BOSTON—As economies and capital markets across the Asia-Pacific region mature, firms are moving beyond rapid expansion to focus on sustained, long-term shareholder value. This is according to a new report from Boston Consulting Group (BCG), released today.

The 2025 Asia-Pacific Value Creators Collection: From Growth to Greatness draws on three decades of research to show how top-performing companies set themselves apart through disciplined governance, strategic focus, and clear communication with investors.

A Closer Look at Five Markets

India has set the pace globally. The country has been delivering an average annual total shareholder return (TSR) of more than 15% over the past decade—the highest among major economies. BCG’s analysis of the country’s top 50 value creators highlights three drivers of this outperformance:

Australia continues to model consistency and discipline. Over the past two decades, ASX-listed firms posted 8% annual TSR on average, with more than 75% of value generated by self-funded revenue growth. While mining and metals and financial institutions still anchor market capitalization, strong returns also came from the technology, pharmaceutical and medtech, and consumer goods sectors.

Southeast Asia has yet to fully convert its economic momentum into investor returns. While Southeast Asia’s market-cap-weighted TSR of 12% aligns with that of its peers, the region’s median TSR stands at just 4%, revealing widespread underperformance. Among countries, Vietnam and Indonesia lead on a median and weighted TSR basis, though Vietnam’s performance is more volatile. By sector, technology, financial services, and metals and mining outperformed, while consumer sectors underdelivered.

China is entering a new chapter of value creation as companies shift focus from scale to value. Historically undervalued in Greater China’s retail-heavy, less-institutional markets, TSR is re-emerging as a strategic priority. Leading firms are delivering superior TSR by aligning business fundamentals, capital strategies, and investor communications.

Japan is demonstrating the power of trust and communication. They are doing this by building investor confidence, with companies using Medium-Term Management Plans to articulate why investors should choose them. Japanese companies maintained strong shareholder returns in 2024, with TOPIX-listed firms posting an average annual TSR of 13% from 2020 to 2024. In BCG’s analysis of large-cap companies (market cap over ¥1 trillion), half of the top ten performers were new to this year’s list. 

Lessons for the Rest of the World

Across markets, BCG identified five themes for promoting higher TSR:

“Growth has long been the headline across Asia-Pacific, but the region is entering a new phase defined by discipline and more maturity,” said Kanchan Samtani , leader of BCG’s Corporate Finance & Strategy practice across the Asia-Pacific region. “There is a lot to learn from Asia-Pacific’s best value creators by better aligning incentives, embracing transparent dialogue with investors, and staying agile amid technological and geopolitical shifts. At a time when resilience is the ultimate edge, Asia-Pacific offers both the roadmap and the results.”

Download the collection here.

Media Contact:
Eric Gregoire
+1 617 850 3783
gregoire.eric@bcg.com

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