This survey covers the performance of the top companies in 10 countries in Asia. Investors and other executives from financial centers such as Hong Kong, Singapore, New York and London are among those who participated in this survey. We had 497 votes.
Best Managed Company, Best Investor Relations, Most Committed to Shareholder Value - PT Astra International
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Best Managed Company | ||
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| Rank | Company | Votes |
| 1 | Astra International | 30 |
| 2 | Sampoerna | 21 |
| 3 | Indofood Sukses | 18 |
| 4 | Indosat | 11 |
| 5 | Bank Central Asia | 10 |
| 6 | Gudang Garam | 9 |
| 7 | PT Telkom | 8 |
| 8 | Semen Gresik | 5 |
| 9 | Texmaco Perkasa | 4 |
| 10 | Indah Kiat Pulp | 2 |
| 10 | Ramayana | 2 |
| 10 | PT Antam | 2 |
| 10 | International Nickel Corp (INCO) | 2 |
| 10 | Mulia Industrindo | 2 |
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Best in Investor Relations | ||
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| Rank | Company | Votes |
| 1 | Astra International | 21 |
| 2 | Indofood Sukses | 16 |
| 3 | PT Telkom | 15 |
| 4 | Sampoerna | 13 |
| 5 | Bank Central Asia | 9 |
| 6 | Gudang Garam | 4 |
| 7 | Indah Kiat Pulp | 2 |
| 7 | Indosat | 2 |
| 7 | Ramayana | 2 |
| 10 | Semen Gresik | 1 |
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Commitment to Shareholder Value | ||
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| Rank | Company | Votes |
| 1 | Astra International | 24 |
| 2 | Indofood Sukses | 15 |
| 3 | Indosat | 12 |
| 4 | Gudang Garam | 8 |
| 4 | Sampoerna | 8 |
| 6 | Bank Central Asia | 5 |
| 7 | PT Telkom | 3 |
| 8 | Semen Gresik | 2 |
| 8 | Ramayana | 2 |
| 10 | Indah Kiat Pulp | 1 |
| 10 | Texmaco Perkasa | 1 |
| 10 | PT Evershinetex | 1 |
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PT Astra International, Indonesia's largest carmaker, nabs the top spot for best managed company, best investor relations and most committed to shareholder value. The company also engages in financial services, agribusiness and information technology.
"Astra International is well-known for its solid management and its commitment to developing its human resources," says one voter. "It is transparent, with good corporate governance. It focuses on corporate strategy and its mission statement and has the ability to adapt to market changes faster than its competitors," says another.
The company's transparency manifests itself in that the company's board comprises independent directors who are unrelated to the major shareholders and that it has established an audit committee as recommended by the Indonesian Securities and Exchange Commission.
The company was hit hard by the regional currency crisis of 1997-1998, but successfully rescheduled its debt and increased sales. It still plans to repay $146 million worth of rupiah and foreign currency-denominated loans, three months ahead of schedule. Last September the company also paid back $67 million and Rp67 billion (6.65 million) of debt that wasn't due until December.
The debt was part of a $1.9 billion debt restructuring deal Astra agreed with its creditors in 1999. Its ability to pay back sections of its debt early stems from higher than expected car sales and a restructuring of its motorcycle division. In January, Astra sold 13,684 vehicles, up from 12,253 in the year.
In 2000 Astra lost Rp239 billion compared with net income of Rp1.49 trillion in 1999. The losses were triggered by a plunge in the value of the rupiah against the US dollar. While the company made an operating profit, those profits were eroded by the higher cost of servicing its foreign currency denominated debt.
Best E-commerce Strategy - PT Bank Central Asia
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Best E-commerce Strategy | ||
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| Rank | Company | Votes |
1 | Bank Central Asia | 20 |
2 | Astra International | 8 |
2 | PT Telkom | 8 |
4 | Lippo Group | 5 |
5 | Indofood Sukses | 3 |
5 | Indosat | 3 |
7 | Indah Kiat Pulp | 2 |
8 | Sampoerna | 1 |
8 | Bank BII | 1 |
8 | Garuda Indonesia | 1 |
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Picking up most votes for best e-commerce strategy is Bank Central Asia (BCA) whose inclination to automate its services is indicated by the fact that the bank has the largest network of automated teller machines - 1,900 in total - in Indonesia. The bank appears to be recovering well from the region's currency crisis. By the end of this year BCA expects to post an increase in profit of 12.5% to Rp1.8 trillion. It also plans to issue Rp7 trillion of new loans, up from Rp4 trillion it lent in 2000.
BCA was taken over in 1999 by the Indonesian Bank Rescue Agency (IBRA). The government spent $7 billion to keep the bank afloat after it suffered a run on its deposits in early 1998, and now plans to sell IBRA's 30% stake to the public. Investors want BCA sold as a strategic stake, and are growing impatient - the sale should have taken place months if not years ago. The sale is part of the conditions attached to an IMF three-year loan of $5 billion for Indonesia.
The results of this poll first appeared in the April issue of FinanceAsia magazine. To buy a copy please send an e-mail to: [email protected].
