89 Malaysian companies are on the ASEAN Top 500 list
89 Malaysian companies are on the ASEAN Top 500 list
A total of 89 Malaysian companies were selected in the 2024 ASEAN 500 published by “Fortune” magazine. Among them, the Malaysian stock market leader $MAYBANK(1155.MY$Bank of Malaysia is a well-deserved local leader, ranking 17th in ASEAN with revenue of US$14.15 billion (approximately RM66.7 billion).
The ones that followed closely were, respectively $TENAGA(5347.MY$National energy and $SIME(4197.MY$Mori Nami.
At the same time, China's strongest performer is still in the financial sector. A total of 10 financial companies are on the list, 8 of which are banks.
According to a statement issued by Fortune, Bank of Malaysia ranked 11th among the top 20 companies in terms of profitability. $CIMB(1023.MY$CIMC International ranked 17th, as far as $PBBANK(1295.MY$Public Bank is ranked 19th.
On the other hand, well-known industrial developers -- $MAHSING(8583.MY$Ma Xing Group also made it into the ASEAN Top 500, ranking 425th with revenue of 571 million US dollars.
According to the world-renowned business magazine, the ASEAN Top 500 list covers companies from the seven Southeast Asian countries of Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines and Cambodia.
Among them, Indonesia ranked with 110 companies, making it the country with the most companies on the list; Thailand followed, with 107 companies; China ranked third with 89, while Singapore had 84 companies on the list.
Shicheng Toko Group takes the lead
However, in terms of the quality of the list, Singapore has a clear advantage. Singaporean commodities trader Trafigura (Trafigura), which is engaged in the mining, metals and energy business, topped the list with revenue of US$244.280 billion (approximately RM1.15 trillion).
Meanwhile, in the top 10 ASEAN 500, Singaporean companies occupy half of the country, including those ranked 4th, under Guo Helian, the richest man in China $Wilmar Intl(F34.SG$Fengyi International is the highest ranked company in the non-energy industry.
The top of the list is PTT in Thailand, and Pertamina is Indonesia's Pertamina, all of which are energy companies.
On the other hand, 9 banks are among the 20 most profitable companies, and Singapore's DBS Bank is in a leading position in terms of revenue and profitability.
Clay Chandler, executive editor of the Asian edition of “Fortune,” said that the ASEAN Top 500 reflects that this dynamic and rapidly changing region originated from a core economic growth rate significantly faster than Europe or the United States.
“To a certain extent, the importance of ASEAN in the global economy has greatly increased, especially since many of the world's top 500 multinational companies have moved more supply chains to ASEAN countries.”
Source: Nanyang Siang Pao
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