NEWS RELEASE

For Immediate Release

Fastest Growing 50 Companies list reveals

greater diversity in Singapore’s economy
Manufacturing & wholesale companies displaced
by service & infocomm companies

20 September 2016 [SINGAPORE] – Singapore’s corporate sector has undergone dramatic

changes during the last decade, and nowhere is the transformation more apparent than in
this year’s Fastest Growing 50 (FG50) Awards list.

Ten years ago, the bulk of the FG50 companies came from just two industries - wholesale
trade (18 companies) and manufacturing (16 companies). This year these two industries
contributed just 16 of the 50 fastest growing companies, compared to 34 a decade ago.

This year’s FG50 winners come from a diverse range of industries, including services,
infocomm, property and transport.

In this year’s FG50 Award’s list there are:

 Six infocomm companies compared to zero in 2006
 Six transport and storage companies compared to two in 2006
 Five service companies compared to two in 2006
 Four property companies compared to one in 2006

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TABLE 1: FG50 2016 Composition by industry sector

Industry 2016 2006 Change

Electricity / Gas / Water - 5 ▼
Construction 1 - ▲
Retail 1 1 ▬
Manufacturing 2 16 ▼
Hospitality / Food and Beverage 2 1 ▲
Holdings 4 - ▲
Services 5 2 ▲
Property 4 1 ▲
Information and Communications 6 - ▲
Finance 5 4 ▲
Transport / Storage 6 2 ▲
Wholesale 14 18 ▼
TOTAL 50 50

The FG50 is compiled by DP Information Group (DP Info) and identifies companies that
achieved a minimum of 10 per cent turnover growth every year for the last three years while
remaining profitable each year. The qualifying companies are then ranked by their three-
year Compounded Annual Growth Rate (CAGR), with the top 50 receiving a FG50 Award.

DIVERSITY: A POSITIVE FOR SINGAPORE

Mr Lincoln Teo, Chief Operating Officer of DP Info said the changes are a positive trend for
Singapore.

“The last decade has been one of economic change in Singapore as the traditional
powerhouse industries of wholesale trade and manufacturing have become less dominant
within the economy.

“New industries have emerged to drive the growth of Singapore’s corporate sector, including
the services and infocomm sector. The greater diversity of the Singapore economies is
reflected in this year’s FG50 list which is now made up of a much wider cross section of
companies than ten years ago.”

“The FG50 results do not mean wholesale and manufacturing companies are not
growing. What it does show is more companies from other industries are growing faster
right now.”

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“Having a range of companies from a variety of sectors achieving rapid growth means the
Singapore economy is not overly dependent on any one sector and that multiple industries
are contributing to the nation’s growth,” Mr Teo said.

THE DRIVERS OF CHANGE

Wholesale Trade
Despite a lower level of representation than a decade ago, wholesale trade companies are
still the largest single group within this year’s FG50. During the last decade, wholesale
traders have had to navigate their businesses through numerous changes, including
commodity and currency fluctuations. Growth in global trade volumes has remained
relatively subdued since the global financial crisis, especially in developed economies. In
recent years, a range of uncertainties have impacted on the growth of wholesale trade
companies including the slowing of the Chinese economy, financial market volatility and
exposure of countries with large foreign debts to currency movements.

Manufacturing
The manufacturing sector has had a challenging couple of years. The industry has been
subjected to a high level of regional competition and domestic restructuring. Several multi-
national manufacturers have moved their production to other countries as the local industry
was forced to adjust to a more expensive cost base as a result of changes in foreign labour
policies.

Services
The services sector has become increasingly important to Singapore during the last two
decades. It is a diverse part of the economy and includes activities such as business
services, tourism and financial services. Following the pattern of other developed nations,
the services sector has increased in importance compared to other industries such as
manufacturing.

Infocomm
The last 10 years has seen the infocomm sector emerge as a key contributor to the
Singapore economy. The Singapore Government has been active in developing the nation’s
IT capabilities. The government’s strategy has seen the development of excellent IT
infrastructure as well as a pool of highly tech-savvy workforce. This focus on infocomm has
attracted leading global companies to establish a presence in Singapore, which in turn has

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created the environment for many home-grown infocomm companies to emerge and
succeed.

THE FASTEST GROWING COMPANY IN SINGAPORE

This year’s fastest growing company in Singapore is Qingjian International (South Pacific)
Group Development Co., Pte. Ltd. (Qingjian).

A property development company originating from China, Qingjian has completed numerous
prestigious property developments in Singapore as well projects in Myanmar and Indonesia.

Qingjian achieved a CAGR of 642 per cent between 2012 and 2015, well ahead of the
second fastest growing company Ameropa Asia Pte Ltd which achieved a CAGR of 630 per
cent.

One of Qingjian’s best known buildings is the soon to be completed Singapore Chinese
Cultural Centre – an imposing 11 story building which includes a 530-seat auditorium, a 500-
seat multipurpose hall, a recital hall, a visual arts gallery and a 2,000 square metre roof
terrace garden.

CREDIT STANDING OF FG50 COMPANIES REMAINS STRONG

The majority of Singapore’s FG50 companies have excellent credit ratings, indicating their
growth has not been achieved at the expense of prudent management.

Twenty-eight of the 50 companies have a DP1-4 Investment Grade credit rating, including
seven with the prestigious DP1 rating. However, there has been a slight dip in the number
of companies considered DP1-4 compared to last year - from 34 to 28. At the other end of
the rating scale, only two companies are graded as DP7-8 High Risk.

A number of factors could have caused the dip in DP1-4 rated companies, including the
increased number of smaller and younger companies in this year’s FG50 list. Smaller and
younger companies may not yet have acquired the financial resources and assets to warrant
a higher grade of credit rating.

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TABLE 2: FG50 2016 by DP Credit Rating

2016 2015
DP Rating Total % Total %
DP1 7 14 8 16
DP2 7 14 5 10
DP3 7 14 10 20
DP4 7 14 11 22
DP5 14 28 10 20
DP6 6 12 4 8
DP7 1 2 - -
DP8 1 2 2 4
Total 50 100 50 100

SMEs MAKE A COMEBACK

The number of SMEs that are among Singapore’s fastest growing 50 companies has jumped
from eight last year to 13 this year – the highest number in the last five years. This means a
quarter of all FG50 companies are SMEs.

While the SMEs are growing their sales rapidly, their profit margins are well behind that of
the larger S1000 companies. The average profit margin of the SMEs is 20 per cent, while
for larger companies the average profit margin is 52 per cent.

While their profit margins may be lower than the larger award winners, an average profit
margin of 20 per cent indicates the FG50 SMEs have very successful businesses models.

The “Fastest Growing 50” is organised and ranked by DP Information Group, the ranking
body of the Singapore 1000 Family of Rankings.

END

CONTACT:
Lorraine Chua April Ng
Rubicon Consulting DP Information Group
D: 6465 3028 D: 6507 2340
H: 9819 9151 H: 9820 1080
lorraine@rubicon.com.sg april@dpgroup.com.sg

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APPENDIX 1

FASTEST GROWING 50 2016 AWARD RECIPIENTS

FG50
CAGR
2016 Company Business – Industry Classification
(%)
Rank

QINGJIAN INTERNATIONAL (SOUTH

Construction - Structural / Mechanical
1 PACIFIC) GROUP DEVELOPMENT CO., PTE. 642.2
Engineering
LTD. #
2 AMEROPA ASIA PTE. LTD. 629.5 Wholesale - General Wholesale Trade
3 LIAN HUAT GROUP PTE. LTD. ^* 359.9 Holdings - Investment / Holding Activities
Property - Real Estate Investment /
4 ASCENDAS FRASERS PTE. LTD. * 299.4
Developers
ACCEL SYSTEMS & TECHNOLOGIES PTE. Information & Communications - Computer /
5 267.8
LTD. #^* E-Commerce / IT related
6 TRANSPORTATION PARTNERS PTE. LTD. * 242.2 Transport/Storage - Transport - Air
Property - Real Estate Investment /
7 POLLUX PROPERTIES LTD. * 220.7
Developers
8 VALLIANZ HOLDINGS LIMITED #* 197.9 Transport/Storage - Transport - Marine
9 DYSON OPERATIONS PTE. LTD. #+ 195.7 Wholesale - Electrical / Electronics
10 WILLIAMS-SONOMA SINGAPORE PTE. LTD. 194.0 Wholesale - General Wholesale Trade
11 GO SUSHI PTE. LTD. ^ 156.3 Hospitality / F&B - Food Establishments
PACIFIC CENTURY REGIONAL
12 155.4 Holdings - Investment / Holding Activities
DEVELOPMENTS LIMITED
Property - Real Estate Investment /
13 OXLEY HOLDINGS LIMITED * 147.5
Developers
Information & Communications - Computer /
14 GARENA ONLINE PRIVATE LIMITED 133.0
E-Commerce / IT related
15 KEPPEL DATA CENTRES PTE. LTD. * 124.9 Holdings - Investment / Holding Activities
Information & Communications - Supporting
16 NUCLEUS CONNECT PTE. LTD. * 119.9
Infocomm
17 BRAHMAN PURE ALPHA PTE. LTD. 119.8 Holdings - Investment / Holding Activities
18 LF CREDIT PTE. LTD. # 117.7 Finance - Others
Wholesale - Transport Equipment /
19 SWEE SENG MOTORS PTE. LTD. ^* 116.2
Accessories
20 HEMERA INTERNATIONAL PTE. LTD. 108.6 Wholesale - General Wholesale Trade
21 LIBERTY COMMODITIES ASIA PTE. LTD. * 106.7 Wholesale - General Wholesale Trade
22 SOVERUS PTE. LTD. ^ 106.6 Services - Security
Wholesale - Construction Materials /
23 MRI GROUP PTE. LTD. * 101.7
Hardware / Metals
TORONTO DOMINION (SOUTH EAST ASIA)
24 95.9 Finance - Banking Services
LIMITED
25 SEARCHASIA CONSULTING PTE. LTD. ^* 95.4 Services - Employment Agencies

# Repeat winners for the last year – 15 companies

+ Repeat winners for the last two years – 6 companies
^ SME companies – 13 companies
* Home-grown companies – 28 companies

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FG50
CAGR
2016 Company Business – Industry Classification
(%)
Rank

Information & Communications - Computer

26 IGG SINGAPORE PTE. LTD. # 93.2
/ E-Commerce / IT related
Wholesale - Construction Materials /
27 UIL (SINGAPORE) PTE. LTD. #* 92.4
Hardware / Metals
28 PARK HOTEL MANAGEMENT PTE. LTD. ^* 91.0 Hospitality / F&B - Hotels
Transport/Storage - Supporting / Auxiliary
29 CWT LIMITED #+* 80.6
Transport / Post Activities - Others
30 THORCO SHIPPING PTE. LTD. ^ 79.5 Transport/Storage - Transport - Marine
ULTRABULK SHIPHOLDING (SINGAPORE)
31 79.4 Transport/Storage - Transport - Marine
PTE. LTD.
Transport/Storage - Supporting / Auxiliary
32 C & P HOLDINGS PTE LTD #+* 78.9
Transport / Post Activities - Others
Wholesale - Solid / Liquid / Gaseous Fuels
33 GLOBAL ENERGY RESOURCES PTE. LTD. # 78.0
and Related
34 BANK OF AMERICA SINGAPORE LIMITED 77.7 Finance - Banking Services
Property - Real Estate Investment /
35 TRANSURBAN PROPERTIES PTE. LTD. #+* 73.4
Developers
Wholesale - Construction Materials /
36 RAFFEMET PTE LTD #+* 72.8
Hardware / Metals
Wholesale - Solid / Liquid / Gaseous Fuels
37 PETROEAST SINGAPORE PTE. LTD. * 72.6
and Related
38 AIR ONE AVIATION PTE. LTD. ^* 72.4 Services - Entertainment / Leisure
39 APS ASSET MANAGEMENT PTE LTD ^* 71.4 Finance - Investment / Stockbroking
Services - Education / Training /
40 LITHAN ACADEMY PTE. LTD. ^* 67.8
Development
41 VANCE GROUP LTD. * 66.2 Mfg - Chemical / Chemical Products
42 MJI UNIVERSAL PTE. LTD. * 64.4 Wholesale - General Wholesale Trade
DYMON ASIA CAPITAL (SINGAPORE) PTE.
43 62.4 Finance - Investment / Stockbroking
LTD. #+
44 EDF TRADING SINGAPORE PTE. LIMITED 61.9 Wholesale - General Wholesale Trade
Information & Communications - Computer
45 DECLOUT LIMITED #* 60.3
/ E-Commerce / IT related
MOTOROLA SOLUTIONS SINGAPORE PTE.
46 59.0 Mfg - Electrical / Electronics
LTD.
47 ENG GUAN BUILDING MATERIALS PTE LTD ^* 58.8 Retail - Appliances / Articles / Equipment
Services - Consultancy / Business
48 ASIA PACIFIC INTERTRADING PTE. LTD. 57.5
Activities
49 APAC COMMODITIES PTE. LTD. ^* 57.1 Wholesale - General Wholesale Trade
Information & Communications - Computer
50 SOFTWAREONE PTE. LTD. # 56.7
/ E-Commerce / IT related

# Repeat winners for the last year – 15 companies

+ Repeat winners for the last two years – 6 companies
^ SME companies – 13 companies
* Home-grown companies – 28 companies

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APPENDIX 2

FASTEST GROWING 50 AWARDS METHODOLOGY

Ranking period is over 4 financial years.

For the 2016 FG50 awards, the financial years considered are from 1 June 2012 – 31 May
2015.

In addition to the ranking criteria of the Singapore 1000 and Singapore SME 1000 (ref.
www.dpgroup.com.sg/s1000 for full ranking methodology and criteria), companies need to
fulfil the following to qualify for consideration as a Fastest Growing 50 company:-

1. Must have 4 full years of operations.

2. Be ranked in the Singapore 1000 and Singapore SME 1000.
3. Must demonstrate 10% sales/turnover growth or better every year for each of the 3 years
and must be profitable for all 3 years.
4. Companies’ financials must be certified true and fair according to auditors for all 4 years.

The final order of position is from the last 3 years’ CAGR growth (in percentage) in
sales/turnover, in descending order.

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APPENDIX 3

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ABOUT
DP INFORMATION GROUP

DP Information Group (DP Info) is part of Experian, one of the world’s largest credit
reference agencies. A veteran of close to 4 decades, DP Info uses its unique knowledge of
Singapore’s business community to provide research, ratings and rankings that help clients
make better decisions. DP Info’s key services include:

 QuestNet - An online information portal used by 98% of Singapore’s financial institutions

and 75% of leading law firms
 DP Credit Ratings – a proprietary credit rating model that reliably predicts the probability
of company default
 DP SME Commercial Credit Bureau – a member-based platform where the payment
records of each members’ clients and suppliers are shared
 SME Advisory – Singapore’s one-stop business advisory centre for entrepreneurs and
business owners
 DP Credit Bureau – which analyses the credit records of millions of Singaporeans to
assist financial institutions make lending decisions
 The Singapore 1000 Family of Awards – Singapore’s most prestigious definitive
corporate awards, honouring the nation’s best performing companies

For more information, visit www.dpgroup.com.sg

UEN 198302653E

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