Property developer SM Prime Holdings made headlines earlier this week as the first company listed at the Philippine Stock Exchange to have its market capitalization reach Php1 trillion.
SM Prime Holdings is the real estate arm of the SM Group, which is owned by the country’s richest man, Henry Sy. As of end-2016, it operates 67 shopping malls in the Philippines and China, as well as 33 residential projects around Metro Manila and Tagaytay.
While it is the Philippines’ first and, so far, only listed company to reach a market capitalization of at least Php1 trillion, companies of comparable or higher market value (of at least $20 billion) already abound in Southeast Asia.
According to data from Bloomberg, there are 16 other companies in Southeast Asia that have a similar or greater market valuation. (See table)
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Many of these Southeast Asian companies are large banks, while others are in the telecommunications industry. Apart from being the only Philippine company in this group, SM Prime Holdings is the only $20-billion company in Southeast Asia focused on real estate.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH