Jakarta. State-owned telecommunications company Telkom once again becomes Indonesia's most valuable brand of 2021, according to brand valuation consultancy Brand Finance Indonesia.

Brand Finance Indonesia recently unveiled its 2021 list for the top 100 most valuable Indonesian brands, in which Telkom ranked first with a brand value of $3.9 billion.

Telkom’s brand value in 2021 saw a 19 percent decline from around $4.8 billion in 2020. The company, however, still managed to claim the first spot for the fifth consecutive year. 

State-owned bank BRI ranks as the second most valuable brand for 2021, with a brand value of around $3 billion. BRI's brand value dropped by 12 percent from around 3.5 billion in 2020. 

The Top 10 also includes household names such as private bank BCA, state bank Mandiri, and tobacco producer Sampoerna, among others. 

According to Brand Finance Indonesia managing director Jimmy Halim, the total value of Indonesia's top 100 most valuable brands fell 16 percent to $34.2 billion, given that the country still battles with the Covid-19 pandemic. 

The banking sector continues to dominate the Top 10 most valuable Indonesian brands.

“Four banks [BRI, BCA, Mandiri, BNI] in the top 10 have a combined brand value of $9.3 billion,” Jimmy said at the Brand Finance Indonesia Top 100 event last week.

Telecommunication giant Indosat Ooredoo even climbed several spots, jumping from 15th last year to the 10th place in 2021. 

Indosat Ooredoo is the only company in the top 10 to record a brand value growth. The company recorded a brand value of $715 million in 2021, up 31.5 percent from its 2020 figures, which reached $544 million, Brand Finance Indonesia reported.

“Brand Finance also determines the relative strengths of brands through a series of metrics that evaluate the marketing investment, stakeholder equity, and business performance,” Jimmy said.

Based on the said metrics, Brand Finance named BCA as Indonesia’s strongest brand of 2021. BCA scored a brand strength index (BSI) of 91.6 out of 100, with a brand strength rating of AAA+. Followed by Telkom Indonesia and Bank Mandiri with BSI scores of 87.1 and 86.9 respectively.

Data shows that chocolate confectionary Silver Queen records a brand value to enterprise value ratio of 58 percent, making it the brand with the highest intangible value. Vegetable oil Bimoli is also the fastest growing brand in Indonesia as of 2021, with a brand value growth of 56.1 percent compared to the previous year.

“We hope that more Indonesian brands will be able to compete in the global market, so they can enter the Global 500 Most Valuable and Strongest Brands,” Sutan Banuara, the director at Brand Finance Indonesia, said.

Last month, Brand Finance also announced the Global 500 2022, which included the list of the world’s most valuable and strongest brands.

Telkom was the only Indonesian brand to have made it to Global 500 2022, placing 490th with a brand value of $4.7 billion. Telkom also scored a BSI of 87.5 and an AAA brand rating, Sutan said.