JG Summit makes it to Forbes Asia' Fab 50 list
MANILA, Philippines - Gokongwei-owned JG Summit Holdings Inc. is the only Philippine company that made it to Forbes Asia's Fabulous 50 list of best publicly-traded companies in the region.
The magazine's Fab 50 list takes into account companies with at least $3 billion in revenue or market cap and five-year track records for revenue, operating earnings, return on capital, recent results, share price movements and outlook. However, companies with too much debt or where the government owns half the shares are excluded.
JG Summit Holdings, with a market value of $3.9 billion and sales of $2.7 billion, is a newcomer to Forbes Asia's Fab 50 list.
Last year, JG Summit saw net profits double to $374 million. The company, founded by John Gokongwei Jr., started in 1957 with a cornstarch plant in Manila and now businesses in real estate, hotels, petrochemicals, banking and airlines. Cebu Pacific, its budget carrier, went public in 2010 and raised $623 million.
Forbes Asia said companies based in China dominated this year's Fab 50 list with 23, up from 16 last year, which showed the increasing trend of Chinese corporate dominance.
No country has ever had that many companies in Forbes Asia's Fabulous 50 list, since the magazine started spotlighting the region's biggest and most profitable 50 companies in 2005. China only had 5 companies in the 2005 list and 2 in 2006.
Among the Chinese newcomers were Qingdao Haier, the world's No. 1 white goods brand; Zhongsheng Group Holdings, a car dealership chain; and China Merchants Bank, which posted highest annual net profits of the Fab 50 companies.
South Korea had eight companies in the list, mostly chaebols such as Samsung Engineering, CJ Cheiljedang, Hyundai Glovis and LG Household & Healthcare.
For the first time, no Japanese company made it to the Fab 50 list, partly due to the March earthquake. This is a far cry from six years ago, when Japan led with 13 companies.