In this article, we will look into the 20 most valuable Asian companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Most Valuable Asian Companies Heading into 2024.
Asia is the world's largest and most populous continent, with a rich culture and heritage. The region has experienced a surge in its economic growth over the recent decades. The growth is driven by multiple factors including an increase in innovation and technological advancements in the region. Asia is home to many companies that are considered the most valuable and influential in the world.
Economic Outlook: Asia and Pacific
According to the IMF, Asia-Pacific continues to drive economic growth globally in 2023, despite challenges such as the transition in global demand patterns and restricted monetary policies. The region is projected to experience an upward trajectory, with a projected growth of 4.6% in 2023 from 3.9% in 2022. The inflation in the region is also expected to decline in 2024.
In the first quarter of 2023, the growth in the region experienced an unexpected surge, while the second quarter showed a mixed pattern of growth. Growth from private consumption increased in the region, fueled by the accumulated savings during the pandemic. The early reopening of China after the pandemic boosted the economy in the region. Other economies that exhibited positive growth included India and Japan, characterized by private and domestic demand respectively. The resurgence in automobile exports also contributed to the rise in Japan's economic growth. Economies highly reliant on merchandise exports, such as Southeast Asia, Korea, and Taiwan have been impacted by weaker global demand. However, the services-oriented economies have performed well and exhibited great resilience despite the challenges.
IMF's recent data suggested a slowed momentum of growth across the region. China's economic progress is projected to slow down, while other economies benefit from tourism and exports in the region. Fixed investment has wilted in some countries due to external demand factors and the technology cycle. Other sectors including manufacturing and retail are expected to witness a slowed growth. Despite all these challenges, the region's long-term economic prospects remain positive, driven by the large and growing middle class, a strong export sector, and a young and educated workforce contributing to its economy.
Major Players in the Asian Market
Some of the major players driving the economic growth in the Asian market include Saudi Arabian Oil Co (TADAWUL:2222), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Tencent Holdings Limited (OTC:TCEHY), and Samsung Electronics Co Ltd (KRX:005930).
Saudi Arabian Oil Co (TADAWUL:2222) is a leading energy and chemical company in Saudi Arabia. On November 14, the company announced that it had completed the production of the first-ever unconventional tight gas ahead of schedule, at its operation area in South Ghawar. This is a part of the company's strategy to increase its gas production by more than half til 2030. The company plans to deliver 750 million SCFD of raw gas by increasing its overall processing capacity.
On October 24, Saudi Arabian Oil Co (TADAWUL:2222) announced its partnership with ENOWA, a water and energy company in NEOM, to construct the pioneering electro-fuel demonstration plant in NEOM, Saudi Arabia. The demonstration plant will be responsible for producing 35 barrels per day of low-carbon, synthetic gasoline from renewable hydrogen and captured carbon dioxide. The first-of-its-kind e-fuel technology can reduce CO2 emissions by more than 70% as compared to conventional fuels.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the largest semiconductor manufacturing company in Asia. On October 19, the company reported its earnings for the fiscal third quarter of 2023. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported an EPS of $1.29 and outperformed consensus by $0.12. The company generated a revenue of $16.89 billion and beat estimates by $182.78 million. As of November 16, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has surged nearly 13% over the past 6 months.
Tencent Holdings Limited (OTC:TCEHY) is a leading Chinese multinational technology and entertainment conglomerate. On November 1, the company announced its partnership with the Chinese Academy of Agricultural Sciences (CAAS). The company is set to establish a Digital Seed Bank at the Tencent Science and Technology Museum in collaboration with CAAS. The Digital Seed Bank will display 3D digital arrays of hundreds of germplasm resources. This will also showcase China's exceptional seed storage and breeding technologies and will provide a comprehensive view of the plant growth cycle.
Samsung Electronics Co Ltd (KRX:005930) is a South Korean multinational company. On November 15, the company launched a portable Solid-State Drive (SSD), called T5 EVO. The SSD has a storage capacity of up to 8 TB, the largest size available in the market. The T5 EVO utilizes USB 3.2 Gen 1 technology, allowing a 3.8 times faster data transfer as compared to external HDDs. It has maximum sequential read and write speeds of up to 460 megabytes per second. The T5 EVO is compatible with multiple operating systems and host devices, including Mac OS, Windows, smartphones/tablets, and gaming consoles.
Now that we have talked about the Asian market and discussed the major players, let's look at the 20 most valuable Asian companies heading into 2024.
20 Most Valuable Asian Companies Heading into 2024
20 Most Valuable Asian Companies Heading into 2024
Methodology
To identify the most valuable Asian companies heading into 2024, we consulted Yahoo Finance and Finviz stock screeners. Initially, we identified a list of the top 40 companies from both screeners and then obtained their market cap from Yahoo Finance. For foreign companies, we converted their market cap based on the dollar exchange rate as of November 16. Finally, we narrowed down our selection to the 20 most valuable Asian companies heading into 2024 and ranked them in ascending order of their market cap.
20 Most Valuable Asian Companies Heading into 2024
20. LG Energy Solution Ltd (KRX:373220)
Market Cap as of November 16: $79.89 billion
LG Energy Solution Ltd (KRX:373220) is one of the largest battery manufacturing companies in the world, headquartered in Seoul, South Korea. As of November 16, LG Energy Solution Ltd (KRX:373220) has a market cap of $79.89 billion.
Saudi Arabian Oil Co (TADAWUL:2222), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Tencent Holdings Limited (OTC:TCEHY), and Samsung Electronics Co Ltd (KRX:005930) are some of the most valuable stocks in the Asian market.
19. Nippon Telegraph and Telephone Corporation (OTC:NTTYY)
Market Cap as of November 16: $97.05 billion
Nippon Telegraph and Telephone Corporation (OTC:NTTYY) is a leading Japanese telecommunications company, headquartered in Tokyo, Japan. As of November 16, Nippon Telegraph and Telephone Corporation (OTC:NTTYY) has a market cap of $97.05 billion.
18. Keyence Corporation (TYO:6861)
Market Cap as of November 16: $99.53 billion
Keyence Corporation (TYO:6861) is a leading company that specializes in manufacturing equipment and solutions for factory automation, sensors, measuring instruments, vision systems, barcode readers, laser markers, and digital microscopes. As of November 16, Keyence Corporation (TYO:6861) has a market cap of $99.53 billion.
17. Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)
Market Cap as of November 16: $100.89 billion
Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) is a leading multinational financial company, headquartered in Japan. Founded in 2005, Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) is the largest bank holding company in Japan. As of November 16, Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG) boasts a market cap of $100.89 billion. It is ranked 17th on our list.
Sony Group Corporation (NYSE:SONY) is a multinational Japanese conglomerate corporation headquartered in Tokyo, Japan. As of November 6, Sony Group Corporation (NYSE:SONY) has a market cap of $108.11 billion. It is ranked 16th on our list of the most valuable Asian companies heading into 2024.
HDFC Bank Limited (NYSE:HDB) is the largest banking and financial services company in India. It is ranked among the most valuable Asian companies heading into 2024. It offers a wide range of products and services to over 43 million customers. As of November 16, HDFC Bank Limited (NYSE:HDB) has a market cap of $149.49 billion.
PDD Holdings Inc. (NASDAQ:PDD) is a retail holding company with a wide range of businesses. It specializes in agriculture products. As of November 16, PDD Holdings Inc. (NASDAQ:PDD) has a market cap of $152.01 billion.
13. Tata Consultancy Services Limited (NSE:TCS)
Market Cap as of November 6: $155.08 billion
Tata Consultancy Services Limited (NSE:TCS) is a leading information technology services and consulting company in India. It operates in 150 locations across 46 countries in the world. As of November 16, Tata Consultancy Services Limited (NSE:TCS) has a market cap of $155.08 billion.
12. Agricultural Bank of China Ord Shs A (SHA:601288)
Market Cap as of November 16: $173.85 billion
Agricultural Bank of China Ord Shs A (SHA:601288) is a leading banking company, specializing in personal, business, and investment banking. It is headquartered in Beijing, China. As of November 16, Agricultural Bank of China Ord Shs A (SHA:601288) has a market cap of $173.85 billion.
11. PetroChina Ord Shs A (SHA:601857)
Market Cap as of November 16: $175.90 billion
PetroChina Ord Shs A (SHA:601857) is a leading Chinese oil and gas company, headquartered in Beijing, China. As of November 16, PetroChina Ord Shs A (SHA:601857) boasts a market cap of $175.90 billion.
10. China Mobile Ltd (SHA:600941)
Market Cap as of November 16: $177.69 billion
China Mobile Ltd (SHA:600941) is a leading telecommunication services company headquartered in Beijing, China. As of November 16, China Mobile Ltd (SHA:600941) has a market cap of $177.69 billion.
9. Reliance Industries Ltd (NSE:RELIANCE)
Market Cap as of November 16: $191.89 billion
Reliance Industries Ltd (NSE:RELIANCE) is India's largest conglomerate company with multiple businesses under its umbrella, including telecommunication, mass media, retail, energy, and textile among others. As of November 16, Reliance Industries Ltd (NSE:RELIANCE) boasts a market cap of $191.89 billion. It is ranked 19th on our list.
8. Industrial and Commercial Bank of China Limited (OTC:IDCBY)
Market Cap as of November 16: $218.69 billion
Industrial and Commercial Bank of China Limited (OTC:IDCBY) is a multinational banking company in Beijing, China. It is ranked among the most valuable Asian companies heading into 2024 with a market cap of $218.69 billion.
Alibaba Group Holding Limited (NYSE:BABA) is a multinational e-commerce and retail company headquartered in Hangzhou, China. As of November 16, Alibaba Group Holding Limited (NYSE:BABA) has a market cap of $221.74 billion.
Toyota Motor Corporation (NYSE:TM) is ranked 6th on our list of the most valuable Asian companies heading into 2024. It is a Japanese multinational automotive manufacturer, headquartered in Aichi, Japan. As of November 16, Toyota Motor Corporation (NYSE:TM) boasts a market cap of $256.59 billion.
Investors looking to invest in the Asian market can research stocks including Saudi Arabian Oil Co (TADAWUL:2222), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Tencent Holdings Limited (OTC:TCEHY), and Samsung Electronics Co Ltd (KRX:005930).
