and its products and services. However when looking at brands as business assets that can be bought, sold and licensed, a more technical definition is required. Brand Finance helped to craft the internationally recognised standard on Brand Valuation, ISO 10668. That defines a brand as “a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos and designs, or a combination of these, intended to identify goods, services or entities, or a combination of these, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits/value.”

However, a brand makes a contribution to a company beyond that which can be sold to a third party. ‘Brand Contribution’ refers to the total economic benefit that a business derives from its brand, from volume and price premiums over generic products to cost savings over less well-branded competitors.

Brand Strength

Brand Strength is the part of our analysis most directly and easily influenced by those responsible for marketing and brand management. In order to determine the strength of a brand we have developed the Brand Strength Index (BSI). We analyse marketing investment, brand equity (the goodwill accumulated with customers, staff and other stakeholders) and finally the impact of those on business performance. Following this analysis, each brand is assigned a BSI score out of 100, which is fed into the brand value calculation. Based on the score, each brand in the league table is assigned a rating between AAA+ and D in a format similar to a credit rating. AAA+ brands are exceptionally strong and well managed while a failing brand would be assigned a D grade.


Brand Finance calculates the values of the brands in its league tables using the ‘Royalty Relief approach’. This approach involves estimating the likely future sales that are attributable to a brand and calculating a royalty rate that would be charged for the use of the brand, i.e. what the owner would have to pay for the use of the brand—assuming it were not already owned.

The steps in this process are as follows:

1 Calculate brand strength on a scale of 0 to 100 based on a number of attributes such as emotional connection, financial performance and sustainability, among others. This score is known as the Brand Strength Index.

2 Determine the royalty rate range for the respective brand sectors. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database of license agreements and other online databases.

3 Calculate royalty rate. The brand strength score is applied to the royalty rate range to arrive at a royalty rate. For example, if the royalty rate range in a brand’s sector is 0-5% and a brand has a brand strength score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand specific revenues estimating a proportion of parent company revenues attributable to a specific brand.

5 Determine forecast brand specific revenues using a function of historic revenues, equity analyst forecasts and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Brand revenues are discounted post tax to a net present value which equals the brand value.



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