Asia’s Best Under a Billion 2022


This story is part of’ coverage of Asia’s Best Under A Billion 2022, which highlights 200 publicly traded companies in Asia Pacific with less than $1 billion in revenue and consistent revenue and earnings growth. View the full list, sorted alphabetically, here.

As Covid-19 restrictions in Asia Pacific ease and people adjust to the new normal, this year’s annual Best Under A Billion list highlights the shift to discretionary spending. While healthcare and pharmaceutical-related businesses were outliers last year, the post-pandemic return to everyday life has benefited clothing makers, shopping malls, restaurants, consumer electronics and entertainment companies, among others. This year’s list includes 75 returnees from the previous year, reflecting their resilience in a rapidly changing environment, such as Taiwan’s Aspeed, which has won Best Under A Billion for a remarkable nine consecutive years.

We’ve highlighted eight companies that have captured the momentum of economic reopening after the pandemic.

Bafang Electric

The popularity of e-bikes accelerated during the pandemic as people started using bicycles for recreation and alternative transportation. In line with the trend, sales at Suzhou-based electric motor and battery manufacturer Bafang Electric increased 90% last year, while net profit rose 50%. It recently opened a new factory in Poland to serve the European market.

Dollar Industries

After recovering from trade and supply disruptions caused by Covid 19, Indian clothing maker Dollar Industries posted 30% sales growth for the fiscal year ended March, with a net profit of 72%. In addition to expanding its range of clothing for women, the company also recently added a spinning mill and warehouse.

Gift property

The ramen restaurant company saw sales jump 22% to $124 million as pandemic restrictions in Japan were lifted, bringing customers back to the table. Last year, it operated 602 restaurants across Japan, including 147 of its own outlets, up from 519 in 2020.

Globe International

This Australia-based manufacturer of apparel, shoes and skateboards saw sales rise 75% to $199 million as its three main markets, Australia, North America and Europe, delivered the largest returns in the company’s history. It sells to more than 100 countries worldwide.

JYP entertainment

Easing Covid-19 restrictions helped boost the South Korean entertainment company’s sales of concerts and offline events. As a result, sales increased 34% and net profit more than doubled in 2021. The company’s key performers include K-pop boy band 2PM and girl group Twice.


Thai beverage company Sappe grew 12% to $108 million last year as export markets recovered from the pandemic. Sappe exports to 98 countries worldwide. The company also began exploring hemp and cannabis products to expand its portfolio.

Sido Munculo

Last year, the Indonesia-based manufacturer of herbal medicines and supplements saw sales jump 21% to $281 million. The company said a trend toward health and wellness during the pandemic has boosted demand for its food and beverage products.

the hourglass

Sales at the Singapore-based luxury watch retailer rose nearly 40% last year, and net profit rose 86% as the pandemic’s homebound shoppers looked for ways to spend their money. The Hour Glass, which sells brands such as Rolex, Patek Philippe and Audemars Piguet, has 50 boutiques in Asia-Pacific.

With reports by Jonathan Burgos, Ralph Jennings, John Kang, Ramakrishnan Narayanan, Phisanu Phromchanya, Yessar Rosendar, James Simms, Yue Wang and Jennifer Wells.


This list is intended to identify companies with long-term sustainable performance based on various metrics. These 200 companies were selected from a universe of 20,000 publicly traded companies in the Asia-Pacific region with annual revenues of more than $10 million and less than $1 billion. The companies on this list, which is not ranked, were selected based on a composite score that included their overall track record in measures such as debt, revenue and earnings per share growth over both the most recent one- and three-year fiscal periods. . , and the highest one- and five-year average returns on equity. In addition to quantitative criteria, qualitative screens were also used, such as excluding companies with serious governance issues, questionable accounting, environmental issues, management issues or legal issues. State-controlled 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 entire year, based on the latest publicly available figures as of July 11, 2022.


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