Discussion Material

Market Study to Conglomerates’ Regional and

Digital Expansion Strategy

Prepared for: Sinarmas Group

Nomura Research Institute Singapore Pte Ltd.

Consulting Division

January 2021
1. Background & Objectives

NRI is conducting a research study in conglomerate’s overall, partnerships,

regional expansion and digital strategy

Summary
◼ Background: Nomura Research Institute (NRI) is one of the largest management consulting and IT solutions firms in Japan,
serving over 90% of Fortune 100 JP companies
◼ Objective: We are currently conducting a market research study into huge conglomerates’ Overall, Partnerships, Regional,
and Digital strategies

Agenda
◼ Discussion on Overall Strategy
◼ Discussion of Partnerships
◼ Discussion on Regional Strategy
⚫ % split of revenue in various regions
⚫ Future regional expansion plan
◼ Discussion on Digital Strategy
o Summary of digital strategy (DX1.0 and DX2.0)
o Breakdown of DX1.0
o Breakdown of DX2.0

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 1

Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 2

(ID) Sinarmas Group – Organisation Structure

Basic Information Questions

1. What is the high-level strategy and
◼ Sinar mas develops a wide range of businesses, including plantation management, finance and venture investment, with a focus on the
direction of the group in terms of sector
papermaking business, which has a 70% share in Indonesia, and the real estate business, which is represented by BSD, Deltamas, etc.
and regions?
Company Business
2. How does the group companies operate
together (internal systems)?
Core Core operating
Overview 3. Maindoes
How firms
the group findcompany
synergies
Item Contents Business
between each other (i.e. how much
investment to put in each company etc.)
• Unlisted companies. In Indonesia, • APP/PT Indah Kiat
Company Sinarmas Group Paper the company holds a 70% share.
• APP
4. Pulp & Paper
How does the group expand Tbk等
its business
usually? (M&A, JV, Partnerships, Spin-Off
• Golden Agri-
and why?)
Main business Papermaking, Real Estate, Agri-Energy Agri • Palm plantations, etc.
Resources Ltd
• Same left

Power • Thermal power generation, mine • PT Dian Swastatika

Main Region Indonesia • Same left
Mines development Sentosa Tbk

Total sales • Banks, life insurance, securities, • PT Sinar Mas

Finance non-banks, etc. Multiartha TBK
• Same left
(only main ~US$12,269M(Estimated sales*)
companies)
Real • Real estate development and • Sinarmas Land
• Same left
Estate industrial zone development Limited
Year 1938
• PT Smartfren
Telco • Telecommunications Services
Telecom Tbk
• Same left
• Founded by Eka Tjipta Widjaja and now run
by sons Communication
Real estate
• The core is the papermaking business, Estimated sales 7.0%
which has the largest share in Indonesia, base ratio Financial 3.9%
and real estate development mainly in Agri
Summary 12.9% 38.0%
Indonesia.
• In addition, the financial industry is widely
operated by banks and life insurance
16.5%
companies. Collaborating with Yahoo Japan Power and mine development
subsidiaries to advance venture investments
21.8%
Paper
*Estimated sales: The sum of the companies up to the grandchild company that have taken the sales figure
Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 3
 (ID) Sinarmas Group – Organisation Structure

Basic Information – Organisation Structure（*Major companies Questions

only）
We note that under the group, each company
or subsidiary operates their business
individually/separately:
PT Sinarmas Group 1. In such case, how is decision making by
(Family-run Holding the Group (parent company) done or
Company) does the respective subsidiary make their
own decision (i.e. is there any direction to
follow from the parent group)?
2. For companies where family members are
100% 76.5% 50.5% 70.3% not58.9%
involved in (automobile/retail),
59.9% what
is the decision making process like? (i.e.
PT Sinar
theMas
company CEO/ PTmanagement
Dian Swastatika
team
PT Smartfren Golden Agri- Sinarmas Land
Asia Pulp & Paper Multiartha TBK Sentosa Tbk
makes their own decision?)t
Telecom Tbk (Telco) Resources Ltd (Agri) Limited (Real Estate)
(Paper) (Finance) (Mining, Energy)
[Listed in ID] [Listed in SG] [Listed in SG]
[Listed in ID] [Listed in ID]

Sales Sales Sales

Sales = 626.4USDm Sales = 2,682.6USDm
= 6,655.8USDm = 671.9USDm = 1,605.9USDm

59.7% 53.3% 99.9% 92.4% 64.8% 57.3% 86.9%

PT Pabrik Kertas PT Indah Kiat Pulp PT Sinar Mas Agro PT Bumi Serpong PT Puradelta Golden Energy and
PT Lontar Papyrus
Tjiwi Kimia TBK & Paper Tbk Resources and Damai Tbk (Real Lestari Tbk (Real Resources Limited
Pulp & Paper
(Paper) (Paper) Technology Tbk Estate) Estate) (Mining, Energy)
Industry (Paper)
[Listed in ID] [Listed in ID] (Agri) [Listed in ID] [Listed in ID] [Listed in ID] [Listed in SG]

Sales = 870.0USDm Sales = 2,948.2USDm Sales = 591.3USDm Sales Sales

Sales = 2,689.0USDm Sales = 144.0USDm
= 433.9USDm = 1,214.4USDm

88.6% 97.0% 69.1%

PT Plaza Indonesia PT Golden Energy

PT Duta Pertiwi
Realty Tbk (Real Mines Tbk
Tbk (Real Estate)
Estate) (Mining and
[Listed in ID]
[Listed in ID] Energy)

Sales = 141.5USDm Sales = 87.3USDm Sales =1,187.9USDm

*孫会社までのうち、一定売上以上の上場企業
Note(s): Only companies with logo will be considered for the subsequent slides
Source: Annual Reports, Capital IQ, Expert Interview, SPEEDA | Sales figures are from 2019 Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 4
 (ID) Sinarmas Group – Organisation Structure Questions

Management members [Family Management]

◼ Apps that hit the HD of paper companies are unlisted and have not been made public. 1. Does the management usually stick by
their own family members to stick on the
◼ For agri, real estate and energy, the Widjaja family occupies the CEO leadership team (CEO or Board)?

CEO & other board member 2. How are each family members involved
Sector Main Subsidiaries in the business (i.e. their responsibilities)?
Title name Who
3. How much of their
from decision
Trisakti do you think
Paper Indah Kiat Pulp and Paper President Director Hendra Jaya • graduated in Economics
Kosasih University in Jakarta. He started his strategy (i.e.
would affect each business
its subsidiaries)?
(2017-) career at Prasetio, Utomo & Co. in
1984. He joined the Company in1987.
4. Do they join as a leadership position
Agriculture Golden Agri-Resources President Director Franky Oesman directly
• Son of founder( inTjipta
Eka the firm, or they start as a
Widjaja)
Widjaja junior in the firm or do they go out from
other companies first before coming back
Executive Director Muktar Widjaja • Son of founder(
to helpEka Tjipta
with theirWidjaja)
family business?
and President
[Non-Family Management]
Real Estate Sinarmas Land Chief Executive Michael Widjaja • Ground son of founder( Eka Tjipta
Officer & Executive Widjaja)
1. How does the company usually involve
Director the non-family members in the
Executive Chairman Franky Oesman management?
• Son of founder( Eka Tjipta Widjaja)
Widjaja

Financial PT Sinar Mas Multiartha Tbk President Director Doddy Susanto • Started a career as Credit
Services Administration Staff in PT Bankap
(May 1985-July 1986)

Telco PT Smartfren Telecom Tbk President Director Merza Fachys • -

Energy PT Dian Swastatika Sentosa President Franky Oesman • Son of founder( Eka Tjipta Widjaja)
Tbk commissioners Widjaja
Vice President Indra Widjaja • Son of founder( Eka Tjipta Widjaja)
commissioners
Source(s): Sinarmas Group website, Articles Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 5
Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 6

 (ID) Sinarmas Group

Collaboration / Relationship with other companies Questions

◼ There have been collaborations with partners in their respective fields, but there are many partnerships with Japanese
1. Which countries does your company
companies. focus on for collaboration opportunities?
2. Are there plans to partner/collaborate
Relationship with other companies with Chinese & Japanese companies in
Sector Main Subsidiaries
Company Name Nationality Reason for collaboration/ How? future?
1. For such
Paper Asia Pulp and Paper - - -
partnerships/collaboration,
Products (APP)
what would be the industry to
Agriculture Golden Agri-Resources RCMA Brazil Brazil • Acquisition of RCMA Brazil in November focus on and
2019 the presence
to grow reason (ifin
any)?
Brazil, which is one of the biggest sugar exporters worldwide
(Multiple NGOs) Various • Partnerships with AVPN, Greenpeace 2. Ifand
no,other
whatorganizations
are you lookingin for
your future partnership
order to ensure adherence to company’s sustainability policy
opportunities and why?
Real Estate Sinarmas Land Mitsubishi Corporation, Japan, • Partnership in September 2020 to develop smart and sustainable
Surbana Jurong Singapore transit-oriented developments (TOD) in BSD City
3. What do you require/look out for in
Sojitz Corporation Japan • Joint venture to further expandpartnering
Deltamascompanies? (e.g.
City Industrial customer
Park in
segment
March 2017 to acquire and develop expansion,
~130ha of newvalue
land chain etc.)
AEON Japan • Joint venture to opened Indonesia’s first AEON mall in May 2015 in
BSD City, bringing popular Japanese franchises to Indonesia
Itochu Corporation, Japan • Joint venture announced in October 2017 to build Aerium, a
Shimizu Corporation compound of townhouses and towers in Taman Permata Buana
Hongkong Land Hong Kong • Joint venture to construct NavaPark in BSD City back in October
2014, one of the most elite residential areas in the city
Financial PT Sinar Mas Multiartha - - -
Services Tbk
Telco PT Smartfren Telecom Tbk Cisco USA • Partnership with Cisco in February 2020 to be their digitization
partner to create digital services data center architecture in
Indonesia
Energy PT Dian Swastatika Sentosa MyRepublic Singapore • Expansion of strategic partnership with MyRepublic Singapore in
Tbk August 2017, after an initial $3.5m investment into MyRepublic back
in May 2014 for equity ownership

Source(s): Sinar Mas Group Annual Reports 2019, News Articles Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 7
Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 8

 (ID) Sinarmas Group – Regional Strategy Summary Questions

Regional Expansion Strategy (1/2) In terms of regional strategy, we note 1.

that the group focuses/prioritize on ID
and SG? Is there a reason why? (i.e. Due
◼ Outside domestic industries such as finance, telecommunications, and energy, there has been antoactive extra-external
easier relationships or easier FDI
expansion. In particular, GAR, which manufactures palm oil, will also expand through M&A, suchregulations?)
as securing refining facilities
in China and India. Paper apps also have a large presence in Indonesia and China 1. Are there plans to expand existing
domestic businesses overseas? (i.e.
APP and GAR)
% Split in Global
% Split in Asia Current Operation(s)*
Sector Main Subsidiaries 2. Operation(s) excl. regional
Is there any overall Asia* strategy that
Others
Sinarmas group adopts such as focus on
ID Others> SG PH MY VN TH US while considering
PH EU ME
synergy among
each companies, or across more similar
Paper Asia Pulp and Paper Y Y Y Y Y Y N Y Y Y
APAC countries for the region strategy?
Y
Products (APP) 中核 CH（中
1. Why do they want to focus on PH?
核）
Is it because the business model
can be replicated to PH or that the
Agriculture Golden Agri- 17% 83％ Y Y Y Y Y Y Y
customer N
behaviour Y
is the same?
Resources 14％ CH:13%
3. Where are the existing and future IN:25%
regional focus in the operations of
Real Estate Sinarmas Land 96% Y <1% N 1% N N Sinarmas
N Group?
3% Why and
N how areY they
looking to expand to the future regions?
CH:
<1%

Financial PT Sinar Mas 100% N N N N N N N N N N

Services Multiartha Tbk

Telco PT Smartfren 100% N N N N N N N N N N

Telecom Tbk

Energy PT Dian Swastatika 55% Y <1% 1% <1% <1% <1% N N N Y

Sentosa Tbk CH:26%
IN:15%

Note(s): * Dark blue refers to having subsidiary in the region. Light blue refers to no subsidiary in the region; but have partnerships or different methods of participation
Source(s): Sinar Mas Group Annual Reports 2019, News Articles Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 9
 (ID) Sinarmas Group – Regional Strategy Summary
Regional Expansion Strategy (2/2)
◼ Both APP and GAR, which are expanding overseas, tend to retain manufacturing bases in the target country. They are expanding into India & China.
Future Regional Expansion
Sector Main Subsidiaries
Strategy/Plan
Paper Asia Pulp and Paper • (To India) by setting up
Products (APP) production/operations
facilities in India
• (To Canada) by acquisitions
such as Catalyst Paper
Agriculture Golden Agri-Resources • (To China and India) by
acquisitions of facilities like
storage facilities and refineries
in these countries
• (To EU and USA) by working
with distributors in both
regions
Real Estate Sinarmas Land • (To UK and EU) by acquiring
commercial assets in both
regions
• (To ASEAN) by partnerships
and joint ventures in China,
Malaysia and Singapore
Financial PT Sinar Mas Multiartha • Currently only focusing on
Services Tbk Indonesia
Telco PT Smartfren Telecom • Currently only focusing on
Tbk Indonesia
Energy PT Dian Swastatika • Currently only focusing on
Sentosa Tbk current area
Source: Sinarmas Group Annual Reports 2019, News Articles
Elaboration / Background
• Current strong presence in Indonesia and China with major subsidiaries
such as PT Indah Kiat and Ningbo Zonghua
• Future expansion plans to focus on India with project such as US $3.5
billion project to build a paper mill in Andra Prakasam region, due to close
Samewhich
proximity to the East Coast and China question
has as previous
growing page for
demand
materials
• Future expansion plans to focus on Canada by acquisitions of three pulp
and paper mills in Crofton, British Columbia as of 2019 with APP’s Canada
subsidiary, Paper Excellence
• Current strong presence within Indonesia, India and across Asia with
>65% of revenue
• Plantation farm is only in ID but has refining asset in India and china.
• Future expansion plans within Asia such as equity investment of 70% into
Gemini Edibles & Fats India (GEFI) in 2014 to expand presence in India
• Future expansion plans outside Asia to EU and China with distributors’
partnership agreements
• Current strong presence within Indonesia with >90% of revenue
• Future expansion plans to UK and ASEAN by getting multiple projects
either through organic growth, acquisitions of properties or joint ventures
with other companies
• Current focus to stay in Indonesia
• Current focus to stay in Indonesia
• Only coal/mining trading expand to global.
Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 10
Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 11

 (ID) Sinarmas Group – Digital Strategy Summary

Digital Strategy Questions

◼ Business efficiency improvement by digitizing workflows is carried out by each company. At GAR, we1.willFrom the Sinarmas
manage family, do of
the traceability they
allhave a
focus on digitalisation?
products, optimize inventory, and reform the supply chain involving related business partners.
2. Is there any group strategy for
◼ digitalisationDX
or are there any KPIs for
Phase
Main
Sector Digital Strategy implementing/adopting digitalisation?
Subsidiaries 1.0 (Front)
What is the current 2.0digital
and future (Eco)
strategy of your company? (In house or
Paper Asia Pulp and - Digitization of business processes and workflows by using technology for product/R&D design and development to
External via partnerships, M&A?) Is there a
making new high quality products such as Sinartech or Quran Paper Product (QPP)
Paper Products long-term roadmap/plan for
(APP) - Digital initiatives to manage environmental impact by using efficient and environmental friendly technology for
digitalisation?
production to ensure a clean and more green production ✓ 
3. What specific digitization strategy is the
- Digital initiatives to manage fire hazards by using hazard management technology such as fire danger rating system
group looking to adopt? (i.e. front end,
(FDRS), thermal and mini satellites. They are used to guide the movement and frequency of patrols carried out by
firefighters to manage fire hazards in their operations back end, or ecosystem) and what type
(IoT, Blockchain..) and why the
Agri- Golden Agri- - prioritisation?
Digitalisation of business process and workflows by using precision technology for efficient production such as
precision agriculture and other technology solutions for plantations
culture Resources 4. Is the company looking
- Usage of integration technologies for supply chain management. These technologies integrate through
✓ to invest✓into
digital/technological start-ups going
mechanisation and automation to ensure traceability across the supply chain
forward? (to incorporate new tech into
Real Estate Sinarmas Land - Digital Participation in multiple property projects with focus on the digital economy / smart cities existing businesses)
- Digital Partnerships with Grab, Microsoft to develop a digital ecosystem
✓ ✓
Financial PT Sinar Mas - Digitalisation of customer acquisition methods using e-products that include insurance, lending, borrowing and
others such as klikasuransiku.com
Services Multiartha Tbk
- Digitalisation of customer management methods using e-products for insurance such as SiJi Access portal for
✓ 
insurance claims and monitoring

Telcos PT Smartfren - Digitalisation of customer acquisition methods using of e-SIM technology instead of traditional physical SIM card to
formulate the transition to the digital era for more customer acquisition channels
Telecom Tbk
- Digitalisation of backend technology quality and technology by using more advanced Massive Multiple-Input-
Multiple-Output (MIMO) to increase stability and strengthen connectivity for customers
✓ 

Energy PT Dian Swastatika - Digitalisation of business process to optimise information technology service costs using an information technology
infrastructure library continual improvement v3 system
Sentosa Tbk
-
Digital Investment in MyRepublic for their multimedia business in Indonesia, poised for growth amidst pandemic
✓ 
backdrop and to grow in market share
Source: Sinarmas Group Annual Reports 2019, News Articles Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 12
 (ID) Sinarmas Group – DX 2.0 Business Strategy

Venture Investment by EV Growth Fund

◼ Together with its Yahoo subsidiary, the company has created venture capital (EV growth) and invested in the
following companies: Since 2016, we have invested in around 20 companies.
◼ Five companies will invest in 2020, as follows: There is a lot of investment in Indonesia and Singapore, which are
medium to large companies.
◼ Questions
# Tech Company Name1 Company/ Business Description Industry Where?
1. For the digital investments, does Sinarmas
have a focused location, industry and
1 waresix logistics platform for freight-forwarding, warehouse, and land Logistic Indonesia
technology type (loyalty, AI, 5G)?
transportation.

2 Traveloka an online travel aggregator that helps customers choose and Travel Indonesia
book their next travel location.

3 Koinworks financial lending platform geared towards helping small to Finance Indonesia
medium-sized businesses in Indonesia.

4 ShopBack digital loyalty and discovery platform e-commerce company Finance Singapore
offering a smarter way to shop

5 Homage complete solution that combines technology and the best care Other-tech Singapore
professionals to enable seniors to age at home with dignity

Source(s): Crunch Base Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 13
Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 14

 (ID) Sinarmas Group – Implications of Covid-19

Changes in strategy and measures from Covid-19

◼ With regard to Covid-19 support, the agri-area has switched from collaboration through field surveys of local
suppliers to online tools. In other areas, we will pay close attention, but there have been no major changes.

Sector Main Subsidiaries Changes in Strategy from Covid-19

Paper APP/PT Indah Kiat • (Unchanged) PT Indah Kiat strategies remains unchanged, citing that the company will continue to closely
Pulp and Paper Tbk monitor, evaluate and actively respond to mitigate any adverse impact from Covid-19 on its operations,
Questions
which has yet to require the company from making any drastic adjustments
1. Did anything change BECAUSE of COVID-
19 in your group and your company?
Agriculture Golden Agri- • To shift GAR’s focus from fieldwork to industry-wide collaboration due to the prohibition of business
Resources Ltd travel from Covid-19, disallowing on-the-ground activities to suppliers and communities located in far-
flung, rural areas
• Fieldwork was a considerable component of sustainability transformation by GAR, with the access
restriction (travel ban), the company had to re-channel its specific fieldwork effort into industry-wide
collaboration by working with customers and NGOs to improve the sustainability performance of third
party suppliers
Real Estate Sinarmas Land Ltd • (Unchanged) Despite Covid-19 pandemic in the backdrop, Sinarmas Land maintains a positive view for
urban development in a post-pandemic connected world, and continued to embark on new project
ventures with prominent developers and enterprises in 2020 (Mitsubishi Corp, Surbana Jurong, etc.)

Finance PT Sinar Mas • No available info

Multiartha Tbk

Telco PT Smartfren • (Unchanged) PT Smartfren has continuously assessed the impact of Covid-19 towards the company’s
Telecom Tbk business and operations, highlighting that there are no material uncertainty that would adversely impact
its operations

Energy PT Dian Swastatika • (Unchanged) PT DSSA is still focused on completing its business expansion agenda in 2020 in the energy
Sentosa Tbk and coal mining sector despite the Covid-19 pandemic outbreak (i.e. the company is looking to complete
its Kalteng-1 Steam Power Plant (PLTU) project without disruption)

Source(s): Sinar Mars Group Annual Reports 2019, News Articles Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 15
Agenda

1. Discussion on Overall Strategy

2. Discussion on Partnerships
3. Discussion on Regional Strategy
4. Discussion on Digital Strategy
5. Discussion on COVID Strategy
Appendix A - Introduction to Nomura Research Institute (NRI)

Copyright（C） Nomura Research Institute, Ltd. All rights reserved. 16

Appendix - Introduction to Nomura Research Institute (NRI)

Nomura Research Institute (NRI) is one of the largest management consulting

and IT solutions firms in Japan, serving over 90% of Fortune 100 JP companies

Spin-off of Nomura Securities

NRI was founded in 1965, as a spin-off of Nomura Securities
NRI’s largest share holder is Nomura Securities Group

Top Tier Consulting Firm from Asia

NRI was founded as the first privately-owned think-tank in Japan,
solving a broad range of issues for early-stage startups to Fortune 100 companies

Top IT Solution Provider

NRI provides IT services & solutions to;
• Automotive & Manufacturing sector
• Retail & Service sector
• Healthcare & FMCG sector
• Financial sector : Stock market, Banking, and Insurance

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Appendix - Introduction to Nomura Research Institute (NRI)

Our global footprint of offices and strategic partnerships enable us to provide

end-to-end consulting services that define the hallmark of Japanese quality

Established in 1965 in Japan, listed at Tokyo Stock Exchange since 2001

Total of 12,000+ employees, including 2,200 consultants
Annual revenue of 3.9 billion USD (FY2018)

Global footprint with 42 offices in 14 countries

Strategic partnership with :

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Appendix - Introduction to Nomura Research Institute (NRI)

With offices across Europe, Asia and North America, NRI Group advises clients
on issues focusing on emerging Asian countries for key growth opportunities

Europe Japan North America

NRI Moscow Branch [Oct 2008] NRI Tokyo Office NRI Holdings America[Apr 2014]
NRI Europe Nagoya Liaison Office NRI America [Jan 1967]
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NRI Taiwan [Aug 1994] 2009]
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Manila Branch [Sept 1997] Bejing Office [Oct 2005]
NRI Indonesia [Apr 2012] NRI Beijing
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ASG (in Australia) [1996]
Asia Pacific China

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 Appendix - Introduction to Nomura Research Institute (NRI)

Focusing on NRI Singapore, we offer services from strategy, operations,

technology consulting to IT solutions / services implementation

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Management Systems Industrial IT Solutions

Consulting Service Consulting Service
▪ ERP Package (QAD, Intercom, McFrame)
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