The World’s Top 100 Non-Financial MNEs by Foreign Assets from Transition and Developing Economies 2016

Posted by David Hunkar on 13 June 2017, 3:21 am

I posted the list of The World’s Top 100 Non-Financial MNEs by Foreign Assets 2016 yesterday from the World Investment Report 2017 published by UNCTAD.

In this post, let us take a quick look at the top 100 MNE by foreign assets from transition and developing economies. The attached Excel below also shows how much revenue the top MNEs generate from foreign countries relative to total revenue.

The World’s Top 100 Non-Financial MNEs by Foreign Assets from Transition and Developing Economies in 2015 are shown in the table below:

Ranking by Foreign Assets	Corporation	Home Economy	Industry	Foreign assets (in millions of dollars)	Total assets (in millions of dollars)
1	CK Hutchison Holdings Limited	Hong Kong, China	Retail Trade	118 250	133 280
2	China National Offshore Oil Corp (CNOOC)	China	Mining, quarrying and petroleum	66 673	179 228
3	Hon Hai Precision Industries	Taiwan Province of China	Electronic components	64 040	70 244
4	Samsung Electronics Co., Ltd.	Korea, Republic of	Communications equipment	62 294	205 860
5	Petronas - Petroliam Nasional Bhd	Malaysia	Mining, quarrying and petroleum	47 912	139 868
6	China COSCO Shipping Corp Ltd	China	Transport and storage	43 076	55 642
7	Vale SA	Brazil	Mining, quarrying and petroleum	35 338	87 251
8	China Minmetals Corp	China	Metals and metal products	35 165	107 933
9	América Móvil SAB de CV	Mexico	Telecommunications	34 480	74 624
10	Tata Motors Ltd	India	Motor Vehicles	30 589	40 646
11	Cemex S.A.B. de C.V.	Mexico	Stone, Clay, Glass, and Concrete Products	26 830	31 212
12	Hanwha Corporation	Korea, Republic of	Wholesale Trade	26 326	123 783
13	China State Construction Engineering Corp Ltd (CSCEC)	China	Construction	25 472	165 740
14	Singapore Telecommunications Ltd	Singapore	Telecommunications	25 309	32 410
15	New World Development Ltd	Hong Kong, China	Construction	24 990	51 345
16	Formosa Plastics Group	Taiwan Province of China	Chemicals and Allied Products	24 490	102 732
17	Tencent Holdings Limited	China	Computer and Data Processing	24 086	47 308
18	Oil and Natural Gas Corp Ltd	India	Mining, quarrying and petroleum	23 921	53 765
19	China National Chemical Corporation (ChemChina)	China	Chemicals and Allied Products	23 795	51 382
20	Hyundai Motor Company	Korea, Republic of	Motor Vehicles	23 450	140 568
21	Sabic - Saudi Basic Industries Corp.	Saudi Arabia	Chemicals and Allied Products	22 870	87 525
22	China National Petroleum Corp (CNPC)	China	Mining, quarrying and petroleum	22 168	622 018
23	Sinopec - China Petrochemical Corporation e	China	Petroleum Refining and Related Industries	21 943	362 873
24	Legend Holdings Corporation	China	Computer Equipment	21 164	47 220
25	CapitaLand Ltd	Singapore	Construction	20 763	33 227
26	Sun Hung Kai Properties Ltd	Hong Kong, China	Construction	20 565	77 949
27	Wilmar International Limited	Singapore	Food & beverages	20 548	36 926
28	Lukoil OAO	Russian Federation	Petroleum Refining and Related Industries	19 942	67 754
29	Ooredoo QSC	Qatar	Telecommunications	19 429	25 866
30	Etisalat - Emirates Telecom Corp.	United Arab Emirates	Telecommunications	19 359	34 926
31	Jardine Matheson Holdings Ltd	Hong Kong, China	Wholesale Trade	18 809	66 581
32	Fosun International Limited	China	Metals and metal products	18 193	62 820
33	Lenovo Group Ltd	China	Computer Equipment	17 869	24 933
34	Sinochem Group	China	Mining, quarrying and petroleum	17 676	54 682
35	Genting Bhd	Malaysia	Hotels and restaurants	17 055	20 734
36	First Pacific Company Ltd	Hong Kong, China	Food & beverages	16 425	17 199
37	Abu Dhabi National Energy Co PJSC (TAQA)	United Arab Emirates	Electricity, gas and water	16 208	29 617
38	POSCO	Korea, Republic of	Metals and metal products	15 161	68 350
39	Noble Group Ltd	Hong Kong, China	Wholesale Trade	14 863	17 052
40	Tata Steel Ltd	India	Metals and metal products	14 641	26 815
41	YTL Corporation Bhd	Malaysia	Construction	14 412	17 691
42	Naspers Ltd	South Africa	Telecommunications	14 237	16 723
43	Dalian Wanda Group	China	Construction	13 912	139 115
44	JBS SA	Brazil	Agriculture, forestry, & fishing	13 787	30 932
45	DP World Limited	United Arab Emirates	Transport and storage	13 742	20 259
46	Sasol Limited	South Africa	Chemicals and Allied Products	13 402	30 370
47	Quanta Computer Inc	Taiwan Province of China	Computer Equipment	13 367	16 176
48	Gazprom JSC	Russian Federation	Mining, quarrying and petroleum	13 337	230 119
49	Shangri-La Asia Ltd	Hong Kong, China	Hotels and restaurants	13 047	13 285
50	Bharti Airtel Limited	India	Telecommunications	12 527	34 070
51	Fomento Economico Mexicano SAB	Mexico	Food & beverages	11 985	23 561
52	Gerdau SA	Brazil	Metals and metal products	11 941	17 699
53	MTN Group Ltd	South Africa	Telecommunications	11 634	20 156
54	Hindalco Industries Ltd	India	Metals and metal products	11 162	21 155
55	Infosys Limited	India	Computer and Data Processing	11 116	11 379
56	China Mobile Limited	China	Telecommunications	11 008	220 167
57	CLP Holdings Ltd	Hong Kong, China	Electricity, gas and water	10 823	26 317
58	Tata Consultancy Services	India	Computer and Data Processing	10 818	13 448
59	Doosan Corp	Korea, Republic of	Electronic components	10 730	26 824
60	Axiata Group Bhd	Malaysia	Telecommunications	10 613	13 011
61	Flex Ltd	Singapore	Electronic components	10 570	12 385
62	Mobile Telecommunications Company KSC (Zain)	Kuwait	Telecommunications	10 541	11 512
63	Sonatrach e	Algeria	Mining, quarrying and petroleum	10 383	103 830
64	Broadcom Limited	Singapore	Electronic components	10 287	10 592
65	China Electronic Information Industry Group Co., Ltd. (CEC)	China	Computer and Data Processing	10 239	38 205
66	Cofco Corp	China	Food & beverages	10 195	70 682
67	Keppel Corp Ltd	Singapore	Other Transportation Equipment	9 935	20 423
68	San Miguel Corp	Philippines	Food & beverages	9 922	26 599
69	Petroleo Brasileiro SA	Brazil	Mining, quarrying and petroleum	9 899	227 284
70	WH Group Limited	Hong Kong, China	Agriculture, forestry, & fishing	9 573	14 301
71	Reliance Industries Limited	India	Petroleum Refining and Related Industries	9 293	92 484
72	Grupo Bimbo SAB de CV	Mexico	Food & beverages	9 014	11 491
73	Sime Darby Bhd	Malaysia	Wholesale Trade	8 819	16 508
74	Pou Chen Corp	Taiwan Province of China	Textiles, clothing and leather	8 442	8 540
75	Mediclinic International PLC	South Africa	Health care services	8 290	9 419
76	Petróleos de Venezuela SA	Venezuela, Bolivarian Republic of	Mining, quarrying and petroleum	8 122	201 943
77	Golden Agri-Resources Ltd	Singapore	Food & beverages	8 036	8 036
78	Olam International Ltd	Singapore	Food & beverages	7 191	14 683
79	Wistron Corp	Taiwan Province of China	Computer Equipment	7 183	8 837
80	China Communications Construction Company Ltd	China	Construction	7 131	112 721
81	Galaxy Entertainment Group Ltd	Hong Kong, China	Hotels and restaurants	7 049	7 142
82	Ternium SA	Argentina	Metals and metal products	6 982	8 063
83	Shenzhen International Holdings Limited	Hong Kong, China	Transport and storage	6 889	7 612
84	Aspen Pharmacare Holdings Limited	South Africa	Pharmaceuticals	6 712	8 298
85	Alfa, S.A.B. de C.V.	Mexico	Metals and metal products	6 694	15 351
86	Sembcorp Industries Limited	Singapore	Electricity, gas and water	6 638	14 064
87	China Resources Beer (Holdings) Company Limited	Hong Kong, China	Retail Trade	6 586	6 587
88	Guangdong Investment Ltd	Hong Kong, China	Electricity, gas and water	6 574	6 982
89	Compal Electronics Inc	Taiwan Province of China	Computer Equipment	6 535	9 979
90	Banpu Public Company Limited	Thailand	Mining, quarrying and petroleum	6 499	6 553
91	City Developments Ltd	Singapore	Real Estate	6 440	14 348
92	LG Electronics Inc.	Korea, Republic of	Electric equipment	6 429	30 868
93	Grupo Mexico, S.A. de C.V.	Mexico	Mining, quarrying and petroleum	6 207	22 254
94	Li & Fung Ltd	Hong Kong, China	Wholesale Trade	5 966	7 933
95	Mexichem SAB de CV	Mexico	Rubber and Miscellaneous Plastic Products	5 772	8 670
96	Embraer - Empresa Bras De Aeronautica SA	Brazil	Aircraft	5 497	11 506
97	BRF S.A.	Brazil	Agriculture, forestry, & fishing	4 954	10 198
98	Gold Fields Ltd	South Africa	Mining, quarrying and petroleum	4 892	5 878
99	HNA Group Co Ltd	China	Transport and storage	4 767	95 339
100	SK Hynix Inc	Korea, Republic of	Electronic components	4 708	25 227

Source: World Investment Report 2017, UNCTAD

Two observations:

Firms from China dominates the above list. This is not surprising since China is the largest developing economy.
Gazprom(OGZPY) and Lukoil (LUKOY) the only Russian firms that appear in this ranking are from the energy industry.

Download: The World’s Top 100 Non-Financial MNEs by Foreign Assets from Transition and Developing Economies 2016(in Excel)

Disclosure: No Positions

The World’s Top 100 Non-Financial MNEs by Foreign Assets 2016

Posted by David Hunkar on 12 June 2017, 3:21 am

The United Nations Conference on Trade and Development (UNCTAD) released its annual World Investment Report 2017. This report includes a wealth of information on global trade.

One section of the report that discusses about Multi-National Companies (MNCs) (or Multi-National Enterprises (MNEs)) is of interest to global investors. The attached Excel below also shows how much revenue the top MNCs generate from foreign countries relative to total revenue.

The World’s Top 100 Non-Financial MNEs based on foreign assets in 2016 are shown in the table below:

Rank	Corporation	Home Economy	Industry	Foreign Assets (in Millions of dollars)	Total Assets(in Millions of dollars)
1	Royal Dutch Shell plc	United Kingdom	Mining, quarrying and petroleum	349 720	411 275
2	Toyota Motor Corporation	Japan	Motor Vehicles	303 678	435 958
3	BP plc	United Kingdom	Petroleum Refining and Related Industries	235 124	263 316
4	Total SA	France	Petroleum Refining and Related Industries	233 217	243 468
5	Anheuser-Busch InBev NV	Belgium	Food & beverages	208 012	258 381
6	Volkswagen Group	Germany	Motor Vehicles	197 254	431 888
7	Chevron Corporation	United States	Petroleum Refining and Related Industries	189 116	260 078
8	General Electric Co	United States	Industrial and Commercial Machinery	178 525	365 183
9	Exxon Mobil Corporation	United States	Petroleum Refining and Related Industries	165 969	330 314
10	Softbank Corp	Japan	Telecommunications	145 611	220 296
11	Vodafone Group Plc	United Kingdom	Telecommunications	143 574	165 367
12	Daimler AG	Germany	Motor Vehicles	138 967	256 127
13	Honda Motor Co Ltd	Japan	Motor Vehicles	130 067	169 537
14	Apple Computer Inc	United States	Computer Equipment	126 793	321 686
15	BHP Billiton Group Ltd	Australia	Mining, quarrying and petroleum	118 953	118 953
16	Nissan Motor Co Ltd	Japan	Motor Vehicles	116 612	164 734
17	Siemens AG	Germany	Industrial and Commercial Machinery	115 251	140 309
18	Enel SpA	Italy	Electricity, gas and water	111 240	164 010
19	CK Hutchison Holdings Limited	Hong Kong, China	Retail Trade	110 515	130 677
20	Mitsubishi Corporation	Japan	Wholesale Trade	107 860	140 879
21	Glencore Xstrata PLC	Switzerland	Mining, quarrying and petroleum	107 077	124 600
22	Telefonica SA	Spain	Telecommunications	106 765	130 327
23	Eni SpA	Italy	Petroleum Refining and Related Industries	106 408	131 280
24	Nestlé SA	Switzerland	Food & beverages	106 319	129 467
25	BMW AG	Germany	Motor Vehicles	106 244	198 730
26	Johnson & Johnson	United States	Pharmaceuticals	104 274	141 208
27	Deutsche Telekom AG	Germany	Telecommunications	102 176	156 514
28	Iberdrola SA	Spain	Electricity, gas and water	100 890	112 476
29	Allergan PLC	Ireland	Pharmaceuticals	94 512	128 986
30	Rio Tinto PLC	United Kingdom	Mining, quarrying and petroleum	89 177	89 263
31	Fiat Chrysler Automobiles	United Kingdom	Motor Vehicles	86 599	109 985
32	Pfizer Inc	United States	Pharmaceuticals	85 930	171 615
33	EDF SA	France	Electricity, gas and water	84 508	296 869
34	Microsoft Corporation	United States	Computer and Data Processing	82 992	193 468
35	Mitsui & Co Ltd	Japan	Wholesale Trade	82 233	102 850
36	Altice NV	Netherlands	Telecommunications	81 640	84 761
37	Engie	France	Electricity, gas and water	77 809	167 070
38	ArcelorMittal	Luxembourg	Metals and metal products	75 142	75 142
39	Sanofi	France	Pharmaceuticals	72 747	110 332
40	Hon Hai Precision Industries	Taiwan Province of China	Electronic components	70 797	79 991
41	The Coca-Cola Company	United States	Food & beverages	70 595	87 270
42	Ford Motor Company	United States	Motor Vehicles	70 153	237 951
43	Novartis AG	Switzerland	Pharmaceuticals	67 487	130 124
44	China National Offshore Oil Corp (CNOOC) e	China	Mining, quarrying and petroleum	66 673	179 228
45	Shire plc	Ireland	Pharmaceuticals	66 615	67 035
46	Airbus Group NV	France	Aircraft	66 490	117 142
47	Teva Pharmaceutical Industries Limited	Israel	Pharmaceuticals	66 161	92 890
48	Roche Group	Switzerland	Pharmaceuticals	64 754	75 401
49	International Business Machines Corporation	United States	Computer and Data Processing	63 897	117 470
50	Samsung Electronics Co., Ltd.	Korea, Republic of	Communications equipment	63 704	217 714
51	Procter & Gamble Co	United States	Chemicals and Allied Products	62 718	127 136
52	Orange SA	France	Telecommunications	62 623	99 787
53	Amazon.com, Inc	United States	E-Commerce	61 177	83 402
54	Nippon Telegraph & Telephone Corporation	Japan	Telecommunications	60 466	190 035
55	Statoil ASA	Norway	Petroleum Refining and Related Industries	58 995	104 530
56	GlaxoSmithKline PLC	United Kingdom	Pharmaceuticals	58 514	72 742
57	BASF SE	Germany	Chemicals and Allied Products	58 370	80 632
58	Lafargeholcim Ltd	Switzerland	Stone, Clay, Glass, and Concrete Products	54 886	73 381
59	Wal-Mart Stores Inc	United States	Retail Trade	54 734	198 825
60	Liberty Global plc	United Kingdom	Telecommunications	54 358	54 518
61	General Motors Co	United States	Motor Vehicles	53 687	221 690
62	ConocoPhillips	United States	Petroleum Refining and Related Industries	52 461	89772
63	Unilever PLC	United Kingdom	Food & beverages	52 356	59 480
64	Robert Bosch GmbH	Germany	Motor Vehicles	51 200	86 302
65	Mondelez International, Inc.	United States	Food & beverages	50 917	61 538
66	John Swire & Sons Limited e	United Kingdom	Transport and storage	50 491	50 562
67	AstraZeneca PLC	United Kingdom	Pharmaceuticals	49 822	62 526
68	Renault SA	France	Motor Vehicles	49 381	107 624
69	Schlumberger Ltd	United States	Mining, quarrying and petroleum	48 561	77 956
70	Broadcom Limited	Singapore	Electronic components	48 413	49 966
71	Anglo American plc	United Kingdom	Mining, quarrying and petroleum	48 216	50 149
72	Petronas - Petroliam Nasional Bhd e	Malaysia	Mining, quarrying and petroleum	47 912	139 868
73	Marubeni Corporation	Japan	Wholesale Trade	47 511	61 675
74	Repsol YPF SA	Spain	Petroleum Refining and Related Industries	46 745	68 356
75	National Grid PLC	United Kingdom	Electricity, gas and water	45 727	82 279
76	Christian Dior SA	France	Textiles, clothing and leather	45 489	69 839
77	Bayer AG	Germany	Pharmaceuticals	45 422	86 685
78	Nokia OYJ	Finland	Communications equipment	44 674	47 329
79	Air Liquide SA	France	Chemicals and Allied Products	44 155	46 503
80	British American Tobacco PLC	United Kingdom	Tobacco	44 007	48 969
81	China COSCO Shipping Corp Ltd e	China	Transport and storage	43 076	55 642
82	SAP SE	Germany	Computer and Data Processing	42 635	46 671
83	United Technologies Corporation	United States	Aircraft	42 473	89 706
84	Sumitomo Corporation	Japan	Wholesale Trade	42 258	69 411
85	Imperial Brands PLC	United Kingdom	Tobacco	42 245	42 423
86	Danone Groupe SA	France	Food & beverages	41 855	46 325
87	RWE AG	Germany	Electricity, gas and water	41 791	80 533
88	Amgen Inc	United States	Pharmaceuticals	41 199	77 626
89	Schneider Electric SA	France	Electricity, gas and water	41 093	44 114
90	Hewlett-Packard Co	United States	Computer and Data Processing	40 228	79 629
91	Alphabet Inc	United States	Computer and Data Processing	39 672	167 497
92	Intel Corporation	United States	Electronic components	39 392	113 327
93	Volvo AB	Sweden	Motor Vehicles	37 948	44 020
94	WPP PLC	United Kingdom	Business Services	37 765	42 561
95	ITOCHU Corporation	Japan	Wholesale Trade	37 697	72 633
96	E.ON AG	Germany	Electricity, gas and water	37 681	67 143
97	Sony Corporation	Japan	Electric equipment	37 650	157 933
98	AP Moller - Maersk A/S	Denmark	Transport and storage	37 610	61 118
99	Vale SA	Brazil	Mining, quarrying and petroleum	37 413	99 157
100	América Móvil SAB de CV	Mexico	Telecommunications	37 158	73 352

Source: World Investment Report 2017, UNCTAD

Two observations:

Most of the 100 companies are from the developed world as these firms hold leadership positions in their respective industries and have substantial operations around the world.
A few emerging markets firms such as Vale(VALE), America Movil(AMX), CNOOC (CEO) from China have made it to this list.

Download: The World’s Top 100 Non-Financial MNEs by Foreign Assets 2016 (in Excel)

Disclosure: No Positions

The World’s Top 20 Dividend Payers in Q1, 2017

Posted by David Hunkar on 11 June 2017, 9:25 am

The World’s Biggest 20 Dividend Payers in the first quarter of this year was published in the recently released Janus Henderson Global Dividend Index – June 2017 report by Janus Henderson Investors, These giants alone paid out $57.81 billion in dividends.

Rank	Company	Ticker on the US market (if available)
1	Novartis AG	NVS
2	Roche Holdings	RHHBY
3	Royal Dutch Shell PLC	RDS-A
4	Siemens	SIEGY
5	Exxon Mobil	XOM
6	Microsoft	MSFT
7	AT&T	T
8	Apple	AAPL
9	Nordea Bank	NRBAY
10	Astrazeneca	AZN
11	Verizon Communications	VZ
12	Johnson & Johnson	JNJ
13	Pepsico	PEP
14	General Electric Co.	GE
15	Chevron Group	CVX
16	BP	BP
17	Pfizer	PFE
18	Wells Fargo	WFC
19	Coal India	N/A
20	BHP Billiton	BHP
Total Dividends Paid in	$57.81 billion

Sources:

Global growth boosts dividends in first quarter, CityWire UK

Janus Henderson Global Dividend Index – June 2017, Janus Henderson Investors

A few observations:

Of the total $218 paid out in dividends globally, US firms accounted for nearly half the amount (or about $107 billion).
While the oil sector retained its top position as the dividend payer in the US market, the banking sector is catching up well with Bank of America(BAC) and Citigroup(C) boosting dividends.
Among the European firms listed above, the usual suspects are notably missing. The presence of Nordea Bank(NRBAY) of Sweden shows its strength and resilience in the banking sector.

Disclosure: No positions

The Evolution of German Firms’ Logos

Posted by David Hunkar on 10 June 2017, 10:14 am

Some of the large auto companies in the world such as Ford, Toyota, Nissan, etc. have circles in their logos. I think the best one is the Mercedes Benz logo. Below is a cool infographic showing the evolution of Germany’s top auto makers and others:

Click to enlarge

Source: Daily Infographics

On The Long-Term Performance Of Pakistan Stock Market

Posted by David Hunkar on 9 June 2017, 3:21 am

Pakistan used to a frontier market according to MSCI classification. However on June 1, 2017 the index provider reclassified the country as an emerging market and now the country is a constituent of the MSCI Emerging Markets Index.

I recently came across an article in the BBC that discussed the story of Mattias Martinsson’s investment adventures in the country’s equity market. From the article:

The MSCI Emerging Markets Index is made up of 23 high-growth economies including India, China and Brazil.

Pakistan’s main index, the KSE 100 has consistently outperformed the index.

If you had invested $100 into the KSE in January last year, it would now be worth $164. If you had put it into the MSCI, it would only be worth $137. That’s a success that helped make the case for it to be included.

Being in the Emerging Markets Index is a reputational reassurance to investors about the growth prospects and transparency of companies in that country.

Pakistan used to be a part of the index, but was downgraded to frontier market because of the exchange’s decision to shut down for four months in late 2008 after prices dropped dramatically. That meant foreign investors couldn’t get their money out.

“We were kicked out in 2008 after the financial crisis because of measures Pakistan took at the time to stop foreign funds from fleeing the country. Obviously foreign investors got a rude shock,” says Nadeem Naqvi, the Karachi Stock Exchange’s managing director.

“We did a lot of lobbying and reforms to get re-included again into this index,” he tells me from Karachi. And he assures me and investors, that the KSE will be a liquid market.

“Parliament passed the Pakistan Stock Exchanges Act in 2012, which has improved corporate governance and reforms to prevent a reoccurrence of what happened in 2008,” he says.

Source: A long term view: The man who took a chance on Pakistan, The BBC, June 1, 2017

The KSE-100 Index is the benchmark index of Pakistan. It has soared from under 1,300 in 2002 to close at 48,555 on June 2nd. The long-term return of the index shown in local currency is indeed astonishing.

Click to enlarge

Source: FT

The addition of Pakistan into the MSCI Emerging Market will provide addition spotlight and exposure of the domestic equities to global investors.

Currently only one Pakistani company trades on the OTC market. Pakistan Petroleum seems to trade rarely under the ticker PKKKY.

For US investors, looking to gain exposure to Pakistan, the Global X MSCI Pakistan ETF (PAK) offers a simple and easy option.The fund has an asset base of just $27 million and offers exposure to 41 of the largest and most liquid firms. Similar to other emerging countries, financials have the largest weighting in the fund with about one-third of the assets allocated to this sector.

Download: Global X MSCI Pakistan ETF Factsheet (in pdf)