7 Sept 2007
Indian companies lead this year’s list
SINGAPORE: IOI Corp Bhd made it to the third annual Forbes Asia Fabulous 50 List for the second year in a row, again becoming the sole Malaysian company to get on the list thus far.
Forbes noted that IOI Corp, Malaysia's largest palm oil producer, posted sales of US$2.518bil and had a market value of US$8.857bil.
The Fabulous 50 List, which appears in the Sept 17 issue of Forbes Asia, covers only companies with revenues or market capitalisation of at least US$5bil, and a five-year record of operating profits and return on equity. Other criteria include long-term profitability, sales and earnings growth, stock price appreciation and projected earnings.
Indian companies led this year's list with 12, followed by Taiwan with 10 and seven companies from China.
“Four of India's information technology outsourcing companies made the cut including the biggest, Tata Consultancy Services that writes software for leading American firms.
“Most of the Indian firms on the list, however, did not have to leave home to find success. With a relatively young population of 1.1 billion, India has its own huge market,” Forbes said in a statement yesterday.
The same could be said of China too as all seven companies featured this year also relied on customers within its border.
As for Taiwan, most of the companies represented are from the island's low-profile technology industry and included Hon Hai Precision Industry, Acer, Compal Electronics and Taiwan Semiconductor Manufacturing.
Forbes said companies on the list were also supplementing organic growth with acquisitions, such as India's Tata Steel, Doosan Infracore of South Korea and Acer.
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