Forbes Asia’s Best Under a Billion 2021


This story is part of Forbes coverage of the Top Under One Billion Asia 2021 list, highlighting 200 publicly traded companies in the Asia-Pacific region with sales under $ 1 billion and consistent sales and earnings growth. See the full list, sorted alphabetically, here.

Despite the global spread of Covid-19, this year’s annual Best Under A Billion list highlights the resilience of 200 publicly traded small and medium-sized businesses in the Asia-Pacific region with sales below $ 1 billion. Their solid financials reflect how well these companies coped in the midst of a global pandemic. No surprise, healthcare and pharmaceutical companies stood out, while technology and logistics companies linked to the global e-commerce boom also benefited. As proof of the long-term success of the BUB companies, there were 42 returnees from the previous year. That includes Taiwan’s Aspeed, which has now been on the list for eight consecutive years.

We highlighted eight companies from the list of companies that helped mitigate the effects of the pandemic.

Kilpest India

While the agrochemicals business was facing a difficult year, the India-based agro-biotech company’s sales rose 12% thanks to a real-time Covid-19 PCR detection kit developed by a subsidiary, and net income rose for the year through March. Kilpest was the first Indian company to receive emergency approval from the Food & Drug Administration for this kit in the United States

Mega Lifesciences

Sales for this Thailand-based pharmaceutical company rose 11% to $ 402 million in 2020 as demand for its nutritional supplements, drugs, and vitamins rose during the pandemic. Last year, the company acquired Futamed Pharmaceuticals, which is now renamed Mega Lifesciences Indonesia.


Working from home during the pandemic fueled demand for Optim’s remote work tools. As a result, the Japanese company’s net income increased tenfold to $ 12 million for the year ended March. Aside from its telecommuting support software, its AI camera has grown in popularity over the past year, which is used to track congestion areas like staff canteens.

Prodia Widyahusada

The net income of this clinical laboratory company rose 28% to $ 18 million in 2020. The company launched new services like drive-in services and teleconsultation last year and is the first private company in Indonesia to use an automated system to help the government increase Covid-19 PCR testing.

Riverstone Holdings

Sales for the Singapore-based company rose 85% in 2020 to an all-time high of $ 435 million, based on robust sales of its gloves used in healthcare, technology and other sectors. Cleanroom glove sales rose 65% year over year and medical glove sales rose 16% as Covid-19 fueled demand.

Vincent Medical Holdings

Sales for the Hong Kong-based ventilator manufacturer doubled to $ 149 million in 2020 as sales of its ventilation business rose 286% due to pandemic demand. Last year the company tripled its production capacity in two months and doubled its workforce.

Wisetech Global

This Australia-based logistics software developer saw sales jump 23% to $ 288 million in 2020 as the logistics industry received a boost from the pandemic. The company’s logistics platform is used by leading global freight forwarders such as DHL Global Forwarding and Yusen Logistics.

WuXi Biologics

Sales of China’s WuXi Biologics in 2020 rose 41% to $ 813 million as capacity expanded to develop new treatments and vaccines for Covid-19. Last year, the vaccine manufacturing business signed over $ 3.2 billion worth of contracts.

With coverage by John Kang, Danielle Keeton-Olsen, Zinnia Lee, Ramakrishnan Narayanan, Amit Prakash, James Simms, and Yue Wang.


This list is intended to identify companies with long-term sustainable performance based on a variety of metrics. Only these 200 companies were selected from a universe of 20,000 listed companies in the Asia-Pacific region with annual sales in excess of US $ 10 million and under US $ 1 billion. The companies on this unrated list were selected based on a composite score that included their overall current account in measures such as debt, revenue, and earnings-per-share growth over the past one- and three-year fiscal years. , and the strongest one- and five-year average returns on equity. In addition to quantitative criteria, qualitative screens were also used, such as the exclusion of companies with serious governance problems, questionable accounting, environmental concerns, management problems or legal problems. State-controlled companies and subsidiaries of larger companies were also excluded. The criteria also ensured a geographical diversity of companies from across the region. The list uses annual results for the full year based on the latest publicly available figures dated August 12, 2021 compiled by FactSet. All other research was done by Forbes Asia. The editors reserve the right to change or remove dates or companies based on new information after the list has been published.

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