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SINGAPORE : For the first time, Singapore companies have made it to Forbes' annual ranking of big-cap, profitable companies in Asia, with Neptune Orient Lines and SembCorp Industries in the Forbes Asia Fabulous 50 List.
But Indian firms dominated the list, with 12 in the top 50. Taiwan was the next biggest winner with 10 companies, followed by China with seven.
The list looks at companies with revenues or market capitalization of at least US$5 billion (S$7.6 billion) and judges companies on criteria such as long-term profitability, sales and earnings growth, and projected earnings.
Four Indian firms are IT outsourcing companies, including its biggest, Tata Consultancy Services, which writes software for leading American firms and earns nearly all its revenues overseas. But most Indian companies, such as ICICI bank, in the list depend on India's huge domestic market for success.
China may be the world's factory. But all of the mainland's companies, including China Mobile and the Lenovo Group, featured this year also rely on customers within its borders. More China companies would have made the list but transparency remains an issue, said Forbes.
Most Taiwanese firms represented come from its low-profile technology industry. One company that made the list is Hon Hai Precision Industry, a manufacturer that churns out iPhones, PCs and PlayStations. – TODAY/ym
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