200强：亚洲各地企业冠军榜
How National Champions In Asia Stack Up
Harvey Norman Holdings Ltd. outflanked its much bigger retailing rivals -- Woolworths Ltd. and Coles Myer Ltd. -- to reach the top of the AWSJ 200 leadership rankings in Australia for the first time in 2004.
Woolworths slid to second position after holding the top ranking for the three previous years, while Coles Myer rounded out a stellar year for Australia's biggest merchants by taking the No. 3 spot.
Harvey Norman, led by billionaire founder and major shareholder Gerry Harvey, has transformed itself into Australia's biggest chain of household electrical, furniture and computer items.
The company, which leases property to franchisees and provides them with administrative and advertising services in return for a percentage of sales, has more than 500 franchises in Australia. Its fledgling international network includes stores in New Zealand, Slovenia, Ireland, Singapore and Malaysia.
ASIA'S LEADING COMPANIES
? Corporate Superheroes Stand Tall
? Multinationals Keep Raising the Bar in Asia
In recent years, Harvey Norman has taken advantage of near-perfect retail conditions to bolster sales and profits as it expanded its store network.
In its most recent financial year ended June 30, 2004, Harvey Norman reported a 16% increase in sales from franchised stores to 3.67 billion Australian dollars (US$2.89 billion). Net profit rose 17% to A$176 million.
Australian consumer confidence has been hovering around 10-year highs, helped by interest rates near 30-year lows, a historically low jobless rate and tax cuts.
A construction boom has spurred demand for new furniture and home appliances, and a stronger Australian dollar is also reducing prices on a range of imported goods, such as electrical appliances. Harvey Norman has also benefited from consumer demand for high-tech gadgets such as DVD players, plasma screen TVs and digital cameras.
However, the outlook for 2005 doesn't seem as buoyant. Last month, the company reported same-store-sales growth of 6.2% in its fiscal first half -- its worst interim result in three years. It blamed a lack of hot weather for poor air-conditioner sales and highlighted competitor price discounting in products such as digital cameras.
While further sales and profit growth is expected at Harvey Norman, rising prospects for an increase in interest rates in coming months is clouding the near-term outlook.
--Richard Noonan
Haier Group -- China
At a recent celebration marking its 20th anniversary, Haier Group announced its global revenues would exceed $12.5 billion in 2004, 29,000 times that in its founding year. Early this year, it unveiled a huge, new refrigerator-making plant in China and pledged to transform Qingdao-based Haier into the world's best-selling refrigerator brand in a year.
Its successes are reflected in its ranking as China's No. 1 company in the AWSJ 200 survey. Haier beat out computer giant Lenovo Group Ltd. and China's biggest steel plant Shanghai Baosteel Group Corp., which were ranked second and third, respectively.
But Haier faces some challenges. The domestic market is suffering from oversupply and fierce competition. Profit margins have been shrinking partly due to surging prices of steel and insulation materials used in home appliances. Export incomes are dropping after Beijing cut tax-rebate rates for exporters last year.
In the first nine months of 2004, its Shanghai-listed arm, Qingdao Haier Co., saw net profit fall by nearly 3% to $36 million. Analysts say Haier's profit is likely to continue to fall this year.
Ji Dong, Qingdao Haier's board secretary, says while the market environment isn't friendly, "we are still going to boost business profits by all means this year."
Haier has sought to grow its business by expanding overseas -- but those markets haven't proved easy to operate in. Analysts say Haier will need investment more to compete with major foreign brands. "Now is important for Haier to find good industries and new markets," says Li Xiaoyong of Guotai Junan Securities in Shenzhen. "This will be crucial to the company doing better in the future."
--Ellen Zhu
Cathay Pacific Airways -- Hong Kong
Cathay Pacific Airways Ltd.'s bumper growth in passenger and cargo traffic helped it topple banking giant HSBC Holdings PLC from its top spot.
On Feb. 28, Cathay will start cargo services to Xiamen in southern China. That's in addition to the freight carrier services to Shanghai, which began in January, and daily passenger services to Beijing.
Analysts expect the increased business from mainland China to boost earnings per share by as much as 2% for the 2004 financial year. Cathay is due to report its 2004 full-year earnings on March 9.
The airline recorded a 1.77 billion Hong Kong dollar (US$226.9 million) net profit for the first half of 2004. That's up from a loss of HK$1.24 billion in the year-earlier period, largely a result of the severe acute respiratory syndrome outbreak. Last year Cathay carried 13.67 billion passengers, a 35.8% increase over the year before.
Though Cathay has little competition at home, budget airlines like Malaysia's AirAsia -- which runs services from nearby Macau -- are starting to nibble away market share. China's state-owned airlines are expected to put up a fight as Cathay enters their market.
--Mei Fong
Infosys -- India
Infosys Technologies Ltd., India's second-largest software and outsourcing company, continued its winning streak. It topped the list of leaders in India for the fifth year in a row, as it continued to prove it could innovate and grow, even after becoming one of the few Indian companies with more than a billion dollars a year in sales.
Infosys was one of the pioneers in the Indian software industry, which uses India's vast pool of well-trained and low-paid programmers to build the programs and networks that help others around the world do business.
Last year, Infosys proved that despite its size, it's still nimble enough to deal with change. Outsourcing became a political issue during elections in the U.S., Infosys' largest export market. Meanwhile, the rupee strengthened, making Infosys less competitive abroad. The company also had to defend itself against competition from big international names, including International Business Machines Corp.
Infosys reacted to the challenges by hiring thousands of new employees to attack untapped markets. It found new customers in the pharmaceutical, oil and automotive industries and more customers in Europe, China and elsewhere.
Its efforts have paid off. Last month, Infosys said its net profit surged more than 50% in the three months ended Dec. 31 to $114 million. It expects profit for the full fiscal year ending March 31 to rise by around the same amount. Infosys has a history of surprising its investors and itself with its profits. It has lifted its earnings guidance three times this fiscal year alone.
It expects demand for its services to continue to boom, as well. The company plans to hire as many as 8,000 new employees this year, bringing its total work force to close to 40,000.
--Eric Bellman
Astra International -- Indonesia
After sharp increases in sales of cars and motorcycles over the past year, Indonesia's biggest auto maker, PT Astra International is getting ready for another strong year in 2005.
Lifted by a 36% increase in Indonesian sales of motorcycles and passenger cars, Astra took top position in the AWSJ 200 survey of corporate leadership in Indonesia. And while the pace of sales growth might slip a bit this year, company executives remain quietly confident about the outlook.
John Slack, Astra's chief financial officer, predicts that expected increases in fuel prices and interest rates won't be enough to slow demand from young consumers who are turning to Astra's vehicles for the first time. Astra produces Indonesia's best-selling cars and motorcycles in joint ventures with Japan's Toyota Motor Corp. and Honda Motor Co.
Astra has long been one of Indonesia's most popular stocks among foreign investors, thanks to its sizable daily trading volumes and its profitable business models. The company's reputation for being among the best-managed Indonesian companies solidified over the past few years after it successfully repaid $1.2 billion in foreign debt without forcing foreign lenders to accept heavy losses on their loans, as many other Indonesian companies did during the same period.
Now, with heavy debt repayments no longer weighing over its performance, Astra is turning again to expansion -- particularly in its core automotive businesses. This year, for example, it plans to enlarge its motorcycle-production capacity by 60% by opening a new facility for its Honda production unit.
Astra currently accounts for just over half of Indonesia's motorcycle sales. While its market share has fallen slightly over the past few years because of capacity constraints, the new production facilities coming on line this year should help the company regain its market share, Mr. Slack says.
--Timothy Mapes
Toyota Motor -- Japan
Japan, the world's second-biggest economy, has its share of service industries. But its most admired corporations remain its big manufacturers.
Toyota topped the readers' list of leading Japanese companies for the fourth year in a row. The accolade comes as Japan's No. 1 car maker is hatching ambitious plans to take its game -- intensely efficient production of reliable cars -- to the next level. The company plans to boost production to 8.5 million annual vehicles by 2006, up from roughly 7.5 million in 2005.
It is in many ways atypical of the conservative company that made its name by cautious moves to please customers with understated models that simply work well. After releasing a plan last November entitled "We Can & We Will," Toyota is now unleashing its more mercenary side.
Toyota plans to increase sales in all markets. Last year, Toyota's share of the Japanese market reached 44%, the highest in the company's history.
But it won't be easy. Detroit's manufacturers are aware of Toyota's ambitions and have improved the quality of their own cars. Now, they're planning to cut costs and compete. Meanwhile, two of Toyota's rivals, Honda and Nissan Motor Co., also made the list of Japan's most-admired companies -- Honda ranked third, while Nissan ranked fourth -- and they won't quietly accept Toyota's push to outpace rivals.
Consumer electronics producers continue to earn readers' respect. Sony Corp. came in second highest, while office-machine maker Canon Inc. ranked fifth. Canon says it will reach its fifth straight year of record profits during the current fiscal year to March 31 thanks to strong sales of digital cameras and a cost-cutting plan.
--Jathon Sapsford
Genting -- Malaysia
Few companies have managed to stack up the odds in their favor for so long like Malaysia's diversified gaming and cruise-ship conglomerate Genting Bhd. The company, which operates Malaysia's only casino, is hugely profitable and cash-rich. Net profit is set to jump by about 29% to 918 million ringgit, or about $242 million, for the year ended December 2004, over the previous year, while revenue is set to reach 4.9 billion ringgit, up nearly 17% for the same review period, according to CLSA Research in Kuala Lumpur.
So, it's no wonder that Genting topped all Malaysian companies in the AWSJ 200 leadership ranking. The company also claimed the top spot for financial soundness and management vision.
Meanwhile, Maxis Communications Bhd., Malaysia's largest mobile-phone company controlled by tycoon T. Ananda Krishnan, took second place in the overall leadership ranking. The company, which is closely monitored by foreign fund managers, also emerged tops for its high quality of service and innovativeness in responding to customer needs.
It came as no surprise that Public Bank Bhd. claimed the No. 1 spot for good reputation. The banking group, controlled by banker Teh Hong Piow, has built a solid following among fund managers for its prudent management and careful attention to its core business.
--Leslie Lopez
Jollibee Foods -- Philippines
Jollibee Foods Corp. was ranked the leading company in the Philippines thanks to its market-leading formula of sweetened hamburgers and colorful stores. The company is now expanding across the country, spreading its reach to areas where rebel insurgents are a part of everyday life.
But Jollibee's dominance is under threat. Property developer Ayala Land Inc. was also top in reputation and management vision in 2004's survey.
Ayala, with its glitzy shopping malls and high-end residential developments, has for decades epitomized the middle-class lifestyle to which many Filipinos aspire. Its flagship projects -- the Greenbelt and Glorietta shopping malls in Manila's Makati business district -- boast a plethora of boutique clothing stores and expensive restaurants.
But in the past few years, the Philippines' middle class has begun to shrink through emigration, the availability of jobs overseas and, for some, a slide back into the ranks of those barely getting by. Indeed, Ayala's top-end facilities are becoming increasingly beyond the reach of ordinary Filipinos. In response, Ayala Land is building new malls geared to lower-wage earners who have traditionally shopped at competitors such as the malls run by SM Prime Holdings. Ayala's latest offering, a mall known as Market!-Market!, has done away with swanky fittings. The roof is made of sheet metal, and there are few elevators and escalators. These savings translate into lower rental costs for traders, and lower prices for shoppers.
--James Hookway
Singapore Airlines -- Singapore
High oil prices and competition from budget carriers may have hammered full-service airlines in Europe and the U.S. in 2004, but Singapore's leading company, Singapore Airlines, had a banner year.
That's partly because things couldn't get any worse than they were in 2003, when the outbreak of severe acute respiratory syndrome brought Asian air travel to a standstill. Since SARS, SIA has been trying to bring costs down. It cut wages between 7% and 20%, then put staff on a bonus scheme that reduced the airline's fixed salary costs. Like other Asian airlines, it also passed last year's high oil prices on to consumers.
Analysts expect SIA to post a 1.3 billion Singapore dollar (US$793.7 million) net profit in the year ending March 31, 2005, up 20% from $849 million a year earlier. That resilience helped propel Singapore Airlines to the top of Singapore's AWSJ 200 leadership survey. The airline has held that spot since the survey began in 1993.
The next few years, however, could be the most challenging period for the carrier. Four budget airlines now operate out of Singapore, and more have sprung up across Asia. So far, the budget carriers that fly out of Singapore only offer a handful of routes, but they plan to scale up this year. Morgan Stanley expects SIA's net profit will stay flat in 2006; JP Morgan thinks it will decline to S$1 billion.
SIA remains far from motionless. It set up its own budget carrier, Tiger Airways, a joint venture with the family that founded Ireland's budget airline Ryanair.
SIA is the business airline of choice for many Asian travelers, with about 70% of its passenger revenues from first and business class. That's one reason SIA managed to increase its yield (what it earns per passenger) for six consecutive quarters, since it bottomed during SARS. "They tend to get a larger share of the region's corporate market. I look at other airlines, like Cathay and Qantas, and the yield hasn't gone up that high," says Chin Lim, an airline analyst at Morgan Stanley.
--Cris Prystay
Samsung Electronics -- South Korea
For the sixth year in a row, Samsung Electronics Co. topped South Korea's leadership rankings and, more than any other year, it's no wonder.
Samsung made more money than anyone else in technology in 2004 -- 10.79 trillion won ($10.5 billion) -- beating even PC industry giants Intel Corp. and Microsoft Corp.
It won't beat that this year because two of its biggest businesses -- semiconductors and liquid-crystal-display screens -- are in the declining stage of their business cycles.
But the chip downturn appears to be short-lived and the LCD business may also turn upward by midyear. And the company's cellphone profit margins are also expected to begin rising after declining sequentially through 2004. Such "woes" may leave Samsung with merely its second-best profit ever.
The key to Samsung's success is that it dominates the market for a handful of components, such as memory chips and flat screens, used in many digital products. The company has also made great strides in the quality and innovativeness of its own name-brand products and spent billions of dollars on marketing.
While Samsung topped our survey in product quality, innovation and leadership, it fell below steelmaker Posco Co. in financial management, despite being nearly debt-free and holding 7.4 trillion won in cash at the end of the year.
Posco shares are traded overseas as well as in Korea. Samsung shares are traded only on the Korea Stock Exchange, where they represent about one-fifth of the market's overall capital value.
--Evan Ramstad
Taiwan Semiconductor Manufacturing -- Taiwan
Taiwan Semiconductor Manufacturing Co. tops Taiwan's rankings for the fifth straight time, in a year when the company solidified its dominance of the contract chip-making business even amid more robust competition.
It was a record year for Taiwan Semiconductor, or TSMC. Net profit at the world's biggest producer of made-to-order chips for computers and electronic gadgets nearly doubled, to US$2.8 billion. Even as a buildup of excess customer inventory battered chip demand late in the year, TSMC's sales and earnings growth merely slowed. No. 2 contract chip maker United Microelectronics Corp., by contrast, announced an 80% drop in fourth-quarter net profit that stunned analysts.
TSMC is now moving to extend its lead. The company said in January it would increase its spending on new plants and equipment this year, to about US$2.6 billion from US$2.4 billion last year, even as smaller rivals slashed their spending plans. TSMC's bigger spending could get it in trouble if the chip industry's slump proves more stubborn than expected. But the additional production capacity and newer technology the money will buy could also position TSMC to take better advantage of an upturn.
Two other companies in this year's Taiwan rankings deserve mention. Asustek Computer Inc., which jumped to the No. 2 spot is transforming itself from a simple maker of computer motherboards to an electronics brand name. Acer Inc., meanwhile, a perennial survey leader in the late 1990s, has vaulted back to the No. 3 spot. Acer has climbed to near the top of the PC market-share rankings in Europe, and is starting to grow rapidly in the U.S.
--Jason Dean
Siam Cement -- Thailand
Siam Cement PCL beat out the competition for a second straight year in Thailand, cementing its place as a dominant corporate presence in one of Asia's fastest-growing economies.
The company, established in the lead-up to World War I with a single cement plant, has become one of Thailand's biggest industrial conglomerates, with investments in cement, petrochemicals and paper products.
Advanced Info Service PCL, one of Thailand's mobile-phone operators, finished second in the rankings, followed by Charoen Pokphand Group, the massive agribusiness concern with interests in China.
Siam Cement finished first in part because of high marks for the quality of its products and its financial soundness. The company reported an 83% rise in net profit in 2004 to 36.48 billion baht ($946.2 million), boosted by higher prices for its petrochemical products. The company's petrochemicals unit recorded a net profit of 20.52 billion baht, making it the company's most profitable business.
Analysts say 2005 could be tougher, as petrochemical prices stabilize. But the outlook is still favorable, in part because Thailand is expected to spend billions of dollars on new transportation and other infrastructure projects -- all of which will need cement.
--Patrick Barta
200强：亚洲各地企业冠军榜
2004年《亚洲华尔街日报》200强排名新鲜出炉，本文将逐一介绍各个国家和地区的企业冠军以饷读者。
Harvey Norman──澳大利亚
Harvey Norman Holdings Ltd.击败规模更大的零售竞争对手Woolworths Ltd.和Coles Myer Ltd.，在2004年《亚洲华尔街日报》200强的澳大利亚区排名中首次拔得头筹。
Woolworths在连续三年稳坐头把交椅后跌落至第二位，澳大利亚最大的零售企业Coles Myer结束了可圈可点的一年，位居第三。
在亿万富翁创始人兼主要股东戈瑞?哈维(Gerry Harvey)的带领下，Harvey Norman已成功地转型成澳大利亚最大的家用电器、家具和电脑连锁零售商。
该公司在澳大利亚有500多家特许经营店。公司为特许经营店提供租赁店址以及行政和广告服务，按销售额的一定比例收取特许费。其日益壮大的国际网络触角已遍及新西兰、斯洛文尼亚、爱尔兰、新加坡和马来西亚。
近年来，Harvey Norman利用接完美的零售条件，在扩大店铺网络的同时提高销售额和利润。
在截至2004年6月30日的最近财政年度，Harvey Norman公布特许经营店的销售额增长16%，达到36.7亿澳元（合28.9亿美元）。净利润增长17%，达到1.76亿澳元。
由于利率接近30年低点、失业率处于历史低点以及减税措施的推动，澳大利亚消费者信心一直徘徊在10年高点附近。
房地产业大兴土木推动了新家具和家用电器需求的上升，澳大利亚元升值也降低了家用电器等一系列进口商品的售价。DVD播放器、等离子电视机和数码相机等高科技消费产品的旺盛需求也让Harvey Norman受益匪浅。
但2005年的前景看来并不令人乐观。上个月，该公司公布上半财年同店销售额仅增长6.2%，为三年来最糟糕的上半年业绩。公司称，天气不够炎热导致了空调销售不佳，而数码相机等产品的价格折扣又愈演愈烈。
预计Harvey Norman的销售额和利润将有进一步增长，但未来几个月加息预期提高使得该公司近期前景有些迷茫。
海尔集团(Haier Group)──中国
在最近庆祝公司成立20周年的典礼上，海尔集团宣布2004年全球收入将超出125亿美元，是成立初年的29,000倍。今年年初，海尔集团在国内的一家大型电冰箱制造新厂落成，公司誓言在一年内使海尔集团成为全球销量最好的电冰箱品牌。
海尔集团取得的巨大成功帮助其击败了电脑巨头联想集团(Lenovo Group Ltd.)和中国最大的钢铁企业上海宝钢集团公司(Shanghai Baosteel Group)，在《亚洲华尔街日报》200强的中国区调查中名列榜首，联想集团和上海宝钢集团公司分列第二和第三。
但海尔集团也面临一些挑战。国内市场有供应过剩和竞争激烈的问题。生产家用电器所用的钢铁和绝缘材料价格飙升，因此利润率开始萎缩。去年北京决定减少出口退税后，海尔集团出口利润也开始下降。
2004年前9个月，海尔集团在上海上市的子公司青岛海尔(Qingdao Haier Co.)净利润下降近3%，至3,600万美元。分析师们预计青岛海尔的利润今年可能继续下降。
青岛海尔的董事会秘书纪东称，虽然市场环境不利，“今年我们仍将竭尽全力提高业务利润。”
海尔集团寻求通过海外扩张实现业务增长，但迄今的经验显示海外运作并不容易。分析师们称，海尔需要加大投资，才能与主要国外品牌竞争。“目前对海尔集团来说，重要的是要找到好的行业和新的市场，”国泰君安证券(Guotai Junan Securities)驻深圳的分析师李小勇称，“这对于集团未来能否有更好的表现至关重要。”
国泰航空(Cathay Pacific Airways)──香港
国泰航空客运和货运量的骄人增长，助其赶超银行业巨头汇丰控股(HSBC Holdings PLC)跃居香港区排名榜首。
2月28日，国泰航空将启动香港-厦门的货运服务。这是对1月份开启的香港-上海货运航线以及香港-北京的每日客运航班的补充。
分析师们预计大陆业务的增长将推动国泰航空2004财年的每股收益最高增长2%。国泰航空将于3月9日公布2004年全年收益数据。
国泰航空2004年上半年实现净利润17.7亿港元（合2.269亿美元），与2003年同期因非典型肺炎(SARS)疫情亏损12.4亿港元相比是个极大的转变。2004年全年，国泰航空客运量达到136.7亿人次，较上年增长35.8%。
虽然国泰航空在香港本地市场几无竞争压力，马来西亚AirAsia等低成本航空公司已开始侵蚀其市场占有率；AirAsia在临近香港的澳门地区提供航空服务。而且随著国泰航空进入大陆市场，预计中国大陆的国有航空公司也将发起挑战。
Infosys──印度
Infosys Technologies Ltd.是印度第二大软件和外包公司，再次跻身《亚洲华尔街日报》200强之列，连续第五年位列印度公司之榜首。即使其已成为印度极少数几家年销售额超10亿美元的公司之一，Infosys的创新和增长毫不懈怠。
Infosys是印度软件行业的先驱，利用印度大量受过良好教育且薪资较低的编程人员，为全球各地的企业编写程序、设计网络，帮助它们开展业务。
去年，Infosys以身作证，表明虽然公司规模已然庞大，但在市场变化面前仍然身手敏捷。美国是Infosys最大的外包出口市场，但在美国大选期间，外包被赋予了政治含义，成为大选的争议焦点之一。与此同时，印度卢比走强，削弱了Infosys在海外市场的竞争力。此外，公司还要同国际商业机器公司(International Business Machines Corp.)等国际知名企业展开竞争。
为此，Infosys聘请了数千名新员工，开拓新市场。在医药、石油和汽车等行业挖掘了不少新客户，在欧洲、中国和其他地区也赢得了更多客户。
这些措施一一收到了成效。上个月，Infosys宣布截至12月31日当季公司净利润激增逾50%，至1.14亿美元。公司还预计，截至3月31日整个财政年度的利润增幅也将达到这个幅度。Infosys的利润表现之好不但每每让投资者感到意外，也常常超过公司自己的预期。仅仅本财年，Infosys就三次上调了业绩预期。
此外，公司还预计市场对自己服务的需求继续蓬勃发展。Infosys计划今年招聘至多8,000名新员工，公司总人数将接近4万人。
阿斯特拉国际企业集团(PT Astra International)──印尼
该公司是印尼最大的汽车生产商，去年的汽车和摩托车销售额大幅增长，业已做好2005年业绩再度飙升的准备。
该公司去年的摩托车和轿车销售额激增36%，再次成为《亚洲华尔街日报》200强中印尼企业的榜首。虽然销售额增幅今年可能会略微放缓，但公司管理人士对业绩前景依然非常乐观。
阿斯特拉国际企业集团首席财务长约翰?斯莱克(John Slack)预计，虽然燃油价格和利率预计会继续上涨，但并不能打消准备平生首次购买该公司汽车的年轻消费者的旺盛需求。该公司与日本的丰田汽车(Toyota Motor Corp.)和本田汽车(Honda Motor Co.)在印尼合资设厂，出产的轿车和摩托车都是印尼最畅销的品牌。
该公司股票一直深受外国投资者的喜爱，得益于该股可观的成交量和公司盈利的商业模式。几年前，公司成功偿付了12亿美元的外债，没有像当时许多印尼企业一样让外国投资者蒙受巨大损失，由此赢得了管理出色的名声，这几年的表现进一步巩固了这一美誉。
眼下，身背大量债务再也不会影响该公司的业绩了。阿斯特拉国际企业集团开始再度拓展业务，尤其是核心的汽车生产业务。例如，公司与本田汽车合资的子公司计划今年新增一座工厂，将摩托车产能扩大60%。
阿斯特拉国际企业集团目前在印尼摩托车销售市场的占有率略超50%。斯莱克表示，虽然这几年产能紧张导致公司市场占有率微幅下滑，但今年新工厂陆续开工应能帮助公司夺回更多市场占有率。
丰田汽车公司(Toyota Motor Corp)──日本
作为全球第二大经济体，日本的服务行业地位显著。但日本最受人赞赏的企业仍然是大型制造企业。
丰田汽车连续第四年成为本报读者心目中日本领先企业的领头羊。作为日本最大的汽车生产商，丰田汽车制定了一项雄心勃勃的计划，将目前高效率大量生产性能可靠汽车的水平向前推进一步，成为全球最大的汽车生产商，由此赢得了众多赞誉。丰田汽车计划在2006年之前将年产量从目前的大约750万辆提高到850万辆。
对这家一直小心翼翼取悦消费者、生产性能可靠的中庸车型的公司来说，此举非比寻常。继去年11月推出以“We Can & We Will”命名的计划后，丰田汽车正在越来越以利润为导向前进。
丰田汽车计划提高各个市场的销售额。去年，该公司在日本市场的占有率达到44%，创下公司历史之最。
但前途并不是一马平川。底特律的汽车生产商已经察觉到丰田的野心，也在不断提高美国汽车的质量。现在，美国汽车生产商计划削减成本，与日本同行一争高下。此外，丰田汽车的两位竞争对手──本田汽车和日产汽车(Nissan Motor Co.)也名列日本最受赞赏的公司之列。本田第三，日产第四。他们也不会坐视丰田汽车轻易实现其宏伟蓝图。
电子消费品生产商也继续受到读者推崇。索尼(Sony Corp., 又名：新力)排名第二，办公设备生产商佳能(Canon Inc.)名列第五。佳能表示，截至3月31日本财政年度，公司将连续第五年刷新最高利润纪录，主要得益于数码相机的旺销和成本削减措施。
云顶(Genting Bhd)──马来西亚
没有几家马来西亚企业能像多元化经营企业集团云顶那样在排行榜上长盛不衰。该公司拥有博彩及游轮业务，经营著马来西亚唯一一家赌场，盈利丰厚且资金充裕。据CLSA Research提供的数据，截至2004年12月的上个财政年度，云顶的净利润将激增29%至9.18亿林吉特（约合2.42亿美元），收入将达到49亿林吉特，增幅近17%。
因此，云顶荣登2004年《亚洲华尔街日报》200强中马来西亚企业之首并不令人感到意外。此外，该公司还在财务状况及管理层长期发展规划这两个单项评比方面独占鳌头。
与此同时，马来西亚最大的移动电话公司明讯通讯公司(Maxis Communications Bhd.)的总得分位居次席，这家公司由该国富豪T. Ananda Krishnan控股。为外资基金经理人密切关注的该公司还在服务质量以及回应客户需求进行创新这两项评比中傲视群雄。
同样，大众银行(Public Bank Bhd.)在公司声望排名中夺魁也在意料之中。由银行家郑鸿标(Teh Hong Piow)控股的这家银行集团因稳健的管理作风及对核心业务的精心呵护而深受基金经理的喜爱。
快乐蜂(Jollibee Foods Corp.)--菲律宾
快乐蜂在各菲律宾企业的排名中位居榜首，这都要归功于该公司独特的甜味汉堡和鲜艳的店面装饰。该公司正在菲律宾各地扩张，甚至触及了叛军出没已成家常便饭的地区。
但快乐蜂的统治地位也面临挑战，房地产开发商Ayala Land Inc.在公司声望以及管理层长远发展规划方面的得分排名第一。
Ayala拥有令人眼花缭乱的购物中心以及高档住宅开发项目，几十年以来一直中产阶级生活方式的代名词，为许多菲律宾人所神往。该公司的旗舰项目──马尼拉Makati商业区的Greenbelt和Glorietta购物中心──拥有数不胜数的时尚服装店以及豪华餐厅。
但过去几年间，向海外移民及打工导致菲律宾中产阶级人数下降，还有一些中产阶级沦落为勉强过活的贫民阶层。Ayala的高档场所对于普通菲律宾人来说是越来越可望而不可及。为了应对这种局面，Ayala Land正在兴建面向低收入阶层的新型购物中心，他们往往去鞋庄控股(Prime Holdings)等竞争对手经营的购物中心购物。Ayala最新竣工的购物中心Market!-Market!已经去掉了那些豪华的设施和装潢。屋顶由金属片制成，电梯和扶梯的数量也减少了。由于投资减少了，商户缴纳的租金和产品的售价也自然随之下降。
新加坡航空公司(Singapore Airlines)──新加坡
去年，油价的高企以及廉价航空公司的竞争或许给欧洲以及美国的全价航空公司带来重创，但2004年对新加坡企业的榜首新加坡航空公司来说，却是高奏凯歌的一年。
这可能是因为再也不可能有比2003年非典型肺炎(SARS)疫情爆发那年更糟糕的年份了，当年亚洲航空业因此一潭死水。不过，从那以后，新加坡航空公司一直在致力于削减成本，先是把员工薪金削减了7%-20%，之后又实施了一个旨在减少固定薪金成本的奖金计划。和亚洲其他的航空公司一样，该公司也把去年燃料成本上涨的压力转嫁给了消费者。
分析师预计，截至2005年3月31日的本财政年度，新加坡航空公司的净利润为13亿新元（合7.937亿美元），比前一年度的8.49亿新元增加20%。正是凭借这个优异的表现，新加坡航空公司在2004年《亚洲华尔街日报》200强评选中蝉联折桂。自1993年本调查开展以来，该公司就一直把稳坐新加坡企业的头把交椅。
不过，今后几年间可能是该公司形势最为严峻的一个时期。新加坡已经有了4家廉价航空公司，并且亚洲还会出现更多的廉价航空公司。目前为止，这4家廉价航空公司还只是经营少数几条航线，但他们今年准备大干一场。摩根士丹利(Morgan Stanley)预计新加坡航空公司2006年的盈利将同上年持平；JP摩根(JP Morgan)则预测该公司2006年的盈利将下滑至10亿新元。
面对廉价航空公司咄咄逼人的攻势，新加坡航空公司并不是无动于衷。它与爱尔兰廉价航空公司Ryanair的母公司联手在新加坡成立了合资廉价航空公司Tiger Airways。
新加坡航空公司是许多亚洲人士商业旅行时的首选，该公司约70%的收入都来自头等舱和公务舱机票。这就是该公司的乘客收益率继SARS低谷之后连续6个季度走高的原因之一。摩根士丹利的航空业分析师林政雄(Chin Lim)表示，新加坡航空公司一直在亚洲企业客户市场上享有较高的占有率。该公司的乘客收益率令国泰航空(Cathay)、快达航空(Qantas)等其他航空公司望尘莫及。
三星电子(Samsung Electronics)──韩国
三星电子连续第六年成为《亚洲华尔街日报》200强中韩国企业的翘楚，而且再也没有哪一年像今年这样实至名归 了。
2004年，三星电子利润高达10.79万亿韩圆（合105亿美元），超过了科技行业任何其他一家企业，甚至个人电脑行业巨头英特尔(Intel Corp.)和微软(Microsoft Corp.)都望尘莫及。
但今年三星电子恐怕难以再创辉煌，旗下两大业务半导体和液晶显示屏都处于行业发展的下降阶段。
但半导体行业滑坡看来转瞬即逝，液晶显示屏业务也有望在年中开始好转。三星电子的手机业务利润也有望在2004年持续下滑后开始增长。由此看来，三星电子在2005年将实现有史以来第二高的利润。
三星电子成功的秘诀是它主导了很多零部件市场，例如存储晶片和平板显示屏，这些零部件大量用于各类数码产品中。三星自己品牌产品的创新和质量也大大提高，为营销而一掷数十亿美元。
三星电子在产品质量、创新和领先地位三项评比中高踞榜首，但在财务管理方面落后于钢铁生产商Posco Co.，尽管三星电子截至年底负债几乎为零，且有7.4万亿韩圆现金。
Posco股票在韩国和海外股市同时上市，三星电子股票只在韩国证交所交易，占韩国证交所总市值的大约五分之一。
台湾积体电路制造股份有限公司（Taiwan Semiconductor Manufacturing, 简称：台积电）──台湾
台积电连续第五年雄居台湾企业之榜首。2004年合同晶片生产市场竞争加剧，但台积电仍然强化了自己在这个市场的统治地位。
2004年是台积电业绩创纪录的一年。作为全球最大的电脑和电子产品晶片合同生产商，台积电净利润增长近一倍，至28亿美元。虽然年末客户库存过剩打击了晶片业的需求，但台积电的销售额和利润的增幅只微幅下滑。第二大合同晶片生产商联华电子(United Microelectronics Corp.)则宣布第四财政季度净利润锐减80%，令分析师们大为震惊。
台积电继续巩固自己的领先地位。今年1月份，公司宣布将把今年对新工厂和新设备的开支从去年的24亿美元提高到26亿美元左右，而比它规模较小的竞争对手们都在纷纷削减资本开支。如果晶片行业的下滑程度超过市场预期，那么台积电增加投资之举就会把公司带入困境。但是，新投资带来的新增产能和更新的技术会让台积电在行业势头扭转时抢占先机。
跻身今年《亚洲华尔街日报》200强的另外两家台湾公司也值得一提。华硕电脑(Asustek Computer Inc.)正在从单一的电脑主板生产商向品牌电子产品生产商转型，在今年的台湾公司排名中位居第二。九十年代后期屡屡居冠的宏基股份有限公司(Acer Inc.)现在跌至第三名。宏基已经接近欧洲个人电脑市场占有率的冠军，在美国市场的占有率也开始迅速增加。
Siam Cement──泰国
Siam Cement PCL连续第二年成为泰国企业的榜首，在泰国这个经济迅速发展的亚洲经济体中的企业地位愈加稳固。
公司创始于第一次世界大战前夕，当时只是一家小小的水泥厂，现在已经发展成泰国最大的工业集团，涉足水泥、石化和造纸等诸多行业。
泰国移动电话运营商之一Advanced Info Service PCL名列第二，接下来是Charoen Pokphand Group。后者是一家大型农业企业，在中国有投资。
Siam Cement之所以占据领先地位，部分原因是产品质量和财务状况两项得分较高。该公司2004年净利润激增83%，至364.8亿泰铢（合9.462亿美元），得益于石化产品价格上涨的势头，旗下石化子公司的净利润达到205.2亿泰铢，成为盈利最高的子公司。
分析师们预计，2005年市场环境会更加艰难，因为石化产品价格会逐步趋于稳定。但公司前景依然乐观，部分原因在于泰国有望投资数十亿美元进行交通和其他基础设施项目的建设，所有这些都离不开水泥。
