Suntrust is only Philippine company in Forbes’ ‘Asia's Best Under A Billion’ list
MANILA, Philippines — Suntrust Home Developers Inc. was the only Philippine company that made it to Forbes Magazine’s “Asia's Best Under A Billion 2019” list that focuses on the 200 publicly listed firms in the region with less than $1 billion in revenue and consistent financial performance.
According to Forbes, Suntrust has a market value of $31 million.
In compiling the list, Forbes said roughly 1,400 met its criteria for profitability, growth and modest indebtedness. There were 19,000 candidates this year.
The listed Philippine company currently does not have any business operations and is not offering any product or service.
However, the company is engaged in property management of residential and office buildings and private estates through its wholly-owned subsidiary First Oceanic Property Management Inc.
According to Forbes, the total market value of the class of 2019 fell 10% to $228 billion compared to last year’s batch, “as the trade war between China and the U.S. dampened investor sentiment.”
“While companies from China, Hong Kong and Taiwan continued to dominate with 122 entries (up from 108 in 2018), some of the best companies come from other parts of the region,” the international business magazine said. — Ian Nicolas Cigaral
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