The World’s Top 100 Non-Financial MNEs from Developing and Transition Economies Ranked by Foreign Assets

Posted by David Hunkar on 19 September 2020, 1:20 pm

The World’s Top 100 Non-Financial MNEs from Developing and Transition Economies based on Foreign Assets in 2018* are listed in the table below:

Ranking based on Foreign assets	Corporation	Home economy	Industry
1	CK Hutchison Holdings Limited	Hong Kong, China	Retail Trade
2	China National Petroleum Corp (CNPC)	China	Mining, quarrying and petroleum
3	Hon Hai Precision Industries	Taiwan Province of China	Electronic components
4	Sinopec - China Petrochemical Corporation	China	Petroleum Refining and Related Industries
5	Samsung Electronics Co., Ltd.	Korea, Republic of	Communications equipment
6	China COSCO Shipping Corp Ltd	China	Transport and storage
7	Tencent Holdings Limited	China	Computer and Data Processing
8	China National Offshore Oil Corp (CNOOC)	China	Mining, quarrying and petroleum
9	Sinochem Group	China	Chemicals and Allied Products
10	China National Chemical Corporation (ChemChina)	China	Chemicals and Allied Products
11	Huawei Technologies Co, Ltd	China	Communications equipment
12	Petronas - Petroliam Nasional Bhd	Malaysia	Mining, quarrying and petroleum
13	Trafigura Group Pte Ltd	Singapore	Wholesale Metals and Minerals
14	Saudi Aramco	Saudi Arabia	Mining, quarrying and petroleum
15	State Grid Corporation of China	China	Electricity, gas and water
16	Formosa Plastics Group	Taiwan Province of China	Chemicals and Allied Products
17	Legend Holdings Corporation	China	Computer Equipment
18	América Móvil SAB de CV	Mexico	Telecommunications
19	Tata Motors Ltd	India	Motor Vehicles
20	China Communications Construction Company Ltd	China	Construction
21	Vale SA	Brazil	Mining, quarrying and petroleum
22	Hanwha Corporation	Korea, Republic of	Wholesale Petroleum and Fuels
23	China Minmetals Corp (CMC)	China	Metals and metal products
24	Jardine Matheson Holdings Ltd	Hong Kong, China	Wholesale Durable Goods
25	Aluminum Corporation of China (Chalco)	China	Mining, quarrying and petroleum
26	Singapore Telecommunications Ltd	Singapore	Telecommunications
27	Naspers Ltd	South Africa	Telecommunications
28	Wilmar International Limited	Singapore	Food & beverages
29	Geely (Zhejiang Geely Holding Group)	China	Motor Vehicles
30	China State Construction Engineering Corp Ltd (CSCEC)	China	Construction
31	CapitaLand Ltd	Singapore	Construction
32	Guangzhou Yuexiu Group Co., Ltd.	China	Construction
33	Hyundai Motor Company	Korea, Republic of	Motor Vehicles
34	Cemex S.A.B. de C.V.	Mexico	Building materials
35	Fosun International Limited	China	Metals and metal products
36	New World Development Ltd	Hong Kong, China	Construction
37	Sun Hung Kai Properties Ltd	Hong Kong, China	Construction
38	Lukoil OAO	Russian Federation	Petroleum Refining and Related Industries
39	Shougang Group	China	Metals and metal products
40	China North Industries Group	China	Other Transportation Equipment
41	First Pacific Company Ltd	Hong Kong, China	Food & beverages
42	China Power Construction Group Co., Ltd. (PowerChina)	China	Construction
43	Sasol Limited	South Africa	Chemicals and Allied Products
44	Lenovo Group Ltd	China	Computer Equipment
45	Gazprom JSC	Russian Federation	Mining, quarrying and petroleum
46	Oil and Natural Gas Corp Ltd	India	Mining, quarrying and petroleum
47	Midea Group Co Ltd	China	Electric equipment
48	Ooredoo QSC	Qatar	Telecommunications
49	China Three Gorges Corp	China	Electricity, gas and water
50	Genting Bhd	Malaysia	Hotels and restaurants
51	Weichai Holding Group Co., Ltd.	China	Industrial and Commercial Machinery
52	China General Nuclear Power	China	Electricity, gas and water
53	Etisalat - Emirates Telecom Corp.	United Arab Emirates	Telecommunications
54	Quanta Computer Inc	Taiwan Province of China	Computer Equipment
55	Dalian Wanda Group	China	Construction
56	POSCO	Korea, Republic of	Metals and metal products
57	Fomento Economico Mexicano SAB	Mexico	Food & beverages
58	SK Holdings Co Ltd	Korea, Republic of	Petroleum Refining and Related Industries
59	JBS SA	Brazil	Food & beverages
60	Abu Dhabi National Energy Co PJSC (TAQA)	United Arab Emirates	Electricity, gas and water
61	DP World Limited	United Arab Emirates	Transport and storage
62	HNA Technology Co Ltd	China	Electronic components
63	Mobile Telecommunications Company KSC (Zain)	Kuwait	Telecommunications
64	YTL Corporation Bhd	Malaysia	Construction
65	Pegatron Corporation	Taiwan Province of China	Computer Equipment
66	Flex Ltd	Singapore	Electronic components
67	Sabic - Saudi Basic Industries Corp.	Saudi Arabia	Chemicals and Allied Products
68	MTN Group Ltd	South Africa	Telecommunications
69	Haier Smart Home Co Ltd	China	Household Appliances
70	CLP Holdings Ltd	Hong Kong, China	Electricity, gas and water
71	Shangri-La Asia Ltd	Hong Kong, China	Hotels and restaurants
72	Hindalco Industries Ltd	India	Metals and metal products
73	Yankuang Group Co., Ltd.	China	Mining, quarrying and petroleum
74	Cofco Corp	China	Food & beverages
75	WH Group Limited	Hong Kong, China	Food & beverages
76	Hyundai Mobis	Korea, Republic of	Motor Vehicles
77	Galaxy Entertainment Group Ltd	Hong Kong, China	Hotels and restaurants
78	Rosneft	Russian Federation	Mining, quarrying and petroleum
79	Kia Motors	Korea, Republic of	Motor Vehicles
80	Shenzhen International Holdings Limited	Hong Kong, China	Transport and storage
81	Ternium SA	Argentina	Metals and metal products
82	Axiata Group Bhd	Malaysia	Telecommunications
83	Doosan Corp	Korea, Republic of	Electronic components
84	China Huaneng Group	China	Electricity, gas and water
85	Olam International Ltd	Singapore	Food & beverages
86	Sembcorp Industries Limited	Singapore	Electricity, gas and water
87	Grupo Bimbo SAB de CV	Mexico	Food & beverages
88	Beijing Capital Group Co., Ltd.	China	Electricity, gas and water
89	China Energy Engineering Corporation	China	Electricity, gas and water
90	LG Electronics Inc.	Korea, Republic of	Consumer electronics
91	Pou Chen Corp	Taiwan Province of China	Textiles, clothing and leather
92	Wistron Corp	Taiwan Province of China	Computer Equipment
93	China Molybdenum Co Ltd	China	Mining, quarrying and petroleum
94	Bharti Airtel Limited	India	Telecommunications
95	IHH Healthcare Berhad	Malaysia	Health care services
96	Keppel Corp Ltd	Singapore	Other Transportation Equipment
97	Steinhoff International Holdings Ltd	South Africa	Retail Trade
98	Infosys Limited	India	Computer and Data Processing
99	Compal Electronics Inc	Taiwan Province of China	Computer Equipment
100	Empresas COPEC SA	Chile	Wholesale Petroleum and Fuels

* – Data corresponds to the financial year from 1 April 2018 to 31 March 2019.

Source: World Investment Report 2020, UNCTAD

A few observations:

44 out of the 100 firms listed above are from China (incl. HongKong)
The small country of Taiwan is represented by 7 firms mostly from the computer and tech hardware sector

Disclosure: No Positions

Travel and Tourism – Economic Impact 2020: Infographic

Posted by David Hunkar on 18 September 2020, 3:21 am

During this global pandemic it seems silly to discuss about travel and tourism. But it is important to understand the impact of this industry on the economy of many countries. While travel has plunged heavily this year in normal times tourism is a major contributor to the GDP and provided jobs to millions of people. In some tiny countries, tourism is the only industry to speak of.

The following infographic shows some of the important economic impacts of travel and tourism in 2019:

Click to enlarge

Source: World Travel & Tourism Council

Stock Market Participation by Retail Investors is Rising in Brazil

Posted by David Hunkar on 17 September 2020, 3:21 am

Individual investors are participating more in the Brazilian equity market according to an article by Claus Born at Franklin Templeton. He notes that low-interest rate is driving more people looking for yield to the equities. Currently the short-term interest rate, the selic, is at just 2% relative to about 14% four years ago.

So it is not just in the US where people are indirectly forced to invest in stocks with interest on savings earning practically 0%. In Brazil also low-interest rate is leading more savers to invest in the stock market.

From the article:

In this low-yield environment, many of them have started turning to the equity market. The number of trading accounts has been increasing exponentially. Brazil’s stock exchange has seen a surge from around 600,000 accounts in 2008-2017 to nearly three million accounts today.² (See chart below)

Is this the peak of the trend? In our view, probably not. With a population of more than 210 million inhabitants, still less than 1.5% of Brazilians are currently engaged in the stock market. However, new investors are discovering the potential opportunities. Not only are more women investing in Brazil’s market, up from 22% in 2018 to 25% today, but it is attracting growing interest among the younger generations of both genders.³ More than 70% of investors are aged 46 and under, representing more than 25% of value invested in the stock market.⁴

Notes:

2. Source: Brasil, Bolsa, Balcão (B3). Number of individual trading accounts in Brazil, as of July 30, 2020.

3. Source: B3, as of August 2020.

4. Ibid.

Source: Local Investors Discover Brazilian Stocks, Franklin Templeton

Also see:

Brazil’s “Dutch Disease” is Morphing into “Japanification”, The Emerging Markets Investor

China’s Economic Growth After Coronavirus: WSJ Video

Posted by David Hunkar on 16 September 2020, 11:59 am

The economy of China grew 3.2% in second quarter relative to last year. WSJ notes that China could be the only major economy to grow in 2020. While other countries including the US and developed Europe are struggling to contain the corona virus, China is able to focus on economic growth as it first brought the virus under control. For instance, a recent article noted that Wuhan, the original epi-center of the virus has seen air traffic and passenger volumes reach pre-pandemic levels recently. This is surprising indeed given that Wuhan seemed to collapse earlier this year.

Source: WSJ

The World’s Top 100 Non-Financial MNEs based on Foreign Assets 2019

Posted by David Hunkar on 16 September 2020, 4:51 am

The World’s Top 100 Non-Financial Multi-National Enterprises (MNEs) based on Foreign Assets in 2019 are listed in the table below:

Rank based on Foreign assets	Corporation	Home economy	Industry	Foreign Assets ( in million $s)	Total Assets ( in million $s)
1	Royal Dutch Shell plc	United Kingdom	Mining, quarrying and petroleum	376 417	402 681
2	Toyota Motor Corporation	Japan	Motor Vehicles	307 538	485 422
3	BP plc	United Kingdom	Petroleum Refining and Related Industries	259 860	295 194
4	Softbank Group Corp	Japan	Telecommunications	253 163	343 306
5	Total SA	France	Petroleum Refining and Related Industries	249 678	273 865
6	Volkswagen Group	Germany	Motor Vehicles	243 469	548 271
7	Anheuser-Busch InBev NV	Belgium	Food & beverages	192 138	237 142
8	British American Tobacco PLC	United Kingdom	Tobacco	184 959	186 194
9	Daimler AG	Germany	Motor Vehicles	179 506	339 742
10	Chevron Corporation	United States	Petroleum Refining and Related Industries	172 830	237 428
11	Exxon Mobil Corporation	United States	Petroleum Refining and Related Industries	169 719	362 597
12	Vodafone Group Plc	United Kingdom	Telecommunications	168 394	184 253
13	EDF SA	France	Electricity, gas and water	155 021	340 692
14	CK Hutchison Holdings Limited	Hong Kong, China	Retail Trade	143 367	155 523
15	Honda Motor Co Ltd	Japan	Motor Vehicles	143 180	188 541
16	Enel SpA	Italy	Electricity, gas and water	135 691	192 570
17	Siemens AG	Germany	Industrial and Commercial Machinery	134 634	163 598
18	China National Petroleum Corp (CNPC)	China	Mining, quarrying and petroleum	133 636	595 935
19	Deutsche Telekom AG	Germany	Telecommunications	132 443	191 723
20	BMW AG	Germany	Motor Vehicles	126 609	256 160
21	Microsoft Corporation	United States	Computer and Data Processing	117 460	286 556
22	Johnson & Johnson	United States	Pharmaceuticals	116 200	157 728
23	Apple Computer Inc	United States	Computer Equipment	114 719	338 516
24	Takeda Pharmaceutical Company Limited	Japan	Pharmaceuticals	113 414	118 140
25	General Electric Co	United States	Industrial and Commercial Machinery	112 676	266 048
26	Nissan Motor Co Ltd	Japan	Motor Vehicles	111 795	156 431
27	Eni SpA	Italy	Petroleum Refining and Related Industries	109 441	138 665
28	Nestlé SA	Switzerland	Food & beverages	105 661	132 416
29	Glencore PLC	Switzerland	Mining, quarrying and petroleum	105 588	123 568
30	Telefonica SA	Spain	Telecommunications	105 378	133 540
31	Iberdrola SA	Spain	Electricity, gas and water	102 889	137 462
32	Bayer AG	Germany	Pharmaceuticals	100 947	141 831
33	Hon Hai Precision Industries	Taiwan Province of China	Electronic components	96 897	110 865
34	Tencent Holdings Limited	China	Computer and Data Processing	95 453	137 037
35	GlaxoSmithKline PLC	United Kingdom	Pharmaceuticals	93 156	105 232
36	Sinopec - China Petrochemical Corporation	China	Petroleum Refining and Related Industries	90 492	328 607
37	Engie	France	Electricity, gas and water	89 247	179 502
38	Fiat Chrysler Automobiles	United Kingdom	Motor Vehicles	88 262	110 137
39	Samsung Electronics Co., Ltd.	Korea, Republic of	Communications equipment	87 435	305 544
40	Rio Tinto PLC	United Kingdom	Mining, quarrying and petroleum	87 231	87 443
41	Medtronic plc	Ireland	Instruments and related products	86 701	89 694
42	Nippon Telegraph & Telephone Corporation	Japan	Telecommunications	85 984	212 063
43	ArcelorMittal	Luxembourg	Metals and metal products	85 125	88 092
44	IBM Corp	United States	Computer and Data Processing	82 388	152 186
45	Linde PLC	United Kingdom	Chemicals and Allied Products	82 205	86 612
46	China COSCO Shipping Corp Ltd	China	Transport and storage	81 190	315 020
47	Roche Group	Switzerland	Pharmaceuticals	78 846	85 998
48	Orange SA	France	Telecommunications	76 795	119 415
49	Pfizer Inc	United States	Pharmaceuticals	76 273	167 489
50	Mitsubishi Corporation	Japan	Wholesale Petroleum and Fuels	76 196	166 318
51	Ford Motor Company	United States	Motor Vehicles	75 811	258 537
52	Walmart inc	United States	Retail Trade	74 653	236 495
53	Mitsui & Co Ltd	Japan	Wholesale Metals and Minerals	73 653	108 789
54	Airbus SE	France	Aircraft	69 722	128 521
55	China National Offshore Oil Corp (CNOOC)	China	Mining, quarrying and petroleum	69 517	176 882
56	Christian Dior SA	France	Textiles, clothing and leather	68 261	105 403
57	Novartis AG	Switzerland	Pharmaceuticals	68 049	118 370
58	Huawei Technologies Co, Ltd	China	Communications equipment	67 839	123 344
59	Amazon.com, Inc	United States	E-Commerce	67 166	225 248
60	Sanofi	France	Pharmaceuticals	65 149	126 641
61	Unilever PLC	United Kingdom	Food & beverages	64 569	72 350
62	Enbridge Inc	Canada	Electricity, gas and water	63 989	125650
63	SAP SE	Germany	Computer and Data Processing	63 969	67 642
64	Alphabet Inc	United States	Computer and Data Processing	63 589	275 909
65	Procter & Gamble Co	United States	Chemicals and Allied Products	61 060	115 095
66	Robert Bosch GmbH	Germany	Motor Vehicles	60 199	100 011
67	Fresenius SE & Co KGaA	Germany	Health care services	60 188	75 271
68	Equinor ASA	Norway	Petroleum Refining and Related Industries	60 131	118 037
69	Atlantia SpA	Italy	Construction	59 548	91 685
70	BASF SE	Germany	Chemicals and Allied Products	59 018	97 675
71	Lafargeholcim Ltd	Switzerland	Building materials	58 616	60 376
72	Renault SA	France	Motor Vehicles	57 983	137 240
73	Sinochem Group	China	Mining, quarrying and petroleum	57 275	71 200
74	China National Chemical Corporation (ChemChina)	China	Chemicals and Allied Products	54 090	117 011
75	The Coca-Cola Company	United States	Food & beverages	54 006	86 381
76	Anglo American plc	United Kingdom	Mining, quarrying and petroleum	53 703	55 922
77	Raytheon Technologies Corp	United States	Aircraft	53 551	139 716
78	Mondelez International, Inc.	United States	Food & beverages	53 093	64 549
79	RWE AG	Germany	Electricity, gas and water	51 725	72 110
80	Sony Corporation	Japan	Consumer electronics	50 915	212 295
81	Saudi Aramco	Saudi Arabia	Mining, quarrying and petroleum	50 558	398 434
82	Intel Corporation	United States	Electronic components	49 605	136 524
83	Unibail-Rodamco SE	France	Real Estate	49 099	73 021
84	National Grid PLC	United Kingdom	Electricity, gas and water	49 087	82 918
85	John Swire & Sons Limited	United Kingdom	Transport and storage	48 751	51 317
86	Altice Europe NV	Netherlands	Telecommunications	48 255	53 000
87	Peugeot SA (PSA Peugeot Citroen)	France	Motor Vehicles	47 869	78 371
88	Comcast Corp	United States	Telecommunications	47 137	263 414
89	Danone Groupe SA	France	Food & beverages	47 099	50 957
90	Schneider Electric SA	France	Electricity, gas and water	47 058	50 554
91	Vinci SA	France	Construction	46 754	102 339
92	TC Energy Corp	Canada	Electricity, gas and water	46 428	76 404
93	Legend Holdings Corporation	China	Computer Equipment	46 331	89 647
94	Compagnie de Saint-Gobain SA	France	Building materials	46 204	56 148
95	AstraZeneca PLC	United Kingdom	Pharmaceuticals	45 886	61 126
96	Air Liquide SA	France	Chemicals and Allied Products	45 416	49 052
97	Petronas - Petroliam Nasional Bhd	Malaysia	Mining, quarrying and petroleum	45 031	153 978
98	General Motors Co	United States	Motor Vehicles	45 008	228 037
99	Repsol YPF SA	Spain	Petroleum Refining and Related Industries	44 936	65 036
100	Barrick Gold Corporation	Canada	Mining, quarrying and petroleum	43 803	44 392