Brand Finance

Download logo: pdf svg eps png

PETRONAS remain Malaysia’s Most Valuable Brand while Digi become Malaysia’s Strongest

  • Total value of Top 100 Malaysia brands in 2019 has increased to US$56.1 billion, up 11% from US$50.6 billion in 2018.
  • PETRONAS continues to dominate the #1 Most Valuable Malaysia Brand 2019 for the 9th year and posting the highest positive value growth of US$1,817m making it the Most Improved Brand.
  • Digi becomes the strongest brand in Malaysia with AAA rating after taking over Celcom’s place. Digi is one of only four Malaysian brands to have the AAA brand strength index (BSI) rating in 2019.
  • Top 10 brands contribute 61% of the total value while Bottom 50 brands contribute only 7% of the total value.
  • The 4 Telcos (Celcom, Digi, Maxis and TM) have been fighting neck to neck closely for a spot within the top 10 last and this year

Every year, leading brand valuation and strategy consultancy Brand Finance puts thousands of the world’s top brands to the test, evaluating which are the most powerful and valuable, publishing the Brand Finance Top 100 Malaysia Brands.

Brand Finance Asia Pacific released their annual “Top 100 Malaysia Brands” 2019 rankings showing sustained growth in overall brand value by the Malaysian brands.

PETRONAS, Maybank & Genting continue to dominate the top 3 rankings in 2019 once again with a combined brand value of over US$ 20 billion.

PETRONAS continues to stay on top to be the first US$ 13.31 billion brand in Malaysia. Maybank maintains its #2 spot with a brand value of US$ 4.20 billion followed by #3 ranked Genting which had a brand value of US$ 3.04 billion highlighting the significant gap between the top 2 brands.

The US$ 34.4 billion combined value of top 10 brands make up for 61% of the total value of the top 100. This shows the significant effort required by the brands outside of top 10 in terms of brand strength improvement and revenue growth if they wish to compete in the top 10 space.

Digi ousted Celcom to clinch the title of the strongest Malaysian brand with its brand rating being upgraded from AAA- to AAA. Digi is now one of only four Malaysian Brands with the AAA brand rating.

The brand value gap between #1 and #2 in 2019 has widened to an astronomical figure of US$ 9 billion making it hard to displace PETRONAS from their #1 position. PETRONAS also became the most improved brand with an increase of absolute value of US$ 1,817 million this year.

There are 6 new entrants coming into this year Top 100 rankings namely Kuala Lumpur International Airport, Parkway Pantai, FFM Group, Golden Screen Cinemas, Hiap Teck Venture and KNM.

The highest intangible value brand is Padini with a brand value to Enterprise value ratio of 76%, highlighting the role of brand for business success.

Samir Dixit, Managing Director of Brand Finance Asia Pacific highlighted that “PETRONAS is in a very strong position and it will continue to grow its brand strength and brand value while the Malaysia brands have grown considerably well overall. It is the brand strength for most brands that remains a concern.  Also, the rankings remain very top heavy with 61% of the total brand value contributed by the Top 10 brands and 93% 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.”

Samir Dixit also challenged the Malaysia companies to be more brand-driven and not sales or offers-driven. These while help sell in the short term, might destroy 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.”

The Focus on Brand Strength

The brand strength, measured by Brand Strength Index (‘BSI’), a more accurate measure of brands competitiveness in the market, has remained stagnant for most Malaysian brands 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 Malaysia market.

Digi made a significant jump to oust the strongest competitor and managed to clinch the title of the strongest Malaysian Brand as one of only four brands attaining triple-A brand rating. Other brands with the triple-A brand rating following closely behind Digi are Petronas, Maybank and Public Bank.


Samir Dixit, Managing Director – Asia Pacific
T: +65 6727 8383     
M: +65 9069 8651

Note to Editors

2019 brand values are calculated in USD with a valuation date of 1/1/2019.

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.



Please get in touch: