The Nikkei Asian Review released today its third annual Asia300 Power Performers Ranking, a compilation of the most powerful and valuable listed companies in Asia.

The Asia300 list is Nikkei’s exclusive selection of the biggest and fastest-growing companies from 11 economies across the continent. We compiled the ranking by analyzing the 325 companies on that list, taking into account a mix of four factors: growth, profitability, efficiency and financial soundness.

Ranking second among Thai companies and 18th overall was Central Pattana, the property development and management arm of Central Group, a Thai retail conglomerate. A high net profit-to-sales ratio helped boost its overall score.

Thai Beverage, the country’s largest beverage company, was the third-highest-ranked Thai company, at 63rd overall. Bangkok Dusit Medical Services, the country’s largest private hospital operator in terms of market capitalization, came in fourth. Other strong performers were Siam Cement and Indorama Ventures.

This year’s top performers include a number of regional players that may not be well-known to the general public but are nonetheless delivering solid results in terms of these key metrics.

These “stealth” companies include Taiwan’s Largan Precision which earned the top spot on the ranking for the second straight year.

Suppliers quietly build fortunes while consumer brands enjoy a spending boom

Largan has played a crucial role in the iPhone supply chain from the beginning, providing lenses for every single unit that has shipped since the device debuted in 2007.

The other Taiwanese company in the top 10 is Taiwan Semiconductor Manufacturing Co., the world’s largest semiconductor foundry, at No. 4.

A different kind of stealth company can be found in India providing low-cost IT services to Western companies. HCL Technologies came in at No. 2, followed by Tata Consultancy Services in ninth and Infosys at 13.

Of the two Thai companies that made the top 20 in the Asia300 ranking, Airports of Thailand scored the highest position

Stealth companies were not the only winners this year

With robust consumption across Asia, consumer-oriented companies also put in a strong showing, with Chinese internet conglomerate Tencent Holdings tied for fourth and Vietnam Dairy Products (Vinamilk) placing 16th.

Of the two Thai companies that made the top 20 in the Asia300 ranking, Airports of Thailand, a state-owned airport operator, scored the highest position, at 10th overall. It had a strong showing in net profit-to-sales ratio, at 15th, and performed well in equity capital ratio.

Despite a somewhat disappointing ROE, AoT managed to hold on to both its leading position in the ranking among Thai companies and 10th overall for a second straight year.

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For more details, please visit:
https://asia.nikkei.com/Spotlight/Cover-Story/Stealth-companies-steal-the-spotlight-in-this-year-s-Asia300-ranking

To see the list of the top 100 companies, please visit:
https://asia.nikkei.com/Asia300/The-top-100-Asia300-Power-Performers