the biggest and the most valuable brands in indonesia

1. Indonesia
100
2015The Brand Finance Top 100 Indonesia Brands 2015
October 2015

2. About Brand Finance
Brand Finance is the world’s leading
independent brand valuation and strategy
consultancy. Brand Finance was set up in 1996
with the aim of ‘bridging the gap between
marketing and finance’. For almost 20 years we
have helped companies to connect their brands
to the bottom line, building robust business cases
for brand decisions, strategies and investments.
In doing so, we have helped finance people to
evaluate marketing programmes and marketing
people to present their case in the Board Room.
Independence
Brand Finance is impartial and independent.
We access and help to manage brands, but we
do not create or own them. We are therefore able
to give objective, unbiased advice because we
have no vested interest in particular outcomes of
a project and our recommendations are entirely
independent. We are agency agnostic and work
collaboratively with many other agencies and
consultancies.
Technical credibility
Brand Finance has high technical standards.
Our work is frequently peer-reviewed by the big
four audit and our work has been accepted by tax
authorities and regulatory bodies around the
Football
50
2015The annual report on the world’s most valuable football brands
June 2015
Global
500
2015The annual report on the world’s most valuable global brands
February 2015
world. We are one of the few companies certified
to provide brand valuation that is fully compliant
with ISO 10668, the global standard on monetary
brand valuations.
Transparency
There are no black boxes. Our approach is to
work openly, collaboratively and flexibly with
clients and we will always reveal the details of our
modelling and analysis. This means our clients
always understand what lies behind ‘the number’.
Expertise
We possess a unique combination of skills
and experience. We employ functional experts
with marketing, research and financial
backgrounds, as well as ex-client-side senior
management who are used to ‘making things
happen’. This gives us the mindset to think
beyond the analysis and to consider the likely
impact on day-to-day operations. We like to think
this differentiates us because our team has real
operational experience.
For more information, please visit our website:
brandfinance.com
Brand Finance puts thousands of the world’s biggest brands to the test every year, evaluating which
are the most powerful and most valuable. The Indonesia 100 is just one of the many annual reports
produced by Brand Finance. Visit www.brandirectory.com to access all the sectors and countries
report.

3. Brand Finance Indonesia 100
Indonesia
Top 100 Brands 2015
Copyright Brand Finance plc Valuation date: 1 January 2015
Rank
2015
Rank
2014
Brand Parent Company 2015
Brand
Value
(US$m)
2015
Brand
Rating
Enterprise
Value
(US$m)
Brand
Value /
Enterprise
Value
(%)
2014
Brand
Value
(US$m)
2014
Brand
Rating
Enterprise
Value
(US$m)
Brand
Value /
Enterprise
Value
(%)
1 2 Telkom Indonesia PT TELEKOMUNIKASI INDONESIA (PERSERO) TBK. 2,808 AA+ 25,302 11% 1,921 AAA- 19,048 10%
2 4 Gudang Garam PT GUDANG GARAM TBK 2,035 AA 10,673 19% 1,318 A+ 8,113 16%
3 3 Bank Mandiri PT BANK MANDIRI PERSERO TBK. 1,738 AAA- 20,341 9% 1,658 AA+ 15,375 11%
4 1 Sampoerna PT HM SAMPOERNA TBK. 1,697 AA 39,786 4% 2,249 AA- 18,509 12%
5 6 Bank Rakyat Indonesia PT BANK RAKYAT INDONESIA (PERSERO) TBK. 1,302 AA 23,052 6% 893 AA- 13,918 6%
6 7 BCA PT BANK CENTRAL ASIA TBK. 1,111 AA+ 26,530 4% 857 AA 18,784 5%
7 9 Bank Negara Indonesia PT BANK NEGARA INDONESIA (PERSERO) TBK. 962 AA 9,090 11% 780 AA- 5,990 13%
8 5 Dji Sam Soe PT HM SAMPOERNA TBK. 907 AA- 5,064 18% 1,110 A+ 6,294 18%
9 8 Gas Negara PT PERUSAHAAN GAS NEGARA (PERSERO) TBK. 678 A+ 12,573 5% 803 AA 11,726 7%
10 12 XL PT XL AXIATA TBK. 641 AA+ 5,282 12% 538 A+ 4,950 11%
11 11 Indosat OOREDOO QSC 633 AA 4,281 15% 594 AA 5,260 11%
12 10 Garuda Indonesia PT GARUDA INDONESIA (PERSERO) TBK. 624 AA+ 1,908 33% 605 AA+ 1,628 37%
13 14 Indomie PT INDOFOOD SUKSES MAKMUR TBK. 500 AA+ 1,309 38% 363 AA- 1,256 29%
14 13 Bank Danamon PT BANK DANAMON INDONESIA TBK. 486 AA 3,490 14% 488 AA- 2,960 16%
15 16 Astra International PT ASTRA INTERNATIONAL TBK. 323 AA+ 29,392 1% 307 AA+ 27,697 1%
16 15 Media Nusantara Citra PT MEDIA NUSANTARA CITRA TBK. 318 AA 2,783 11% 329 AA 3,586 9%
17 17 Semen Indonesia PT SEMEN INDONESIA (PERSERO) TBK. 311 A 8,150 4% 305 A+ 7,640 4%
18 18 Indocement PT INDOCEMENT TUNGGAL PRAKARSA TBK. 267 A+ 6,842 4% 250 A+ 5,503 5%
19 19 Matahari PT MATAHARI DEPARTMENT STORE TBK. 245 AA- 1,412 17% 194 A+ 858 23%
20 20 Bank Cimb Niaga PT BANK CIMB NIAGA TBK. 244 A+ 1,779 14% 245 A 1,946 13%
21 21 Panin Bank PT BANK PAN INDONESIA TBK. 230 AA- 2,231 10% 227 A+ 1,309 17%
22 27 Roma PT MAYORA INDAH TBK. 204 AA- 635 32% 132 A 625 21%
23 22 Gajah Tunggal PT GAJAH TUNGGAL TBK. 186 AA- 811 23% 194 AA- 1,034 19%
24 25 Pembangunan Perumahan PT PEMBANGUNAN PERUMAHAN (PERSERO) TBK. 182 A- 1,400 13% 155 A+ 849 18%
25 38 Beng-Beng PT MAYORA INDAH TBK. 158 AA 449 35% 93 A 442 21%
26 23 Sinar Mas Multiartha PT SINAR MAS MULTIARTHA TBK. 154 A- 1,413 11% 181 A 1,798 10%
27 26 BTPN PT BANK TABUNGAN PENSIUNAN NASIONAL TBK. 152 A+ 1,970 8% 153 A+ 1,996 8%
28 New Bir Bintang HEINEKEN NV 152 A+ 619 24%
29 35 Multipolar PT MULTIPOLAR TBK. 140 A 882 16% 104 A 286 36%
30 36 Bank BTN PT BANK TABUNGAN NEGARA (PERSERO) TBK. 137 AA- 1,000 14% 101 A+ 766 13%
31 34 Bimoli PT INDOFOOD SUKSES MAKMUR TBK. 136 AA 392 35% 108 AA- 376 29%
32 24 Ramayana PT RAMAYANA LESTARI SENTOSA TBK. 134 AA- 347 39% 181 AA- 490 37%
33 31 Bank Internasional Indonesia PT BANK INTERNASIONAL INDONESIA TBK. 131 AA- 1,315 10% 117 A 1,582 7%
34 30 Surya Citra Media PT SURYA CITRA MEDIA TBK. 129 AA 3,864 3% 118 A+ 3,618 3%
35 41 Kopiko PT MAYORA INDAH TBK. 128 AA 376 34% 78 A 370 21%
36 39 Indofood PT INDOFOOD SUKSES MAKMUR TBK. 124 AA+ 4,182 3% 92 AA+ 4,015 2%
37 29 Mnc Sky Vision PT MNC SKY VISION TBK. 121 A+ 1,251 10% 124 A+ 1,509 8%
38 33 Adira Finance PT ADIRA DINAMIKA MULTI FINANCE TBK. 114 A- 591 19% 111 A+ 659 17%
39 37 Kalbe Farma PT KALBE FARMA TBK. 113 AA+ 6,667 2% 98 AA+ 6,334 2%
40 32 Bank Permata Tbk PT BANK PERMATA TBK. 110 A+ 1,471 7% 114 A 1,108 10%
41 44 Indomilk PT INDOFOOD SUKSES MAKMUR TBK. 87 AA- 267 32% 74 AA- 256 29%
42 40 Bank Mega PT BANK MEGA TBK. 76 A+ 1,127 7% 86 A 1,161 7%
43 42 Bank Bjb
PT BANK PEMBANGUNAN DAERAH JAWA BARAT DAN
BANTEN TBK.
74 A 612 12% 73 A 687 11%
44 New Sumber Alfaria Trijaya PT SUMBER ALFARIA TRIJAYA TBK. 72 A+ 1,995 4%
45 49 Tower Bersama PT TOWER BERSAMA INFRASTRUCTURE TBK. 69 A+ 4,836 1% 55 A 3,425 2%
46 45 Jasa Marga PT JASA MARGA (PERSERO) TBK. 68 AA- 4,635 1% 70 A+ 4,685 1%
47 46 Bank Bukopin PT BANK BUKOPIN TBK. 67 A+ 559 12% 64 A 517 12%
48 70 Mayora Indah PT MAYORA INDAH TBK. 65 AA- 2,154 3% 31 A+ 2,122 1%
49 48 Smart Tbk PT SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK. 64 A 2,363 3% 56 A+ 2,058 3%
50 43 United Tractors PT UNITED TRACTORS TBK. 62 A+ 5,107 1% 72 A+ 5,624 1%

4. Brand Finance Indonesia 100
Indonesia
Top 100 Brands 2015
Rank
2015
Rank
2014
Brand Parent Company 2015
Brand
Value
(US$m)
2015
Brand
Rating
Enterprise
Value
(US$m)
Brand
Value /
Enterprise
Value
(%)
2014
Brand
Value
(US$m)
2014
Brand
Rating
Enterprise
Value
(US$m)
Brand
Value /
Enterprise
Value
(%)
51 54 Smartfren PT SMARTFREN TELECOM TBK. 55 A 869 6% 35 A 723 5%
52 63 Supermi PT INDOFOOD SUKSES MAKMUR TBK. 54 AA- 160 33% 44 AA- 154 29%
53 56 Bank OCBC NISP PT BANK OCBC NISP TBK. 48 A 1,253 4% 43 A 1,162 4%
54 50 Indomobil PT INDOMOBIL SUKSES INTERNASIONAL TBK. 47 A 1,843 3% 45 A 1,998 2%
55 52 Bumi Resources PT BUMI RESOURCES TBK. 46 A 4,659 1% 50 A 5,668 1%
56 66 Bank Pembangunan PT BANK PEMBANGUNAN DAERAH JAWA BARAT 45 A+ 558 8% 34 A 448 8%
57 51 Dharma Satya Nus PT DHARMA SATYA NUSANTARA TBK. 45 AA- 870 5%
58 59 Indah Kiat PT INDAH KIAT PULP & PAPER TBK. 44 A- 4,030 1% 50 A 4,407 1%
59 62 Simas PT INDOFOOD SUKSES MAKMUR TBK. 43 AA- 138 31% 38 AA- 133 29%
60 53 Sarimi PT INDOFOOD SUKSES MAKMUR TBK. 43 A 168 26% 46 AA- 161 29%
61 New Bfi Finance Indo PT BFI FINANCE INDONESIA TBK. 43 A+ 288 15% 38 A 264 14%
62 47 Charoen Pokphand Indonesia PT CHAROEN POKPHAND INDONESIA TBK. 43 A+ 5,877 1% 43 A+ 5,877 1%
63 65 AKR Corporindo PT AKR CORPORINDO TBK. 42 A 1,896 2% 59 A 1,877 3%
64 60 Better PT MAYORA INDAH TBK. 42 AA- 157 27% 33 A 155 21%
65 69 Kis PT MAYORA INDAH TBK. 40 A+ 149 27% 31 A 147 21%
66 71 Torabika PT MAYORA INDAH TBK. 40 A+ 171 23% 29 A 169 17%
67 57 Panin Financial PT PANIN FINANCIAL TBK. 39 A 769 5% 37 A+ 469 8%
68 58 Adaro Energy PT ADARO ENERGY TBK. 38 A+ 4,480 1% 42 A 4,505 1%
69 New Electronic City Indonesia Tb PT ELECTRONIC CITY INDONESIA TBK. 37 A+ 53 70% 39 A 228 17%
70 61 Medco Energi Internasional PT MEDCO ENERGI INTERNASIONAL TBK. 37 A 1,658 2% 26 A 1,207 2%
71 73 Barito Pacific PT BARITO PACIFIC TBK. 37 A- 998 4% 37 A 920 4%
72 New Tempo ScanPacific PT TEMPO SCAN PACIFIC TBK. 36 A+ N/A N/A
73 New WIKA BETON PT WIJAYA KARYA (PERSERO) TBK. 31 A 898 3%
74 75 Siloam Internati PT SILOAM INTERNATIONAL HOSPITALS TBK. 31 A+ 1,259 2%
75 67 Danisa PT MAYORA INDAH TBK. 29 A+ 108 27% 22 A 107 21%
76 New First Media TBK PT FIRST MEDIA TBK. 29 A 519 6%
77 55 Japfa PT JAPFA COMFEED INDONESIA TBK. 28 A+ 1,568 2% 31 A+ 1,718 2%
78 New Bakrie Telecom PT BAKRIE TELECOM TBK. 28 A 628 4% 43 A+ 654 7%
79 New Link Net Tbk Pt PT LINK NET TBK. 25 A+ 1,276 2%
80 90 Catur Sentosa Adriprana PT CATUR SENTOSA ADIPRANA TBK 25 A 220 11%
81 98 Vitazone PT MAYORA INDAH TBK. 23 AA 70 33% 14 A 69 21%
82 83 Popmie PT INDOFOOD SUKSES MAKMUR TBK. 22 AA- 67 33% 18 AA- 64 29%
83 76 Astra Agro Lestari PT ASTRA AGRO LESTARI TBK. 22 AA- 3,248 1% 21 A+ 2,317 1%
84 New Intermedia Capit PT INTERMEDIA CAPITAL TBK. 22 A 668 3%
85 74 Bentoel Internasional Investama PT BENTOEL INTL INVESTAMA TBK. 21 A+ 965 2% 20 A 760 3%
86 78 Salim Ivomas Pratama PT SALIM IVOMAS PRATAMA TBK. 21 AA- 1,749 1% 23 A+ 1,740 1%
87 88 Solusi Tunas Pra PT SOLUSI TUNAS PRATAMA TBK. 21 A+ 751 3% 11 A N/A N/A
88 79 MAP Mitra Adiperkasa PT MITRA ADIPERKASA TBK. 18 A 1,032 2% 15 A+ 976 2%
89 72 Astra Otoparts PT ASTRA OTOPARTS TBK. 18 AA- 1,601 1% 20 A+ 1,760 1%
90 80 Indo Tambangraya Megah PT INDO TAMBANGRAYA MEGAH TBK. 18 A+ 1,343 1% 28 A 2,540 1%
91 85 Tambang Batubara Bukit Asam Persero PT TAMBANG BATUBARA BUKIT ASAM TBK. 18 AA- 2,200 1% 20 A 2,011 1%
92 86 Global Mediacom PT GLOBAL MEDIACOM TBK. 17 A+ 2,272 1% 17 A+ 2,786 1%
93 82 Lippo Karawaci PT LIPPO KARAWACI TBK. 16 AA 2,151 1% 16 A+ 2,659 1%
94 81 Aneka Tambang Persero PT ANEKA TAMBANG PERSERO TBK. 16 A+ 1,117 1% 18 AA- 1,281 1%
95 89 Ciputra Development PT CIPUTRA DEVELOPMENT TBK. 16 AA- 1,484 1% 15 A+ 1,561 1%
96 New Elang Mahkota Teknologi PT ELANG MAHKOTA TEKNOLOGI TBK. 15 A 2,297 1% 13 A 2,743 0%
97 91 Berau Coal PT BERAU COAL ENERGY TBK. 14 A 935 1% 20 A 1,126 2%
98 77 Bhakti Investama PT BHAKTI INVESTAMA TBK. 14 A 2,279 1% 18 A+ 3,063 1%
99 84 Bank Mayapada PT BANK MAYAPADA INTERNASIONAL TBK. 14 A- 526 3% 11 A 501 2%
100 95 Pt Bank Ekonomi PT BANK EKONOMI RAHARJA TBK. 14 A- 389 4% 18 A 418 4%
Copyright Brand Finance plc Valuation date: 1 January 2015

5. Definition of ‘Brand’
In the very broadest sense, a brand is the focus for all the
expectations and opinions held by fans, players, staff and
other stakeholders about a club. 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”
Brand Strength
Brand Strength is the part of our analysis most directly and
easily influenced by those responsible for marketing and
brand management as well as success on the pitch. 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 fans, customers, staff and other
stakeholders), which includes on-pitch success, 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.
Definitions
+ Enterprise Value – the value of the entire
enterprise, made up of multiple branded
businesses
+ Branded Business Value – the value of a
single branded business operating under
the subject brand
+ Brand Value – the value of the trade
marks (and relating marketing IP and
‘goodwill’ attached to it) within the
branded business
What do we mean by ‘brand’?
‘Brand’
‘Branded
Business’
‘Branded
Enterprise’
E.g.
Bentley
Bentley
Brand
E.g.
VW Group
Methodology

6. Methodology
Brand strength expressed
as a BSI score out of 100.
BSI score applied to an
appropriate sector royalty
rate range.
Split revenue into separate
streams for each service
area. Royalty rates applied
to forecast revenues to
derive brand values
Post-tax brand revenues
are discounted to a net
present value (NPV) which
equals the brand value.
The Valuation Process
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 if it were
not already owned.
1 Calculate brand strength on a scale of 0 to 100: the BSI
captures the ability of clubs to drum up popular interest
and then convert interest into support and custom. The
BSI covers three broad topics of brand investment, equity
in the form of emotional connection harboured by a brand,
and bottom line commercial performance.
2 As brand has differing effects on each source of income,
we then split revenues down into three streams: match-
day, broadcasting and commercial. As brands have
differing effects on different revenue streams, these will
Strong brand
Weak brand
Brand Strength Index
(BSI)
Brand
‘Royalty rate’
Brand revenues Brand value
Brand
investment
Brand
equity
Brand
performance
each have their own respective royalty rate applicable to
them. The royalty rates are derived by looking at
comparable agreements and through in-house analysis.
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, equal to the brand value.
Forecast revenues

7. How can we help.
Brand
Business Value
(Brand ROI)
Brand Tracking Monitoring
Improve reporting and brand
performance management by
integrating market research,
investment, market and financial
metrics into a single insightful
scorecard model to track performance
and inform strategic decisions.
Brand Strategy
Strategic marketing services enable
brands to be leveraged to grow
businesses. Scenario modelling will
identify the best opportunities,
ensuring resources are allocated to
those activities which have the most
impact on brand and business value.
Brand Business Valuation
Valuations may be conducted for
technical purposes and to set a
baseline against which potential
strategic brand scenarios can be
evaluated.
Brand Analytics
Analytical services help to uncover
drivers of demand and insights.
Identifying the factors which drive
consumer behaviour allow an
understanding of how brands create
bottom-line impact.
+ Brand Valuation
+ Brand Due Diligence
+ Profit Levers Analysis
+ Scenario Modelling
+ Market Research
+ Brand Identity Customer
Experience Audit
+ Brand Strength Analysis
+ Brand Equity Analysis
+ Perception Mapping
+ Conjoint Brand/Price
Trade-off Analysis
+ Return on Investment
+ Sponsorship Evaluation
+ Budget Setting
+ Brand Architecture Porfolio
Evaluation
+ Brand Positioning Extension
Evaluation
+ Brand Migration
+ Franchising Licensing
+ BrandCo Strategy
+ Brand Governance Process
+ Brand Tracking
+ Management KPIs
+ Competitor Benchmarking
+ Brand Branded Business
Valuation
+ Intangible Asset Valuation
+ Fair Value Exercise (IFRS 3
/ FAS 141)
+ Intangible Assetment
Impairment Reviews (IAS 36 /
FAS 142)
+ Brand Due Diligence
+ Information Memoranda
+ Finance Raising
+ Insolvency Administration
+ Market Research Design
Management
+ Return on Investment
+ Franchising Licensing
+ BrandCo Strategy
+ Brand Governance Process
+ Brand Tracking
+ Management KPIs
+ Competitor Benchmarking
+ Brand Branded Business
Valuation
+ Intangible Asset Valuation
+ Patent Valuation
+ Asset Transfer Valuations
+ Business Share Valuations
+ Transfer Pricing Analysis
+ Royalty Rate Setting
+ Brand Franchising
Licensing
+ BrandCo IPCo Strategy
+ Market Research Design and
Management
+ Brand Tracking
+ Expert Witness Opinion
+ Brand Branded Business
Valuation
+ Intangible Asset Valuation
+ Patent Valuation
+ Business Share Valuations
+ Loss of Profits Calculations
+ Account of Profits
Calculations
+ Damages Assessment
+ Forensic Accounting
+ Royalty Rate Setting
+ Brand Franchising
Licensing
+ BrandCo IPCo Strategy
+ Market Research Design and
Management
+ Trademark Registration
+ Trademark Watching Service

8. Contact details
Our offices
Contact us
For enquiries, please
contact:
Samir Dixit
Managing Director
Brand Finance Asia Pacific
s.dixit@brandfinance.com
+65 6329 9738
Jimmy Halim
Deputy Managing Director
Brand Finance Indonesia
j.halim@brandfinance.com
+62 21 5367 8064
Sutan Banuara
Director
Brand Finance Indonesia
s.banuara@brandfinance.com
+62 21 5367 8064
linkedin.com/company/
brand-finance
facebook.com/
brandfinance
twitter.com/
brandfinance
For further information on Brand Finance’s services and valuation experience, please contact your local representative:
Country Contact Email address
Argentina Pablo Bolino p.bolino@brandfinance.com
Australia Mark Crowe m.crowe@brandfinance.com
Brazil Geoffrey Hamilton-Jones g.hamilton-jones@brandfinance.com
Canada Bryn Anderson b.anderson@brandfinance.com
Caribbean Nigel Cooper n.cooper@brandfinance.com
Central America Rajesh Ingle r.ingle@brandfinance.com
East Africa Jawad Jaffer j.jaffer@brandfinance.co.ke
France Luc Bardin l.bardin@brandfinance.com
Germany Dr. Holger Mühlbauer h.muehlbauer@brandfinance.com
Greece Ioannis Lionis i.lionis@brandfinance.com
Holland Marc Cloosterman m.cloosterman@brandfinance.com
India Ajimon Francis a.francis@brandfinance.com
Indonesia Jimmy Halim j.halim@brandfinance.com
Italy Massimo Pizzo m.pizzo@brandfinance.com
Middle East Andrew Campbell a.campbell@brandfinance.com
Nigeria Tunde Odumeru t.odumeru@brandfinance.com
New Zealand Jai Basrur j.basrur@brandfinance.com
Portugal Joao Baluarte j.baluarte@brandfinance.com
Russia Alex Eremenko a.eremenko@brandfinance.com
Singapore Samir Dixit s.dixit@brandfinance.com
South Africa Oliver Schmitz o.schmitz@brandfinance.com
Spain Pedro Tavares p.tavares@brandfinance.com
Sri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.com
Turkey Muhterem Ilguner m.ilguner@brandfinance.com
UK Bryn Anderson b.anderson@brandfinance.com
USA Ken Runkel k.runkel@brandfinance.com
Vietnam Lai Tien Manh m.lai@brandfinance.com