ASIA, excluding Japan, has maintained strong relative positioning within the global Shareholder Performance Index (SPI), with many examples including Kookmin Bank (SPI 212) and Maybank Group (SPI 156), said consulting firm Mercer Oliver Wyman (MOW).
The fact that these two groups had maintained strong relative positioning suggested that restructuring efforts since 1998 were delivering sustained growth, MOW said.
(The SPI is a global measure of relative medium-term shareholder performance covering the 400 largest quoted companies in global financial services. The firms included in the SPI have a combined market value of US$5.1tril, more than three quarters of the US$6.7tril global total. SPI 100 is the average performance).
The 10 SPI leaders in this region have a market-weighted average SPI of 267, with four making the top 10 large or mid-cap lists.
Indeed, the region as a whole has gained nearly US$90bil in relative market value over the last five years. It remains unclear, however, how much individual companies are benefiting from the tide of economic growth, as opposed to firm-specific out-performance, MOW said.
It added a number of Indian banks continued to emerge near the top of the list.
On Australia the star economy of the developed world last year MOW said over the past five years, the country had been moderately value positive relative to the global financial services market.
The most recent year's decline in SPI still sees Australia as a segment above the median, with only three companies with an SPI below 100. Two of the top 10 most consistent large-cap performers and two of the mid-cap are Australian firms, and the region looked set to continue to perform strongly through 2004, said MOW.
Overall, UnitedHealth Group topped MOW's top 10 companies in the large cap section. Others included Golden West Financial, United Overseas Bank, Lehman Brothers, Manulife Financial, Metlife, and Kookmin Bank.