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1997 Leaders

THE
BUSINESS WEEK
GLOBAL 1000
RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

1
2
3
4
5

1
4
2
3
12

GENERAL ELECTRIC
COCA-COLA
ROYAL DUTCH/SHELL GROUP
NIPPON TELEGRAPH & TELEPHONE
MICROSOFT

6
7
8
9
10

6
15
8
10
9

EXXON
INTEL
TOYOTA MOTOR
MERCK
PHILIP MORRIS

11
12
13
14
15

NR
18
20
11
5

NOVARTIS
PROCTER & GAMBLE
INTERNATIONAL BUSINESS MACHINES
ROCHE HOLDING
BANK OF TOKYO-MITSUBISHI

16
17
18
19
20

40
13
32
26
19

HSBC HOLDINGS
JOHNSON & JOHNSON
BRISTOL-MYERS SQUIBB
GLAXO WELLCOME
WAL-MART STORES

21
22
23
24
25

25
27
29
28
NR

BRITISH PETROLEUM
PFIZER
AMERICAN INTERNATIONAL GROUP
DUPONT
DEUTSCHE TELEKOM

26
27
28
29
30

7
24
35
30
82

AT&T
PEPSICO
WALT DISNEY
MOBIL
LLOYDS TSB GROUP

31
32
33
34
35

65
49
48
39
23

SBC COMMUNICATIONS
BERKSHIRE HATHAWAY
UNILEVER
CITICORP
HEWLETT-PACKARD

36
37
38
39
40

52
77
31
56
54

ELI LILLY
GILLETTE
NESTLE
AMERICAN HOME PRODUCTS
ABBOTT LABORATORIES

41
42
43
44
45

47
72
57
43
53

ALLIANZ
SMITHKLINE BEECHAM
FANNIE MAE
CHEVRON
BRITISH TELECOMMUNICATIONS

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

U.S.
U.S.
Neth./Britain
Japan
U.S.

198.09
169.86
168.99
151.57
148.59

46
47
48
49
50

38
63
33
51
16

BELLSOUTH
CISCO SYSTEMS
FORD MOTOR
AMOCO
SUMITOMO BANK

U.S.
U.S.
Japan
U.S.
U.S.

147.15
124.08
108.67
108.49
106.58

51
52
53
54
55

88
37
36
74
64

NATIONSBANK
GTE
GENERAL MOTORS
BANKAMERICA
CHASE MANHATTAN

Switzerland
U.S.
U.S.
Switzerland
Japan

93.48
93.39
85.91
83.51
80.90

56
57
58
59
60

90
44
71
50
41

LUCENT TECHNOLOGIES
ENI
DAIMLER-BENZ
MATSUSHITA ELECTRIC INDUSTRIAL
MOTOROLA

Britain
U.S.
U.S.
Britain
U.S.

80.71
79.91
73.38
70.85
67.68

61
62
63
64
65

69
21
67
14
22

MINNESOTA MINING & MFG.

DAI-ICHI KANGYO BANK
BOEING
FUJI BANK
SANWA BANK

Britain
U.S.
U.S.
U.S.
Germany

67.34
64.38
63.57
61.45
60.97

66 61 AMERITECH
67 62 HITACHI LTD.
68 130 TRAVELERS GROUP
69 58 McDONALDS
70 91 ING GROEP

U.S.
U.S.
U.S.
U.S.
Britain

59.71
56.31
55.28
55.03
53.85

71
72
73
74
75

112
110
108
93
139

U.S.
U.S.
Neth./Britain
U.S.
U.S.

53.64
52.98
52.64
52.56
52.53

76
77
78
79
80

99
60
75
85
17

U.S.
U.S.
Switzerland
U.S.
U.S.

51.65
49.52
48.93
48.92
48.73

81
82
83
84
85

104
80
223
121
144

Germany
Britain
U.S.
U.S.
Britain

47.96
47.32
46.42
45.74
45.55

86 86 SUN HUNG KAI PROPERTIES

87 105 TEXACO
88 125 ZENECA GROUP
89 97 HONDA MOTOR
90 66 BROKEN HILL PROPRIETARY

L.M. ERICSSON
SCHERING-PLOUGH
AMERICAN EXPRESS
SONY
ALLSTATE
HUTCHISON WHAMPOA
SIEMENS
BELL ATLANTIC
HOME DEPOT
INDUSTRIAL BANK OF JAPAN
ORACLE
SEVEN-ELEVEN JAPAN
COMPAQ COMPUTER
SCHLUMBERGER
BARCLAYS BANK

U.S.
U.S.
U.S.
U.S.
Japan

44.98
44.96
44.66
44.17
43.40

U.S.
U.S.
U.S.
U.S.
U.S.

42.34
42.14
41.83
41.44
40.74

U.S.
Italy
Germany
Japan
U.S.

40.64
40.08
39.74
39.68
39.42

U.S.
Japan
U.S.
Japan
Japan

38.24
38.03
37.99
37.30
37.10

U.S.
Japan
U.S.
U.S.
Netherlands

35.96
35.52
35.27
34.77
34.77

Sweden
U.S.
U.S.
Japan
U.S.

33.85
33.20
32.86
32.34
32.26

Hong Kong
Germany
U.S.
U.S.
Japan

32.23
31.76
30.66
30.66
30.51

U.S.
Japan
U.S.
U.S.
Britain

30.47
30.13
29.68
29.39
29.38

Hong Kong
U.S.
Britain
Japan
Australia

29.37
28.77
28.71
28.60
28.53

BUSINESS WEEK / JULY 7, 1997 51

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NY: Dowling, Comes, Power, Brady, Warner, Pearson

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

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XX

EDIT OK
COLOR OK

THE BUSINESS WEEK GLOBAL 1000

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

91 94 BAYER
92 87 UBS
93 120 KIMBERLY-CLARK
94 79 VEBA
95 96 DEUTSCHE BANK

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

Germany
Switzerland
U.S.
Germany
Germany

28.13
28.13
28.12
27.97
27.77

156
157
158
159
160

267
98
228
179
178

ABBEY NATIONAL
NIPPON STEEL
NORWEST
FUJI PHOTO FILM
ENDESA

96 84 B. A. T. INDUSTRIES
97 34 SINGAPORE TELECOMMUNICATIONS
98 192 WARNER-LAMBERT
99 131 ELF AQUITAINE
100 81 EASTMAN KODAK

Britain
Singapore
U.S.
France
U.S.

27.77
27.52
27.41
27.33
27.27

161
162
163
164
165

152
102
106
216
174

Britain
Japan
U.S.
Japan
Spain

20.27
20.16
20.08
19.92
19.89

COMPUTER ASSOCIATES INTERNATIONAL

TOSHIBA
EAST JAPAN RAILWAY
SWISS RE
SARA LEE

U.S.
Japan
Japan
Switzerland
U.S.

19.88
19.75
19.74
19.64
19.63

101
102
103
104
105

166
331
70
124
184

TELEFONICA NACIONAL DE ESPANA

WORLDCOM
ASTRA
MCI COMMUNICATIONS
TIME WARNER

Spain
U.S.
Sweden
U.S.
U.S.

27.15
26.45
26.36
26.24
26.03

166
167
168
169
170

224
205
116
236
173

NOKIA
GRAND METROPOLITAN
DOW CHEMICAL
AEGON
J. P. MORGAN

Finland
Britain
U.S.
Netherlands
U.S.

19.60
19.55
19.52
19.44
19.38

106
107
108
109
110

151
115
55
154
114

MONSANTO
HONG KONG TELECOMMUNICATIONS
TOKYO ELECTRIC POWER
ABN AMRO HOLDING
CARREFOUR

U.S.
Hong Kong
Japan
Netherlands
France

26.03
25.88
25.77
25.41
25.30

171
172
173
174
175

283
241
235
129
218

AXA-UAP
PHILIPS ELECTRONICS
PRUDENTIAL
SEARS, ROEBUCK
UNITED TECHNOLOGIES

France
Netherlands
Britain
U.S.
U.S.

19.37
19.37
19.32
19.23
19.04

111
112
113
114
115

119
150
142
92
172

ABB ASEA BROWN BOVERI

STET
LOREAL
COLUMBIA/HCA HEALTHCARE
CREDIT SUISSE GROUP

Sweden/Switz.
Italy
France
U.S.
Switzerland

25.20
25.07
24.58
24.49
24.40

176
177
178
179
180

133
639
109
217
208

REUTERS HOLDINGS
DELL COMPUTER
MITSUBISHI TRUST & BANKING
SWISS BANK CORP.
SAP

Britain
U.S.
Japan
Switzerland
Germany

18.95
18.84
18.66
18.64
18.62

Japan
U.S.
U.S.
Australia/Brit.
Japan

24.25
24.16
24.05
23.77
23.67

181
182
183
184
185

230
111
103
76
260

CATERPILLAR
MITSUBISHI CORP.
KANSAI ELECTRIC POWER
ELECTRONIC DATA SYSTEMS
COLGATE-PALMOLIVE

U.S.
Japan
Japan
U.S.
U.S.

18.58
18.42
18.39
18.30
18.28

116 68 MITSUBISHI HEAVY INDUSTRIES

117 137 EMERSON ELECTRIC
118 157 FIRST UNION
119 107 RIO TINTO
120 95 ITO-YOKADO
121
122
123
124
125

123
100
163
126
136

NYNEX
WELLS FARGO
CHEUNG KONG HOLDINGS
MARKS & SPENCER
ATLANTIC RICHFIELD

U.S.
U.S.
Hong Kong
Britain
U.S.

23.61
23.56
23.50
23.47
23.44

186
187
188
189
190

213
127
176
193
212

FIRST CHICAGO NBD

TOKIO MARINE & FIRE
BANC ONE
CABLE & WIRELESS
BRIDGESTONE

U.S.
Japan
U.S.
Britain
Japan

18.28
18.22
18.15
18.15
18.15

126
127
128
129
130

46
122
195
165
132

NOMURA SECURITIES
HANG SENG BANK
FEDERAL HOME LOAN MORTGAGE
BASF
HOECHST

Japan
Hong Kong
U.S.
Germany
Germany

23.25
23.18
22.94
22.83
22.79

191
192
193
194
195

168
211
149
146
185

LOCKHEED MARTIN
GUINNESS
FIRST DATA
MITSUBISHI ESTATE
AMGEN

U.S.
Britain
U.S.
Japan
U.S.

18.08
17.94
17.94
17.73
17.71

131
132
133
134
135

128
169
161
101
171

REED ELSEVIER
FUJITSU
TOTAL
SEIBU RAILWAY
TIM

Neth./Britain
Japan
France
Japan
Italy

22.55
22.44
22.34
22.31
22.28

196
197
198
199
200

221
187
117
214
271

MEDTRONIC
US WEST COMMUNICATIONS GROUP
PHARMACIA & UPJOHN
ALCATEL ALSTHOM
MERRILL LYNCH

U.S.
U.S.
U.S.
France
U.S.

17.63
17.59
17.57
17.57
17.51

136
137
138
139
140

259
199
89
141
134

VOLKSWAGEN
TAKEDA CHEMICAL INDUSTRIES
HUGHES ELECTRONICS
DENSO
RWE

Germany
Japan
U.S.
Japan
Germany

22.27
22.17
22.04
22.01
21.95

201
202
203
204
205

286
238
237
200
245

TEXAS INSTRUMENTS
HENDERSON LAND DEVELOPMENT
BCE (BELL CANADA ENTERPRISES)
UNION PACIFIC
ZURICH INSURANCE GROUP

U.S.
Hong Kong
Canada
U.S.
Switzerland

17.15
16.88
16.76
16.73
16.73

141
142
143
144
145

209
83
164
170
162

NORTHERN TELECOM
CHRYSLER
XEROX
CANON
NEC

Canada
U.S.
U.S.
Japan
Japan

21.93
21.93
21.93
21.78
21.77

206
207
208
209
210

78
118
201
303
268

TOKAI BANK
NISSAN MOTOR
NIKE
BANK OF NEW YORK
DRESDNER BANK

Japan
Japan
U.S.
U.S.
Germany

16.68
16.65
16.60
16.42
16.39

146
147
148
149
150

189
180
177
215
147

ALLIEDSIGNAL
TELECOM ITALIA
CAMPBELL SOUP
NATIONAL AUSTRALIA BANK
ANHEUSER-BUSCH

U.S.
Italy
U.S.
Australia
U.S.

21.72
21.64
21.50
21.40
21.27

211
212
213
214
215

167
NR
279
140
248

KONINKLIJKE PTT NEDERLAND

ASSOCIATES FIRST CAPITAL
BMW
DDI
BRITISH SKY BROADCASTING GROUP

Netherlands
U.S.
Germany
Japan
Britain

16.38
16.38
16.22
16.21
16.13

151
152
153
154
155

113
143
197
159
45

LVMH MOET HENNESSY LOUIS VUITTON

SPRINT
MUENCHENER RUECK.
NATIONAL WESTMINSTER BANK
SAKURA BANK

France
U.S.
Germany
Britain
Japan

21.21
21.04
20.87
20.83
20.48

216
217
218
219
220

232
364
240
183
285

COMPAGNIE GENERALE DES EAUX

BANCO BILBAO VIZCAYA
H. J. HEINZ
GENERAL ELECTRIC CO.
FORTIS

France
Spain
U.S.
Britain
Neth./Belgium

16.06
15.95
15.81
15.76
15.64

52 BUSINESS WEEK / JULY 7, 1997

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Large: Morrison, J. Mandel, Rosenberg, Jespersen
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SCRBD RANK

BW
BW INTL
INT

RANK
1997 1996

COLOR OK

MARKET VALUE
Billions of U.S. dollars

221
222
223
224
225

257
323
NR
191
160

FLEET FINANCIAL GROUP

STANDARD CHARTERED
TRAVELERS PROPERTY CASUALTY
KELLOGG
JAPAN TOBACCO

226
227
228
229
230

73
363
210
138
231

231
232
233
234
235

EDIT OK

PE

DAD

???/!!!

XX

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

U.S.
Britain
U.S.
U.S.
Japan

15.64
15.56
15.40
15.32
15.29

286
287
288
289
290

389
374
369
652
456

COMMERZBANK
SUNTRUST BANKS
BRITISH AIRWAYS
ROYAL & SUN ALLIANCE INSURANCE GROUP
MARSH & McLENNAN

ASAHI BANK
AETNA
DAI NIPPON PRINTING
ASSICURAZIONI GENERALI
MANNESMANN

Japan
U.S.
Japan
Italy
Germany

15.17
15.13
15.07
15.03
14.97

291
292
293
294
295

351
397
292
272
278

226
225
242
181
153

SEAGRAM
BG
BAXTER INTERNATIONAL
NEWS CORP.
WASTE MANAGEMENT

Canada
Britain
U.S.
Australia
U.S.

14.90
14.74
14.62
14.58
14.53

296
297
298
299
300

236
237
238
239
240

145
249
188
269
289

SHARP
INTERNATIONAL PAPER
SOUTHERN
AUTOMATIC DATA PROCESSING
SANKYO

Japan
U.S.
U.S.
U.S.
Japan

14.50
14.40
14.40
14.39
14.36

241
242
243
244
245

252
233
182
204
198

GENERAL RE
ROCKWELL INTERNATIONAL
AIRTOUCH COMMUNICATIONS
MITSUI & CO.
FIAT GROUP

U.S.
U.S.
U.S.
Japan
Italy

246
247
248
249
250

435
325
243
155
273

BANCO DE SANTANDER
CONAGRA
VODAFONE GROUP
CHUBU ELECTRIC POWER
McDONNELL DOUGLAS

251
252
253
254
255

227
319
309
418
305

KYOCERA
THOMSON
TESCO
ROYAL BANK OF CANADA
MORGAN STANLEY, DEAN WITTER, DISCOVER

256
257
258
259
260

207
156
297
316
275

SWIRE PACIFIC
BTR
PNC BANK
GANNETT
DEERE

261
262
263
264
265

254
315
352
468
234

J. C. PENNEY
VOLVO
CIGNA
KONINKLIJKE AHOLD
BURLINGTON NORTHERN SANTA FE

266
267
268
269
270

281
300
256
329
377

271
272
273
274
275

Germany
U.S.
Britain
Britain
U.S.

11.78
11.71
11.66
11.60
11.56

CORNING
WALGREEN
CSX
BASS
NORSK HYDRO

U.S.
U.S.
U.S.
Britain
Norway

11.55
11.51
11.50
11.48
11.46

324
206
356
NR
458

SUMITOMO ELECTRIC INDUSTRIES

ASAHI GLASS
CORESTATES FINANCIAL
SGS-THOMSON MICROELECTRONICS
MBNA

Japan
Japan
U.S.
France
U.S.

11.40
11.40
11.35
11.33
11.32

301
302
303
304
305

416
360
229
414
262

NATIONAL CITY
CARNIVAL
RAYTHEON
MELLON BANK
LAIR LIQUIDE

U.S.
U.S.
U.S.
U.S.
France

11.29
11.29
11.28
11.27
11.23

14.15
14.09
14.02
13.95
13.87

306
307
308
309
310

276
333
336
294
250

PHILLIPS PETROLEUM
IBERDROLA
LOEWS
NINTENDO
MAY DEPARTMENT STORES

U.S.
Spain
U.S.
Japan
U.S.

11.20
11.20
11.19
11.06
11.06

Spain
U.S.
Britain
Japan
U.S.

13.65
13.63
13.56
13.52
13.52

311
312
313
314
315

NR
158
394
296
219

METRO
SUMITOMO TRUST & BANKING
RENTOKIL INITIAL
GROUPE DANONE
SINGAPORE AIRLINES

Germany
Japan
Britain
France
Singapore

11.03
11.00
11.00
10.97
10.95

Japan
Canada
Britain
Canada
U.S.

13.46
13.43
13.36
13.36
13.35

316
317
318
319
320

370
423
304
338
413

FIRST BANK SYSTEM

BAYERISCHE VEREINSBANK
ARCHER DANIELS MIDLAND
JUSCO
MORGAN STANLEY GROUP

U.S.
Germany
U.S.
Japan
U.S.

10.95
10.91
10.87
10.84
10.72

Hong Kong
Britain
U.S.
U.S.
U.S.

13.30
13.27
13.14
13.09
13.05

321
322
323
324
325

589
353
391
532
290

BANKBOSTON
RHONE-POULENC RORER
RHONE-POULENC
TYCO INTERNATIONAL
GREAT UNIVERSAL STORES

U.S.
U.S.
France
U.S.
Britain

10.72
10.71
10.69
10.69
10.65

U.S.
Sweden
U.S.
Netherlands
U.S.

13.05
12.88
12.86
12.84
12.80

326
327
328
329
330

384
379
311
270
347

UNOCAL
CHUBB
UNITED HEALTHCARE
J. SAINSBURY
NABISCO HOLDINGS

U.S.
U.S.
U.S.
Britain
U.S.

10.64
10.55
10.52
10.50
10.50

ALUMINUM CO. OF AMERICA

REPSOL
OCBC OVERSEAS CHINESE BANK
CHINA LIGHT & POWER
ILLINOIS TOOL WORKS

U.S.
Spain
Singapore
Hong Kong
U.S.

12.70
12.58
12.53
12.46
12.40

331
332
333
334
335

317
348
429
186
431

PPG INDUSTRIES
BOOTS
DAYTON HUDSON
VIACOM
SAFEWAY

U.S.
Britain
U.S.
U.S.
U.S.

10.48
10.48
10.47
10.47
10.45

407
307
253
354
274

WESTINGHOUSE ELECTRIC
CPC INTERNATIONAL
ELECTRABEL
CITIC PACIFIC
NORFOLK SOUTHERN

U.S.
U.S.
Belgium
Hong Kong
U.S.

12.36
12.35
12.24
12.20
12.18

336
337
338
339
340

306
222
412
239
367

ENRON
KIRIN BREWERY
BOSTON SCIENTIFIC
TELE-COMMUNICATIONS
WHARF (HOLDINGS)

U.S.
Japan
U.S.
U.S.
Hong Kong

10.43
10.39
10.38
10.33
10.30

276
277
278
279
280

196
302
282
378
349

MITSUBISHI ELECTRIC
VIAG
GRANADA GROUP
NEW WORLD DEVELOPMENT
US WEST MEDIA

Japan
Germany
Britain
Hong Kong
U.S.

12.16
12.11
12.06
12.06
12.05

341
342
343
344
345

342
299
425
462
422

NATIONAL POWER
MITSUI FUDOSAN
PITNEY BOWES
AUSTRALIA & NEW ZEALAND BANKING GROUP
TDK

Britain
Japan
U.S.
Australia
Japan

10.26
10.25
10.24
10.24
10.22

281
282
283
284
285

441
287
343
261
465

ROHM
COMPAGNIE DE SAINT-GOBAIN
KEYCORP
SUN MICROSYSTEMS
APPLIED MATERIALS

Japan
France
U.S.
U.S.
U.S.

12.02
11.99
11.90
11.90
11.82

346
347
348
349
350

337
341
548
385
513

SOCIETE GENERALE
GENERAL MILLS
BARNETT BANKS
COMMONWEALTH BANK OF AUSTRALIA
SEAGATE TECHNOLOGY

France
U.S.
U.S.
Australia
U.S.

10.20
10.19
10.05
9.99
9.96

BUSINESS WEEK / JULY 7, 1997 53

TB

NY: Dowling, Comes, Power, Brady, Warner

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

CMYK 04

54

EDIT PASS

EDIT OK

SCRBD-RANK

BW
BW INTL
INT

COLOR OK

PE

DAD

???/!!!

XX

THE BUSINESS WEEK GLOBAL 1000

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

351
352
353
354
355

459
508
148
346
572

CANADIAN IMPERIAL BANK OF COMMERCE

BANK OF MONTREAL
DAIWA SECURITIES
WEYERHAEUSER
BANK OF NOVA SCOTIA

356
357
358
359
360

372
436
646
432
493

UNITED OVERSEAS BANK

WACHOVIA
EMC
EDISON INTERNATIONAL
HALLIBURTON

361
362
363
364
365

442
246
350
326
312

TEXTRON
KINKI NIPPON RAILWAY
WESTPAC BANKING
IMPERIAL CHEMICAL INDUSTRIES
TOPPAN PRINTING

366
367
368
369
370

463
559
244
330
566

HOUSEHOLD INTERNATIONAL
CONRAIL
KAWASAKI STEEL
TORAY INDUSTRIES
INVESTOR

371
372
373
374
375

361
190
355
322
266

AKZO NOBEL
ALL NIPPON AIRWAYS
MURATA MFG.
PG&E
BARRICK GOLD

376
377
378
379
380

451
251
320
444
403

381
382
383
384
385

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

Canada
Canada
Japan
U.S.
Canada

9.96
9.94
9.89
9.89
9.88

416
417
418
419
420

492
387
265
291
746

HFS
MATSUSHITA ELECTRIC WORKS
HEINEKEN
POLYGRAM
REPUBLIC INDUSTRIES

Singapore
U.S.
U.S.
U.S.
U.S.

9.84
9.83
9.81
9.81
9.79

421
422
423
424
425

396
404
509
310
518

U.S.
Japan
Australia
Britain
Japan

9.78
9.72
9.67
9.64
9.60

426
427
428
429
430

U.S.
U.S.
Japan
Japan
Sweden

9.57
9.56
9.54
9.53
9.49

Netherlands
Japan
Japan
U.S.
Canada

PINAULT-PRINTEMPS-REDOUTE
SUMITOMO CORP.
GAP
CUC INTERNATIONAL
NTT DATA COMMUNICATIONS SYSTEMS

488
446
528
395
399

HONEYWELL
CANADIAN PACIFIC
HARTFORD FINANCIAL SERVICES GROUP
SANOFI
GOODYEAR TIRE & RUBBER

386
387
388
389
390

313
613
562
506
437

DUKE POWER
U. S. BANCORP
TELLABS
RALSTON PURINA GROUP
AMR

391
392
393
394
395

398
603
428
220
339

BAA
TORONTO-DOMINION BANK
AMERICAN GENERAL
MITSUI TRUST & BANKING
AMP

396
397
398
399
400

609
424
393
466
409

LEGAL & GENERAL GROUP

CADBURY SCHWEPPES
TOYS R US
MICRON TECHNOLOGY
TELECOM CORP. OF NEW ZEALAND

401
402
403
404
405

460
345
551
175
386

SHIN-ETSU CHEMICAL
RJR NABISCO HOLDINGS
BRITISH AEROSPACE
NIKKO SECURITIES
DEVELOPMENT BANK OF SINGAPORE

406
407
408
409
410

474
375
417
411
504

RICOH
3COM
MATTEL
TAISHO PHARMACEUTICAL
USX-MARATHON GROUP

411
412
413
414
415

263
575
438
469
335

TOHOKU ELECTRIC POWER

HERSHEY FOODS
BANQUE NATIONALE DE PARIS
AIR PRODUCTS & CHEMICALS
FANUC

U.S.
Japan
Netherlands
Netherlands
U.S.

8.52
8.52
8.50
8.50
8.46

FPL GROUP
AMERICAN BRANDS
AVON PRODUCTS
ALBERTSONS
COMPAGNIE DE SUEZ

U.S.
U.S.
U.S.
U.S.
France

8.46
8.42
8.42
8.40
8.37

426
624
284
264
476

SECOM
ASSOCIATED BRITISH FOODS
NIPPON EXPRESS
KYUSHU ELECTRIC POWER
SERVICE CORP. INTERNATIONAL

Japan
Britain
Japan
Japan
U.S.

8.36
8.35
8.34
8.34
8.31

431
432
433
434
435

515
708
705
247
258

PRAXAIR
TOKYO ELECTRON
TENET HEALTHCARE
EMI GROUP
SANYO ELECTRIC

U.S.
Japan
U.S.
Britain
Japan

8.30
8.30
8.29
8.28
8.22

9.49
9.47
9.46
9.45
9.45

436
437
438
439
440

452
485
421
359
687

PETROFINA
Belgium
BAYERISCHE HYPOTHEKEN- UND WECHSEL-BANK Germany
WOLTERS KLUWER
Netherlands
JAPAN TELECOM
Japan
FRANKLIN RESOURCES
U.S.

8.19
8.18
8.17
8.17
8.16

France
Japan
U.S.
U.S.
Japan

9.41
9.41
9.41
9.39
9.27

441
442
443
444
445

392
427
450
596
472

KAO
ALCAN ALUMINIUM
BOC GROUP
AON
GEORGIA-PACIFIC

Japan
Canada
Britain
U.S.
U.S.

8.15
8.14
8.12
8.11
8.07

U.S.
Canada
U.S.
France
U.S.

9.25
9.22
9.20
9.13
9.11

446
447
448
449
450

640
293
321
434
480

NOVO-NORDISK
ASAHI CHEMICAL INDUSTRY
SUMITOMO METAL INDUSTRIES
PARIBAS
ROYAL BANK OF SCOTLAND GROUP

Denmark
Japan
Japan
France
Britain

8.06
8.02
8.02
8.01
7.99

U.S.
U.S.
U.S.
U.S.
U.S.

9.10
9.09
9.08
9.07
9.06

451
452
453
454
455

448
816
594
520
500

YAMANOUCHI PHARMACEUTICAL
COCA-COLA ENTERPRISES
FIFTH THIRD BANCORP
HENKEL
KINGFISHER

Japan
U.S.
U.S.
Germany
Britain

7.99
7.97
7.95
7.90
7.85

Britain
Canada
U.S.
Japan
U.S.

9.04
9.03
9.02
9.01
9.01

456
457
458
459
460

362
135
937
647
295

COMPAGNIE FINANCIERE RICHEMONT

LONG-TERM CREDIT BANK OF JAPAN
HEALTHSOUTH
LAND SECURITIES
SHIZUOKA BANK

Switzerland
Japan
U.S.
Britain
Japan

7.83
7.80
7.76
7.75
7.74

Britain
Britain
U.S.
U.S.
New Zealand

9.00
8.97
8.89
8.88
8.78

461
462
463
464
465

447
340
334
501
373

FEDERATED DEPARTMENT STORES

TEXAS UTILITIES
TENNECO
COMMERCIAL UNION ASSURANCE
OCCIDENTAL PETROLEUM

U.S.
U.S.
U.S.
Britain
U.S.

7.71
7.69
7.68
7.68
7.67

Japan
U.S.
Britain
Japan
Singapore

8.76
8.76
8.75
8.73
8.66

466
467
468
469
470

419
382
327
328
405

AMERICAN ELECTRIC POWER

IMPERIAL OIL
TONEN
KOMATSU
ALLIED DOMECQ

U.S.
Canada
Japan
Japan
Britain

7.67
7.63
7.59
7.58
7.56

Japan
U.S.
U.S.
Japan
U.S.

8.63
8.61
8.60
8.60
8.60

471
472
473
474
475

688
590
202
665
537

DAMPSKIBSSELSKABET AF 1912
POWERGEN
JAPAN AIRLINES
BANK OF SCOTLAND
CROWN CORK & SEAL

Denmark
Britain
Japan
Britain
U.S.

7.55
7.55
7.54
7.53
7.48

Japan
U.S.
France
U.S.
Japan

8.59
8.57
8.53
8.53
8.52

476 NR WEST JAPAN RAILWAY

477 402 U. S. ROBOTICS
478 676 DAMPSKIBSSELSKABET SVENBORG
479 529 CITY DEVELOPMENTS
480 NR CONSECO

Japan
U.S.
Denmark
Singapore
U.S.

7.48
7.47
7.46
7.38
7.33

54 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Power, Brady, Warner

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

CMYK 04

55

EDIT PASS

SCRBD RANK

BW
BW INTL
INT

RANK
1997 1996

COLOR OK

MARKET VALUE
Billions of U.S. dollars

481
482
483
484
485

486
512
484
545
785

UNION PACIFIC RESOURCES GROUP

SIEBE
HONGKONG ELECTRIC HOLDINGS
HONGKONG LAND HOLDINGS
SCOTTISH POWER

486
487
488
489
490

301
543
581
516
365

491
492
493
494
495

PE

DAD

???/!!!

XX

EDIT OK

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

U.S.
Britain
Hong Kong
Singapore
Britain

7.33
7.28
7.27
7.27
7.26

546
547
548
549
550

736
635
401
NR
824

CLOROX
SOCIETE GENERALE DE BELGIQUE
AJINOMOTO
FRESENIUS MEDICAL CARE
BANESTO

U.S.
Belgium
Japan
Germany
Spain

6.52
6.52
6.52
6.50
6.50

ITOCHU
MARRIOTT INTERNATIONAL
DORDTSCHE PETROLEUM
SANDVIK
WMC

Japan
U.S.
Netherlands
Sweden
Australia

7.25
7.25
7.21
7.21
7.20

551
552
553
554
555

675
530
332
606
487

PROMODES GROUP
ACOM
KUBOTA
DOVER
TELE DANMARK

France
Japan
Japan
U.S.
Denmark

6.50
6.48
6.47
6.47
6.46

766
637
499
288
762

STATE STREET
WINTERTHUR
GENENTECH
TOKYO GAS
CHARLES SCHWAB

U.S.
Switzerland
U.S.
Japan
U.S.

7.19
7.19
7.17
7.16
7.16

556
557
558
559
560

701
693
507
607
669

SVENSKA HANDELSBANKEN
IMASCO
SAFEWAY PLC
COCA-COLA AMATIL
PENINSULAR & ORIENTAL STEAM NAVIGATION

Sweden
Canada
Britain
Australia
Britain

6.44
6.43
6.37
6.36
6.35

496
497
498
499
500

NR
662
475
818
698

CHEUNG KONG INFRASTRUCTURE HOLDINGS

GENERAL ACCIDENT
GAS NATURAL SDG
COSTCO
BOMBARDIER

Hong Kong
Britain
Spain
U.S.
Canada

7.14
7.14
7.13
7.13
7.12

561
562
563
564
565

464
380
604
514
NR

DOMINION RESOURCES
MARUBENI
WHITBREAD
CNA FINANCIAL
CARDINAL HEALTH

U.S.
Japan
Britain
U.S.
U.S.

6.35
6.35
6.33
6.33
6.32

501
502
503
504
505

555
NR
505
677
626

THYSSEN
DEXIA
MERCK KGAA
PANENERGY
HILTON HOTELS

Germany
France/Belgium
Germany
U.S.
U.S.

7.12
7.10
7.08
7.08
7.05

566
567
568
569
570

684
NR
670
376
539

NATIONAL GRID GROUP

COGNIZANT
LINCOLN NATIONAL
TOKYU CORP.
ENTERGY

Britain
U.S.
U.S.
Japan
U.S.

6.32
6.30
6.28
6.28
6.27

506
507
508
509
510

494
NR
625
371
752

SCOTTISH & NEWCASTLE BREWERIES

WASHINGTON MUTUAL
WILLIAMS
SEKISUI HOUSE
AFLAC

Britain
U.S.
U.S.
Japan
U.S.

7.04
7.03
6.99
6.98
6.96

571
572
573
574
575

690
719
653
255
381

HONG KONG & CHINA GAS

NIKON
MASCO
DAIWA BANK
NIPPON OIL

Hong Kong
Japan
U.S.
Japan
Japan

6.26
6.25
6.25
6.23
6.23

511
512
513
514
515

439
553
298
958
638

ITT
MICHELIN
NKK
FOERENINGSSPARBANKEN
SCHERING

U.S.
France
Japan
Sweden
Germany

6.94
6.94
6.92
6.88
6.88

576
577
578
579
580

597
602
NR
727
410

HOLDERBANK FINANCIERE GLARUS

UNITED NEWS & MEDIA
ADECCO
ESTEE LAUDER
DAIWA HOUSE INDUSTRY

Switzerland
Britain
Switzerland
U.S.
Japan

6.23
6.22
6.18
6.16
6.16

516
517
518
519
520

526
415
756
630
477

WM. WRIGLEY JR.

MARUI
DELTA AIR LINES
CABLETRON SYSTEMS
CONSOLIDATED EDISON CO. OF NEW YORK

U.S.
Japan
U.S.
U.S.
U.S.

6.87
6.86
6.86
6.86
6.84

581
582
583
584
585

722
641
541
521
876

EATON
UPM-KYMMENE
ALLTEL
TRACTEBEL
ADVANTEST

U.S.
Finland
U.S.
Belgium
Japan

6.16
6.15
6.13
6.13
6.13

521
522
523
524
525

NR
588
406
534
579

CIBA SPECIALTY CHEMICALS

LOWES
MITSUBISHI MOTORS
NEWBRIDGE NETWORKS
KMART

Switzerland
U.S.
Japan
Canada
U.S.

6.83
6.83
6.82
6.82
6.80

586
587
588
589
590

612
628
908
538
563

GKN
ARGENTARIA, CORP. BANCARIA DE ESPANA
FIRST USA
NEWMONT MINING
TOYODA AUTOMATIC LOOM WORKS

Britain
Spain
U.S.
U.S.
Japan

6.11
6.11
6.11
6.11
6.10

526
527
528
529
530

NR
498
430
383
542

HENNES & MAURITZ

SINGAPORE PRESS HOLDINGS
ASCEND COMMUNICATIONS
SUMITOMO CHEMICAL
PEARSON

Sweden
Singapore
U.S.
Japan
Britain

6.77
6.75
6.73
6.71
6.70

591
592
593
594
595

900
753
550
511
686

INCENTIVE
KREDIETBANK
DEUTSCHE LUFTHANSA
SYSCO
NEWELL

Sweden
Belgium
Germany
U.S.
U.S.

6.09
6.09
6.09
6.08
6.08

531
532
533
534
535

522
NR
517
280
580

BROWNING-FERRIS INDUSTRIES
GREAT WESTERN FINANCIAL
TRW
MITSUBISHI CHEMICAL
AMERICAN STORES

U.S.
U.S.
U.S.
Japan
U.S.

6.69
6.69
6.66
6.66
6.64

596
597
598
599
600

614
527
617
709
600

BECTON, DICKINSON
LAFARGE
DRESSER INDUSTRIES
COOPER INDUSTRIES
TRANSAMERICA

U.S.
France
U.S.
U.S.
U.S.

6.06
6.05
6.04
6.04
6.03

536
537
538
539
540

314
519
540
457
547

OSAKA GAS
GROUPE SCHNEIDER
BANKERS TRUST NEW YORK
NEWMONT GOLD
CHRISTIAN DIOR

Japan
France
U.S.
U.S.
France

6.64
6.63
6.62
6.62
6.61

601
602
603
604
605

586
691
663
651
660

GENUINE PARTS
UNITED UTILITIES
ASAHI BREWERIES
BANCO POPULAR ESPANOL
SHISEIDO

U.S.
Britain
Japan
Spain
Japan

6.03
6.03
6.02
6.02
6.02

541
542
543
544
545

643
668
366
633
770

COMERICA
KROGER
CHUGOKU ELECTRIC POWER
GENERALE DE BANQUE
SALLIE MAE

U.S.
U.S.
Japan
Belgium
U.S.

6.60
6.57
6.56
6.54
6.53

606
607
608
609
610

645
443
536
743
731

ROLLS-ROYCE
KAWASAKI HEAVY INDUSTRIES
VEW
FEDERAL EXPRESS
ST. PAUL

Britain
Japan
Germany
U.S.
U.S.

6.01
6.01
6.00
5.99
5.98

BUSINESS WEEK / JULY 7, 1997 55

TB

NY: Dowling, Comes, Power, Brady, Warner

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

CMYK 04

56

EDIT PASS

EDIT OK

SCRBD-RANK

BW
BW INTL
INT

COLOR OK

PE

DAD

???/!!!

XX

THE BUSINESS WEEK GLOBAL 1000

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

611
612
613
614
615

678
483
798
711
732

MATSUSHITA COMMUNICATION INDUSTRIAL

OJI PAPER
LSI LOGIC
INGERSOLL-RAND
COMPUTER SCIENCES

616
617
618
619
620

524
649
549
726
473

621
622
623
624
625

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

Japan
Japan
U.S.
U.S.
U.S.

5.97
5.95
5.94
5.92
5.92

676
677
678
679
680

595
496
567
880
308

HAVAS
HACHIJUNI BANK
R. R. DONNELLEY & SONS
BANQUE BRUXELLES LAMBERT
KAJIMA

COX COMMUNICATIONS
HBO
PACIFICORP
EQUITABLE
RANK GROUP

U.S.
U.S.
U.S.
U.S.
Britain

5.91
5.90
5.88
5.88
5.87

681
682
683
684
685

605
723
NR
455
718

560
574
734
491
681

UNION CARBIDE
LYONNAISE DES EAUX-DUMEZ
SALOMON
TOSTEM
BURLINGTON RESOURCES

U.S.
France
U.S.
Japan
U.S.

5.87
5.86
5.86
5.84
5.79

686
687
688
689
690

626
627
628
629
630

611
NR
773
482
697

LINDE
AES
GUIDANT
PUBLIC SERVICE ENTERPRISE GROUP
PIONEER HI-BRED INTERNATIONAL

Germany
U.S.
U.S.
U.S.
U.S.

5.79
5.75
5.75
5.74
5.74

631
632
633
634
635

623
683
478
554
489

ASDA GROUP
ALUSUISSE-LONZA HOLDING
SEKISUI CHEMICAL
PARAMETRIC TECHNOLOGY
FREEPORT-McMORAN COPPER & GOLD

Britain
Switzerland
Japan
U.S.
U.S.

636
637
638
639
640

NR
629
713
934
832

RITE AID
WINN-DIXIE STORES
RECKITT & COLMAN
PROGRESSIVE
NORDBANKEN

641
642
643
644
645

812
787
780
772
931

MATSUSHITA-KOTOBUKI ELECTRONICS INDUSTRIES

PROVIDIAN
COMCAST
SYNTHELABO
SUNAMERICA

646
647
648
649
650

318
689
839
564
904

BANK OF YOKOHAMA
QUAKER OATS
WOODSIDE PETROLEUM
SUZUKI MOTOR
PEOPLESOFT

651
652
653
654
655

NR
657
420
707
569

656
657
658
659
660

France
Japan
U.S.
Belgium
Japan

5.42
5.42
5.41
5.40
5.37

INTIMATE BRANDS
ROHM & HAAS
NORTHERN TRUST
VENDOME LUXURY GROUP
TRIBUNE

U.S.
U.S.
U.S.
Britain
U.S.

5.37
5.36
5.33
5.32
5.31

747
953
593
673
848

COASTAL
BANCO CENTRAL
NORANDA
AMERICA ONLINE
HOYA

U.S.
Spain
Canada
U.S.
Japan

5.30
5.30
5.29
5.28
5.27

691
692
693
694
695

911
618
591
671
NR

MGIC INVESTMENT
OMRON
CAROLINA POWER & LIGHT
ISTITUTO MOBILIARE ITALIANO
RAILTRACK GROUP

U.S.
Japan
U.S.
Italy
Britain

5.26
5.26
5.26
5.26
5.24

5.73
5.73
5.73
5.72
5.72

696
697
698
699
700

837
510
928
610
867

NICHIEI
UST
BANK OF IRELAND
CANAL PLUS
ALLIED IRISH BANKS

Japan
U.S.
Ireland
France
Ireland

5.24
5.23
5.22
5.22
5.20

U.S.
U.S.
Britain
U.S.
Sweden

5.71
5.70
5.69
5.68
5.68

701
702
703
704
705

700
680
558
716
699

TOMKINS
NUCOR
THERMO ELECTRON
PHELPS DODGE
GEHE

Britain
U.S.
U.S.
U.S.
Germany

5.19
5.18
5.18
5.18
5.17

Japan
U.S.
U.S.
France
U.S.

5.67
5.66
5.66
5.66
5.66

706
707
708
709
710

622
685
479
833
661

CATHAY PACIFIC AIRWAYS

SMC
RENAULT
SHERWIN-WILLIAMS
ISTITUTO BANCARIO SAN PAOLO DI TORINO

Hong Kong
Japan
France
U.S.
Italy

5.17
5.16
5.15
5.15
5.14

Japan
U.S.
Australia
Japan
U.S.

5.64
5.63
5.63
5.62
5.62

711 NR GATEWAY 2000

712 598 SONY MUSIC ENTERTAINMENT
713 751 CVS
714 799 BLUE CIRCLE INDUSTRIES
715 NR ARES-SERONO

U.S.
Japan
U.S.
Britain
Switzerland

5.12
5.11
5.10
5.10
5.10

ADVANCED MICRO DEVICES

EISAI
TOYO TRUST & BANKING
TIMES MIRROR
SCANIA

U.S.
Japan
Japan
U.S.
Sweden

5.61
5.58
5.58
5.55
5.54

716
717
718
719
720

533
783
615
NR
656

SUMITOMO MARINE & FIRE

SKANSKA
BRITISH STEEL
MEDIASET
SOLVAY

Japan
Sweden
Britain
Italy
Belgium

5.10
5.08
5.08
5.07
5.06

531
748
702
894
844

ISTITUTO NAZIONALE DELLE ASSICURAZIONI

UNUM
CINERGY
OXFORD HEALTH PLANS
INCO

Italy
U.S.
U.S.
U.S.
Canada

5.53
5.52
5.52
5.51
5.50

721
722
723
724
725

882
NR
544
810
495

NIPPON TELEVISION NETWORK

USA WASTE SERVICES
ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES
COLES MYER
NIPPON PAPER INDUSTRIES

Japan
U.S.
Japan
Australia
Japan

5.06
5.06
5.06
5.06
5.05

661
662
663
664
665

760
788
390
471
695

SAFECO
SCHRODERS
DIGITAL EQUIPMENT
YASUDA FIRE & MARINE
McGRAW-HILL

U.S.
Britain
U.S.
Japan
U.S.

5.49
5.49
5.48
5.47
5.47

726
727
728
729
730

945
714
571
696
823

DEN DANSKE BANK

CONSOLIDATED NATURAL GAS
JARDINE MATHESON HOLDINGS
BANKGESELLSCHAFT BERLIN
VF

Denmark
U.S.
Singapore
Germany
U.S.

5.04
5.04
5.02
5.01
4.99

666
667
668
669
670

674
896
NR
576
871

PANCANADIAN PETROLEUM
REPUBLIC NEW YORK
BMC SOFTWARE
LIMITED
ENTERPRISE OIL

Canada
U.S.
U.S.
U.S.
Britain

5.46
5.46
5.46
5.46
5.46

731
732
733
734
735

744
NR
864
449
619

CARLTON COMMUNICATIONS
TELEPORT COMMUNICATIONS GROUP
SONAT
PSA EUGEOT CITROEN
AMERADA HESS

Britain
U.S.
U.S.
France
U.S.

4.99
4.99
4.97
4.97
4.97

671
672
673
674
675

777
721
664
400
720

SKANDINAVISKA ENSKILDA BANKEN

BAKER HUGHES
LIBERTY MEDIA
KOBE STEEL
KEYENCE

Sweden
U.S.
U.S.
Japan
Japan

5.46
5.45
5.45
5.45
5.44

736
737
738
739
740

786
912
853
546
858

WHEELOCK & CO.

REYNOLDS METALS
LEND LEASE
UNICOM
INTERPUBLIC GROUP

Hong Kong
U.S.
Australia
U.S.
U.S.

4.95
4.95
4.94
4.92
4.92

56 BUSINESS WEEK / JULY 7, 1997

TB

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Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

CMYK 04

57

EDIT PASS

SCRBD RANK

BW
BW INTL
INT

RANK
1997 1996

COLOR OK

MARKET VALUE
Billions of U.S. dollars

741 918 ATLAS COPCO

742 NR NORTHROP GRUMMAN
743 990 MOLEX
744 724 GREEN TREE FINANCIAL
745 NR DIAMOND OFFSHORE DRILLING

EDIT OK

RANK
1997 1996

PE

DAD

???/!!!

XX

MARKET VALUE
Billions of U.S. dollars

Sweden
U.S.
U.S.
U.S.
U.S.

4.91
4.91
4.90
4.87
4.86

806
807
808
809
810

601
803
587
NR
914

FLUOR
PIONEER ELECTRONIC
ALLEANZA ASSICURAZIONI
FRESENIUS
SEVERN TRENT

Japan
U.S.
Japan
U.S.
U.S.

4.86
4.86
4.86
4.85
4.84

811
812
813
814
815

891
733
916
987
790

TYSON FOODS
YAMATO TRANSPORT
LADBROKE GROUP
NEW YORK TIMES
FAMILYMART

Hong Kong
Japan
Britain
Japan
Germany

4.82
4.81
4.81
4.78
4.77

816 470 MITSUBISHI MATERIALS

817 NR MERCANTILE BANCORPORATION
818 847 ELECTROLUX
819 NR POTASH CORP. OF SASKATCHEWAN
820 408 TAISEI

U.S.
Japan
Italy
Germany
Britain

4.45
4.44
4.44
4.43
4.43

U.S.
Japan
Britain
U.S.
Japan

4.43
4.43
4.41
4.41
4.39

Japan
U.S.
Sweden
Canada
Japan

4.39
4.39
4.38
4.38
4.37

746
747
748
749
750

577
NR
453
561
608

MITSUI MARINE & FIRE

SUMMIT BANCORPORATION
NIPPON YUSEN
HOUSTON INDUSTRIES
INTERNATIONAL FLAVORS & FRAGRANCES

751
752
753
754
755

841
490
784
927
923

BANK OF EAST ASIA

SHIKOKU ELECTRIC POWER
3I GROUP
BANYU PHARMACEUTICAL
ADIDAS

756
757
758
759
760

754
599
771
967
NR

STORA KOPPARBERGS BERGSLAGS

BAY NETWORKS
DAIICHI PHARMACEUTICAL
OMNICOM GROUP
TOSCO

Sweden
U.S.
Japan
U.S.
U.S.

4.77
4.77
4.75
4.74
4.74

821 NR BB&T
822 870 CASE
823 943 CINCINNATI FINANCIAL
824 NR RANDSTAD HOLDING
825 502 JOYO BANK

U.S.
U.S.
U.S.
Netherlands
Japan

4.37
4.35
4.35
4.35
4.33

761
762
763
764
765

659
769
814
903
525

PROMISE
CHAMPION INTERNATIONAL
SYDKRAFT
PETRO-CANADA
HERCULES

Japan
U.S.
Sweden
Canada
U.S.

4.73
4.72
4.72
4.71
4.71

826 881 FIRSTAR

827 807 WOLSELEY
828 758 AISIN SEIKI
829 NR MERCURY ASSET MANAGEMENT GROUP
830 NR VNU

U.S.
Britain
Japan
Britain
Netherlands

4.32
4.32
4.31
4.29
4.28

U.S.
Japan
U.S.
Hong Kong
Canada

4.71
4.69
4.68
4.67
4.66

831 NR LAIDLAW
832 627 MIRAGE RESORTS
833 682 S. M. H.
834 NR OWENS-ILLINOIS
835 998 ANALOG DEVICES

Canada
U.S.
Switzerland
U.S.
U.S.

4.27
4.26
4.26
4.25
4.24

Singapore
Japan
Britain
U.S.
U.S.

4.66
4.65
4.65
4.65
4.64

836
837
838
839
840

592
440
742
794
NR

PECO ENERGY
TOYO SEIKAN KAISHA
MYCAL
GENERAL PUBLIC UTILITIES
TRANSCANADA PIPELINES

U.S.
Japan
Japan
U.S.
Canada

4.23
4.23
4.22
4.22
4.21

U.S.
U.S.
Britain
Japan
France

4.63
4.62
4.61
4.61
4.60

841
842
843
844
845

750
765
NR
850
764

ONO PHARMACEUTICAL
AMCOR
CRESTAR FINANCIAL
MAN
RUBBERMAID

Japan
Australia
U.S.
Germany
U.S.

4.21
4.20
4.19
4.18
4.18

U.S.
France
Belgium
Britain
U.S.

4.56
4.56
4.54
4.54
4.54

846
847
848
849
850

658
852
846
NR
741

TOTO
THAMES WATER
VALEO
ORKLA
EBARA

Japan
Britain
France
Norway
Japan

4.18
4.18
4.17
4.17
4.17

U.S.
New Zealand
Sweden
France
U.S.

4.16
4.16
4.15
4.15
4.14

U.S.
Britain
Japan
Germany
U.S.

4.14
4.14
4.14
4.13
4.12

Austria
Japan
U.S.
Switzerland
U.S.

4.11
4.11
4.10
4.09
4.08

France
Britain
Japan
Japan
Netherlands

4.08
4.06
4.05
4.05
4.05

766 NR CLEAR CHANNEL COMMUNICATIONS

767 344 SHIMIZU
768 821 GENERAL DYNAMICS
769 NR TSIM SHA TSUI PROPERTIES
770 854 SHELL CANADA
771 679 OVERSEAS UNION BANK
772 358 DAIEI
773 NR BRITISH LAND
774 961 MBIA
775 NR ALTERA
776
777
778
779
780

616
940
NR
454
776

EASTMAN CHEMICAL
UAL
CENTRICA
OBAYASHI
ACCOR

781
782
783
784
785

NR
704
984
957
866

TORCHMARK
CETELEM
ROYALE BELGE
NEXT
EQUIFAX

786
787
788
789
790

NR
445
582
557
860

ALLEGHENY TELEDYNE
PLACER DOME
MORTON INTERNATIONAL
CENTRAL & SOUTH WEST
JEFFERSON-PILOT

U.S.
Canada
U.S.
U.S.
U.S.

4.53
4.53
4.52
4.51
4.50

851
852
853
854
855

893
843
829
869
NR

CINCINNATI BELL
CARTER HOLT HARVEY
SVENSKA CELLULOSA AKTIEBOLAGET
AGF
LEHMAN BROTHERS HOLDINGS

791 NR CIENA
792 666 LEGRAND
793 NR SYNOVUS FINANCIAL
794 NR VENDEX INTERNATIONAL
795 NR DEGUSSA

U.S.
France
U.S.
Netherlands
Germany

4.50
4.50
4.50
4.49
4.48

856
857
858
859
860

913
851
535
NR
944

WASHINGTON POST
GUARDIAN ROYAL EXCHANGE
KDD
HEIDELBERGER ZEMENT
WILLAMETTE INDUSTRIES

Britain
Germany
U.S.
U.S.
U.S.

4.48
4.48
4.48
4.48
4.47

861 556 BANK AUSTRIA

862 650 TEIJIN
863 NR H. F. AHMANSON
864 925 PHARMA VISION 2000
865 NR ADAPTEC

Germany
U.S.
Britain
Japan
Netherlands

4.47
4.47
4.46
4.46
4.45

866
867
868
869
870

796 941 LUCASVARITY

797 830 BEIERSDORF
798 NR ADT
799 654 ARCO CHEMICAL
800 NR ADC TELECOMMUNICATIONS
801 NR AACHENER UND MUENCHENER BETEILIGUNG
802 277 DUN & BRADSTREET
803 831 TI GROUP
804 642 HANKYU CORP.
805 NR HAGEMEIJER

NR
715
672
565
813

BIC
ORANGE
ODAKYU ELECTRIC RAILWAY
GUNMA BANK
GUCCI GROUP

BUSINESS WEEK / JULY 7, 1997 57

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Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

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SCRBD-RANK

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK
COLOR OK

THE BUSINESS WEEK GLOBAL 1000

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

871 949 HUNTINGTON BANCSHARES

872 NR FIRST OF AMERICA BANK
873 461 CHIBA BANK
874 835 NORTHWEST AIRLINES
875 NR NATIONAL SEMICONDUCTOR

RANK
1997 1996

MARKET VALUE
Billions of U.S. dollars

U.S.
U.S.
Japan
U.S.
U.S.

4.05
4.04
4.04
4.04
4.02

936
937
938
939
940

740
808
796
815
802

YAMAZAKI BAKING
Japan
SOUTHWEST AIRLINES
U.S.
UNION ELECTRIC
U.S.
SGS STE GENERALE DE SURVEILLANCE HOLDING Switzerland
UNY
Japan

3.74
3.74
3.74
3.73
3.72

Germany
Australia
Denmark
U.S.
U.S.

4.02
4.00
3.99
3.99
3.99

941
942
943
944
945

667
952
768
838
885

BANK OF FUKUOKA
HASBRO
WHIRLPOOL
DOW JONES
HUMANA

Japan
U.S.
U.S.
U.S.
U.S.

3.71
3.71
3.71
3.71
3.71

U.S.
U.S.
Japan
Japan
U.S.

3.99
3.98
3.98
3.97
3.97

946 887 CSR

947 NR ACE
948 755 NSK
949 644 HEINEKEN HOLDING
950 NR IMC GLOBAL

Australia
U.S.
Japan
Netherlands
U.S.

3.70
3.69
3.68
3.68
3.68

U.S.
Ireland
Belgium
Japan
U.S.

3.97
3.97
3.96
3.95
3.94

951
952
953
954
955

Britain
Japan
U.S.
France
Japan

3.66
3.66
3.66
3.66
3.65

U.S.
U.S.
Japan
U.S.
U.S.

3.93
3.92
3.92
3.91
3.90

956 NR STANLEY WORKS

957 NR SABRE GROUP HOLDINGS
958 789 ERIDANIA BEGHIN-SAY
959 959 WESTERN ATLAS
960 NR BORAL

U.S.
U.S.
France
U.S.
Australia

3.65
3.65
3.64
3.64
3.64

Germany
Japan
Canada
U.S.
Japan

3.90
3.90
3.89
3.89
3.89

961 868 UNION CAMP

962 NR UNIONBANCAL
963 728 NISSHO IWAI
964 NR SKANDIA FORSAKRING
965 692 CASCADE COMMUNICATIONS

U.S.
U.S.
Japan
Sweden
U.S.

3.64
3.64
3.63
3.62
3.61

Singapore
Germany
U.S.
U.S.
U.S.

3.89
3.88
3.88
3.88
3.87

966
967
968
969
970

Canada
Germany
Hong Kong
U.S.
Canada

3.61
3.60
3.59
3.58
3.58

Britain
U.S.
Japan
U.S.
Australia

3.86
3.86
3.86
3.86
3.86

971 NR
972 NR
973 NR
974 NR
975 703

Denmark
U.S.
U.S.
Britain
U.S.

3.57
3.57
3.56
3.56
3.56

Britain
U.S.
Britain
Japan
U.S.

3.85
3.85
3.85
3.85
3.84

976 NR TRANSOCEAN OFFSHORE

977 NR ASHLAND
978 845 BANCA COMMERCIALE ITALIANA
979 NR JOHNSON CONTROLS
980 NR CANADIAN NATIONAL RAILWAY

U.S.
U.S.
Italy
U.S.
Canada

3.56
3.56
3.55
3.55
3.54

U.S.
Canada
U.S.
Japan
U.S.

3.84
3.83
3.83
3.83
3.82

981 757 KINDEN

982 NR MARSHALL & ILSLEY
983 NR MEPC
984 NR ENSCO INTERNATIONAL
985 NR STAR BANC

Japan
U.S.
Britain
U.S.
U.S.

3.54
3.53
3.53
3.53
3.53

Canada
Japan
Spain
Japan
U.S.

3.82
3.82
3.80
3.80
3.79

986 NR BROWN-FORMAN
987 NR HARRIS
988 636 AUTOZONE
989 NR PACCAR
990 NR CASINO, GUICHARD-PERRACHON

U.S.
U.S.
U.S.
U.S.
France

3.53
3.53
3.53
3.52
3.52

926 879 CARLSBERG

Denmark
927 962 EXEL
U.S.
928 NR LINEAR TECHNOLOGY
U.S.
929 NR KONINKLIJKE VERENIGDE BEDRIJVEN NUTRICIA Netherlands
930 778 NORDSTROM
U.S.

3.79
3.79
3.78
3.77
3.77

991 859 MONTEDISON

992 NR SINO LAND
993 NR LEGGETT & PLATT
994 NR SODEXHO ALLIANCE
995 NR ASM LITHOGRAPHY HOLDING

Italy
Hong Kong
U.S.
France
Netherlands

3.51
3.51
3.50
3.50
3.49

931 NR ELECTRAFINA
932 920 DANA
933 NR ANADARKO PETROLEUM
934 922 CRH
935 NR GROUPE BRUXELLES LAMBERT

3.77
3.76
3.76
3.75
3.75

U.S.
Australia
Japan
U.S.
U.S.

3.48
3.47
3.45
3.44
3.43

876 822
877 NR
878 1000
879 NR
880 919

PREUSSAG
BRAMBLES INDUSTRIES
SOPHUS BERENDSEN
SERVICEMASTER
W. W. GRAINGER

881 NR PAYCHEX
882 NR KOHLS
883 710 TAKASHIMAYA
884 620 SUMITOMO METAL MINING
885 NR COMPUWARE
886 NR REGIONS FINANCIAL
887 NR ELAN
888 NR GROUPE UCB
889 578 ISUZU MOTORS
890 NR AMERICAN STANDARD
891 861 KNIGHT-RIDDER
892 NR PARKER HANNIFIN
893 NR YAMAHA
894 NR XILINX
895 NR BEAR STEARNS
896 NR LAHMEYER
897 NR ORIX
898 804 FALCONBRIDGE
899 NR AVERY DENNISON
900 828 FURUKAWA ELECTRIC
901
902
903
904
905

996
956
999
791
NR

JARDINE STRATEGIC HOLDINGS

FRIED. KRUPP AG HOESCH-KRUPP
CIRCUIT CITY STORES
BALTIMORE GAS & ELECTRIC
SOUTHTRUST

906
907
908
909
910

NR
761
648
989
886

LASMO
DTE ENERGY
HOKURIKU ELECTRIC POWER
GOLDEN WEST FINANCIAL
FOSTERS BREWING GROUP

911
912
913
914
915

827
NR
955
583
388

RMC GROUP
AUTOLIV
SMITHS INDUSTRIES
TOBU RAILWAY
IKON OFFICE SOLUTIONS

916 NR GLOBAL MARINE

917 706 NOVA CORP.
918 717 DILLARDS
919 585 HITACHI ZOSEN
920 NR TJX
921
922
923
924
925

NR
975
729
655
433

MAGNA INTERNATIONAL
MINEBEA
PRYCA
HOKKAIDO ELECTRIC POWER
W. R. GRACE

Belgium
U.S.
U.S.
Ireland
Belgium

996
997
998
999
1000

964
552
NR
819
481

NR
NR
NR
NR
NR

NR
NR
966
NR
877

BURMAH CASTROL
MAZDA MOTOR
MANPOWER
USINOR SACILOR
NIPPON CREDIT BANK

RENAISSANCE ENERGY
ALTANA INDUSTRIE-AKTIEN UND ANLAGEN
DAO HENG BANK GROUP
HOST MARRIOTT
TALISMAN ENERGY
DANISCO
STAPLES
COLUMBIA GAS SYSTEM
COMPASS GROUP
NEXTEL COMMUNICATIONS

BENEFICIAL
WOOLWORTHS LTD.
CREDIT SAISON
MAXIM INTEGRATED PRODUCTS
H&R BLOCK

58 BUSINESS WEEK / JULY 7, 1997

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Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

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59
2

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COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

Country by Country
GLOSSARY
MARKET VALUE: Share price on

May 30, 1997, multiplied by

latest available number of
shares outstanding, translated
into U.S. dollars at May monthend exchange rates. Market value may include several classes
of stock; price and yield data
are based on the companys
most widely held issue.
SHARE PRICE AND ANNUAL
CHANGE: Closing per-share

price on May 30, 1997, in

U.S. dollars. Annual percent
change from May 31, 1996, to
May 30, 1997, both in U.S.
dollars and in each companys
local currency.
PRICE/BOOK VALUE RATIO: The
ratio of May closing price to
latest available net worth per
share or common shareholders
equity investment.
PRICE/EARNINGS RATIO: The
ratio of May 30 closing price to

latest 12 months earnings per

share.
YIELD: Latest 12 months dividends per share as a percent of
May closing price.
SALES: Net sales reported by
company, translated at May 30
exchange rates; revenues for
banks and other financial institutions are not included
because they are not comparable to those of industrial
companies.
PROFITS: Latest aftertax earn-

ings available to common

shareholders, translated at May
30 currency exchange rates;
profits are from companies continuing operations before extraordinary or special items. Sales,
profits, and assets are for 1996
fiscal year unless noted.
RETURN ON EQUITY: Latest 12months earnings per share as
percent of most recent book
value per share.
INDUSTRY CODE: For key to the
two-digit code, see page 75.

Data for individual companies: Morgan Stanley Capital International, unless otherwise indicated. For further information on MSCI data, contact Morgan Stanley & Co. at 212-761-8141
(New York) or 071-425-6660 (London). Country composites and rankings calculated by BUSINESS WEEK. Additional data by Standard & Poors Compustat, a division of the McGrawHill Companies if footnoted.

GLOBAL
1000
RANK

COUNTRY
RANK

GLOBAL COMPOSITE

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

13249439 152 21

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

30

3.8

24

2.2 9581976 577164 33300186 16.2

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

AUSTRALIA
COUNTRY COMPOSITE

151857

16

22

2.6

23

3.5

80779

9282

501683 12.5

1
2
3
4

BROKEN HILL PROPRIETARY

NATIONAL AUSTRALIA BANK
NEWS CORP.
AUSTRALIA & NEW ZEALAND BANKING GROUP

90
149
234
344

28527
21404
14584
10236

14
14
4
7

5
52
21
49

0
60
17
56

3.0
2.2
1.0
2.1

28
13
14
11

2.7
4.7
0.5
5.1

14558
NA
9963
NA

984
1598
961
850

26819
132237
23418
86471

10.7
17.7
7.0
19.6

11
61
51
61

5
6
7
8

COMMONWEALTH BANK OF AUSTRALIA

WESTPAC BANKING
WMC
COCA-COLA AMATIL

349
363
490
559

9995
9668
7197
6360

11
5
6
12

32
16
15
6

38
22
11
11

1.9
1.7
2.3
3.2

11
11
30
59

6.9
5.1
2.1
1.3

NA
NA
1789
2820

852
832
298
107

78237
92502
5315
4637

17.8
15.2
7.4
5.4

61
61
24
43

WOODSIDE PETROLEUM
RIO TINTO LTD. (3)
COLES MYER
LEND LEASE

648
NR
724
738

5626
5388
5056
4944

8
16
5
20

47
1
28
27

55
6
34
33

5.9
3.2
2.7
2.5

38
21
21
21

1.4
3.0
3.6
3.7

562
8448
13836
979

149
1096
213
213

2296
17357
5382
2697

15.7
14.8
13.2
11.9

11
24
54
64

13 AMCOR
14 BRAMBLES INDUSTRIES
15 FOSTERS BREWING GROUP

842
877
910

4204
3996
3856

7
18
2

3
28
8

2
34
13

1.7
3.8
1.7

19
23
16

4.4
3.0
4.3

4890
2260
1790

271
164
225

5303
2259
3848

8.9
16.6
10.7

23
52
43

16 CSR
17 BORAL
18 WOOLWORTHS LTD.

946
960
997

3703
3639
3474

4
3
3

1
21
24

5
27
30

1.4
1.7
3.9

23
33
19

4.4
3.6
3.7

4663f
3574
10647

162f
130
178

5932f 6.1
4612
5.1
2361 21.2

21
21
54

4107

64

31 23

1.6

20

1.6

NA

204

57284

8.0

4107

64

31

23

1.6

20

1.6

NA

204e

57284e

8.0

9
10
11
12

AUSTRIA
COUNTRY COMPOSITE
1 BANK AUSTRIA

861

61

BELGIUM
COUNTRY COMPOSITE

83986

453

25

39

2.3

18

3.2

46248

5561

1
2
3
4

ELECTRABEL
PETROFINA
FORTIS AG (6)
GENERALE DE BANQUE

273
436
NR
544

12242
8188
8127
6538

224
352
195
395

4
19
46
15

17
33
64
29

2.0
2.2
2.4
1.8

14
18
20
15

6.0
3.2
1.9
3.8

6290
17738
NA
NA

843
459
906
429

825379 12.3
13553e
10555
175360
157449

13.8g
12.1
12.2
11.7

12
11
63
61

5
6
7
8

SOCIETE GENERALE DE BELGIQUE

TRACTEBEL
KREDIETBANK
BANQUE BRUXELLES LAMBERT

547
584
592
679

6516
6130
6093
5404

92
439
413
270

26
3
42
46

41
15
59
64

1.4
2.2
2.2
2.2

21
19
16
18

3.6
3.3
2.4
2.7

NA
9779
NA
NA

317
318
370
292

7958e 6.7g
18824e 11.2g
102905 13.6
102357 11.8

71
71
61
61

*Based on nonconsolidated results. a) Results are for 9 months. b) Results are for 5 months. c) Results are for 8 months. d) Results are for 9 months. e) Based on 1995 data. f) Based on 1997 data. g) Difference between earnings and book value between
12 and 18 months 1) Global ranking calculated for Royal Dutch/Shell Group by combining market value of the Netherlands Royal Dutch Petroleum and Britains Shell Transport &Trading. 2) Global ranking calculated for Unilever by combining market value of the Netherlands Unilever NV and Britains Unilever PLC. 3) Global ranking calculated for Rio Tinto by combining market value of Britains Rio Tinto PLC and Australias Rio Tinto LTD. 4) Global ranking calculated for ABBAsea Brown Boveri by combining market value of Swedens ABB AB and Switzerlands ABB AG. 5) Global ranking calculated for Reed Elsevier by combining market value of Britains Reed International and the Netherlands Elsevier. 6) Global ranking calculated for Fortis by combining market value of Belgiums Fortis AG Group and the Netherlands Fortis AMEV. 7) Global ranking calculated for Dexia by combining market value of Belgiums Credit Communal Holding/Dexia Belgium and Frances Dexia France. 8) Data for this company
provided by Standard & Poors Compustat, a division of the McGraw-Hill Companies. Unless otherwise noted, all other data provided by Morgan Stanley Capital International. NA = Not available. NEG = Negative return. NM = Not meaningful.

BUSINESS WEEK / JULY 7, 1997 59

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

60
3

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

GLOBAL
1000
RANK

COUNTRY
RANK

9 SOLVAY
10 ROYALE BELGE
11 GROUPE UCB

720
783
888

12 ELECTRAFINA
931
13 GROUPE BRUXELLES LAMBERT
935
14 CREDIT COMMUNAL HOLDING/DEXIA BELGIUM (7) NR

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

5062 605
4544 284
3960 2715

1
41
46

13
58
64

1.8
2.6
6.6

16
23
24

3.4
2.9
1.1

8029
2969
1443

3765
3752
3665

101
160
100

9
21
NA

22
35
NA

1.3
1.8
NA

19
17
13

4.0
3.6
3.3

NA
NA
NA

318
199
162
171e
220
556

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

7442e 11.6g
26007 11.3
1362e 26.9g

22
63
22

2418e 7.0g
4571e 10.3g
194620
NA

11
71
61

BRITAIN
COUNTRY COMPOSITE

1276943

11

26

20

4.3

18

3.6

860617

85702

2988868 24.4

1
2
3
4

HSBC HOLDINGS
GLAXO WELLCOME
BRITISH PETROLEUM
SHELL TRANSPORT & TRADING (1)

16
19
21
NR

80708
70854
67343
65314

31
20
12
20

104
53
38
39

93
45
31
31

3.3
35.4
3.2
2.7

16
22
16
20

2.7
3.5
3.5
3.8

NA
13646
73180
134281

5091
3267
4285
9310

387001 20.6
13602 164.1
53288 19.6
119832 13.4

61
45
11
11

5
6
7
8

LLOYDS TSB GROUP

SMITHKLINE BEECHAM
BRITISH TELECOMMUNICATIONS
BARCLAYS BANK

30
42
45
85

53851
47316
45546
29378

10
17
7
19

107
69
31
67

96
60
24
58

6.5
21.1
2.2
2.5

20
27
13
12

2.7
1.9
5.6
3.3

NA
12965
24434f
NA

2577
1693
3398f
2511

211417
13108
38505
304299

32.9
77.5
16.3g
20.7

61
45
55
61

32.9
28.5
18.3g
28.6g

45
71
54
44

16.0
17.2
20.4
51.2

61
62
44
63

9
10
11
12

ZENECA GROUP
B. A.T. INDUSTRIES
MARKS & SPENCER
UNILEVER PLC (2)

88
96
124
NR

28714
27767
23465
21823

30
9
8
27

43
11
16
44

35
6
10
36

8.6
3.1
3.5
5.5

26
11
19
19

2.4
5.9
3.2
2.5

8774
25721
12829f
50756

1094
2536
1239f
2437

13
14
15
16

NATIONAL WESTMINSTER BANK

ABBEY NATIONAL
GRAND METROPOLITAN
PRUDENTIAL

154
156
167
173

20833
20270
19550
19325

12
14
9
10

26
68
38
51

20
59
31
43

1.8
2.5
3.7
4.3

11
15
18
8

4.9
3.7
3.6
3.5

NA
NA
14681
18943

1904
1234
1124
2302

17
18
19
20

REUTERS HOLDINGS
RIO TINTO PLC (3)
CABLE & WIRELESS
GUINNESS

176
NR
189
192

18951
18384
18148
17944

11
17
8
9

3
10
19
29

9
4
13
22

8.9
3.3
3.4
2.7

23
21
16
16

2.1
3.2
2.8
3.5

21
22
23
24

BRITISH SKY BROADCASTING GROUP

GENERAL ELECTRIC CO.
STANDARD CHARTERED
BG

215
219
222
232

16135
15762
15561
14738

9
6
16
3

35
1
59
56

28 LOSS
6
3.1
51
4.5
47
2.3

36
15
17
14

1.3
4.5
1.9
6.5

25
26
27
28

VODAFONE GROUP
TESCO
BTR
GRANADA GROUP

248
253
257
278

13560
13361
13267
12060

4
6
3
14

12
32
25
11

6
25
29
5

8.1
2.1
3.6
7.6

24
16
9
20

29
30
31
32

BRITISH AIRWAYS
ROYAL & SUN ALLIANCE INSURANCE GROUP
BASS
REED INTERNATIONAL (5)

288
289
294
NR

11662
11601
11477
11273

12
8
13
10

34
22
3
14

27
16
3
8

2.4
1.2
1.8
6.6

33
34
35
36

RENTOKIL INITIAL
GREAT UNIVERSAL STORES
J. SAINSBURY
BOOTS

313
325
329
332

10997
10646
10504
10476

4
11
6
12

21
1
7
23

15 LOSS
5
1.7
12
1.8
16
3.1

37
38
39
40

NATIONAL POWER
IMPERIAL CHEMICAL INDUSTRIES
BAA
LEGAL & GENERAL GROUP

341
364
391
396

10262
9643
9044
9005

9
13
9
7

41
1
15
65

33
5
9
56

41
42
43
44

CADBURY SCHWEPPES
BRITISH AEROSPACE
ASSOCIATED BRITISH FOODS
EMI GROUP

397
403
427
434

8968
8753
8352
8282

9
20
9
19

20
48
58
12

45
46
47
48

BOC GROUP
ROYAL BANK OF SCOTLAND GROUP
KINGFISHER
LAND SECURITIES

443
450
455
459

8122
7995
7846
7755

17
10
12
15

49
50
51
52

COMMERCIAL UNION ASSURANCE

ALLIED DOMECQ
POWERGEN
BANK OF SCOTLAND

464
470
472
474

7677
7563
7553
7528

53
54
55
56

SIEBE
SCOTTISH POWER
GENERAL ACCIDENT
SCOTTISH & NEWCASTLE BREWERIES

482
485
497
506

57
58
59
60

PEARSON
SAFEWAY PLC
PENINSULAR & ORIENTAL STEAM NAVIGATION
WHITBREAD

61 NATIONAL GRID GROUP

62 UNITED NEWS & MEDIA
63 GKN

4767
8448
9898f
7738

8180
76630
10388
31242e
303210
202882
18353
128326

803
1096
1108f
1121

3825
17357
14757
13486e

39.3
15.9
20.6g
16.6g

52
24
55
43

1649
17980
NA
7171

382
1019
887
1032

799
10888
68938
19367

NA
20.4
25.5
16.3

51
34
61
12

2.0
3.5
6.1
1.9

2294
22719f
15593
6244

507
851f
1461
553

2885
10834f
13499
11202

34.2
13.5
40.3
39.0

55
54
71
71

13
21
15
21

2.7
5.2
4.0
2.8

13675f
15313
8358
5531

905f
559
726
987

17073f 18.7
91081
5.7
11393 12.0
8420 30.8

56
63
53
51

28
17
15
19

1.3
3.3
4.4
3.4

3713
4511
23414f
6750

359
632
702f
540

2433
7862
11050
5709

NA
10.2
12.1g
15.9

52
54
54
54

2.4
1.7
1.7
2.6

11
22
17
14

5.7
4.9
2.7
3.2

5783f
17211
2050
5042

991f
576
491
651

7869
14807
7997
75061

21.7g
7.5
10.4
19.2

12
22
52
63

13
40
50
17

4.6
3.8
2.1
33.6

16
17
18
22

3.9
1.6
2.1
3.2

8368
10575
9337
5546f

556
522
455
377f

7373 28.4
12638 22.5
5966 11.4
3832 152.4g

43
31
44
46

16
21
24
51

10
15
17
43

2.7
2.6
3.4
1.3

18
13
17
28

3.5
4.0
3.3
3.7

6138
NA
9513f
NA

455
617
457f
278f

7585 15.5
99986 20.7
5597f 19.6
9318
4.8g

22
61
54
64

11
7
11
6

19
3
43
51

13
8
36
43

1.2
2.2
2.3
2.6

15
13
11
12

5.5
6.6
4.5
2.7

13484
8785
4671f
NA

479
561
702f
616f

88954
7.9
8870 16.2
6781 20.7g
77341f 21.7

63
43
12
61

7275
7255
7142
7040

16
6
15
11

17
30
44
10

11
23
36
4

3.9
2.8
1.3
2.2

18
10
9
16

1.9
6.0
4.7
3.6

4917f
4811f
7126
4857

415f
689f
818
376

4820
4680
46215
6337

21.8g
27.3g
15.4
13.1

35
12
63
53

530
558
560
563

6703
6373
6351
6334

12
6
10
13

9
7
29
15

4
2
22
9

10.5
2.1
1.7
1.7

23
13
16
16

3.1
4.9
6.0
3.8

3576
10781f
11601
4953f

281
482f
398
387f

3674
5775
10372
6286f

45.0
15.8g
10.5
10.6

51
54
58
53

566
577
586

6320
6215
6115

4
13
17

31
10
13

24
3.5
4 LOSS
7
5.2

10
19
16

5.9
3.8
3.1

2356
3257
5459

634
321
374

5227
2613
4093

36.0
NA
31.7

12
51
38

60 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

61
4

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

21
11
16
2

1.8
2.8
2.3
2.1

9
20
18
15

6.7
2.7
5.0
2.9

3889f
7020
3079
9885

663f
306
329
362

31
34
50
22

24
27
42
26

4.5
3.6
4.1
2.6

16
19
26
17

3.3
1.5
3.2
2.8

3799
NA
1656
2400

365
293
208
316

10
4
7
2

118
10
26
6

106
4
20
11

NA
2.9
2.8
0.7

12
13
18
6

4.1
4.8
3.9
8.2

NA
5894
2969
11531

440
366
283
1271

4987
4806
4653
4612

9
8
10
1

15
17
54
NA

9
11
46
NA

6.0
1.2
1.4
1.3

16
38
42
24

2.8
2.1
1.8
NA

2744
NA
NA
7750e

784
796
803
810

4542
4483
4458
4432

12
3
9
13

39
17
14
36

32
21
8
29

6.6
5.1
8.4
1.1

24
19
19
8

2.5
2.9
3.2
4.8

LADBROKE GROUP
WOLSELEY
MERCURY ASSET MANAGEMENT GROUP
THAMES WATER

813
827
829
847

4413
4318
4295
4177

4
8
24
11

28
7
53
22

22
1
45
16

1.6
3.4
11.1
1.3

22
15
23
9

88
89
90
91

GUARDIAN ROYAL EXCHANGE

ORANGE
LASMO
RMC GROUP

857
867
906
911

4139
4057
3864
3854

5
3
4
15

10
11
42
4

4
1.2
16 LOSS
34
2.1
10
1.7

92
93
94
95

SMITHS INDUSTRIES
BURMAH CASTROL
COMPASS GROUP
MEPC

913
951
974
983

3847
3662
3562
3531

13
17
11
8

17
7
24
30

COUNTRY
RANK

GLOBAL
1000
RANK

64
65
66
67

UNITED UTILITIES
ROLLS-ROYCE
RANK GROUP
ASDA GROUP

602
606
620
631

6026
6014
5872
5735

11
4
7
2

28
17
11
8

68
69
70
71

RECKITT & COLMAN

SCHRODERS
ENTERPRISE OIL
VENDOME LUXURY GROUP

638
662
670
684

5694
5489
5457
5325

14
28
11
8

72
73
74
75

RAILTRACK GROUP
TOMKINS
BLUE CIRCLE INDUSTRIES
BRITISH STEEL

695
701
714
718

5243
5186
5099
5079

76
77
78
79

CARLTON COMMUNICATIONS
3I GROUP
BRITISH LAND
CENTRICA

731
753
773
778

80
81
82
83

NEXT
LUCASVARITY
TI GROUP
SEVERN TRENT

84
85
86
87

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

8943
6428
5638
5362

RETURN
ON
EQUITY INDUSTRY
%
CODE

20.3g
14.4
13.1
14.6

52
31
53
54

4030
16966
4434
3024

27.6
19.1
15.6
15.3

44
62
11
46

NA
3801
3969
13322

NA
21.9
15.7
11.9

52
71
21
25

299
115
71
195e

2218
6709
7253
7247

38.2
3.1
3.3
NA

53
62
64
12

1549f
4373cf
2874
1894

189f
131cf
232
536

1103f
4902f
2057
6412

27.4
26.0
44.0
13.4

54
37
71
52

3.4
2.8
3.9
5.5

6257
7058
NA
1953

200
266
191f
488

5061
3416
2212
6119

7.1
22.0
49.1g
14.4

53
21
62
52

6
10
76
13

4.5
0.0
0.8
3.6

6106
1013
1225
6678

721
375
51
286

30698
1474
4083
5584

21.4
NA
2.8
12.4

63
55
11
21

11 11.1
1
3.0
18 LOSS
23
1.2

20
15
24
22

2.7
4.4
1.7
4.9

1650
5005
4191
NA

181
242
137
156

1162
3688
1320
7043

55.6
20.1
NA
5.1

38
11
52
64

127762

11680

CANADA
COUNTRY COMPOSITE

239277

33

28

28

2.6

25

1.9

1
2
3
4

NORTHERN TELECOM
BCE (BELL CANADA ENTERPRISES)
SEAGRAM
THOMSON

141
203
231
252

21929
16760
14902
13432

84
26
40
22

55
32
17
36

56
33
17
37

4.8
2.2
1.6
2.9

34
23
30
33

0.7
3.7
1.6
2.6

5
6
7
8

ROYAL BANK OF CANADA

CANADIAN IMPERIAL BANK OF COMMERCE
BANK OF MONTREAL
BANK OF NOVA SCOTIA

254
351
352
355

13356
9961
9935
9881

43
24
38
42

82
46
61
72

83
47
62
73

2.4
1.8
2.0
2.1

13
11
12
13

2.5
3.0
3.0
2.6

NA
NA
NA
NA

9
10
11
12

BARRICK GOLD
CANADIAN PACIFIC
TORONTO-DOMINION BANK
ALCAN ALUMINIUM

375
382
392
442

9447
9218
9028
8144

25
27
30
36

20
30
68
10

19
31
69
10

2.7
2.0
2.1
1.7

39
16
13
20

0.6
1.3
2.7
1.7

13
14
15
16

IMPERIAL OIL
BOMBARDIER
NEWBRIDGE NETWORKS
IMASCO

467
500
524
557

7627
7123
6818
6434

49
21
40
28

12
51
11
38

13
51
12
39

2.3
5.8
10.3
2.5

24
24
37
15

17
18
19
20

INCO
PANCANADIAN PETROLEUM
NORANDA
PETRO-CANADA

660
666
688
764

5496
5464
5292
4710

33
22
22
17

1
12
3
34

2
13
4
35

1.6
3.2
1.6
1.8

21
22
23
24

SHELL CANADA
PLACER DOME
POTASH CORP. OF SASKATCHEWAN
LAIDLAW

770
787
819
831

4665
4529
4376
4267

41
18
82
14

26
38
21
34

26
38
22
35

25
26
27
28

TRANSCANADA PIPELINES
FALCONBRIDGE
NOVA CORP.
MAGNA INTERNATIONAL

840
898
917
921

4211
3894
3834
3819

19
22
8
54

34
2
13
11

29 RENAISSANCE ENERGY
30 TALISMAN ENERGY
31 CANADIAN NATIONAL RAILWAY

966
970
980

3607
3576
3541

31
33
42

12847
20420
5013b
7723

623
745
85b
413

859911 12.6
10903
29913
21628
13173

14.4
9.4
5.5
8.8

34
55
43
51

1037
990
847
775

158009
144301
123125
114011

18.2
16.7
17.2
16.3

61
61
61
61

1299
6296
NA
7614

256
537
663
410

4515
11031
91089
9325

6.9
12.2
16.2
8.9

81
71
61
24

3.3
1.0
0.0
3.1

7527
5800f
668
6841

314
294f
147
436

7630
4666
793
43317

9.9
23.8g
28.1
17.1

11
31
34
71

48
19
38
23

1.2
1.3
3.3
1.3

3139
2020
6898
4065

168
251
184
179

7642
3590
10813
5632

3.3
16.5
4.2
7.6

24
11
24
11

1.7
2.8
2.7
2.8

10
73
19
38

3.2
1.7
1.3
1.1

3760
1157
1404
1665

431
56
209
82

4647 16.9
2574e 3.9g
2494 14.2
3576
7.4

11
81
22
52

35
2
13
12

1.8
2.5
1.4
2.2

14
33
12
14

4.3
1.3
3.5
1.6

7823
1555
3397
4246

308
137
312
224

9146
2606
7285
3178

12.7
7.5
11.8
16.3

12
24
12
37

19
37
75

20
38
76

2.5
2.4
2.1

25
49
9

0.0
0.0
1.6

691
879
3015

131
69
366

2058
2720
4521

10.1
4.8
22.5

11
11
57

45933 10695

34

48 10.2

46

1.5

12178

1931

8056 107
7554 34970
7462 50068
6458
49

56
59
54
0

72
75
69
10

29
128
118
14

0.5
0.3
0.4
5.3

2291
NA
NA
3590

277
59
63
478

DENMARK
COUNTRY COMPOSITE
1
2
3
4

NOVO-NORDISK
DAMPSKIBSSELSKABET AF 1912
DAMPSKIBSSELSKABET SVENBORG
TELE DANMARK

446
471
478
555

3.3
26.5
23.7
1.5

87504 22.2
3425
420
399e
7256

11.3
23.6g
20.1g
11.1

45
58
58
55

BUSINESS WEEK / JULY 7, 1997 61

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

62
5

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

COUNTRY
RANK

GLOBAL
1000
RANK

5
6
7
8

726
878
926
971

DEN DANSKE BANK

SOPHUS BERENDSEN
CARLSBERG
DANISCO

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

5044
3994
3790
3574

95
152
59
59

52
25
5
23

68
38
15
35

1.3
19.7
2.9
2.8

9
29
23
17

2.6
0.6
0.9
1.1

NA
1035
2768
2494

562
140
164
187

25749

44

35

47

4.0

19

2.4

17721

1125

19600
6149

65
23

50
20

64
30

6.8
1.2

27
12

1.0
3.8

7651
10070

592
533

ASSETS
U.S.
$ MIL.

69595
699
3152
2559

RETURN
ON
EQUITY INDUSTRY
%
CODE

14.1
68.7
12.6
16.5

61
71
43
44

FINLAND
COUNTRY COMPOSITE
1 NOKIA
2 UPM-KYMMENE

166
582

19652 18.1
6474
13178

25.5
10.7

34
23

FRANCE
COUNTRY COMPOSITE

392421

140

11

24

2.6

25

2.7

449885

15459

1
2
3
4

ELF AQUITAINE
CARREFOUR
LOREAL
TOTAL

99
110
113
133

27331
25301
24583
22338

100
658
364
92

39
20
32
27

54
34
47
41

2.1
7.7
5.6
2.3

23
45
38
23

3.6
1.0
1.0
3.0

40390
26886
10474
30648

1211
562
647
980

1912394 10.2

5
6
7
8

LVMH MOET HENNESSY LOUIS VUITTON

AXA-UAP
ALCATEL ALSTHOM
COMPAGNIE GENERALE DES EAUX

151
171
199
216

21210
19374
17568
16065

243
60
108
123

0
6
19
16

11
18
33
29

3.7
1.6
2.9
2.7

33
18
37
45

2.2
3.3
2.4
2.5

5405
NA
28135
28797

639
661
469
339

13646 11.1
195664
9.0
44377e 7.6g
41698
6.1

46
63
34
52

9
10
11
12

COMPAGNIE DE SAINT-GOBAIN
SGS-THOMSON MICROELECTRONICS
LAIR LIQUIDE
GROUPE DANONE

282
299
305
314

11987
11325
11231
10970

138
81
154
151

9
92
3
3

21
113
8
15

1.5
4.2
2.7
1.6

16
21
23
19

3.2
0.0
2.4
2.9

15861
4078
5968
14569

750
626
481
587

21863
9.3
4486e 20.3g
8392 11.7
17508
8.6

21
35
22
44

13
14
15
16

RHONE-POULENC
SOCIETE GENERALE
PINAULT-PRINTEMPS-REDOUTE
SANOFI

323
346
376
384

10693
10197
9409
9128

32
111
420
87

30
5
36
13

45
17
51
26

1.7
1.0
3.8
2.7

22
13
26
30

2.8
4.1
2.0
2.0

14895
NA
13954
4104

476
789
358
303

24619
308674
9961
6362

7.7
8.0
14.3
8.9

22
61
54
45

17
18
19
20

BANQUE NATIONALE DE PARIS

COMPAGNIE DE SUEZ
PARIBAS
MICHELIN

413
425
449
512

8529
8368
8009
6943

41
51
65
55

10
33
6
9

22
48
18
21

0.9
1.2
1.1
2.4

13
57
11
13

3.4
4.2
5.3
1.6

NA
NA
NA
12366

669
146
755
502

323018
42403
264256
13226

6.7
2.1
9.9
18.5

61
61
61
37

21
22
23
24

GROUPE SCHNEIDER
CHRISTIAN DIOR
PROMODES GROUP
LAFARGE

537
540
551
597

6627
6614
6496
6046

48
157
339
64

4
11
30
3

16
24
45
8

2.1
1.7
4.6
1.4

29
21
30
19

2.7
2.5
1.1
4.1

10698
5615
17970
6120

229
315
216
320

9093
19403
7841
9464

7.1
8.4
15.3
7.6

34
46
54
21

25
26
27
28

LYONNAISE DES EAUX-DUMEZ

SYNTHELABO
HAVAS
CANAL PLUS

622
644
676
699

5862
5657
5423
5216

98
117
68
170

2
35
21
31

13
51
12
23

2.1
6.3
2.0
2.7

25
34
25
30

3.2
1.2
3.3
3.1

15902
1810
8437
2011

234
165
174
140

27231e 8.4g
1768 18.4
6823
8.1
3757
9.1

52
45
52
51

29
30
31
32

RENAULT
PSA PEUGEOT CITROEN
ACCOR
CETELEM

708
734
780
782

5153
4966
4599
4558

21
99
139
107

21
29
4
2

12
21
7
9

0.8
0.5
1.7
2.8

6
39
25
20

0.0
0.8
3.8
2.4

31950
29970
4913
NA

911
127
184
228

38324
25203
9622
15692

NEG
1.3
6.8
13.9

42
42
53
62

33
34
35
36

LEGRAND
VALEO
AGF
BIC

792
848
854
866

4497
4171
4147
4079

161
59
30
148

9
13
14
29

2
26
27
44

4.3
2.3
1.0
4.8

28
20
16
34

1.3
0.9
4.3
1.9

1996
5011
12037
1102

161
208
267
120

2963
4285
72031
1315

15.2
11.5
6.5
14.1

34
37
63
46

37
38
39
40
41

USINOR SACILOR
ERIDANIA BEGHIN-SAY
CASINO, GUICHARD-PERRACHON
SODEXHO ALLIANCE
DEXIA FRANCE (7)

954
958
990
994
NR

3656
3644
3519
3497
3435

15
140
45
465
94

6
10
11
20
19

4
0
24
34
32

0.8
1.2
2.5
4.6
NA

14
12
25
49
12

5.2
6.1
2.6
1.5
4.4

12334
9542
11602
4332
NA

258
301
145
70
556

12003
8621
5778
2886
194620

6.0
9.7
10.0
9.4
NA

25
44
54
52
61

642221

21266

42852
13251
9961
27455

9.2
17.0
14.6
10.0

11
54
45
11

GERMANY
COUNTRY COMPOSITE

605103

255

26

40

4.0

31

2.1

25
41
58
77

60969
47960
39738
31761

22
212
77
56

NA
28
41
1

NA
43
58
13

2.1
6.0
2.6
2.4

34
41
25
22

2.3
0.7
1.2
2.2

36982
34160e
62349
55220

1031
888e
1619
1336

102210
6.4
168470e 14.4
65938 10.4
51304 11.0

55
63
42
34

BAYER
VEBA
DEUTSCHE BANK
BASF

91
94
95
129

28132
27968
27772
22830

39
57
56
37

16
8
18
33

30
21
32
49

2.5
2.6
1.7
2.1

17
19
22
14

3.7
2.8
2.7
3.9

28500
39926
NA
28598

1598
1441
1251
1636

28992
42168
519533
25633

14.4
13.4
7.4
14.3

22
12
61
22

9
10
11
12

HOECHST
VOLKSWAGEN
RWE
MUENCHENER RUECK.

130
136
140
153

22787
39
22269 647
21950
43
20872 2551

17
84
8
44

30
105
21
61

2.8
3.6
5.5
8.1

24
20
25
31

3.0
1.2
2.9
0.5

29860
58704
38367
15374

1239
386
701
292

32321
55448
44428
74381

11.8
18.0
22.4
26.1

22
42
12
63

13
14
15
16

SAP
DRESDNER BANK
BMW
MANNESMANN

180
210
213
230

18619
16387
16221
14973

31
41
49
17

46
57
67
31

22.2
2.0
3.2
4.1

76
21
29
32

0.8
3.5
1.5
1.3

1581e
NA
30644
20335

1300e 29.1
323588
9.5
26585 11.1
14107 12.9

52
61
42
38

1
2
3
4

DEUTSCHE TELEKOM
ALLIANZ
DAIMLER-BENZ
SIEMENS

5
6
7
8

179
35
820
407

236e
901
481
225

2634776 13.6

62 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

64

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

31
58
NA
63

2.6
1.6
4.0
2.0

21
17
NA
25

2.2
3.8
1.5
3.3

24891
NA
NA
NA

468
698
NA
509

28431
262674
11023
235656

12.5
9.7
NA
7.9

12
61
54
61

26
NA
23
9

41
NA
37
22

1.7
3.3
2.6
5.1

21
24
24
42

3.8
1.9
3.0
2.0

NA
9558
22675
3675e

392
261
175
208e

198843
8.0
7883 13.8
14941 10.6
4465e 12.1

61
22
25
45

101
86
16
300

34
NA
3
0

49
NA
15
12

3.5
3.0
2.2
6.3

32
149
14
31

1.7
0.0
2.1
2.7

3091
3053
11668e
5011e

212
44
860e
133e

4699 10.8
5093
2.0
10799e 16.0
7667e 20.2

45
52
56
12

5791
5172
5006
4773

689
71
23
105

7
10
6
40

20
23
19
57

2.5
4.6
1.1
9.0

27
37
16
23

2.1
1.2
4.0
0.9

5160
11232e
NA
2761

211
119e
267e
184

4876
9.5
3635e 12.4
163808e 6.6
1440 39.4

38
45
61
46

795
797
801
809

4483
4482
4472
4433

49
53
928
222

42
16
45
30

58
30
61
45

3.8
4.9
3.7
5.5

21
35
50
55

1.6
1.6
1.4
0.7

8087
3388
NA
2131

171
134
122e
68

4807 17.8
2137 14.2
47682e 7.4
4318 10.0

26
45
63
45

37 MAN
38 HEIDELBERGER ZEMENT
39 PREUSSAG

844
859
876

4181
4128
4019

287
94
264

11
43
3

24
59
16

2.1
3.4
2.4

19
24
26

3.3
1.4
3.2

11885
3541e
14684

177
147e
147

7622 11.4
5328e 14.6
8908
9.2

38
21
71

40 LAHMEYER
41 FRIED. KRUPP AG HOESCH-KRUPP
42 ALTANA INDUSTRIE-AKTIEN UND ANLAGEN

896
902
967

3903
3879
3604

43
185
924

21
18
47

35
31
64

NA
2.5
5.5

NA
12
37

NA
1.7
1.4

NA
13799e
1334

NA
222e
73

NA
NA
10230e 20.3
1405 14.9

38
25
45

30164

COUNTRY
RANK

GLOBAL
1000
RANK

17
18
19
20

VIAG
COMMERZBANK
METRO
BAYERISCHE VEREINSBANK

277
286
311
317

12112
11782
11028
10906

456
29
110
41

17
41
NA
46

21
22
23
24

BAYERISCHE HYPOTHEKEN- UND WECHSEL-BANK

HENKEL
THYSSEN
MERCK KGAA

437
454
501
503

8176
7896
7121
7085

32
52
227
41

25
26
27
28

SCHERING
FRESENIUS MEDICAL CARE
DEUTSCHE LUFTHANSA
VEW

515
549
593
608

6876
6499
6088
6004

29
30
31
32

LINDE
GEHE
BANKGESELLSCHAFT BERLIN
ADIDAS

626
705
729
755

33
34
35
36

DEGUSSA
BEIERSDORF
AACHENER UND MUENCHENER BETEILIGUNG
FRESENIUS

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

HONG KONG
COUNTRY COMPOSITE

258749

30

30

3.4

22

2.6

1
2
3
4

HUTCHISON WHAMPOA
SUN HUNG KAI PROPERTIES
HONG KONG TELECOMMUNICATIONS
CHEUNG KONG HOLDINGS

76
86
107
123

32232
29374
25881
23499

8
12
2
10

30
21
19
38

30
21
20
38

3.4
2.1
8.8
3.4

19
19
18
13

2.3
2.5
4.5
1.7

4732
2919
4204f
1704

13566
1551
1425
1443f
1776

221075 16.4
16981
17867
4718
9432e

17.4
11.3
48.8g
25.3g

71
64
55
64

5
6
7
8

HANG SENG BANK

HENDERSON LAND DEVELOPMENT
SWIRE PACIFIC
CHINA LIGHT & POWER

127
202
256
269

23183
16879
13299
12460

12
10
8
5

15
31
6
5

15
31
5
5

4.3
3.0
1.0
2.6

21
13
14
19

3.3
2.8
2.7
3.7

NA
NA
4950
2403

1095
1079
920
624

50185
10159
16305
4430

20.1
22.8
7.1
13.5

61
64
71
12

9
10
11
12

CITIC PACIFIC
NEW WORLD DEVELOPMENT
WHARF (HOLDINGS)
HONGKONG ELECTRIC HOLDINGS

274
279
340
483

12196
12059
10303
7275

6
6
4
4

40
34
16
12

41
34
16
13

2.6
1.7
1.0
3.3

27
20
29
14

1.4
2.4
3.2
4.4

1646
NA
1085
990

460
537
353
536

13
14
15
16

CHEUNG KONG INFRASTRUCTURE HOLDINGS

HONG KONG & CHINA GAS
CATHAY PACIFIC AIRWAYS
WHEELOCK & CO.

496
571
706
736

7142
6256
5168
4949

3
2
2
2

NA
32
19
21

NA
32
19
21

NA
4.0
1.6
1.0

38
25
12
22

0.7
2.6
4.6
2.2

392
619
4179
NA

114
251
422
317

NA
2411
8665
6021

NA
16.2
12.9
4.4

21
12
56
71

17
18
19
20

BANK OF EAST ASIA

TSIM SHA TSUI PROPERTIES
DAO HENG BANK GROUP
SINO LAND

751
769
968
992

4821
4673
3587
3514

4
4
5
1

24
205
37
15

24
205
37
15

3.2
14.7
3.0
0.9

20
60
14
18

2.8
0.7
2.0
2.4

NA
340
NA
NA

243
77
194
148

14591
4740
13355
4662

16.1
24.5
20.9
5.2

61
64
61
64

18145

17

32

37

4.2

18

1.8

3902

1084

5219
5204
3968
3753

11
8
41
10

53
41
30
4

61
49
30
10

2.8
2.7
8.4
3.0

14
13
31
16

2.5
3.0
0.0
1.6

NA
NA
236d
3666

6448
9.8
12384
8.6
13431e 3.5g
4293 24.1

71
64
64
12

IRELAND
COUNTRY COMPOSITE
1
2
3
4

BANK OF IRELAND
ALLIED IRISH BANKS
ELAN
CRH

698
700
887
934

380f
392
87d
225

74839 21.7
31648
38718
719
3754

20.6g
20.4
27.2
18.6

61
61
45
21

ITALY
COUNTRY COMPOSITE

170479

15

3.9

22

2.4

165244

9068

1
2
3
4

ENI
STET
TIM
TELECOM ITALIA

57
112
135
147

40076
25071
22281
21645

5
5
3
3

5
55
37
36

15
70
50
49

3.2
2.7
27.7
1.7

15
26
44
18

2.8
1.5
1.0
2.7

34076
23952
4343
17364

2630
1024
550
1252

623189 14.0
52460e 20.9g
44170e 10.5g
3810 63.0
34031
9.7

11
55
55
55

5
6
7
8

ASSICURAZIONI GENERALI
FIAT GROUP
ISTITUTO NAZIONALE DELLE ASSICURAZIONI
ISTITUTO MOBILIARE ITALIANO

229
245
656
694

15033
13870
5533
5261

17
3
1
9

21
6
8
7

14
3
0
17

2.6
1.3
0.8
1.2

37
12
19
13

1.3
1.8
2.8
3.7

18205e
46105
3931
NA

411e
1401
299
390

74697e 7.2
60098e 11.1g
25436e 4.4g
47252
8.6

63
42
63
61

9
10
11
12
13

ISTITUTO BANCARIO SAN PAOLO DI TORINO

MEDIASET
ALLEANZA ASSICURAZIONI
BANCA COMMERCIALE ITALIANA
MONTEDISON

710
719
808
978
991

5136
5073
4438
3549
3514

6
4
6
2
1

4
NA
20
6
25

13
NA
12
3
18

0.9
2.5
5.0
0.7
0.8

14
19
27
16
20

2.6
2.7
1.4
4.9
1.9

NA
1852
1117e
NA
14298

356
263
91e
223
176

154994
6.2
3197 13.2
9267e 18.7g
94031e 4.5g
19746e 3.8g

61
51
63
61
71

64 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

65

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

GLOBAL
1000
RANK

COUNTRY
RANK

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

2604592

31077

8262648

RETURN
ON
EQUITY INDUSTRY
%
CODE

JAPAN
COUNTRY COMPOSITE

2166929

21

3.1

44

0.8

151569 9525
108665
29
80898
17
43397
14

31
25
27
30

41
35
21
24

3.9
2.4
3.4
2.6

118
33
231
149

0.5
0.6
0.4
0.5

75689f
105037f
NA
NA

1286f
3312f
350f
292f

116685
97335
456717
455958

3.3g
7.2g
1.5g
1.8g

55
42
61
61

19
12
13
13

9
32
41
34

18
27
36
28

1.4
2.2
2.7
2.3

34
25
40
167

0.6
0.6
0.6
0.6

65871f
NA
NA
NA

1183f
1522f
936f
222f

68753
473530
466845
456971

4.0g
NEG
6.7g
1.4g

41
61
61
61

35518
32342
30511
30126

11
84
12
72

15
32
51
19

24
43
48
28

1.3
3.1
2.3
10.4

47
29
279
60

0.9
0.5
0.6
0.5

73114f
39411
NA
12676

758f
466
109f
459

84128
2.8g
43300 10.9
372866f 0.8g
4034 17.4g

34
41
61
54

89
108
116
120

28595
25773
24254
23669

29
19
7
57

22
24
16
0

32
18
10
8

2.9
2.0
2.3
3.3

15
58
23
37

0.4
2.3
1.2
0.5

45396f
43370
26946f
25916f

1898f
445
1061f
638f

30173
120732
35810
14759

19.3g
3.5
9.8g
8.9g

42
12
38
54

NOMURA SECURITIES
FUJITSU
SEIBU RAILWAY
TAKEDA CHEMICAL INDUSTRIES

126
132
134
137

23246
22441
22310
22169

12
12
51
25

37
34
3
53

32
45
5
65

1.6 11
2.3
57
86.2 463
3.7
36

0.7
0.7
0.1
0.6

NA
38617f
4765
7198f

2083f
396f
48
613f

119863
37111
10681
10060

NEG
4.0g
NEG
10.2g

62
33
57
45

21
22
23
24

DENSO
CANON
NEC
SAKURA BANK

139
144
145
155

22006
21778
21766
20481

25
25
14
6

16
29
26
45

25
39
36
41

2.6
2.6
2.9
1.4

36
27
28
135

0.4
0.4
0.7
1.2

13902f
21953
42478f
NA

613f
808
786f
152f

14604f 7.3
22469
9.6
40188 10.3g
436001
1.1g

37
33
34
61

25
26
27
28

NIPPON STEEL
FUJI PHOTO FILM
TOSHIBA
EAST JAPAN RAILWAY

157
159
162
163

20162
3
19917
39
19751
6
19737 4934

14
25
12
10

7
34
5
3

2.6
1.9
1.9
3.2

681
27
34
33

0.7
0.5
1.4
0.9

26259f
10727f
46769f
21540f

30f
732f
576f
606f

29
30
31
32

MITSUBISHI TRUST & BANKING

MITSUBISHI CORP.
KANSAI ELECTRIC POWER
TOKIO MARINE & FIRE

178
182
183
187

18663
18425
18392
18219

14
12
19
12

14
14
18
9

7
7
11
2

3.0
1.8
1.8
3.4

194
48
34
80

0.4
0.6
2.3
0.6

NA
135502f
22145
10972

96f
381f
534
229

33
34
35
36

BRIDGESTONE
MITSUBISHI ESTATE
TOKAI BANK
NISSAN MOTOR

190
194
206
207

18145
17727
16681
16648

23
14
8
7

30
2
34
19

40
5
29
13

3.4
5.1
2.0
1.4

30
21
14
25

0.5
0.5
0.9
0.9

16820
4731
NA
56638f

604
849
1155
667f

37
38
39
40

DDI
JAPAN TOBACCO
ASAHI BANK
DAI NIPPON PRINTING

214
225
226
228

16212 7457
15292 7646
15171
7
15075
20

14
11
46
8

7
4
41
17

10.8
1.4
1.8
2.2

72
21
121
31

0.2
0.8
0.9
0.7

8722f
32352f
NA
11242f

224f
742f
126f
482f

41
42
43
44

SHARP
SANKYO
MITSUI & CO.
CHUBU ELECTRIC POWER

236
240
244
249

14500
14365
13946
13523

13
32
9
18

21
34
4
22

15
44
4
16

1.9
4.3
2.7
1.7

35
38
45
33

0.8
0.6
0.8
2.4

15361f
4783
140136f
18098

417f
378
311f
410

17224
6027
63147
52330

5.4g
11.4
6.0g
5.1

41
45
59
12

45
46
47
48

KYOCERA
MITSUBISHI ELECTRIC
ROHM
SUMITOMO ELECTRIC INDUSTRIES

251
276
281
296

13461
12161
12017
11403

72
6
104
16

5
17
66
15

13
11
79
24

2.4
1.7
4.7
2.9

34
166
31
41

0.7
1.5
0.2
0.6

6134f
32009f
2555f
10813f

392f
73f
391f
276f

8287
32124
3943
10703

6.8g
1.0g
15.2g
7.1g

35
34
35
37

49
50
51
52

ASAHI GLASS
NINTENDO
SUMITOMO TRUST & BANKING
JUSCO

297
309
312
319

11396
11063
10998
10843

10
78
9
34

19
6
36
14

13
14
31
23

2.2
2.5
1.9
4.1

55
20
176
36

0.8
1.1
0.7
0.6

11499f
3589f
NA
19223f

207f
562f
62f
303f

14466
5577
131244
11877

4.0g
12.8g
1.1g
11.5g

26
46
62
54

53
54
55
56

KIRIN BREWERY
MITSUI FUDOSAN
TDK
DAIWA SECURITIES

337
342
345
353

10387
10250
10218
9888

10
13
77
7

20
0
35
45

14
7
45
41

1.6
2.1
2.9
1.2

35
27
20
14

1.0
0.5
0.6
0.9

13699
10905f
5327f
NA

295
378
517f
687f

13088
29944
5358
60734

4.6
NEG
14.8g
NEG

43
64
35
62

57
58
59
60

KINKI NIPPON RAILWAY

TOPPAN PRINTING
KAWASAKI STEEL
TORAY INDUSTRIES

362
365
368
369

9720
9602
9543
9525

6
14
3
7

19
4
21
1

13
4
15
8

5.6
1.9
2.3
2.4

433
52
140
48

0.7
0.9
0.9
0.9

7841
10898f
10555f
9011f

22
186f
68f
200f

13154
9665
19022
11256

1.3
3.6g
1.6g
5.0g

57
52
25
22

61
62
63
64

ALL NIPPON AIRWAYS

MURATA MFG.
SUMITOMO CORP.
NTT DATA COMMUNICATIONS SYSTEMS

372
373
377
380

9471
7
9463
40
9409
9
9271 36643

39
8
20
19

34
16
14
28

8.1 129
2.3
34
1.5
8
6.0
76

0.4
0.4
0.8
0.2

8301
2837f
115335f
5248f

74
280f
1250f
122f

11460 NEG
5533f 6.7
46158 NEG
6986
7.9g

56
35
59
52

65
66
67
68

MITSUI TRUST & BANKING

SHIN-ETSU CHEMICAL
NIKKO SECURITIES
RICOH

394
401
404
406

9008
8759
8726
8631

32
26
46
30

26
36
42
40

1.9
3.1
1.2
2.5

0.6
0.3
1.2
0.8

NA
5358f
NA
9551

49f
348f
1001f
188

1
2
3
4

NIPPON TELEGRAPH & TELEPHONE

TOYOTA MOTOR
BANK OF TOKYO-MITSUBISHI
SUMITOMO BANK

4
8
15
50

5
6
7
8

MATSUSHITA ELECTRIC INDUSTRIAL

DAI-ICHI KANGYO BANK
FUJI BANK
SANWA BANK

59
62
64
65

39676
38028
37299
37100

9
10
11
12

HITACHI LTD.
SONY
INDUSTRIAL BANK OF JAPAN
SEVEN-ELEVEN JAPAN

67
74
80
82

13
14
15
16

HONDA MOTOR
TOKYO ELECTRIC POWER
MITSUBISHI HEAVY INDUSTRIES
ITO-YOKADO

17
18
19
20

8
25
6
13

185
25
9
46

38851
15849
47717
63370f

6.6

0.4g
6.8g
5.6g
9.8

25
46
34
57

148513
84403
58535
43082

1.5g
3.8g
5.1
4.3

62
59
12
63

15121
18462
284346
60856

11.4
NEG
NEG
5.7g

37
64
61
42

9059f NEG
17958
6.9g
253850
1.5g
11471
7.2g

55
43
61
52

121136
6081
32717
12945

1.0g
12.3g
NEG
5.4

62
22
62
33

BUSINESS WEEK / JULY 7, 1997 65

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

66

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

21
19
2
12

3.2
1.6
2.1
1.8

30
26
33
32

0.7
2.5
0.5
1.0

2040f*
13127
1577f
10232

287f*
334
262f
267

3428* 10.5g
32021
6.3
4597
6.3g
11354
5.7

45
12
35
21

11
22
27
80

20
16
21
94

3.7
3.4
1.5
5.4

41
35
21
32

0.7
0.8
2.4
0.5

2416
15361f
12283
3714f

200
236f
389
257f

3768
9301
35438
3433

8.9
9.7g
7.1
16.6g

52
57
12
35

8221
4
8171 19737
8149
14
8022
6

29
6
2
23

24
1
10
17

1.2
3.5
2.5
2.1

54
37
34
37

1.0
0.3
0.9
0.9

15361f
3225f*
7735f
11070f

152f
218f*
237f
218f

21131
4288*
6926f
10735f

2.2g
9.4g
7.3
5.7

41
55
44
22

448
451
457
460

8017
7987
7803
7737

3
25
3
10

17
14
60
26

11
23
57
20

1.8
2.1
0.9
2.0

35
22
47
45

1.0
0.7
1.6
0.5

12529f
3902f
NA
NA

228f
359f
167f
171f*

21041
6751
279256
66042*

5.1g
9.4g
1.9g
4.4g

25
45
61
61

TONEN
KOMATSU
JAPAN AIRLINES
WEST JAPAN RAILWAY

468
469
473
476

7585
12
7581
8
7541
4
7483 3742

17
21
47
NA

10
15
43
NA

2.9
1.5
3.3
2.9

88
49
97
24

1.7
0.9
0.0
1.2

5709
9440f
12435
10384f

86
156f
78
306f

5989e 3.3g
13670
3.0g
18116 NEG
22114 12.0g

11
38
56
57

89
90
91
92

ITOCHU
TOKYO GAS
SEKISUI HOUSE
NKK

486
494
509
513

7253
7162
6984
6924

5
3
10
2

29
33
17
33

24
27
10
28

1.9
2.0
1.1
1.8

68
50
19
48

1.0
1.7
1.6
1.3

131039f
8227
12272f
16133f

107f
144
366f
143f

60335
14221
14704
22615f

2.7g
4.1
5.6g
3.7g

59
12
32
25

93
94
95
96

MARUI
MITSUBISHI MOTORS
SUMITOMO CHEMICAL
MITSUBISHI CHEMICAL

517
523
529
534

6859
6819
6708
6656

19
7
4
3

9
12
17
39

2
5
11
34

2.0
1.6
2.9
1.6

42
69
36
34

1.0
0.8
1.0
0.9

4639f
31494f
8681f
14142

162f
100f
184f
193

6271
25811
11445
17035

4.7g
2.4g
8.1g
4.5

54
42
22
22

97
98
99
100

OSAKA GAS
CHUGOKU ELECTRIC POWER
AJINOMOTO
ACOM

536
543
548
552

6639
6559
6516
6480

3
18
10
44

33
22
17
7

27
16
10
16

2.1
1.7
2.0
3.0

53
27
50
20

1.6
2.4
0.9
0.7

6614
8979
6766f
NA

125
244
132f
316f*

10335
23830
6673
10765f*

4.0
6.3
4.1g
14.5

12
12
44
62

101
102
103
104

KUBOTA
MARUBENI
TOKYU CORP.
NIKON

553
562
569
572

6472
6346
6277
6254

5
4
6
17

31
22
24
38

26
16
18
49

2.3
1.3
3.2
4.9

26
37
366
39

1.1
1.2
0.8
0.4

9783f
119969f
4154
2856

248f
173f
17
159

11469
65597
13553
3648

8.8g
3.6g
0.9
12.5

38
59
57
35

105
106
107
108

DAIWA BANK
NIPPON OIL
DAIWA HOUSE INDUSTRY
ADVANTEST

574
575
580
585

6234
6227
6159
6126

4
5
12
68

47
23
23
69

43
17
17
83

1.2
1.1
1.3
5.9

25
58
18
29

1.3
1.2
1.2
0.3

NA
22827f
9150
1384f

253f
108f
335
212f

145312
23741
10651
1646

NEG
2.0g
7.6
20.3g

61
11
32
35

109
110
111
112

TOYODA AUTOMATIC LOOM WORKS

ASAHI BREWERIES
SHISEIDO
KAWASAKI HEAVY INDUSTRIES

590
603
605
607

6103
6024
6017
6008

22
14
15
4

7
15
18
17

16
24
27
11

2.7
2.2
1.9
4.0

40
85
37
31

0.6
0.6
0.7
1.2

4787f
10384
5051f
10469f

154f
71
164f
194f

3900
14565
4982
10747

6.7g
2.6
5.2g
13.0g

38
43
45
38

113
114
115
116

MATSUSHITA COMMUNICATION INDUSTRIAL

OJI PAPER
TOSTEM
SEKISUI CHEMICAL

611
612
624
633

5974
5954
5844
5731

32
6
27
10

23
34
9
12

33
29
2
5

2.9
1.4
2.0
1.7

24
54
30
26

0.4
1.4
0.6
0.9

6988f
9697f
4911
9225

246f
111f
193
225

4200f 12.1
8773
2.7g
5541
6.5
7791
6.5

34
23
21
21

117
118
119
120

MATSUSHITA-KOTOBUKI ELECTRONICS INDUSTRIES

BANK OF YOKOHAMA
SUZUKI MOTOR
EISAI

641
646
649
652

5673
5645
5625
5579

36
5
13
20

44
42
1
10

55
38
7
18

3.3
1.5
2.1
2.8

31
518
20
33

0.3
0.9
0.5
0.8

5334f
NA
12872f
2416f

181f
11f
288f
167f

3324f 10.4
104127
0.3g
8175 10.5g
3801
8.3g

41
61
42
45

121
122
123
124

TOYO TRUST & BANKING

YASUDA FIRE & MARINE
KOBE STEEL
KEYENCE

653
664
674
675

5578
5473
5450
5443

7
6
2
144

26
17
30
21

20
11
25
30

1.6
2.6
1.8
5.6

8
61
36
57

0.6
1.0
0.0
0.1

NA
7812
13130f
421

671
90
150f
96

125
126
127
128

HACHIJUNI BANK
KAJIMA
HOYA
OMRON

677
680
690
692

5420
5370
5272
5263

9
6
45
20

15
47
41
1

8
42
52
7

2.5
1.6
4.7
2.0

46
85
40
39

0.5
1.4
0.4
0.6

NA
18021f
1660f
5100f

129
130
131
132

NICHIEI
SMC
SONY MUSIC ENTERTAINMENT
SUMITOMO MARINE & FIRE

696
707
712
716

5242
5159
5106
5096

94
82
47
8

37
4
6
16

48
12
1
9

5.9
4.6
2.7
2.4

25
35
46
51

0.6
0.2
0.6
0.8

133
134
135
136

NIPPON TELEVISION NETWORK

ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES
NIPPON PAPER INDUSTRIES
MITSUI MARINE & FIRE

721
723
725
746

5061
5059
5055
4862

399
4
5
7

41
15
21
13

52
8
14
7

4.1
3.0
1.9
2.5

43
43
24
57

137
138
139
140

NIPPON YUSEN
SHIKOKU ELECTRIC POWER
BANYU PHARMACEUTICAL
DAIICHI PHARMACEUTICAL

748
752
754
758

4858
4808
4780
4749

4
17
18
17

30
25
41
11

24
19
52
20

2.5
1.6
2.9
1.9

42
30
46
22

COUNTRY
RANK

GLOBAL
1000
RANK

69
70
71
72

TAISHO PHARMACEUTICAL
TOHOKU ELECTRIC POWER
FANUC
MATSUSHITA ELECTRIC WORKS

409
411
415
417

8600
8588
8523
8517

25
17
36
11

12
25
9
4

73
74
75
76

SECOM
NIPPON EXPRESS
KYUSHU ELECTRIC POWER
TOKYO ELECTRON

426
428
429
432

8356
8343
8342
8296

72
8
18
50

77
78
79
80

SANYO ELECTRIC
JAPAN TELECOM
KAO
ASAHI CHEMICAL INDUSTRY

435
439
441
447

81
82
83
84

SUMITOMO METAL INDUSTRIES

YAMANOUCHI PHARMACEUTICAL
LONG-TERM CREDIT BANK OF JAPAN
SHIZUOKA BANK

85
86
87
88

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

64869
31323
20349
1085

NEG
4.2
5.0g
9.8

62
63
25
35

117f*
63f
131f
135f

46994* 5.4g
24731
1.9
1747 11.7g
4984
5.2g

61
32
45
34

NA
1449f
1761f
4813f

209f
146f
110f
99f

3765
2671
2431
22427

23.6g
12.9g
5.7g
4.6g

62
38
46
63

0.3
1.3
1.3
0.9

2312
9182f
9182
5318

119
118f
207
77

1918
11451
10708
22747

9.5
6.9g
7.8
4.4g

51
38
23
63

0.8
2.5
0.6
0.8

8753f
5142
1252f*
2371f

117f
163
104f*
216f

12042
12289
2105f*
4193f

5.9g
5.5
6.3
8.7

58
12
45
45

66 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

67

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

GLOBAL
1000
RANK

COUNTRY
RANK

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

2.7
1.5
4.5
1.8

16
74
46
45

1.0
1.3
2.2
1.1

NA
15673
27117f
10641

301f
63
102f
103

SALES
U.S.
$ MIL.

141
142
143
144

PROMISE
SHIMIZU
DAIEI
OBAYASHI

761
767
772
779

4735
4689
4655
4611

48
6
7
6

5
48
47
33

3
44
42
27

145
146
147
148

HANKYU CORP.
PIONEER ELECTRONIC
YAMATO TRANSPORT
FAMILYMART

804
807
812
815

4456
4438
4431
4393

5
25
12
46

13
11
1
10

6
20
7
18

3.5 196
1.8 206
2.5
33
6.2
42

0.3
0.2
0.9
0.5

3398
4742f
6094f
1261f

149
150
151
152

MITSUBISHI MATERIALS
TAISEI
JOYO BANK
AISIN SEIKI

816
820
825
828

4389
4367
4327
4315

4
4
5
15

34
43
35
1

28
39
30
8

1.7
45
1.3 261
1.4
84
1.8
38

1.1
1.4
0.9
0.6

153
154
155
156

TOYO SEIKAN KAISHA

MYCAL
ONO PHARMACEUTICAL
TOTO

837
838
841
846

4227
4223
4209
4178

19
14
34
11

41
9
2
16

37
2
6
9

1.2
2.0
2.7
2.0

19
32
20
41

157
158
159
160

EBARA
KDD
TEIJIN
ODAKYU ELECTRIC RAILWAY

850
858
862
868

4169
4137
4106
4054

15
64
4
6

4
31
19
17

3
26
12
11

3.8
1.4
1.5
3.4

161
162
163
164

GUNMA BANK
CHIBA BANK
TAKASHIMAYA
SUMITOMO METAL MINING

869
873
883
884

4053
4039
3979
3971

8
5
13
7

29
40
20
26

23
36
14
20

165
166
167
168

ISUZU MOTORS
YAMAHA
ORIX
FURUKAWA ELECTRIC

889
893
897
900

3954
3917
3897
3886

4
19
60
6

29
18
53
1

169
170
171
172

HOKURIKU ELECTRIC POWER

TOBU RAILWAY
HITACHI ZOSEN
MINEBEA

908
914
919
922

3857
3846
3827
3816

18
4
4
10

173
174
175
176

HOKKAIDO ELECTRIC POWER

YAMAZAKI BAKING
UNY
BANK OF FUKUOKA

924
936
940
941

3800
3743
3720
3715

177 NSK
178 MAZDA MOTOR
179 NIPPON CREDIT BANK

948
952
955

180 NISSHO IWAI

181 KINDEN
182 CREDIT SAISON

963
981
998

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

8165 17.0g
22052
2.1
18848f NEG
21187
4.1

62
32
54
32

23
22f
134f
105f

10982
4564
4483
1246

NEG
0.8g
7.7g
14.9g

57
41
57
54

9678
16368
NA
7834f

97
17
52f*
114f

13364
3.8
27140 NEG
65562* 1.7g
5950f 4.9

24
32
61
37

0.3
1.2
0.6
0.8

6331
15447f
1085f*
4053f

219
130f
214f*
102f

6037
6.1
14496f 6.2
2340* 13.6g
4151
4.8g

26
54
45
21

49
37
42
140

0.7
0.7
1.2
0.8

4643f
3443f
5485f
4922

85f
110f
97f
29

2.0
1.2
2.6
2.0

76
92
50
43

0.5
0.8
0.5
0.7

NA
NA
10641f
4393

24
27
65
8

4.0
2.5
3.5
2.3

48
45
59
36

1.1
0.4
0.2
0.9

16476f
5190f
NA
6473f

24
31
31
18

18
26
26
27

1.5
36
3.2 892
4.3
38
3.8
50

2.5
1.0
1.4
0.6

17
17
20
6

24
14
7
27

18
7
0
21

1.7
2.1
2.2
1.8

25
33
44
86

3685
3661
3649

7
3
2

14
37
44

7
32
39

1.8
1.2
0.9

3632
3539
3454

4
13
22

27
17
5

21
10
14

4591
5492f
7433
9193

7.6g
3.6
3.6g
2.4

38
55
22
57

46139*
67294f*
7436
5358

2.6g
1.3
5.2g
4.7

61
61
54
24

82f
121f
66
109f

13220
4410
39995
7483

8.2
5.6
5.8
6.4g

38
46
62
37

4335
3046
5451f
2599f

108
4
101f
76f

12640
9764
5993
4778

4.3
NEG
11.3g
7.6g

12
57
38
37

2.5
0.6
0.7
0.7

4715
5699
8581f
NA

149
115
85f
43f*

11702
3521e
4835
57196*

6.6
6.5g
5.0g
2.0g

12
44
54
61

49
24
1

0.8
0.0
1.0

4131f
16219f
NA

3.8g
NEG
NEG

37
42
61

1.8
1.5
2.6

27
23
32

1.0
0.7
0.6

76289f
4858f*
NA

42930
6.5g
5350f* 6.5
6501f* 7.9

59
32
62

53f*
44f*
80f
92

76f
151f
3233f
132f
155f*
108f*

5937
11741
144146

NETHERLANDS
COUNTRY COMPOSITE

355944

90

29

44

7.5

26

1.8

308868

22862

1
2
3
4

ROYAL DUTCH PETROLEUM (1)

ING GROEP
UNILEVER NV (2)
ABN AMRO HOLDING

NR
70
NR
109

103681
34767
30820
25411

193
44
193
19

28
35
42
34

43
51
59
51

3.0
2.0
6.8
2.3

21
19
24
16

2.8
2.4
1.9
3.0

134281
NA
50756
NA

9310
1707
2437
1624

5
6
7
8

AEGON
PHILIPS ELECTRONICS
KONINKLIJKE PTT NEDERLAND
KONINKLIJKE AHOLD

169
172
211
264

19437
19369
16381
12839

73
55
35
76

53
55
3
42

72
73
9
59

3.3
2.7
2.0
8.1

23
46
13
39

2.0
1.5
4.2
1.2

8705
36063
10687
19043

817
377
1283
330

9
10
11
12

ELSEVIER (5)
AKZO NOBEL
HEINEKEN
POLYGRAM

NR
371
418
419

11278
9491
8501
8499

17
133
169
47

9
10
25
19

23
24
16
9

7.1
2.4
3.6
4.9

29
14
25
23

2.3
2.9
1.1
1.1

5531
11694
6352
4945

13
14
15
16

WOLTERS KLUWER
FORTIS AMEV (6)
DORDTSCHE PETROLEUM
VENDEX INTERNATIONAL

438
NR
488
794

8174
7518
7212
4493

120
41
200
56

8
32
25
76

21
48
40
97

13.2
2.2
16.9
7.5

32
17
39
17

1.1
2.4
2.6
1.9

17
18
19
20

HAGEMEIJER
RANDSTAD HOLDING
VNU
GUCCI GROUP

805
824
830
870

4454
4345
4284
4052

49
101
23
69

43
39
38
3

61
56
55
16

7.5
15.6
8.2
20.9

30
40
26
24

929
949
995

3774
3677
3488

156
147
51

46
28
114

64
19
140

19.1
3.1
10.4

12938

14

12

8783
4155

5
2

18
10

17
8

21 KONINKLIJKE VERENIGDE BEDRIJVEN NUTRICIA

22 HEINEKEN HOLDING
23 ASM LITHOGRAPHY HOLDING

1080450 27.6
119832
252194
31242
310232

14.4
10.1
28.0
14.7

11
62
44
61

95440 14.6
28702
5.8
18694 15.3
4819e 20.8g

63
41
55
54

987
669
342
376

8420
10636
5553
4904

24.5
16.8
14.5
21.8

51
22
43
46

2249
NA
NA
6330f

252
906
184
266f

3516
175360
428
2896f

40.5
12.8
43.2
44.5

51
63
11
54

1.2
1.0
1.3
0.4

4282
3103
1756
881f

149
108
165
168f

2382
785
1359
349

25.1
38.8
31.4
86.7g

59
52
51
46

31
22
31

1.1
1.2
0.0

1517
NA
694

121
171
113

946
1203
559

61.4
14.5
33.8

44
43
35

3.7

20

4.2

4177

705

8508 21.0

6.1
1.2

17
24

5.6
2.9

2146f
2032f

532f
173f

3168
5340

NEW ZEALAND
COUNTRY COMPOSITE
1 TELECOM CORP. OF NEW ZEALAND
2 CARTER HOLT HARVEY

400
852

37.0g
5.0g

55
23

BUSINESS WEEK / JULY 7, 1997 67

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

68

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

GLOBAL
1000
RANK

COUNTRY
RANK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

NORWAY
COUNTRY COMPOSITE
1 NORSK HYDRO
2 ORKLA

295
849

15633

69

41

53

2.7

15

1.6

15581

1091

11464
4170

50
87

6
76

15
92

2.2
3.1

14
17

2.0
1.1

11926
3655

845
246

20373

5404

17188 17.2
13464
3725

16.5
18.0

11
71

SINGAPORE
COUNTRY COMPOSITE

104454

2.7

19

1.7

1
2
3
4

SINGAPORE TELECOMMUNICATIONS
OCBC OVERSEAS CHINESE BANK
SINGAPORE AIRLINES
UNITED OVERSEAS BANK

97
268
315
356

27524
12526
10946
9842

2
12
9
10

35
4
17
13

35
6
16
15

6.0
3.5
1.5
3.2

24
25
15
19

1.3
0.7
1.4
0.9

3093f
NA
5052f
NA

1160f
495
722f
501

5
6
7
8

DEVELOPMENT BANK OF SINGAPORE

CITY DEVELOPMENTS
HONGKONG LAND HOLDINGS
SINGAPORE PRESS HOLDINGS

405
479
484
527

8655
7381
7267
6748

13
9
3
20

6
21
22
6

7
23
22
8

2.0
4.0
0.7
5.1

18
20
11
30

0.7
0.4
4.5
0.8

NA
NA
NA
623

728
771
901

5018
4662
3886

7
7
4

12
3
24

12
2
24

1.2
2.3
0.8

17
21
13

3.7
0.9
3.9

9 JARDINE MATHESON HOLDINGS

10 OVERSEAS UNION BANK
11 JARDINE STRATEGIC HOLDINGS

178212 13.1
7596f 25.5
31808e 13.9g
10158f 9.8
28377e 16.9g

55
61
56
61

468
375
649
215

38991
5817
12187
1565

61
64
64
51

11605
NA
NA

300
217
302

14285
7.3
17927e 10.6g
9501
6.1

10.7
20.2
6.4
16.9

71
61
71

SPAIN
COUNTRY COMPOSITE

135274

69

39

56

3.0

22

2.4

53778

6609

545898 14.2

1
2
3
4

TELEFONICA NACIONAL DE ESPANA

ENDESA
BANCO BILBAO VIZCAYA
BANCO DE SANTANDER

101
160
217
246

27150
19893
15948
13648

29
77
71
85

61
23
88
88

81
38
111
110

2.2
3.4
3.0
3.4

24
18
21
22

2.1
2.5
2.3
2.6

13902
8967
NA
NA

1111
1144
723
593

37670
9.0
14789e 18.9g
119178 14.2
114077e 15.5g

5
6
7
8

REPSOL
IBERDROLA
GAS NATURAL SDG
BANESTO

267
307
498
550

12578
11202
7127
6496

42
12
191
11

23
22
8
68

38
36
21
88

2.9
1.7
5.7
3.8

16
17
22
36

3.0
3.9
0.8
0.0

19209
5658
2309
NA

825
670
336
171

11563e
21369e
4164e
38860

18.2g
10.2g
26.4g
10.4

11
12
12
61

ARGENTARIA, CORP. BANCARIA DE ESPANA

BANCO POPULAR ESPANOL
BANCO CENTRAL
PRYCA

587
604
687
923

6112
6020
5296
3803

50
213
32
20

19
22
61
14

34
37
80
4

1.5
2.7
1.8
3.5

36
14
21
23

3.9
3.5
2.4
2.2

NA
NA
NA
3733

216
423
232
166

76239
24122
81358
2508

4.2
19.3
8.6
15.2

61
61
61
54

9
10
11
12

55
12
61
61

SWEDEN
COUNTRY COMPOSITE

176953

32

38

58

3.7

17

2.4

127527

11817

1
2
3
4

L. M. ERICSSON
ASTRA
VOLVO
ABB AB (4)

71
103
262
NR

33849
26361
12876
12682

35
16
28
14

57
6
32
31

81
8
52
50

6.9
5.7
1.8
5.2

35
22
6
23

0.9
1.2
2.0
1.7

16080
5045
20194
34574

920
1223
1614
1233

434783 20.0
14512
6758
18266
30896

19.5
26.5
27.8
22.7

34
45
42
34

5
6
7
8

INVESTOR
SANDVIK
FOERENINGSSPARBANKEN
HENNES & MAURITZ

370
489
514
526

9491
7207
6879
6773

50
26
20
33

36
17
68
123

57
34
92
156

4.3
3.1
2.0
11.1

29
20
11
39

2.6
3.3
3.6
0.9

NA
3657
NA
1883

1227
403
612
172

12050e
4241
80460
928

NEG
15.6
17.5
28.3

62
25
61
54

9
10
11
12

SVENSKA HANDELSBANKEN
INCENTIVE
NORDBANKEN
SCANIA

556
591
640
655

6443
6094
5675
5538

27
89
31
28

32
74
73
2

52
99
99
13

1.9
3.4
2.8
6.1

10
17
8
27

2.4
1.5
4.0
2.6

NA
2616
NA
4365

659
373
696
256

73902
4490
47565
3712e

20.0
19.5
34.3
23.0g

61
45
61
38

13
14
15
16

SKANDINAVISKA ENSKILDA BANKEN

SKANSKA
ATLAS COPCO
STORA KOPPARBERGS BERGSLAGS

671
717
741
756

5455
5084
4912
4767

10
40
27
15

49
24
45
11

71
42
66
28

2.1
2.9
3.4
1.3

9
10
21
33

3.4
3.2
1.8
3.3

NA
5876
3251
5844

608
499
251
202

71250
6628
3008
8027

23.7
28.0
16.5
4.0

61
32
38
23

17
18
19
20

SYDKRAFT
ELECTROLUX
SVENSKA CELLULOSA AKTIEBOLAGET
SKANDIA FORSAKRING

763
818
853
964

4716
4378
4151
3622

26
60
21
35

19
29
8
39

37
48
24
59

2.5
1.6
1.5
3.6

11
22
16
25

2.0
2.7
3.2
1.0

1756
13141
7169
2077

235
213
274
148

5444 23.0
10350
7.1
8798
9.3
23499e 14.5g

403139 1551

12
41
23
63

SWITZERLAND
COUNTRY COMPOSITE
1
2
3
4

NOVARTIS
ROCHE HOLDING
NESTLE
UBS

5
6
7
8

CREDIT SUISSE GROUP

SWISS RE
SWISS BANK CORP.
ZURICH INSURANCE GROUP

11
14
38
92
115
164
179
205

25

42

3.5

25

1.2

188891

8113

1361
13148
1244
1097

38
8
10
17

56
22
25
32

5.1
58
8.0
41
3.3
20
1.8 114

1.0
0.4
1.7
2.1

25613
11286
42760
NA

1629
2756
2404
247

24399 126
19636 1343
18635 240
16727 368

46
39
35
39

65
57
53
58

2.3
3.3
1.9
1.8

2.3
1.6
0.0
1.4

NA
9508
NA
20285

1830
1031
1382
805

93477
83514
48932
28128

13
19
13
21

1306222 13.7
41019
28117
36077
309088

8.8
19.4
16.4
NEG

370519 NEG
32246e 17.4g
254441 NEG
92556
8.6

45
45
44
61
61
63
61
63

68 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

69

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

DAD

???/!!!

XX

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

30
4
57
NA

4.2
2.6
2.1
2.2

22
16
21
19

2.0
1.0
1.8
0.0

34574
7046
16530
4765

1233
517
348
365

15
62
18
76

29
83
33
99

2.1
3.8
3.5
8.0

206
35
19
83

1.4
0.9
1.4
0.3

NA
6026
5686
805

30
170
295
53

14
20
2

2
36
11

2.4
2.8
4.7

20
NA
21

1.1
0.0
2.1

1919
NA
2088

199
280*
186

COUNTRY
RANK

GLOBAL
1000
RANK

9
10
11
12

ABB AG (4)
COMPAGNIE FINANCIERE RICHEMONT
WINTERTHUR
CIBA SPECIALTY CHEMICALS

NR
456
492
521

12518 1373
7834 1364
7186 817
6832
95

15
8
39
NA

13
14
15
16

HOLDERBANK FINANCIERE GLARUS

ADECCO
ALUSUISSE-LONZA HOLDING
ARES-SERONO

576
578
632
715

6226 878
6184 376
5734 922
5098 1361

833
864
939

4261 590
4086 548
3730 2216

17 S. M. H.
18 PHARMA VISION 2000
19 SGS STE GENERALE DE SURVEILLANCE HOLDING

PE

EDIT OK

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

30896
7547
68618
6487

RETURN
ON
EQUITY INDUSTRY
%
CODE

19.3
16.5
10.1
NEG

34
71
63
22

12133
1.0
3448 10.9
5438 18.3
1328e 9.6g

21
52
71
45

2369e 12.3g
1879* NA
2015 23.0

46
62
52

UNITED STATES
COUNTRY COMPOSITE

6605427

152

28

28

4.7

21

1.7

1
2
5
6

198088
169857
148593
147151

60
69
124
59

46
49
109
40

46
49
109
40

6.4
27.6
21.4
3.4

27
45
55
19

1.7
0.8
0.0
2.8

79179
18546
8671
116728

7280
3492
2195
7510

272402
16161
10093
95527

23.8
61.3
39.2
17.8

71
43
52
11

INTEL
MERCK
PHILIP MORRIS
PROCTER & GAMBLE

7
9
10
12

124079
108489
106580
93392

152
90
44
138

101
39
33
57

101
39
33
57

7.4
9.1
7.5
9.6

22
27
17
29

0.2
1.9
3.6
1.3

20847
19829
54553
35284

5157
3881
6303
3046

23735
24293
54871
27730

34.0
33.7
45.5
33.2

35
45
43
44

9
10
11
12

INTERNATIONAL BUSINESS MACHINES

JOHNSON & JOHNSON
BRISTOL-MYERS SQUIBB
WAL-MART STORES

13
17
18
20

85908
79914
73375
67683

87
60
73
30

62
23
72
15

62
23
72
15

4.1
7.4
11.2
4.0

15
27
25
22

0.9
1.5
2.1
0.9

75947
21620
15065
104859f

5864
2887
2850
3056f

81132
20010
14685
39604f

26.6
27.8
44.6
18.3

33
45
45
54

13
14
15
16

PFIZER
AMERICAN INTERNATIONAL GROUP (8)
DUPONT
AT&T

22
23
24
26

64375
63567
61449
59710

103
135
109
37

46
44
36
15

46
44
36
15

9.3
2.8
5.9
2.9

33
21
16
11

1.3
0.3
2.3
3.6

11306
28106
38349
52184

1929
2897
3636
5608

14667
148431
37987
55552

28.0
13.4
36.6
25.9

45
63
22
55

17
18
19
20

PEPSICO
WALT DISNEY
MOBIL
SBC COMMUNICATIONS

27
28
29
31

56314
55277
55026
53642

37
82
140
59

11
35
24
18

11
35
24
18

8.6
3.4
3.0
3.7

31
28
18
17

1.4
0.7
3.0
3.1

31645
21238
71129
23486

1865
1533
2964
3158

24512
37306
46408
39599

28.0
12.4
16.3
21.3

43
53
11
55

21
22
23
24

BERKSHIRE HATHAWAY (8)

CITICORP
HEWLETT-PACKARD
ELI LILLY

32
34
35
36

52976 43000
52558 114
52530
52
51651
93

41
36
3
45

41
36
3
45

2.2
2.8
3.9
8.4

47
15
20
32

0.0
1.8
1.1
1.6

10500
NA
38420
7347

2489
3788
2586
1524

43410
281018
27699
14307

4.6
19.3
19.9
26.3

71
61
33
45

25
26
27
28

GILLETTE
AMERICAN HOME PRODUCTS
ABBOTT LABORATORIES
FANNIE MAE

37
39
40
43

49517
48924
48731
46419

89
76
63
44

50
42
46
42

50
42
46
42

11.2
7.0
10.1
3.9

39
25
25
17

1.0
2.2
1.7
1.9

9698
14088
11013
NA

1232
1875
1882
2754

10435
20785
11126
351041

28.8
28.2
40.0
23.1

45
45
45
62

29
30
31
32

CHEVRON
BELLSOUTH
CISCO SYSTEMS
FORD MOTOR

44
46
47
48

45735
44976
44962
44656

70
45
68
38

17
12
24
3

17
12
24
3

2.9
3.4
15.6
1.7

16
15
35
9

3.3
3.2
0.0
4.5

37580
19040
4096
146991

2651
2863
913
4446

34854
32568
3630
262867

18.2
22.1
44.0
19.5

11
55
35
42

33
34
35
36

AMOCO
NATIONSBANK
GTE
GENERAL MOTORS

49
51
52
53

44166
42341
42137
41833

89
59
44
57

23
45
3
4

23
45
3
4

2.7
2.5
5.8
1.9

16
14
15
8

3.1
2.2
4.3
3.5

32150
NA
21339
164069

2834
2452
2798
5891

32100
185794
38422
222142

17.1
18.0
38.7
24.1

11
61
55
42

37
38
39
40

BANKAMERICA
CHASE MANHATTAN
LUCENT TECHNOLOGIES
MOTOROLA

54
55
56
60

41443
40740
40635
39418

117
95
64
66

55
35
67
1

55
35
67
1

2.3
2.3
15.1
3.3

15
12
16
37

2.1
2.6
0.5
0.7

NA
NA
15859a
27973

2873
3586
202a
1154

250753
333823
22626
24076

14.6
18.4
92.9
9.1

61
61
34
35

41
42
43
44

MINNESOTA MINING & MFG.

BOEING
AMERITECH
TRAVELERS GROUP

61
63
66
68

38242
37992
35964
35270

92
105
66
55

40
24
16
77

40
24
16
77

6.1
3.4
4.7
2.8

25
27
16
15

2.3
1.1
3.5
1.1

14236
25214
14917
NA

1516
1123
2134
2227

13364
27254
23707
151067

24.9
12.5
28.5
18.4

71
31
55
62

45
46
47
48

McDONALDS
SCHERING-PLOUGH
AMERICAN EXPRESS
ALLSTATE

69
72
73
75

34769
33201
32859
32260

50
91
70
74

4
55
52
74

4
55
52
74

4.2
16.1
3.9
2.4

22
26
19
14

0.7
1.7
1.3
1.3

10687
5656
NA
18366

1573
1213
1739
2075

17386
5398
108512
74508

18.8
61.0
20.6
17.8

53
45
62
63

49
50
51
52

BELL ATLANTIC
HOME DEPOT
ORACLE
COMPAQ COMPUTER

78
79
81
83

30660
30657
30465
29680

70
63
47
108

12
23
41
122

12
23
41
122

4.1
5.1
16.4
4.8

17
31
43
21

4.2
0.5
0.0
0.0

13081
19536f
4223
18109

1739
938f
603
1313

24856
9342f
3357
10526

24.0
16.6
37.9
23.3

55
54
52
33

53
54
55
56

SCHLUMBERGER
TEXACO
KIMBERLY-CLARK
WARNER-LAMBERT

84
87
93
98

29393
28769
28123
27408

119
109
50
101

43
30
38
80

43
30
38
80

5.2
3.0
6.3
10.6

31
17
21
35

1.3
3.1
1.9
1.5

8956
45500
13149
7231

851
1665
1331
787

10325
26963
11846
7197

16.8
17.8
30.7
30.2

36
11
45
45

1
2
3
4

GENERAL ELECTRIC
COCA-COLA
MICROSOFT
EXXON

5
6
7
8

3821467 313558 10659721 21.5

BUSINESS WEEK / JULY 7, 1997 69

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

70

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

11
21
32
15

5.8
2.0
2.5
2.7

31
12
22
68

2.1
0.0
0.1
0.8

15968
4485
18494
10064

1011
2189
1202
156

14438
19862
22978
35064

18.6
NEG
11.1
NEG

46
55
55
51

45
1
26
40

45
1
26
40

7.0
2.8
4.5
2.5

28
16
23
13

1.5
0.2
2.0
2.7

9262
19909
11150
NA

885
1505
1019
1766

11191
21272
10481
140127

25.4
18.0
20.0
18.6

22
52
34
61

54
264
146
33

16
9
22
60

16
9
22
60

3.3
1.8
3.0
3.4

15
25
13
19

4.4
2.0
3.9
1.2

13454
NA
18592
NA

1346
1071
1663
1258

27659
108888
25715
173866

22.4
7.1
22.8
17.8

55
61
11
62

22044
21928
21927
21721

55
32
68
77

9
4
29
40

9
4
29
40

2.4
1.9
5.0
5.2

21
6
19
21

1.8
5.0
1.9
1.4

15744
61397
17378
13971

1151
3720
1206
1020

16480
56184
26818
12829

11.6
31.4
26.6
25.3

31
42
33
71

148
150
152
158

21495
21272
21044
20078

46
43
49
54

43
20
15
53

43
20
15
53

8.3
5.3
2.5
3.4

26
19
18
17

1.7
2.2
2.1
2.2

7678
10884
14045
NA

802
1156
1191
1154

6632
10464
16953
80175

32.1
28.6
13.5
19.9

44
43
55
61

COMPUTER ASSOCIATES INTERNATIONAL

SARA LEE
DOW CHEMICAL
J. P. MORGAN

161
165
168
170

19881
19633
19524
19375

55
41
83
108

13
22
0
24

13
22
0
24

13.4
4.6
2.5
1.9

22
21
11
14

0.2
2.1
4.2
3.3

4040f
18624
20053
NA

964f
916
1900
1574

62.3g
22.2
23.4
13.0

52
44
22
61

81
82
83
84

SEARS, ROEBUCK
UNITED TECHNOLOGIES
DELL COMPUTER
CATERPILLAR

174
175
177
181

19234
19040
18841
18583

49
80
113
98

3
47
306
49

3
47
306
49

3.9
4.4
24.2
4.5

15
22
33
13

1.9
1.5
0.0
1.6

38236
23273
7759f
16522

1271
906
531f
1361

25.5
20.4
73.6
35.2

54
31
33
38

85
86
87
88

ELECTRONIC DATA SYSTEMS

COLGATE-PALMOLIVE
FIRST CHICAGO NBD
BANC ONE

184
185
186
188

18298
18284
18283
18153

37
62
59
43

34
57
36
17

34
57
36
17

3.8
11.1
2.2
2.2

19
28
13
13

1.6
1.8
2.7
3.5

14441
8749
NA
NA

1328
635
1436
1427

20.6
39.1
16.6
16.8

52
44
61
61

89
90
91
92

LOCKHEED MARTIN
FIRST DATA
AMGEN
MEDTRONIC

191
193
195
196

18082
17940
17713
17629

94
40
67
74

12
0
12
32

12
0
12
32

3.1
4.8
9.3
9.7

15
29
26
33

1.7
0.2
0.0
0.5

26875
NA
2240
2438f

1205
628
680
530f

20.4
16.8
35.6
29.1g

31
52
45
45

93
94
95
96

US WEST COMMUNICATIONS GROUP

PHARMACIA & UPJOHN
MERRILL LYNCH
TEXAS INSTRUMENTS

197
198
200
201

17595
17574
17508
17154

37
35
106
90

12
15
64
60

12
15
64
60

4.5
14
3.0
35
2.8
12
4.2 408

5.9
3.1
1.5
0.8

10079
7176
NA
9940

1215
562
1619
46

16915
11173
213016
9360

32.0
8.5
22.3
NEG

55
45
62
35

97
98
99
100

UNION PACIFIC
NIKE
BANK OF NEW YORK
ASSOCIATES FIRST CAPITAL (8)

204
208
209
212

16728
16602
16422
16379

68
58
43
47

41
15
64
28

41
15
64
28

2.0
6.8
3.3
3.0

19
22
17
18

2.5
0.7
2.3
0.8

8786
6471
NA
7098

733
553
1020
857

27914
3952
55765
48268

10.8
31.1
19.5
16.6

57
46
61
62

101
102
103
104

H. J. HEINZ
FLEET FINANCIAL GROUP
TRAVELERS PROPERTY CASUALTY (8)
KELLOGG

218
221
223
224

15809
15637
15404
15324

43
61
39
74

29
39
41
1

29
39
41
1

5.9
2.5
2.4
12.1

23
15
28
26

2.7
2.9
0.8
2.3

9112
NA
8197
6677

659
1139
391
651

8624
85518
49779
5050

25.5
16.7
8.4
46.6

44
61
63
44

105
106
107
108

AETNA
BAXTER INTERNATIONAL
WASTE MANAGEMENT
INTERNATIONAL PAPER

227
233
235
237

15133
14624
14527
14403

101
53
32
48

37
28
9
20

37
28
9
20

1.5
5.7
3.2
1.5

24
25
33
42

0.8
2.1
2.1
2.1

9289
5438
9187
20143

576
575
478
434

92913
7596
18367
28252

6.3
23.4
9.6
3.7

52
45
52
23

109
110
111
112

SOUTHERN
AUTOMATIC DATA PROCESSING
GENERAL RE
ROCKWELL INTERNATIONAL

238
239
241
242

14400
14385
14147
14090

21
49
175
65

9
28
20
18

9
28
20
18

1.6
6.1
2.0
2.6

13
28
15
23

6.2
0.9
1.3
1.8

10324
3567
6678
10373

1127
455
894
555

30292
3840
40161
10065

11.8
21.6
12.6
11.2

12
52
63
35

113
114
115
116

AIRTOUCH COMMUNICATIONS
CONAGRA
McDONNELL DOUGLAS
MORGAN STANLEY, DEAN WITTER, DISCOVER

243
247
250
255

14024
13632
13516
13346

28
60
64
42

13
42
27
40

13
42
27
40

3.5
6.1
4.4
2.4

65
23
18
28

0.0
1.8
0.8
1.4

2252
24822
13834
NA

199
545
788
951

8524
11197
11631
42414

5.4
26.0
24.9
8.7

55
44
31
62

117
118
119
120

PNC BANK
GANNETT
DEERE
J. C. PENNEY

258
259
260
261

13143
13093
13051
13047

42
93
51
52

38
33
23
1

38
33
23
1

2.3
4.5
3.7
2.1

14
22
15
23

3.5
1.6
1.6
4.2

NA
4419
9640
22653f

992
547
817
565f

73260 16.7
6350 20.3
14653 24.7
22088f 9.1g

61
51
38
54

121
122
123
124

CIGNA
BURLINGTON NORTHERN SANTA FE
ALUMINUM CO. OF AMERICA
ILLINOIS TOOL WORKS

263
265
266
270

12856
12805
12701
12398

174
83
74
50

51
2
19
49

51
2
19
49

1.8
2.1
2.9
5.1

12
15
26
24

1.9
1.5
1.4
0.8

13916
8187
13061
4997

98932
19846
13450
4806

63
57
24
37

COUNTRY
RANK

GLOBAL
1000
RANK

57
58
59
60

EASTMAN KODAK
WORLDCOM
MCI COMMUNICATIONS
TIME WARNER

100
102
104
105

27268
26450
26238
26032

83
30
38
47

11
21
32
15

61
62
63
64

MONSANTO
COLUMBIA/HCA HEALTHCARE
EMERSON ELECTRIC
FIRST UNION

106
114
117
118

26030
24492
24162
24048

44
36
54
86

65
66
67
68

NYNEX
WELLS FARGO
ATLANTIC RICHFIELD
FEDERAL HOME LOAN MORTGAGE

121
122
125
128

23610
23562
23439
22935

69
70
71
72

HUGHES ELECTRONICS (8)

CHRYSLER
XEROX
ALLIEDSIGNAL

138
142
143
146

73
74
75
76

CAMPBELL SOUP
ANHEUSER-BUSCH
SPRINT
NORWEST

77
78
79
80

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

1056
889
515
486

ASSETS
U.S.
$ MIL.

5016
12602
24673
222026
36167
16745
2993f
18728
11193
7902
104619
101848
29257
14340
2766
2503

RETURN
ON
EQUITY INDUSTRY
%
CODE

15.0
14.0
11.2
21.3

70 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

71

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

GLOBAL
1000
RANK

COUNTRY
RANK

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

125
126
127
128

WESTINGHOUSE ELECTRIC
CPC INTERNATIONAL
NORFOLK SOUTHERN
US WEST MEDIA

271
272
275
280

12360
12346
12185
12052

20
86
97
20

10
24
13
5

10
24
13
5

2.1 506
6.5
22
2.4
16
1.6 55

1.0
1.9
2.5
0.0

8449
9844
4770
2955

24
580
770
71

19889
7875
11416
24061

NEG
30.3
15.6
NEG

51
44
57
55

129
130
131
132

KEYCORP
SUN MICROSYSTEMS
APPLIED MATERIALS
SUNTRUST BANKS

283
284
285
287

11904
11896
11816
11707

54
32
65
53

40
3
75
46

40
3
75
46

2.5
5.3
5.0
3.6

14
19
32
19

3.1
0.0
0.0
1.7

NA
7095
4145
NA

860
476
600
617

67621
3801
3638
52468

17.4
27.4
15.5
19.1

61
33
35
61

133
134
135
136

MARSH & McLENNAN

CORNING
WALGREEN
CSX

290
291
292
293

11555
11548
11507
11496

132
50
47
53

41
57
47
7

41
57
47
7

5.1
12.0
5.6
2.3

20
31
29
13

3.0
1.4
1.0
2.0

NA
3652
11778
10536

459
343
372
855

4545
4321
3634
16965

25.8
38.8
19.5
17.4

63
35
54
57

137
138
139
140

CORESTATES FINANCIAL
MBNA
NATIONAL CITY
CARNIVAL

298
300
301
302

11348
11318
11290
11288

53
34
52
38

34
66
45
27

34
66
45
27

3.0
6.6
2.6
3.7

17
24
15
19

3.6
1.4
3.2
1.2

NA
NA
NA
2213

649
475
737
566

45494
17035
50856
5102

17.8
27.6
16.9
19.2

61
62
61
53

141
142
143
144

RAYTHEON
MELLON BANK
PHILLIPS PETROLEUM
LOEWS

303
304
306
308

11283
11273
11204
11188

48
88
43
97

10
53
2
22

10
53
2
22

2.5
3.3
2.6
1.3

15
16
8
8

1.7
3.0
3.2
1.0

12331
NA
15731
19964

761
733
1303
1384

11126
42596
13548
67683

16.5
19.8
31.1
16.0

31
61
11
71

145
146
147
148

MAY DEPARTMENT STORES

FIRST BANK SYSTEM
ARCHER DANIELS MIDLAND
MORGAN STANLEY GROUP

310
316
318
320

11058
10946
10866
10725

47
82
20
68

1
36
8
37

1
36
8
37

2.6
3.6
1.8
2.0

17
16
27
10

2.6
2.3
1.0
1.2

11650f
NA
13314
NA

749f
738
696
1029

149
150
151
152

BANKBOSTON
RHONE-POULENC RORER
TYCO INTERNATIONAL
UNOCAL

321
322
324
326

10721
10714
10691
10640

73
76
64
43

46
17
61
31

46
17
61
31

2.5
5.2
4.2
4.7

18
25
26
21

2.8
1.7
0.3
1.9

NA
5421
5090
5328

650
429
310
456

62306
8768
3954
9123

14.3
20.9
16.0
22.5

61
45
71
11

153
154
155
156

CHUBB
UNITED HEALTHCARE
NABISCO HOLDINGS (8)
PPG INDUSTRIES

327
328
330
331

10550
10523
10503
10478

61
57
40
58

31
3
17
12

31
3
17
12

2.0
2.7
2.6
4.3

20
30
396
15

1.9
0.1
1.6
2.3

4569
10074
8889
7218

486
393
17
744

23930
6997
12290
6441

9.8
9.1
0.7
29.3

63
52
44
22

157
158
159
160

DAYTON HUDSON
VIACOM
SAFEWAY
ENRON

333
334
335
336

10470
10467
10449
10430

48
30
45
41

42
30
NA
2

42
30
NA
2

3.0
0.9
8.4
2.9

20
165
22
17

1.3
0.0
0.0
2.2

25371f
12084
17269
13289

474f
171
461
584

13389f 15.1
28834
0.6
5545 38.1
16137 16.6

54
51
54
12

161
162
163
164

BOSTON SCIENTIFIC
TELE-COMMUNICATIONS
PITNEY BOWES
GENERAL MILLS

338
339
343
347

10379
10328
10239
10195

53
15
70
63

24
12
42
10

24
12
42
10

10.4
5.4
4.7
32.7

23
14
22
21

0.0
0.0
2.3
3.4

1462
6790
3859
5416

281
778
469
476

1512 45.4
27154 NEG
8156 21.4
3295 158.7

45
51
33
44

165
166
167
168

BARNETT BANKS
SEAGATE TECHNOLOGY
WEYERHAEUSER
WACHOVIA

348
350
354
357

10047
9963
9887
9835

53
41
50
61

68
38
10
42

68
38
10
42

3.0
3.5
2.2
2.7

18
14
27
15

2.4
0.0
3.2
2.6

NA
8588
11114
NA

564
213
463
645

41231
5240
13596
46905

16.4
26.1
8.0
17.1

61
35
23
61

169
170
171
172

EMC
EDISON INTERNATIONAL
HALLIBURTON
TEXTRON

358
359
360
361

9815
9811
9786
9777

40
23
77
119

81
42
39
40

81
42
39
40

5.8
1.6
4.5
3.1

24
15
24
20

0.0
4.3
1.3
1.7

2274
8544
7385
7179

386
717
386
482

2294
24559
4437
18235

24.2
10.7
18.8
15.2

35
12
36
71

173
174
175
176

HOUSEHOLD INTERNATIONAL
CONRAIL (8)
PG&E
GAP

366
367
374
378

9568
9564
9455
9408

98
115
23
34

42
63
1
2

42
63
1
2

3.2
3.0
1.1
5.7

18
25
15
21

1.6
1.7
5.2
0.9

NA
3714
9610
5284f

539
342
755
453f

29595 18.2
8402 12.3
26130
7.5
2627f 27.0

62
57
12
54

177
178
179
180

CUC INTERNATIONAL
HONEYWELL
HARTFORD FINANCIAL SERVICES GROUP
GOODYEAR TIRE & RUBBER

379
381
383
385

9395
9248
9201
9105

23
73
78
58

7
43
51
16

7
43
51
16

8.9
4.2
2.0
2.8

51
22
15
13

0.0
1.5
2.1
1.9

2348f
7312
10076
13113

164f
403
594
674

181
182
183
184

DUKE POWER
U. S. BANCORP (8)
TELLABS
RALSTON PURINA GROUP

386
387
388
389

9097
9094
9078
9070

45
61
50
85

6
72
NA
39

6
72
NA
39

1.9
3.5
15.3
12.6

14
19
68
23

4.7
2.0
0.0
1.4

4397
2896
869
6114

185
186
187
188

AMR
AMERICAN GENERAL
AMP
TOYS R US

390
393
395
398

9063
9022
9005
8894

99
44
41
31

5
25
3
7

5
25
3
7

1.6
1.6
3.2
2.1

11
16
23
18

0.0
3.2
2.5
0.0

189
190
191
192

MICRON TECHNOLOGY
RJR NABISCO HOLDINGS
3COM
MATTEL

399
402
407
408

8880
8758
8610
8605

42
32
49
30

32
2
2
10

32
2
2
10

3.5
0.9
8.4
5.6

37
18
21
21

0.0
6.3
0.0
0.9

10059f 15.4g
36489 23.4
10450
6.6
196446 18.7

54
61
44
62

2113
5493
108840
9672

17.4
18.8
13.8
21.2

52
34
63
37

730
479
118
362

13470
33260
744
4785

13.6
17.8
22.5
54.4

12
61
34
44

17753
1968
5468
9932f

854
577
415
465f

20497
66254
4686
8023f

15.0
10.3
14.3
11.7

56
63
35
54

3654
17063
2327
3786

594
611
280
401

3752
31289
1525
2894

9.4
5.0
39.3
26.0

35
43
33
46

BUSINESS WEEK / JULY 7, 1997 71

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

72

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

GLOBAL
1000
RANK

COUNTRY
RANK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

2.6
7.4
3.6
3.0

12
32
22
28

2.5
1.4
1.5
0.0

16332
4474
4008
2004

671
256
375
309

10151
3185
6522
10753f

22.0
22.8
16.8
10.6

11
44
22
53

3.6 201
1.9
14
2.3
15
35.0
26

0.0
4.1
4.1
2.0

2366
6038
11579
4814

28
579
556
318

3776 NEG
12219 13.4
9504 15.3
2222 132.4

52
12
43
45

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

193
194
195
196

USX-MARATHON GROUP
HERSHEY FOODS
AIR PRODUCTS & CHEMICALS
HFS

410
412
414
416

8596
8574
8528
8518

30
56
78
54

37
54
31
14

37
54
31
14

197
198
199
200

REPUBLIC INDUSTRIES
FPL GROUP
FORTUNE BRANDS
AVON PRODUCTS

420
421
422
423

8462
8461
8424
8421

24
46
49
64

NA
8
12
38

NA
8
12
38

201
202
203
204

ALBERTSONS
SERVICE CORP. INTERNATIONAL
PRAXAIR
TENET HEALTHCARE

424
430
431
433

8398
8308
8299
8291

34
35
53
28

16
26
30
28

16
26
30
28

3.7
3.7
4.3
2.3

17
33
23
13

1.9
0.9
0.8
0.0

13777f
2294
4449
5559

494f
265
335
398

205
206
207
208

FRANKLIN RESOURCES (8)

AON
GEORGIA-PACIFIC
COCA-COLA ENTERPRISES

440
444
445
452

8164
8113
8074
7973

65
49
88
21

64
45
22
100

64
45
22
100

5.3
2.9
2.3
5.6

22
27
50
117

0.5
2.1
2.3
0.2

1555
3446
13024
7921

315
351
223
114

209
210
211
212

FIFTH THIRD BANCORP (8)

HEALTHSOUTH
FEDERATED DEPARTMENT STORES
TEXAS UTILITIES

453
458
461
462

7945
7761
7710
7693

77
23
37
34

42
NA
7
16

42
NA
7
16

4.2
4.8
1.8
1.3

23
31
23
10

1.5
0.0
0.0
6.1

1749
2437
15229f
6551

213
214
215
216

TENNECO
OCCIDENTAL PETROLEUM
AMERICAN ELECTRIC POWER
CROWN CORK & SEAL

463
465
466
475

7678
7667
7666
7485

45
23
41
58

3
10
1
25

3
10
1
25

2.9
2.0
1.7
2.5

32
13
13
24

2.7
4.3
5.9
1.7

217
218
219
220

U. S. ROBOTICS (8)
CONSECO (8)
UNION PACIFIC RESOURCES GROUP
MARRIOTT INTERNATIONAL

477
480
481
487

7471
7330
7328
7251

84
40
29
58

8
120
12
22

8
120
12
22

9.8
2.3
4.8
5.8

34
20
19
25

221
222
223
224

STATE STREET
GENENTECH
CHARLES SCHWAB
COSTCO

491
493
495
499

7186
7167
7160
7126

45
59
41
34

71
11
68
69

71
11
68
69

4.1
4.0
8.3
3.7

225
226
227
228

PANENERGY
HILTON HOTELS
WASHINGTON MUTUAL
WILLIAMS

504
505
507
508

7084
7047
7029
6995

47
28
56
44

46
5
94
32

46
5
94
32

229
230
231
232

AFLAC
ITT
WM. WRIGLEY JR. (8)
DELTA AIR LINES

510
511
516
518

6963
6944
6872
6857

51
60
59
94

69
3
13
13

233
234
235
236

CABLETRON SYSTEMS
CONSOLIDATED EDISON CO. OF NEW YORK
LOWES
KMART

519
520
522
525

6856
6845
6827
6796

44
29
39
14

237
238
239
240

ASCEND COMMUNICATIONS
BROWNING-FERRIS INDUSTRIES
GREAT WESTERN FINANCIAL
TRW

528
531
532
533

6732
6695
6689
6661

241
242
243
244

AMERICAN STORES
BANKERS TRUST NEW YORK
NEWMONT GOLD
COMERICA

535
538
539
541

245
246
247
248

KROGER
SALLIE MAE
CLOROX
DOVER

249
250
251
252

ASSETS
U.S.
$ MIL.

4715f
8870
7538
8332

RETURN
ON
EQUITY INDUSTRY
%
CODE

21.8
11.3
18.5
16.8

54
52
22
52

2374
13723
12818
11234

23.5
10.8
4.5
4.8

62
63
23
43

335
221
266f
754

20549
3372
14295
21376

17.9
15.4
7.5g
12.3

61
52
54
12

6572
10557
5849
8332

218
698
587
316

7587
17634
15886
12590

8.9
15.5
12.8
10.4

71
11
12
26

0.0
0.3
0.7
0.6

1978
3067
1831
10172

170
279
321
306

1067
25613
3649
5075

28.7
11.9
24.9
23.4

55
63
11
53

23
65
29
23

0.9
0.0
0.5
0.0

NA
969
NA
19566

293
118
234
249

31524
2226
13779
4912

17.4
6.1
28.9
15.9

61
45
62
54

2.9
2.2
2.9
2.1

18
40
16
20

2.1
1.1
1.9
2.4

7537
5041
NA
3531

361
243
409
362

8568
7577
44552
12419

16.1
5.5
18.5
10.5

12
53
62
11

69
3
13
13

3.3
2.3
7.5
2.5

21
23
29
74

0.9
0.0
1.9
0.2

5910
6597
1836
12455

346
249
230
156

25023
9275
1234
12226

15.9
9.9
25.6
NEG

63
53
44
56

21
4
15
20

21
4
15
20

8.2
1.2
3.1
1.3

26
10
21
24

0.0
7.2
0.6
0.0

1407f
6960
8600f
31437f

261f
694
292f
231f

951 31.2g
14057 11.7
4435f 14.5
14286f 5.4g

35
12
54
54

56
33
49
54

NA
9
111
14

NA
9
111
14

12.2
2.7
2.8
3.1

55
25
73
15

0.0
2.1
2.1
2.3

549
5779
NA
9857

113
273
116
434

652
7601
42875
5899

35
52
61
37

6640
6620
6619
6602

46
85
40
63

22
13
36
43

22
13
36
43

2.8
1.5
4.2
2.8

19
12
59
17

1.4
4.7
1.2
2.8

18678f
NA
1420
NA

347f
612
111
417

542
545
546
554

6572
6530
6524
6467

26
122
126
57

32
64
48
21

32 LOSS
64
7.8
48
6.9
21
4.3

19
16
27
17

0.0
1.5
1.8
1.2

25171
NA
2218
4076

353
419
222
390

5825
47630
2179
2993

NA
49.4
25.7
26.2

54
62
44
71

DOMINION RESOURCES
CNA FINANCIAL
CARDINAL HEALTH (8)
COGNIZANT

561
564
565
567

6351
6327
6322
6302

35
102
58
37

9
2
37
NA

9
2
37
NA

1.3
0.9
5.0
7.2

13
8
49
30

7.5
0.0
0.2
0.3

4842
13479
8862
1731

472
965
112
195

14906
54614
2681
1875

10.0
11.7
10.2
23.8

12
63
54
52

253
254
255
256

LINCOLN NATIONAL
ENTERGY
MASCO
ESTEE LAUDER (8)

568
570
573
579

6283
6268
6250
6160

61
26
39
52

30
0
24
37

30
0
24
37

1.4
0.9
3.4
11.6

13
10
20
38

3.2
6.8
2.1
0.7

3182
7164
3237
3195

514
568
295
160

71713
22966
3702
1822

11.2
9.4
17.2
30.7

63
12
21
45

257
258
259
260

EATON
ALLTEL
FIRST USA (8)
NEWMONT MINING

581
583
588
589

6157
6133
6111
6107

80
33
50
39

38
4
71
35

38
4
71
35

2.9
3.0
4.7
4.2

17
17
32
58

2.2
3.4
0.5
1.2

6961
3192
1634
1420

349
366
247
104

5307
5359
7709
3350

16.3
17.7
14.8
7.1

37
55
62
81

22.1
10.8
3.7
19.9

7881f 14.8g
120235 12.8
3350
7.1
34206 16.6

54
61
81
61

72 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

73

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

GLOBAL
1000
RANK

COUNTRY
RANK

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

261
262
263
264

SYSCO
NEWELL
BECTON, DICKINSON
DRESSER INDUSTRIES

594
595
596
598

6082
6081
6056
6037

35
38
49
34

2
28
16
17

2
28
16
17

4.3
4.1
4.8
3.8

21
23
21
22

1.7
1.7
1.1
2.0

13395
2873
2770
6533

277
256
283
258

3325
3005
2890
6533

20.2
17.6
22.4
17.6

52
41
45
36

265
266
267
268

COOPER INDUSTRIES
TRANSAMERICA
GENUINE PARTS
FEDERAL EXPRESS

599
600
601
609

6036
6034
6031
5992

51
91
34
52

20
12
10
37

20
12
10
37

2.9
1.6
3.5
2.3

17
14
18
18

2.6
2.2
2.9
0.0

5284
NA
5720
10274

315
456
330
308

5950
49875
2522
6699

17.5
11.2
19.3
13.2

34
62
59
52

269
270
271
272

ST. PAUL
LSI LOGIC
INGERSOLL-RAND
COMPUTER SCIENCES

610
613
614
615

5982
5945
5921
5918

72
42
55
77

35
35
30
2

35
35
30
2

1.5
4.5
2.9
3.3

10
39
16
27

2.6
0.0
1.5
0.0

4448
1239
6703
5616f

558
147
358
228f

20681
1953
5622
2596

14.3
11.6g
18.2
12.5g

63
35
38
52

273
274
275
276

COX COMMUNICATIONS (8)

HBO
PACIFICORP
EQUITABLE

616
617
618
619

5912
5897
5875
5875

22
64
20
32

3
NA
1
31

3
NA
1
31

2.6
11.1
1.5
1.6

63
69
13
11

0.0
0.1
5.4
0.6

1460
797
4294
598

52
74
505
545

5785
849
14635
128811

NEG
16.0
11.6
15.1

51
52
12
63

277
278
279
280

UNION CARBIDE
SALOMON
BURLINGTON RESOURCES
AES (8)

621
623
625
627

5866
5861
5792
5754

47
54
47
72

8
28
22
159

8
28
22
159

2.8
1.3
2.5
7.7

11
8
18
41

1.6
1.2
1.2
0.0

6106
NA
1293
835

593
907
255
125

6546
194881
4316
3622

25.9
16.3
13.9
18.8

22
62
11
12

281
282
283
284

GUIDANT
PUBLIC SERVICE ENTERPRISE GROUP
PIONEER HI-BRED INTERNATIONAL
PARAMETRIC TECHNOLOGY

628
629
630
634

5752
5741
5736
5724

78
25
70
45

34
7
23
2

34
7
23
2

12.5
1.1
5.6
11.2

34
11
26
35

0.1
8.7
1.3
0.0

1049
6041
1721
600

150
587
223
138

1004
16915
1422
659

36.7
10.1
21.4
31.6

45
12
26
52

285
286
287
288

FREEPORT-McMORAN COPPER & GOLD

RITE AID
WINN-DIXIE STORES
PROGRESSIVE (8)

635
636
637
639

5722
5711
5699
5681

28
47
38
79

15
58
11
71

15
58
11
71

17.2
2.3
4.3
3.3

27
27
26
18

3.2
1.7
2.5
0.3

1905
6970f
12955
3472

226
161f
256
314

3866 64.6
6417f 8.6
2649 16.9
6184 17.9

24
54
54
63

289
290
291
292

PROVIDIAN
COMCAST
SUNAMERICA
QUAKER OATS

642
643
645
647

5664
5663
5657
5626

60
17
47
41

37
0
69
17

37
0
69
17

1.8
10.9
4.4
4.6

13
65
21
23

1.8
0.5
0.9
2.8

1199
4038
NA
5199

435
53
274
248

28993
12089
23727
4394

14.5
NEG
20.6
19.7

63
51
62
44

293
294
295
296

PEOPLESOFT
ADVANCED MICRO DEVICES
TIMES MIRROR
UNUM

650
651
654
657

5615
5612
5550
5521

52
40
56
79

NA
127
29
34

NA
127
29
34

22.0
2.7
5.9
2.5

144
67
32
18

0.0
0.0
1.1
1.4

450
1953
3401
3120

36
69
205
238

540
3145
3530
15468

15.3
NEG
18.3
14.0

52
35
51
63

297
298
299
300

CINERGY
OXFORD HEALTH PLANS
SAFECO
DIGITAL EQUIPMENT

658
659
661
663

5519
5506
5495
5482

35
71
44
36

18
NA
29
31

18
NA
29
31

2.1
9.1
1.3
1.6

16
50
13
12

5.1
0.0
2.9
0.0

3243
3075
2541
14563

335
100
439
112

8849
1347
19918
10075

13.1
18.2
10.5
NEG

12
52
63
33

301
302
303
304

McGRAW-HILL
REPUBLIC NEW YORK
BMC SOFTWARE
LIMITED

665
667
668
669

5468
5464
5462
5460

55
100
54
20

17
58
72
3

17
58
72
3

4.0
2.0
14.2
2.8

22
14
34
18

2.6
1.8
0.0
2.4

3075
NA
563f
8645f

3642
52299
608
4120f

18.2
14.4
42.1g
15.5

51
61
52
54

305
306
307
308

BAKER HUGHES
LIBERTY MEDIA
R. R. DONNELLEY & SONS
INTIMATE BRANDS (8)

672
673
678
681

5454
5452
5407
5366

38
22
37
21

20
9
1
2

20
9
1
2

3.2
2.3
3.3
13.3

22
5
21
20

1.2
0.0
2.1
2.4

3028
1339
6599
2997

216
1056
277
258

3297
3059
4849
1135

14.9
41.2
16.2
65.9

36
51
52
54

309
310
311
312

ROHM & HAAS

NORTHERN TRUST (8)
TRIBUNE
COASTAL

682
683
685
686

5356
5332
5309
5305

86
49
43
50

27
79
17
22

27
79
17
22

3.4
3.7
4.3
1.8

15
21
19
11

2.1
1.5
1.5
0.8

3982
1744
2406
12167

363
259
283
500

3933
21608
3701
11613

22.2
17.6
22.7
16.4

22
61
51
11

313
314
315
316

AMERICA ONLINE
MGIC INVESTMENT (8)
CAROLINA POWER & LIGHT
UST

689
691
693
697

5284
5264
5262
5234

55
45
35
29

NA
51
4
14

NA
51
4
14

10.0
3.7
2.0
18.6

11
20
14
12

0.0
0.2
5.4
5.7

1094
750
2996
1370

30
258
391
464

959 NEG
2222 19.0
8369 13.6
807 158.2

52
62
12
43

317
318
319
320

NUCOR
THERMO ELECTRON
PHELPS DODGE
SHERWIN-WILLIAMS

702
703
704
709

5183
5180
5178
5151

59
35
84
30

7
19
22
34

7
19
22
34

3.2
3.0
2.0
3.7

20
25
12
22

0.7
0.0
2.4
1.3

3647
2933
3787
4133

248
191
462
229

2620
5141
4816
2995

16.2
11.9
16.0
16.6

25
34
24
22

321
322
323
324

GATEWAY 2000
CVS
USA WASTE SERVICES (8)
CONSOLIDATED NATURAL GAS

711
713
722
727

5120
5103
5060
5044

67
48
36
53

NA
36
23
10

NA
36
23
10

6.3
5.4
4.4
2.3

19
30
104
17

0.0
0.9
0.0
3.7

5035
5528
1313
3794

251
168
33
308

1673
2832
2831
6001

32.2
18.0
4.2
13.6

33
54
52
12

325
326
327
328

VF
TELEPORT COMMUNICATIONS GROUP (8)
SONAT
AMERADA HESS

730
732
733
735

4993
4987
4969
4965

78
30
58
54

28
NA
36
6

28
NA
36
6

2.5
5.9
3.1
1.5

16
33
22
28

2.0
0.0
1.9
1.1

5137
268
3395
8272

300
115
201
236

3450
2050
3775
7784

15.7
NEG
14.1
5.2

47
55
12
11

250
419
171f
316f

BUSINESS WEEK / JULY 7, 1997 73

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 05

74

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

GLOBAL
1000
RANK

COUNTRY
RANK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

329
330
331
332

REYNOLDS METALS
UNICOM
INTERPUBLIC GROUP
NORTHROP GRUMMAN

737
739
740
742

4948
4920
4916
4909

68
23
60
85

26
18
29
35

26
18
29
35

1.9
0.8
5.6
2.3

58
8
23
19

2.1
7.0
1.3
1.9

6972
6937
2538
8071

104
666
205
234

7516
23388
4765
9422

3.2
10.7
24.2
12.0

26
12
52
31

333
334
335
336

MOLEX (8)
GREEN TREE FINANCIAL (8)
DIAMOND OFFSHORE DRILLING (8)
SUMMIT BANCORPORATION (8)

743
744
745
747

4901
4866
4865
4861

39
35
71
49

53
8
49
36

53
8
49
36

4.2
3.7
3.9
2.4

31
15
26
16

0.1
0.9
0.0
2.9

1383
1276
611
1730

146
309
146
229

1461
3792
1575
22668

13.6
24.7
14.8
15.4

35
62
36
61

337
338
339
340

HOUSTON INDUSTRIES
INTERNATIONAL FLAVORS & FRAGRANCES
BAY NETWORKS
OMNICOM GROUP (8)

749
750
757
759

4852
4842
4766
4740

21
44
25
58

5
9
15
33

5
9
15
33

1.3
4.5
4.1
6.0

10
22
42
24

7.2
3.3
0.0
1.4

4025
1436
2057
2642

467
221
206
176

12288
1507
1507
4056

12.8
20.2
NEG
24.4

12
22
35
52

341
342
343
344

TOSCO (8)
CHAMPION INTERNATIONAL
HERCULES
CLEAR CHANNEL COMMUNICATIONS (8)

760
762
765
766

4737
4720
4708
4707

33
49
47
53

98
12
17
30

98
12
17
30

3.2
1.3
5.4
9.0

33
235
14
101

0.7
0.4
2.1
0.0

9923
5880
2060
352

146
141
325
38

3555
9820
2386
1325

9.7
0.5
38.8
8.9

11
23
22
51

345
346
347
348

GENERAL DYNAMICS
MBIA
ALTERA (8)
EASTMAN CHEMICAL

768
774
775
776

4676
4652
4643
4633

75
107
53
60

22
41
119
11

22
41
119
11

2.8
1.9
11.2
2.8

17
14
43
14

2.2
1.4
0.0
3.0

3581
252
497
4782

270
322
109
380

3299
8562
778
5266

16.1
13.4
25.8
20.3

31
63
35
22

349
350
351
352

UAL
TORCHMARK
EQUIFAX (8)
ALLEGHENY TELEDYNE

777
781
785
786

4623
4564
4537
4530

78
66
31
26

37
55
26
31

37
55
26
31

4.6
2.8
10.0
5.2

11
15
24
19

0.0
1.8
1.1
2.5

16362
1610
1811
3816

600
319
178
227

12677
9801
1303
2606

42.6
19.3
40.8
27.2

56
63
62
71

353
354
355
356

MORTON INTERNATIONAL
CENTRAL & SOUTH WEST
JEFFERSON-PILOT
CIENA (8)

788
789
790
791

4516
4508
4503
4499

32
21
64
47

19
23
24
NA

19
23
24
NA

2.5
1.2
2.0
21.6

32
10
14
77

1.5
8.2
2.5
0.0

2215
5464
994
55

179
447
294
15

2861
13332
17562
67

NA
12.0
14.3
28.1

22
12
63
34

357
358
359
360

SYNOVUS FINANCIAL (8)

ADT (8)
ARCO CHEMICAL
ADC TELECOMMUNICATIONS (8)

793
798
799
800

4496
4477
4475
4473

26
29
46
34

68
51
11
49

68
51
11
49

5.6
4.1
2.2
7.1

30
77
15
49

1.4
0.0
6.1
0.0

1033
1704
3955
828

140
687
348
87

8612
2730
4394
769

18.6
5.4
14.4
14.5

61
52
22
55

361
362
363
364

DUN & BRADSTREET

FLUOR
TYSON FOODS (8)
NEW YORK TIMES

802
806
811
814

4467
4448
4432
4408

26
53
21
46

11
19
26
40

11 LOSS 373
19
2.7
32
26
2.8
37
40
2.8
23

3.4
1.4
0.5
1.4

2159
11015
6454
2615

27
268
87
179

2294
3952
4544
3540

NA
8.2
7.5
12.2

52
38
44
51

365
366
367
368

MERCANTILE BANCORPORATION
BB&T (8)
CASE
CINCINNATI FINANCIAL (8)

817
821
822
823

4388
4366
4354
4354

59
40
59
78

26
37
NA
32

26
37
NA
32

2.2
2.5
2.3
1.4

14
15
13
19

2.9
2.7
0.3
2.1

NA
1874
5176
1809

248
284
349
224

18987
21247
6059
7046

15.9
16.6
17.2
7.3

61
61
38
62

369
370
371
372

FIRSTAR (8)
MIRAGE RESORTS (8)
OWENS-ILLINOIS
ANALOG DEVICES

826
832
834
835

4320
4265
4251
4240

30
24
31
27

22
17
89
28

22
17
89
28

2.8
3.2
3.8
4.9

16
23
19
27

2.8
0.0
0.0
0.0

1798
1358
3846
1194

250
206
191
172

19767
2143
6105
1516

18.2
13.6
19.9
18.4

61
53
26
35

373
374
375
376

PECO ENERGY
GPU
CRESTAR FINANCIAL (8)
RUBBERMAID

836
839
843
845

4228
4223
4191
4179

19
35
38
28

23
4
35
0

23
4
35
0

0.9
1.4
2.3
4.1

9
10
17
29

9.5
5.7
3.1
2.2

4284
3918
1744
2355

517
373
218
152

15261
10941
22862
2054

10.0
13.7
13.6
14.3

12
12
61
41

377
378
379
380

CINCINNATI BELL (8)

LEHMAN BROTHERS HOLDINGS
WASHINGTON POST
WILLAMETTE INDUSTRIES

851
855
856
860

4157
4141
4140
4125

31
41
386
75

16
67
23
NA

16
67
23
NA

6.6
1.2
3.2
2.1

21
11
18
31

1.3
0.6
1.2
1.7

1574
NA
1853
3425

185
416
221
192

1671
128596
1870
4721

31.0
10.8
17.4
6.7

55
62
51
23

381
382
383
384

H. F. AHMANSON
ADAPTEC (8)
HUNTINGTON BANCSHARES (8)
FIRST OF AMERICA BANK (8)

863
865
871
872

4099
4084
4046
4044

41
37
28
46

58
23
26
51

58
23
26
51

1.7
5.9
2.7
2.3

15
40
15
15

2.2
0.0
2.8
2.7

NA
934f
1717
1890

290
108f
262
257

11.5
15.0
17.4
15.4

61
35
61
61

385
386
387
388

NORTHWEST AIRLINES
NATIONAL SEMICONDUCTOR
SERVICEMASTER (8)
W. W. GRAINGER

874
875
879
880

4038
4020
3990
3988

41
28
33
80

NA
73
52
20

NA
73
52
20

43.6
2.4
4.1
2.9

8
30
19
20

0.0
0.0
2.1
1.4

9881
2623
3458
3537

536
185
245
209

8512 536.8
2658
8.2
1847 21.8
2119 14.9

56
35
52
59

389
390
391
392

PAYCHEX (8)
KOHLS (8)
COMPUWARE (8)
REGIONS FINANCIAL (8)

881
882
885
886

3986
3982
3970
3969

37
54
46
60

25
63
136
26

25
63
136
26

16.8
7.4
8.9
2.3

57
38
43
15

0.7
0.0
0.0
2.7

325
2388
813f
1580

52
102
97f
230

220
1122
755f
18930

29.6
19.5
20.8
15.0

52
54
52
61

393
394
395
396

AMERICAN STANDARD (8)

KNIGHT-RIDDER
PARKER HANNIFIN
XILINX (8)

890
891
892
894

3938
3929
3919
3915

50
43
53
54

68
15
29
54

68
15
29
54

6.3
3.6
2.8
8.0

20
14
16
39

0.0
1.9
1.5
0.0

5805
2775
3586
568f

47
268
240
110f

3520
2900
2887
848f

NEG
24.8
17.8
20.7

32
51
37
35

49902
1043f
20852
22062

74 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 06

75

EDIT PASS

COLOR OK

SCRBD-GLOBAL

BW
BW INTL
INT

GLOBAL
1000
RANK

COUNTRY
RANK

PE

DAD

???/!!!

XX

EDIT OK

MARKET
VALUE
PRICE
% CHANGE
U.S. PER SHARE FROM 1996
$ MIL.
U.S. $ (U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

397
398
399
400

BEAR STEARNS
AVERY DENNISON
CIRCUIT CITY STORES
BALTIMORE GAS & ELECTRIC

895
899
903
904

3904
3893
3878
3876

33
38
40
26

41
32
21
4

41
32
21
4

1.8
5.5
2.5
1.4

8
21
29
12

1.9
1.8
0.4
6.3

NA
3223
7154f
3153

491
176
137f
373

92085 22.4
2037 25.9
3008f 8.9
8551 11.0

62
52
54
12

401
402
403
404

SOUTHTRUST (8)
DTE ENERGY
GOLDEN WEST FINANCIAL
AUTOLIV

905
907
909
912

3873
3863
3857
3854

39
27
68
37

42
9
23
NA

42
9
23
NA

2.1
1.1
1.7
2.1

14
14
11
22

2.6
7.7
0.7
1.2

1977
3645
NA
3204

255
406
370
177

26223
11015
37731
3371

61
12
61
37

405
406
407
408

IKON OFFICE SOLUTIONS

GLOBAL MARINE
DILLARDS
TJX

915
916
918
920

3843
3839
3833
3825

29
23
34
48

42
84
16
36

42
84
16
36

1.9
8.3
1.5
7.2

30
18
16
18

0.6
0.0
0.5
0.8

4100
681
6412f
6689f

165
180
239f
214f

5385
6.4
808 45.4
5060f 9.6g
2746 39.9g

52
36
54
54

409
410
411
412

W. R. GRACE
EXEL
LINEAR TECHNOLOGY (8)
NORDSTROM

925
927
928
930

3794
3788
3780
3771

52
44
50
48

3
28
45
6

3
28
45
6

6.5
1.8
7.0
2.6

20
8
31
25

1.1
2.9
0.4
1.0

3454
518
378
4453f

223
494
134
148f

4946
5032
530
2703f

31.9
24.2
22.9
10.2

22
63
35
54

413
414
415
416

DANA
ANADARKO PETROLEUM
SOUTHWEST AIRLINES
UNION ELECTRIC

932
933
937
938

3763
3756
3742
3740

36
63
26
37

8
17
6
7

8
17
6
7

2.6
3.7
2.3
1.6

12
36
17
13

2.8
0.5
0.2
6.9

7686
569
3406
2260

306
92
207
305

6160
2584
3723
6871

22.6
10.3
13.1
12.1

37
11
56
12

417
418
419
420

HASBRO
WHIRLPOOL
DOW JONES
HUMANA

942
943
944
945

3714
3714
3713
3707

29
50
39
23

15
12
1
3

15
12
1
3

2.3
1.9
2.3
2.9

19
20
21
27

1.1
2.7
2.5
0.0

3002
8523
2482
6677

200
175
190
152

2702
8015
2760
3153

12.0
9.5
10.7
10.7

46
41
51
52

421
422
423
424

ACE (8)
IMC GLOBAL
MANPOWER
STANLEY WORKS

947
950
953
956

3694
3677
3656
3648

64
39
45
41

30
7
16
35

30
7
16
35

1.6
3.1
6.1
4.7

11
20
24
37

1.1
0.8
0.4
1.8

849
2981
6080
2671

290
214
152
97

4574
3437
1752
1660

14.9
15.5
25.6
12.7

63
22
52
46

425
426
427
428

SABRE GROUP HOLDINGS (8)

WESTERN ATLAS
UNION CAMP
UNIONBANCAL (8)

957
959
961
962

3645
3643
3636
3635

28
68
53
66

NA
11
0
29

NA
11
0
29

5.7
2.4
1.7
1.6

20
28
101
16

0.0
0.0
3.4
2.1

1622
2583
4013
2196

187
126
114
236

1287
2783
5096
29234

28.8
8.8
1.7
10.2

52
36
23
61

429
430
431
432

CASCADE COMMUNICATIONS (8)

HOST MARRIOTT
STAPLES
COLUMBIA GAS SYSTEM

965
969
972
973

3613
3577
3569
3563

38
18
22
64

32
34
10
32

32
34
10
32

14.9
3.2
4.7
2.2

25
588
32
16

0.0
0.0
0.0
1.6

341
NA
3968f
3354

71
13
106f
222

270 NEG
5152
0.5
1788f 14.7
6005 14.1

52
53
54
12

433
434
435
436

NEXTEL COMMUNICATIONS
TRANSOCEAN OFFSHORE (8)
ASHLAND
JOHNSON CONTROLS

975
976
977
979

3561
3555
3555
3548

15
69
48
42

29
30
12
22

29
30
12
22

1.3
2.2
2.0
2.5

5
29
21
15

0.0
0.3
2.3
2.0

333
529
12145
10876

556
78
163
228

6472
2443
7269
5123

NEG
7.6
9.6
16.5

55
36
11
37

437
438
439
440

MARSHALL & ILSLEY (8)

ENSCO INTERNATIONAL (8)
STAR BANC (8)
BROWN-FORMAN (8)

982
984
985
986

3532
3531
3529
3527

40
50
41
51

45
64
78
26

45
64
78
26

2.8
4.0
4.3
5.2

18
30
22
21

2.0
0.0
1.9
2.1

1042
469
885
1544

203
95
158
160

14763
1315
10094
1381

15.2
13.5
19.4
24.8

61
36
61
43

441
442
443
444

HARRIS
AUTOZONE
PACCAR (8)
LEGGETT & PLATT (8)

987
988
989
993

3526
3526
3520
3504

89
23
45
38

37
33
84
33

37
33
84
33

2.5
4.1
2.5
3.6

17
21
16
21

1.7
0.0
2.8
1.4

3621
2243
4585
2466

178
167
201
153

3207
1498
5299
1713

14.4
19.8
16.1
16.7

34
54
42
41

996
999
1000

3477
3440
3433

64
54
33

10
58
5

10
58
5

2.2
8.2
3.3

13
29
73

3.2
0.0
2.4

NA
422
1680

281
123
177

16931
418
1756

17.3
28.7
4.7

62
35
52

445 BENEFICIAL
446 MAXIM INTEGRATED PRODUCTS (8)
447 H&R BLOCK

14.8
7.9
15.7
9.7

KEY TO INDUSTRY CODES Left-hand digit represents broad economic sector as defined by Morgan Stanley Capital International. Right-hand digit is industry classification code
within each economic sector.
32.
33.
34.
35.

1. ENERGY

11. Energy sources

12. Utilities-electrical & gas
2. MATERIALS

21. Building materials & components

22. Chemicals
23. Forest products & paper
24. Metalsnonferrous
25. Metalssteel
26. Misc. materials & commodities
3. CAPITAL EQUIPMENT

31. Aerospace & military technology

Construction & housing

Data processing & reproduction
Electrical & electronics
Electronic components &
instruments
36. Energy equipment & services
37. Industrial components
38. Machinery & engineering
4. CONSUMER GOODS

41. Appliances & household

durables
42. Automobiles
43. Beverages & tobacco

44. Food & household products

45. Health & personal care
46. Recreation, other consumer
goods
47. Textiles & apparel
5. SERVICES

51.
52.
53.
54.
55.
56.

Broadcasting & publishing

Business & public services
Leisure & tourism
Merchandising
Telecommunications
Transportation-airlines

57. Transportation-road & rail

58. Transportation-shipping
59. Wholesale & international
trade
6. FINANCE

61.
62.
63.
64.

Banking
Financial services
Insurance
Real estate

7. OTHER

71. Multi-industry
81. Gold mines

BUSINESS WEEK / JULY 7, 1997 75

TB

NY: Dowling, Comes, Brady, Power, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison
5

CMYK 01

76
2

EDIT PASS

COLOR OK

INT SCRBD-INDEX

BW INT

PE

DAD

???/!!!

XX

EDIT OK

THE BUSINESS WEEK GLOBAL 1000

ALPHABETICAL LIST OF COMPANIES
The number preceding each company is its Global 1000 rank. The code following each company shows its nationality and rank
within that nation. To find the statistics for a company, turn to the country listing and look for the company by its rank.
A
801
NR
NR
111
156
40
109
780
947
552
865
800
578
755
798
651
585
169
627
227
510
854
863
305
414
243
828
548
371
424
442
199
372
808
786
41
470
700
146
75
583
967
775
266
632
842
735
689
466
73
393
39
23
890
535
66
195
49
395
390
933
835
150
444
285
318
799
715
587
226
603
447
297
528
631
977
995
229
427
212
103
26
125
741
344
912
239
988
899
423
171

Aachener und Muenchener Beteiligung (GE-35)

ABB AB (SWE-4)
ABB AG (SWI-9)
ABB Asea Brown Boveri (SWE/SWI-NR)
Abbey National (BR-14)
Abbott Laboratories (US-27)
ABN AMRO Holding (NE-4)
Accor (FR-31)
ACE (US-421)
Acom (JA-100)
Adaptec (US-382)
ADC Telecommunications (US-360)
Adecco (SWI-14)
Adidas (GE-32)
ADT (US-358)
Advanced Micro Devices (US-294)
Advantest (JA-108)
Aegon (NE-5)
AES (US-280)
Aetna (US-105)
AFLAC (US-229)
AGF (FR-35)
Ahmanson (H.F.) (US-381)
Air Liquide (L) (FR-11)
Air Products & Chemicals (US-195)
AirTouch Communications (US-113)
Aisin Seiki (JA-152)
Ajinomoto (JA-99)
Akzo Nobel (NE-10)
Albertsons (US-201)
Alcan Aluminium (CA-12)
Alcatel Alsthom (FR-7)
All Nippon Airways (JA-61)
Alleanza Assicurazioni (IT-11)
Allegheny Teledyne (US-352)
Allianz (GE-2)
Allied Domecq (BR-50)
Allied Irish Banks (IR-2)
AlliedSignal (US-72)
Allstate (US-48)
Alltel (US-258)
Altana Industrie-Aktien und Anlagen (GE-42)
Altera (US-347)
Aluminum Co. of America (US-123)
Alusuisse-Lonza Holding (SWI-15)
Amcor (AS-13)
Amerada Hess (US-328)
America Online (US-313)
American Electric Power (US-215)
American Express (US-47)
American General (US-186)
American Home Products (US-26)
American International Group (US-14)
American Standard (US-393)
American Stores (US-241)
Ameritech (US-43)
Amgen (US-91)
Amoco (US-33)
AMP (US-187)
AMR (US-185)
Anadarko Petroleum (US-414)
Analog Devices (US-372)
Anheuser-Busch (US-74)
Aon (US-206)
Applied Materials (US-131)
Archer Daniels Midland (US-147)
Arco Chemical (US-359)
Ares-Serono (SWI-16)
Argentaria, Corp. Bancaria de Espaa (SP-9)
Asahi Bank (JA-39)
Asahi Breweries (JA-110)
Asahi Chemical Industry (JA-80)
Asahi Glass (JA-49)
Ascend Communications (US-237)
ASDA Group (BR-67)
Ashland (US-435)
ASM Lithography Holding (NE-23)
Assicurazioni Generali (IT-5)
Associated British Foods (BR-43)
Associates First Capital (US-100)
Astra (SWE-2)
AT&T (US-16)
Atlantic Richfield (US-67)
Atlas Copco (SWE-15)
Australia & New Zealand Banking Group (AS-4)
Autoliv (US-404)
Automatic Data Processing (US-110)
AutoZone (US-442)
Avery Dennison (US-398)
Avon Products (US-200)
Axa-UAP (FR-6)

B
96
391
672
904
188
978
217
687

B.A.T. Industries (BR-10)

BAA (BR-39)
Baker Hughes (US-305)
Baltimore Gas & Electric (US-400)
Banc One (US-88)
Banca Commerciale Italiana (IT-12)
Banco Bilbao Vizcaya (SP-3)
Banco Central (SP-11)

246
604
550
861
751
941
698
352
209
355
474
15
646
54
321
538
729
679
413
754
85
348
375
129
294
233
757
91
437
317
821
203
895
596
797
78
46
996
32
232
866
1000
714
668
213
443
63
500
332
960
338
877
190
18
403
288
773
21
215
718
45
90
986
531
257
265
625
951

Banco de Santander (SP-4)

Banco Popular Espaol (SP-10)
Banesto (SP-8)
Bank Austria (AT-1)
Bank of East Asia (HK-17)
Bank of Fukuoka (JA-176)
Bank Of Ireland (IR-1)
Bank of Montreal (CA-7)
Bank of New York (US-99)
Bank of Nova Scotia (CA-8)
Bank of Scotland (BR-52)
Bank of Tokyo-Mitsubishi (JA-3)
Bank of Yokohama (JA-118)
BankAmerica (US-37)
BankBoston (US-149)
Bankers Trust New York (US-242)
Bankgesellschaft Berlin (GE-31)
Banque Bruxelles Lambert (BE-8)
Banque Nationale de Paris (FR-17)
Banyu Pharmaceutical (JA-139)
Barclays Bank (BR-8)
Barnett Banks (US-165)
Barrick Gold (CA-9)
BASF (GE-8)
Bass (BR-31)
Baxter International (US-106)
Bay Networks (US-339)
Bayer (GE-5)
BayerischeHypotheken-undWechsel-Bank(GE-21)
Bayerische Vereinsbank (GE-20)
BB&T (US-366)
BCE (Bell Canada Enterprises) (CA-2)
Bear Stearns (US-397)
Becton, Dickinson (US-263)
Beiersdorf (GE-34)
Bell Atlantic (US-49)
BellSouth (US-30)
Beneficial (US-445)
Berkshire Hathaway (US-21)
BG (BR-24)
BIC (FR-36)
Block (H&R) (US-447)
Blue Circle Industries (BR-74)
BMC Software (US-303)
BMW (GE-15)
BOC Group (BR-45)
Boeing (US-42)
Bombardier (CA-14)
Boots (BR-36)
Boral (AS-17)
Boston Scientific (US-161)
Brambles Industries (AS-14)
Bridgestone (JA-33)
Bristol-Myers Squibb (US-11)
British Aerospace (BR-42)
British Airways (BR-29)
British Land (BR-78)
British Petroleum (BR-3)
British Sky Broadcasting Group (BR-21)
British Steel (BR-75)
British Telecommunications (BR-7)
Broken Hill Proprietary (AS-1)
Brown-Forman (US-440)
Browning-Ferris Industries (US-238)
BTR (BR-27)
Burlington Northern Santa Fe (US-122)
Burlington Resources (US-279)
Burmah Castrol (BR-93)

C
189
519
397
148
351
980
382
699
144
565
926
731
302
693
110
852
965
822
990
181
706
789
778
782
762
495
55
123
496
44
873
269

Cable & Wireless (BR-19)

Cabletron Systems (US-233)
Cadbury Schweppes (BR-41)
Campbell Soup (US-73)
Canadian Imperial Bank of Commerce (CA-6)
Canadian National Railway (CA-31)
Canadian Pacific (CA-10)
Canal Plus (FR-28)
Canon (JA-22)
Cardinal Health (US-251)
Carlsberg (DE-7)
Carlton Communications (BR-76)
Carnival (US-140)
Carolina Power & Light (US-315)
Carrefour (FR-2)
Carter Holt Harvey (NZ-2)
Cascade Communications (US-429)
Case (US-367)
Casino, Guichard-Perrachon (FR-39)
Caterpillar (US-84)
Cathay Pacific Airways (HK-15)
Central & South West (US-354)
Centrica (BR-79)
Cetelem (FR-32)
Champion International (US-342)
Charles Schwab (US-223)
Chase Manhattan (US-38)
Cheung Kong Holdings (HK-4)
Cheung Kong Infrastructure Holdings (HK-13)
Chevron (US-29)
Chiba Bank (JA-162)
China Light & Power (HK-8)

540
142
327
249
543
521
791
263
851
823
658
903
47
274
34
479
766
546
564
686
2
559
452
567
724
185
973
114
643
541
464
286
349
83
974
161
615
885
247
367
480
520
727
599
298
291
499
616
272
NR
NR
998
115
843
934
475
946
293
379
713

Christian Dior (FR-22)

Chrysler (US-70)
Chubb (US-153)
Chubu Electric Power (JA-44)
Chugoku Electric Power (JA-98)
Ciba Specialty Chemicals (SWI-12)
Ciena (US-356)
Cigna (US-121)
Cincinnati Bell (US-377)
Cincinnati Financial (US-368)
CINergy (US-297)
Circuit City Stores (US-399)
Cisco Systems (US-31)
CITIC Pacific (HK-9)
Citicorp (US-22)
City Developments (SI-6)
Clear Channel Communications (US-344)
Clorox (US-247)
CNA Financial (US-250)
Coastal (US-312)
Coca-Cola (US-2)
Coca-Cola Amatil (AS-8)
Coca-Cola Enterprises (US-208)
Cognizant (US-252)
Coles Myer (AS-11)
Colgate-Palmolive (US-86)
Columbia Gas System (US-432)
Columbia/HCA Healthcare (US-62)
Comcast (US-290)
Comerica (US-244)
Commercial Union Assurance (BR-49)
Commerzbank (GE-18)
Commonwealth Bank of Australia (AS-5)
Compaq Computer (US-52)
Compass Group (BR-94)
Computer Associates International (US-77)
Computer Sciences (US-272)
Compuware (US-391)
ConAgra (US-114)
Conrail (US-174)
Conseco (US-218)
Consolidated Edison Co. of New York (US-234)
Consolidated Natural Gas (US-324)
Cooper Industries (US-265)
CoreStates Financial (US-137)
Corning (US-134)
Costco (US-224)
Cox Communications (US-273)
CPC International (US-126)
CRA (AS-10)
Crdit Communal Holding/Dexia Belgium (BE-14)
Credit Saison (JA-182)
Crdit Suisse Group (SWI-5)
Crestar Financial (US-375)
CRH (IR-4)
Crown Cork & Seal (US-216)
CSR (AS-16)
CSX (US-136)
CUC International (US-177)
CVS (US-322)

D
228
772
62
758
58
574
580
353
471
478
932
971
968
333
214
260
795
177
518
726
139
95
593
25
405
502
NR
745
663
918
561
678
488
554
168
944
210
598
907
386

Dai Nippon Printing (JA-40)

Daiei (JA-143)
Dai-Ichi Kangyo Bank (JA-6)
Daiichi Pharmaceutical (JA-140)
Daimler-Benz (GE-3)
Daiwa Bank (JA-105)
Daiwa House Industry (JA-107)
Daiwa Securities (JA-56)
Dampskibsselskabet Af 1912 (DE-2)
Dampskibsselskabet Svenborg (DE-3)
Dana (US-413)
Danisco (DE-8)
Dao Heng Bank Group (HK-19)
Dayton Hudson (US-157)
DDI (JA-37)
Deere (US-119)
Degussa (GE-33)
Dell Computer (US-83)
Delta Air Lines (US-232)
Den Danske Bank (DE-5)
Denso (JA-21)
Deutsche Bank (GE-7)
Deutsche Lufthansa (GE-27)
Deutsche Telekom (GE-1)
Development Bank of Singapore (SI-5)
Dexia (FR/BE-NR)
Dexia France (FR-41)
Diamond Offshore Drilling (US-335)
Digital Equipment (US-300)
Dillards (US-407)
Dominion Resources (US-249)
Donnelley (R.R.) & Sons (US-307)
Dordtsche Petroleum (NE-15)
Dover (US-248)
Dow Chemical (US-79)
Dow Jones (US-419)
Dresdner Bank (GE-14)
Dresser Industries (US-264)
DTE Energy (US-402)
Duke Power (US-181)

802 Dun & Bradstreet (US-361)

24 DuPont (US-15)

E
163
776
100
581
850
359
652
887
273
931
818
184
99
NR
358
117
434
160
57
336
984
570
670
785
619
71
958
579
927
6

East Japan Railway (JA-28)

Eastman Chemical (US-348)
Eastman Kodak (US-57)
Eaton (US-257)
Ebara (JA-157)
Edison International (US-170)
Eisai (JA-120)
Elan (IR-3)
Electrabel (BE-1)
Electrafina (BE-12)
Electrolux (SWE-18)
Electronic Data Systems (US-85)
Elf Aquitaine (FR-1)
Elsevier (NE-9)
EMC (US-169)
Emerson Electric (US-63)
EMI Group (BR-44)
Endesa (SP-2)
ENI (IT-1)
Enron (US-160)
ENSCO International (US-438)
Entergy (US-254)
Enterprise Oil (BR-70)
Equifax (US-351)
Equitable (US-276)
Ericsson (L.M.) (SWE-1)
Eridania Beghin-Say (FR-38)
Este Lauder (US-256)
EXEL (US-410)
Exxon (US-4)

F
898
815
43
415
609
128
461
245
453
456
316
186
193
872
118
588
826
221
806
514
48
220
NR
NR
422
910
421
440
635
809
549
64
159
132
900

Falconbridge (CA-26)
FamilyMart (JA-148)
Fannie Mae (US-28)
Fanuc (JA-71)
Federal Express (US-268)
Federal Home Loan Mortgage (US-68)
Federated Department Stores (US-211)
Fiat Group (IT-6)
Fifth Third Bancorp (US-209)
Financire Richemont (Compagnie) (SWI-10)
First Bank System (US-146)
First Chicago NBD (US-87)
First Data (US-90)
First of America Bank (US-384)
First Union (US-64)
First USA (US-259)
Firstar (US-369)
Fleet Financial Group (US-102)
Fluor (US-362)
Foereningssparbanken (SWE-7)
Ford Motor (US-32)
Fortis (NE/BE-NR)
Fortis AG (BE-3)
Fortis AMEV (NE-14)
Fortune Brands (US-199)
Fosters Brewing Group (AS-15)
FPL Group (US-198)
Franklin Resources (US-205)
Freeport-McMoRan Copper & Gold (US-285)
Fresenius (GE-36)
Fresenius Medical Care (GE-26)
Fuji Bank (JA-7)
Fuji Photo Film (JA-26)
Fujitsu (JA-18)
Furukawa Electric (JA-168)

G
259
378
498
711
705
493
497
768
1
219
347
53
241
544
216
601
445
37
586
19
916
909
385
839
925
880
278
167
325
532

Gannett (US-118)
Gap (US-176)
Gas Natural SDG (SP-7)
Gateway 2000 (US-321)
Gehe (GE-30)
Genentech (US-222)
General Accident (BR-55)
General Dynamics (US-345)
General Electric (US-1)
General Electric Co. (BR-22)
General Mills (US-164)
General Motors (US-36)
General Re (US-111)
Gnrale de Banque (BE-4)
Gnrale des Eaux (Compagnie) (FR-8)
Genuine Parts (US-267)
Georgia-Pacific (US-207)
Gillette (US-25)
GKN (BR-63)
Glaxo Wellcome (BR-2)
Global Marine (US-406)
Golden West Financial (US-403)
Goodyear Tire & Rubber (US-180)
GPU (US-374)
Grace (W.R.) (US-409)
Grainger (W.W.) (US-388)
Granada Group (BR-28)
Grand Metropolitan (BR-15)
Great Universal Stores (BR-34)
Great Western Financial (US-239)

744
935
314
537
888
52
857
870
628
192
869

Green Tree Financial (US-334)

Groupe Bruxelles Lambert (BE-13)
Groupe Danone (FR-12)
Groupe Schneider (FR-21)
Groupe UCB (BE-11)
GTE (US-35)
Guardian Royal Exchange (BR-88)
Gucci Group (NE-20)
Guidant (US-281)
Guinness (BR-20)
Gunma Bank (JA-161)

H
677
805
360
127
804
987
383
942
676
617
458
859
418
949
218
202
454
526
765
412
35
416
505
67
919
130
924
908
576
79
89
381
571
107
483
484
969
366
749
690
16
138
945
871
76

Hachijuni Bank (JA-125)

Hagemeijer (NE-17)
Halliburton (US-171)
Hang Seng Bank (HK-5)
Hankyu Corp. (JA-145)
Harris (US-441)
Hartford Financial Services Group (US-179)
Hasbro (US-417)
Havas (FR-27)
HBO (US-274)
Healthsouth (US-210)
Heidelberger Zement (GE-38)
Heineken (NE-11)
Heineken Holding (NE-22)
Heinz (H.J.) (US-101)
Henderson Land Development (HK-6)
Henkel (GE-22)
Hennes & Mauritz (SWE-8)
Hercules (US-343)
Hershey Foods (US-194)
Hewlett-Packard (US-23)
HFS (US-196)
Hilton Hotels (US-226)
Hitachi Ltd. (JA-9)
Hitachi Zosen (JA-171)
Hoechst (GE-9)
Hokkaido Electric Power (JA-173)
Hokuriku Electric Power (JA-169)
Holderbank Financire Glarus (SWI-13)
Home Depot (US-50)
Honda Motor (JA-13)
Honeywell (US-178)
Hong Kong & China Gas (HK-14)
Hong Kong Telecommunications (HK-3)
Hongkong Electric Holdings (HK-12)
Hongkong Land Holdings (SI-7)
Host Marriott (US-430)
Household International (US-173)
Houston Industries (US-337)
Hoya (JA-127)
HSBC Holdings (BR-1)
Hughes Electronics (US-69)
Humana (US-420)
Huntington Bancshares (US-383)
Hutchison Whampoa (HK-1)

I
307
915
270
557
950
364
467
591
660
80
70
614
7
13
750
237
740
681
370
723
710
694
656
889
120
486
511

Iberdrola (SP-6)
Ikon Office Solutions (US-405)
Illinois Tool Works (US-124)
Imasco (CA-16)
IMC Global (US-422)
Imperial Chemical Industries (BR-38)
Imperial Oil (CA-13)
Incentive (SWE-10)
Inco (CA-17)
Industrial Bank of Japan (JA-11)
ING Groep (NE-2)
Ingersoll-Rand (US-271)
Intel (US-5)
International Business Machines (US-9)
International Flavors & Fragrances (US-338)
International Paper (US-108)
Interpublic Group (US-331)
Intimate Brands (US-308)
Investor (SWE-5)
Ishikawajima-Harima Heavy Industries (JA-134)
Istituto Bancario San Paolo Di Torino (IT-9)
Istituto Mobiliare Italiano (IT-8)
Istituto Nazionale delle Assicurazioni (IT-7)
Isuzu Motors (JA-165)
Ito-Yokado (JA-16)
Itochu (JA-89)
ITT (US-230)

J
473
439
225
728
901
790
17
979
825
319

Japan Airlines (JA-87)

Japan Telecom (JA-78)
Japan Tobacco (JA-38)
Jardine Matheson Holdings (SI-9)
Jardine Strategic Holdings (SI-11)
Jefferson-Pilot (US-355)
Johnson & Johnson (US-10)
Johnson Controls (US-436)
Joyo Bank (JA-151)
Jusco (JA-52)

K
680 Kajima (JA-126)
183 Kansai Electric Power (JA-31)

76 BUSINESS WEEK / JULY 7, 1997

TB

NY: Dowling, Comes, Power, Brady, Warner

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

CMYK 01

77
3

Kao (JA-79)
Kawasaki Heavy Industries (JA-112)
Kawasaki Steel (JA-59)
KDD (JA-158)
Kellogg (US-104)
KeyCorp (US-129)
Keyence (JA-124)
Kimberly-Clark (US-55)
Kinden (JA-181)
Kingfisher (BR-47)
Kinki Nippon Railway (JA-57)
Kirin Brewery (JA-53)
Kmart (US-236)
Knight-Ridder (US-394)
Kobe Steel (JA-123)
Kohls (US-390)
Komatsu (JA-86)
Koninklijke Ahold (NE-8)
Koninklijke PTT Nederland (NE-7)
Koninklijke Verenigde Bedrijven Nutricia (NE-21)
Kredietbank (BE-7)
Kroger (US-245)
Krupp (Fried.) AG Hoesch-Krupp (GE-41)
Kubota (JA-101)
Kyocera (JA-45)
Kyushu Electric Power (JA-75)

L
813
597
896
831
459
906
396
993
792
855
738
673
36
669
568
626
928
30
191
308
457
522
613
796
56
151
622

Ladbroke Group (BR-84)

Lafarge (FR-24)
Lahmeyer (GE-40)
Laidlaw (CA-24)
Land Securities (BR-48)
LASMO (BR-90)
Legal & General Group (BR-40)
Leggett & Platt (US-444)
Legrand (FR-33)
Lehman Brothers Holdings (US-378)
Lend Lease (AS-12)
Liberty Media (US-306)
Lilly (Eli) (US-24)
Limited (US-304)
Lincoln National (US-253)
Linde (GE-29)
Linear Technology (US-411)
Lloyds TSB Group (BR-5)
Lockheed Martin (US-89)
Loews (US-144)
Long-Term Credit Bank of Japan (JA-83)
Lowes (US-235)
LSI Logic (US-270)
LucasVarity (BR-81)
Lucent Technologies (US-39)
LVMH Met Hennessy Louis Vuitton (FR-5)
Lyonnaise des Eaux-Dumez (FR-25)

M
921
844
230
953
124
487
290
982
562
517
573
611
59
417
641
408
999
310
952
774
300
69
250
665
104
719
196
304
983
817
9
503
829
200
311
691
512
399
5
922
61
832
534
182
276
194
116
816
523
178
244
342
746
394

Magna International (CA-28)

MAN (GE-37)
Mannesmann (GE-16)
Manpower (US-423)
Marks & Spencer (BR-11)
Marriott International (US-220)
Marsh & McLennan (US-133)
Marshall & Ilsley (US-437)
Marubeni (JA-102)
Marui (JA-93)
Masco (US-255)
Matsushita Communication Industrial (JA-113)
Matsushita Electric Industrial (JA-5)
Matsushita Electric Works (JA-72)
Matsushita-Kotobuki Electronics Industries (JA-117)
Mattel (US-192)
Maxim Integrated Products (US-446)
May Department Stores (US-145)
Mazda Motor (JA-178)
MBIA (US-346)
MBNA (US-138)
McDonalds (US-45)
McDonnell Douglas (US-115)
McGraw-Hill (US-301)
MCI Communications (US-59)
Mediaset (IT-10)
Medtronic (US-92)
Mellon Bank (US-142)
MEPC (BR-95)
Mercantile Bancorporation (US-365)
Merck (US-6)
Merck KGAA (GE-24)
Mercury Asset Management Group (BR-86)
Merrill Lynch (US-95)
Metro (GE-19)
MGIC Investment (US-314)
Michelin (FR-20)
Micron Technology (US-189)
Microsoft (US-3)
Minebea (JA-172)
Minnesota Mining & Mfg. (US-41)
Mirage Resorts (US-370)
Mitsubishi Chemical (JA-96)
Mitsubishi Corp. (JA-30)
Mitsubishi Electric (JA-46)
Mitsubishi Estate (JA-34)
Mitsubishi Heavy Industries (JA-15)
Mitsubishi Materials (JA-149)
Mitsubishi Motors (JA-94)
Mitsubishi Trust & Banking (JA-29)
Mitsui & Co. (JA-43)
Mitsui Fudosan (JA-54)
Mitsui Marine & Fire (JA-136)
Mitsui Trust & Banking (JA-65)

29
743
106
991
320
255
170
788
60
153
373
838

Mobil (US-19)
Molex (US-333)
Monsanto (US-61)
Montedison (IT-13)
Morgan Stanley Group (US-148)
Morgan Stanley, Dean Witter, Discover (US-116)
Morgan (J.P) (US-80)
Morton International (US-353)
Motorola (US-40)
Mnchener Ruck. (GE-12)
Murata Mfg. (JA-62)
Mycal (JA-154)

N
330
149
301
566
341
875
154
51
145
38
279
814
524
595
539
589
234
784
975
696
208
404
572
309
955
428
575
725
157
4
721
748
207
963
513
166
126
688
640
930
275
295
141
683
742
874
158
917
11
446
948
380
64)
702
121

Nabisco Holdings (US-155)

National Australia Bank (AS-2)
National City (US-139)
National Grid Group (BR-61)
National Power (BR-37)
National Semiconductor (US-386)
National Westminster Bank (BR-13)
NationsBank (US-34)
NEC (JA-23)
Nestl (SWI-3)
New World Development (HK-10)
New York Times (US-364)
Newbridge Networks (CA-15)
Newell (US-262)
Newmont Gold (US-243)
Newmont Mining (US-260)
News Corp. (AS-3)
Next (BR-80)
Nextel Communications (US-433)
Nichiei (JA-129)
Nike (US-98)
Nikko Securities (JA-67)
Nikon (JA-104)
Nintendo (JA-50)
Nippon Credit Bank (JA-179)
Nippon Express (JA-74)
Nippon Oil (JA-106)
Nippon Paper Industries (JA-135)
Nippon Steel (JA-25)
Nippon Telegraph & Telephone (JA-1)
Nippon Television Network (JA-133)
Nippon Yusen (JA-137)
Nissan Motor (JA-36)
Nissho Iwai (JA-180)
NKK (JA-92)
Nokia (FI-1)
Nomura Securities (JA-17)
Noranda (CA-19)
Nordbanken (SWE-11)
Nordstrom (US-412)
Norfolk Southern (US-127)
Norsk Hydro (NO-1)
Northern Telecom (CA-1)
Northern Trust (US-310)
Northrop Grumman (US-332)
Northwest Airlines (US-385)
Norwest (US-76)
Nova Corp. (CA-27)
Novartis (SWI-1)
Novo-Nordisk (DE-1)
NSK (JA-177)
NTT Data Communications Systems (JANucor (US-317)
Nynex (US-65)

O
779
268
465
868
612
759
692
841
81
867
113
897
849
536
771
834
659

Obayashi (JA-144)
OCBC Overseas Chinese Bank (SI-2)
Occidental Petroleum (US-214)
Odakyu Electric Railway (JA-160)
Oji Paper (JA-114)
Omnicom Group (US-340)
Omron (JA-128)
Ono Pharmaceutical (JA-155)
Oracle (US-51)
Orange (BR-89)
Oral (L) (FR-3)
Orix (JA-167)
Orkla (NO-2)
Osaka Gas (JA-97)
Overseas Union Bank (SI-10)
Owens-Illinois (US-371)
Oxford Health Plans (US-298)

P
989
618
666
504
634
449
892
881
530
836
560
261
650
27
764
436
22
374
864
198
704

Paccar (US-443)
PacifiCorp (US-275)
Pancanadian Petroleum (CA-18)
PanEnergy (US-225)
Parametric Technology (US-284)
Paribas (FR-19)
Parker Hannifin (US-395)
Paychex (US-389)
Pearson (BR-57)
PECO Energy (US-373)
Peninsular & Oriental Steam Nav. (BR-59)
Penney (J.C.) (US-120)
PeopleSoft (US-293)
PepsiCo (US-17)
Petro-Canada (CA-20)
Petrofina (BE-2)
Pfizer (US-13)
PG&E (US-175)
Pharma Vision 2000 (SWI-18)
Pharmacia & Upjohn (US-94)
Phelps Dodge (US-319)

10
172
306
376
807
630
343
787
258
419
819
472
331
431
876
12
639
761
551
642
173
923
734
629

Philip Morris (US-7)

Philips Electronics (NE-6)
Phillips Petroleum (US-143)
Pinault-Printemps-Redoute (FR-15)
Pioneer Electronic (JA-146)
Pioneer Hi-Bred International (US-283)
Pitney Bowes (US-163)
Placer Dome (CA-22)
PNC Bank (US-117)
Polygram (NE-12)
Potash Corp. of Saskatchewan (CA-23)
PowerGen (BR-51)
PPG Industries (US-156)
Praxair (US-203)
Preussag (GE-39)
Procter & Gamble (US-8)
Progressive (US-288)
Promise (JA-141)
Promods Group (FR-23)
Providian (US-289)
Prudential (BR-16)
Pryca (SP-12)
PSA Peugeot Citron (FR-30)
Public Service Enterprise Group (US-282)

QR
647
695
389
824
620
303
638
131
NR
886
966
708
313
267
420
667
176
737
323
322
406
119
NR
636
402
911
14
242
281
682
606
289
254
450
NR
3
783
845
140

Quaker Oats (US-292)

Railtrack Group (BR-72)
Ralston Purina Group (US-184)
Randstad Holding (NE-18)
Rank Group (BR-66)
Raytheon (US-141)
Reckitt & Colman (BR-68)
Reed Elsevier (NE/BR-NR)
Reed International (BR-32)
Regions Financial (US-392)
Renaissance Energy (CA-29)
Renault (FR-29)
Rentokil Initial (BR-33)
Repsol (SP-5)
Republic Industries (US-197)
Republic New York (US-302)
Reuters Holdings (BR-17)
Reynolds Metals (US-329)
Rhne-Poulenc (FR-13)
Rhne-Poulenc Rorer (US-150)
Ricoh (JA-68)
Rio Tinto Ltd. (AS/BR-NR)
Rio Tinto Plc. (BR-18)
Rite Aid (US-286)
RJR Nabisco Holdings (US-190)
RMC Group (BR-91)
Roche Holding (SWI-2)
Rockwell International (US-112)
Rohm (JA-47)
Rohm & Haas (US-309)
Rolls-Royce (BR-65)
Royal & Sun Alliance Insurance Group (BR-30)
Royal Bank of Canada (CA-5)
Royal Bank of Scotland Group (BR-46)
Royal Dutch Petroleum (NE-1)
Royal Dutch/Shell Group (NE/BR-NR)
Royale Belge (BE-10)
Rubbermaid (US-376)
RWE (GE-11)

S
833
957
661
335
558
329
282
155
545
623
489
240
384
65
435
180
165
31
655
515
72
84
662
506
485
350
231
174
426
134
633
509
430
879
82
810
939
299
236
770
NR
709
752
767

PE

DAD

???/!!!

XX

EDIT OK
COLOR OK

INT SCRBD-INDEX

BW INT

441
607
368
858
224
283
675
93
981
455
362
337
525
891
674
882
469
264
211
929
592
542
902
553
251
429

EDIT PASS

S.M.H. (SWI-17)
SABRE Group Holdings (US-425)
Safeco (US-299)
Safeway (US-159)
Safeway PLC (BR-58)
Sainsbury (J.) (BR-35)
Saint-Gobain (Compagnie de) (FR-9)
Sakura Bank (JA-24)
Sallie Mae (US-246)
Salomon (US-278)
Sandvik (SWE-6)
Sankyo (JA-42)
Sanofi (FR-16)
Sanwa Bank (JA-8)
Sanyo Electric (JA-77)
SAP (GE-13)
Sara Lee (US-78)
SBC Communications (US-20)
Scania (SWE-12)
Schering (GE-25)
Schering-Plough (US-46)
Schlumberger (US-53)
Schroders (BR-69)
Scottish & Newcastle Breweries (BR-56)
Scottish Power (BR-54)
Seagate Technology (US-166)
Seagram (CA-3)
Sears, Roebuck (US-81)
Secom (JA-73)
Seibu Railway (JA-19)
Sekisui Chemical (JA-116)
Sekisui House (JA-91)
Service Corp. International (US-202)
ServiceMaster (US-387)
Seven-Eleven Japan (JA-12)
Severn Trent (BR-83)
SGS St Gnrale de Surveillance (SWI-19)
SGS-Thomson Microelectronics (FR-10)
Sharp (JA-41)
Shell Canada (CA-21)
Shell Transport & Trading (BR-4)
Sherwin-Williams (US-320)
Shikoku Electric Power (JA-138)
Shimizu (JA-142)

401
605
460
482
77
315
527
97
992
964
671
717
707
42
913
346
547
994
720
733
74
712
878
238
905
937
152
610
222
956
972
985
491
112
756
425
50
529
377
296
716
448
884
312
747
86
284
645
287
649
853
556
256
179
164
763
793
644
594

Shin-Etsu Chemical (JA-66)

Shiseido (JA-111)
Shizuoka Bank (JA-84)
Siebe (BR-53)
Siemens (GE-4)
Singapore Airlines (SI-3)
Singapore Press Holdings (SI-8)
Singapore Telecommunications (SI-1)
Sino Land (HK-20)
Skandia Forsakring (SWE-20)
Skandinaviska Enskilda Banken (SWE-13)
Skanska (SWE-14)
SMC (JA-130)
SmithKline Beecham (BR-6)
Smiths Industries (BR-92)
Socit Gnrale (FR-14)
Socit Gnrale de Belgique (BE-5)
Sodexho Alliance (FR-40)
Solvay (BE-9)
Sonat (US-327)
Sony (JA-10)
Sony Music Entertainment (JA-131)
Sophus Berendsen (DE-6)
Southern (US-109)
SouthTrust (US-401)
Southwest Airlines (US-415)
Sprint (US-75)
St. Paul (US-269)
Standard Chartered (BR-23)
Stanley Works (US-424)
Staples (US-431)
Star Banc (US-439)
State Street (US-221)
STET (IT-2)
Stora Kopparbergs Bergslags (SWE-16)
Suez (Compagnie de) (FR-18)
Sumitomo Bank (JA-4)
Sumitomo Chemical (JA-95)
Sumitomo Corp. (JA-63)
Sumitomo Electric Industries (JA-48)
Sumitomo Marine & Fire (JA-132)
Sumitomo Metal Industries (JA-81)
Sumitomo Metal Mining (JA-164)
Sumitomo Trust & Banking (JA-51)
Summit Bancorporation (US-336)
Sun Hung Kai Properties (HK-2)
Sun Microsystems (US-130)
SunAmerica (US-291)
SunTrust Banks (US-132)
Suzuki Motor (JA-119)
Svenska Cellulosa Aktiebolaget (SWE-19)
Svenska Handelsbanken (SWE-9)
Swire Pacific (HK-7)
Swiss Bank Corp. (SWI-7)
Swiss Re (SWI-6)
Sydkraft (SWE-17)
Synovus Financial (US-357)
Synthlabo (FR-26)
Sysco (US-261)

T
820
409
883
137
970
345
862
555
400
147
339
101
732
388
433
463
253
87
201
462
361
847
703
252
407
753
501
803
135
105
654
920
914
411
206
187
108
432
494
569
701
468
365
369
781
392
760
162
624

Taisei (JA-150)
Taisho Pharmaceutical (JA-69)
Takashimaya (JA-163)
Takeda Chemical Industries (JA-20)
Talisman Energy (CA-30)
TDK (JA-55)
Teijin (JA-159)
Tele Danmark (DE-4)
Telecom Corp. of New Zealand (NZ-1)
Telecom Italia (IT-4)
Tele-Communications (US-162)
Telefnica Nacional de Espaa (SP-1)
Teleport Communications Group (US-326)
Tellabs (US-183)
Tenet Healthcare (US-204)
Tenneco (US-213)
Tesco (BR-26)
Texaco (US-54)
Texas Instruments (US-96)
Texas Utilities (US-212)
Textron (US-172)
Thames Water (BR-87)
Thermo Electron (US-318)
Thomson (CA-4)
3Com (US-191)
3i Group (BR-77)
Thyssen (GE-23)
TI Group (BR-82)
TIM (IT-3)
Time Warner (US-60)
Times Mirror (US-295)
TJX (US-408)
Tobu Railway (JA-170)
Tohoku Electric Power (JA-70)
Tokai Bank (JA-35)
Tokio Marine & Fire (JA-32)
Tokyo Electric Power (JA-14)
Tokyo Electron (JA-76)
Tokyo Gas (JA-90)
Tokyu Corp. (JA-103)
Tomkins (BR-73)
Tonen (JA-85)
Toppan Printing (JA-58)
Toray Industries (JA-60)
Torchmark (US-350)
Toronto-Dominion Bank (CA-11)
Tosco (US-341)
Toshiba (JA-27)
Tostem (JA-115)

133
846
837
653
590
8
398
584
600
840
976
68
223
685
533
769
324
811

TOTAL (FR-4)
Toto (JA-156)
Toyo Seikan Kaisha (JA-153)
Toyo Trust & Banking (JA-121)
Toyoda Automatic Loom Works (JA-109)
Toyota Motor (JA-2)
Toys R Us (US-188)
Tractebel (BE-6)
Transamerica (US-266)
TransCanada PipeLines (CA-25)
Transocean Offshore (US-434)
Travelers Group (US-44)
Travelers Property Casualty (US-103)
Tribune (US-311)
TRW (US-240)
Tsim Sha Tsui Properties (HK-18)
Tyco International (US-151)
Tyson Foods (US-363)

U
387
477
777
92
739
33
NR
NR
961
621
938
204
481
962
328
577
356
175
602
326
657
940
582
197
280
722
954
697
410

U.S. Bancorp (US-182)

U.S. Robotics (US-217)
UAL (US-349)
UBS (SWI-4)
Unicom (US-330)
Unilever (NE/BR-NR)
Unilever NV (NE-3)
Unilever PLC (BR-12)
Union Camp (US-427)
Union Carbide (US-277)
Union Electric (US-416)
Union Pacific (US-97)
Union Pacific Resources Group (US-219)
UnionBanCal (US-428)
United Healthcare (US-154)
United News & Media (BR-62)
United Overseas Bank (SI-4)
United Technologies (US-82)
United Utilities (BR-64)
Unocal (US-152)
UNUM (US-296)
Uny (JA-175)
UPM-Kymmene (FI-2)
US West Communications Group (US-93)
US West Media (US-128)
USA Waste Services (US-323)
Usinor Sacilor (FR-37)
UST (US-316)
USX-Marathon Group (US-193)

V
848
94
794
684
830
608
730
334
277
248
136
262

Valeo (FR-34)
VEBA (GE-6)
Vendex International (NE-16)
Vendome Luxury Group (BR-71)
Verenigde Nederlandse Ultgeversbedrijven (NE-19)
VEW (GE-28)
VF (US-325)
Viacom (US-158)
VIAG (GE-17)
Vodafone Group (BR-25)
Volkswagen (GE-10)
Volvo (SWE-3)

W
357
20
292
28
98
507
856
235
122
476
959
271
363
354
340
736
943
563
860
508
637
492
490
827
438
648
997
102
516

Wachovia (US-168)
Wal-Mart Stores (US-12)
Walgreen (US-135)
Walt Disney (US-18)
Warner-Lambert (US-56)
Washington Mutual (US-227)
Washington Post (US-379)
Waste Management (US-107)
Wells Fargo (US-66)
West Japan Railway (JA-88)
Western Atlas (US-426)
Westinghouse Electric (US-125)
Westpac Banking (AS-6)
Weyerhaeuser (US-167)
Wharf (Holdings) (HK-11)
Wheelock & Co. (HK-16)
Whirlpool (US-418)
Whitbread (BR-60)
Willamette Industries (US-380)
Williams (US-228)
Winn-Dixie Stores (US-287)
Winterthur (SWI-11)
WMC (AS-7)
Wolseley (BR-85)
Wolters Kluwer (NE-13)
Woodside Petroleum (AS-9)
Woolworths Ltd. (AS-18)
WorldCom (US-58)
Wrigley (Wm.) Jr. (US-231)

XYZ
143
894
893
451
812
936
664
88
205

Xerox (US-71)
Xilinx (US-396)
Yamaha (JA-166)
Yamanouchi Pharmaceutical (JA-82)
Yamato Transport (JA-147)
Yamazaki Baking (JA-174)
Yasuda Fire & Marine (JA-122)
Zeneca Group (BR-9)
Zurich Insurance Group (SWI-8)

BUSINESS WEEK / JULY 7, 1997 77

TB

NY: Dowling, Comes, Power, Brady, Warner

Large: Morrison, J. Mandel, Rosenberg, Jespersen
5

B
DOMESTIC
ASIA

EDIT OK

EURO/
INTLLA

X X

XX ASIA XX
78 EUR-LA
INT I: C M Y K 03 EDIT PASS

IEMERGE27

PE

DAD

FL

CDS

THE RUSSIANS ARE HERE,

THE RUSSIANS ARE HERE

Moscows stellar showing helps emerging markets rebound from the 1995 crash
few years ago, only a small group of daring investors
was willing to pour money into Russian stocks. Now,
Russia is on the radar screen of virtually every
emerging-market investor. As the Moscow market
soared 124% and companies began issuing American depositary receipts in 1996, Russia rocketed into BUSINESS WEEKs
annual list of the top 200 emerging-market companies for the
first time. With a market value of $42.6 billion, Russias Gazprom
is just a hair behind
No. 1 Telebrs, Brazils huge phone company. Six other Russian companies made the list.
Russias stellar showing is due to a market boom driven
by foreign funds. The reelection of President Boris N.
Yeltsin in July, 1996, reduced political risk and bolstered foreign investors confidence in the security of property rights.
Indeed, foreigners pumped close to $3 billion into the Russian market in 1996 and have invested $1 billion more so far
this year. But the appearance of Russia Inc. on BUSINESS
WEEKs list, which is compiled by Morgan Stanley Capital In-

The Global 1000

ternational, also reflects the sheer size of Russian companies.

Gazprom controls one-third of the worlds gas reserves and
pulls in $20 billion a year in revenues. Lukoil, ranked No. 20,
outproduces Brazils Petrobrs, No. 4 on the list. Says Peter
Kizenko, senior equity trader at ING Barings Moscow office:
Were not talking about breadmakers here. These are mammoth industrial enterprises.
A VOLATILE WORLD. Across the board, 1996 was a good, but
not stunning, year for emerging markets. They continued
their rebound after the crash in 1995 following Mexicos peso
crisis. The International Finance Corp.s emerging-market
index rose 15% in 1996somewhat disappointing compared
with the 23% rise of the Standard & Poors 500-stock index in
the U. S. While Brazils So Paulo index jumped 53% in dollar terms last year, shares of many leading Indian and Thai
companies dropped, mostly because of political instability. In
South Africa, the rands plunge against the dollar as well as
depressed consumer spending hurt companies such as South
African Breweries Ltd., while Anglo American Corp.s 9% decline in market value was linked to a slump in gold prices and
escalating costs.

The Top 200 Emerging-Market Companies

RANK
1997 1996

1
2
3
4

5
6
7
8
9
10

11
12
13
14

15
16
17
18
19
20

21
22
23
24

25
26
27
28

2
NR
8
15
1

TELEBRAS
GAZPROM
ELETROBRAS
PETROBRAS
KOREA ELECTRIC POWER

11
6
4
7
3

TELECOMUNICACOES DE SAO PAULO (TELESP)

TELEFONOS DE MEXICO (TELMEX)
CATHAY LIFE INSURANCE
PT TELEKOMUNIKASI INDONESIA
TELEKOM MALAYSIA

9
5
NR
10
12

TENAGA NASIONAL
ANGLO AMERICAN
UNIFIED ENERGY SYSTEM
DE BEERS CONSOLIDATED MINES
MALAYAN BANKING

44
17
23
26
NR

TAIWAN SEMICONDUCTOR MFG.

FIRST COMMERCIAL BANK
YPF
HELLENIC TELECOMMUNICATIONS ORGANIZATION
LUKOIL

14
19
18
13
20

HUA NAN BANK

CHANG HWA COMMERCIAL BANK
SOUTH AFRICAN BREWERIES
SAMSUNG ELECTRONICS
VALE DO RIO DOCE

28 TELEFONICA DE ARGENTINA
22 GUDANG GARAM
77 UNITED MICROELECTRONICS

COUNTRY

MARKET
VALUE
U.S.
$ MIL.

Brazil
Russia
Brazil
Brazil
Korea

43300
42612
25536
23134
19361

130
18
472
194
31

NA
NA
94
169
20

NA
NA
108
189
9

1.6
0.8
0.4
1.1
1.0

16
7
11
33
29

1.4
0.2
1.9
0.7
1.6

11667
20031
5694
16973
12988*

2575
5759
2236
625
670*

39378
NA
86314
32762
40005*

9.9
10.8d
3.9
3.4
3.5

55
12
12
11
12

Brazil
Mexico
Taiwan
Indonesia
Malaysia

19020
18867
16020
15731
14798

343
2
5
2
7

62
34
2
11
19

74
43
2
15
18

2.0
1.7
9.6
4.3
3.1

23
14
43
24
20

2.8
3.0
1.0
1.0
0.9

3352*
6656
NA
2087
2554

759*
1465
374
618
749

11860*
13310
NA
7311
7957

8.7
11.9
22.3
18.0
15.6

55
55
63
55
55

Malaysia
South Africa
Russia
South Africa
Malaysia

14135
13695
13668
13314
12059

5
59
0.3
35
11

8
10
412
8
11

8
7
412
10
12

2.2
2.4
2.0
1.4
5.4

38
11
13
10
24

0.7
2.3
0.3
3.0
0.6

3242
NA
28943b
NA
NA

318
984
1068b
1275
428

12930
7831
NA
NA
37491

5.7
21.1
15.4
13.6
22.5

12
81
12
26
61

Taiwan
Taiwan
Argentina
Greece
Russia

11381
11194
10560
10531
10371

4
4
30
25
15

110
17
36
50
82

112
18
36
69
82

9.2
7.6
1.6
5.3
1.2

16
55
12
24
16

0.0
0.6
2.9
1.9
0.4

1414
NA*
5922*
2188b
7108

696
202*
817*
448b
671

NA
NA
10147*
NA
NA

56.4d
13.7
13.5
22.5
7.7

34
61
11
55
11

Taiwan
Taiwan
South Africa
Korea
Brazil

10336
10216
8953
8801
8586

4
4
28
75
22

2
17
8
14
5

3
18
5
2
13

7.0
7.7
4.9
1.5
0.9

58
60
21
47
16

0.7
0.6
2.3
0.9
1.6

NA*
NA*
8266c
17807*
4404

179*
170*
435c
184*
483

NA
NA
4706
17766*
16297

12.2
12.8
23.6
3.2
5.7

61
61
43
41
25

Argentina
Indonesia
Taiwan

8491
8305
7930

4
4
3

23
6
93

23
11
95

2.4
9.4
5.4

22
31
27

2.9
0.7
0.0

2753
2696
811

385
269
273

5806
1609b
NA

10.6
30.5
19.8

55
43
35

PRICE
%CHANGE
PER SHARE
FROM 1995
U.S. $
(U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

*Based on nonconsolidated results. a) Based on 1994 data. b) Based on 1995 data. c) Based on 1997 data. d) Difference between earnings and book value between 12 and 18 months.
LOSS = Negative ratio. NA = Not available. NEG = Negative return. NM= Not meaningful
Data: Morgan Stanley Capital International

78 BUSINESS WEEK / JULY 7, 1997

Dowling, Comes, Power, Brady, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison

10

QPS

B
DOMESTIC
ASIA

EDIT OK

EURO/
INTLLA

X X

XX ASIA XX
79 EUR-LA
INT I: C M Y K 03 EDIT PASS

IEMERGE27

PE

DAD

FL

CDS

SAO PAULO CALL

Brazilian telecom
giant Telebrs rose
109% in value on
the strength of its
planned sell-off

COUNTRY

MARKET
VALUE
U.S.
$ MIL.

29
30
31
32
33

29
27
33
36
NR

CHINA STEEL
BANCO BRADESCO
SIME DARBY
SASOL
ELETRICIDADE DE SAO PAULO (ELETROPAULO)

Taiwan
Brazil
Malaysia
South Africa
Brazil

7855
7681
7587
7407
7353

1
8
3
12
238

14
22
22
23
NA

15
31
22
26
NA

2.0
1.5
3.5
3.0
2.1

19
10
24
13
64

4.3
3.6
1.9
2.5
0.0

3071*
NA
4290
3031
4011*

407*
770
272
557
158*

NA
36220
10557
4059
NA

10.3
14.8
14.4
23.9
3.2

25
61
71
22
12

34

59
70
25
68
62

PORTUGAL TELECOM
NAN YA PLASTICS
LIBERTY LIFE ASSOCIATION OF AFRICA
CHINA DEVELOPMENT
TELECOMUNICACIONES DE CHILE (CTC)

Portugal
Taiwan
South Africa
Taiwan
Chile

7301
7214
7059
6979
6915

38
3
28
4
8

59
83
3
69
55

75
85
1
70
60

3.1
4.4
2.1
6.8
3.4

23
26
20
38
18

2.1
1.5
2.6
1.0
2.4

2634
NA
1733
NA*
1292

318
279
344
184*
359

5060
NA
15629b
NA
4469

13.4
17.1
10.3
17.8
18.5

55
22
63
62
55

51
42
21
52
45

BANCO ITAU
GENCOR
PETRONAS GAS
PEREZ COMPANC
UNITED ENGINEERS (MALAYSIA)

Brazil
South Africa
Malaysia
Argentina
Malaysia

6666
6571
6526
6443
6393

514
4
4
8
8

27
12
17
34
16

36
15
17
34
17

1.8
1.8
5.7
3.5
NA

12
9
20
22
30

2.4
1.4
1.7
1.5
0.3

NA
NA
503c
1474
1355

553
403
332c
288
204

NA
5147
2325
3167
1918b

15.6
18.7
28.9d
15.9
NA

61
81
12
71
71

NR
91
31
43
NR

BANCO DO BRASIL
Brazil
HINDUSTAN LEVER
India
POHANG IRON & STEEL
Korea
AYALA
Philippines
COMPANHIA SANEAMENTO BASICO SAO PAULO (SABESP) Brazil

6293
6234
6172
6149
6088

9
31
66
1
238

3
40
4
37
NA

5
43
8
38
NA

1.2
25.5
0.8
5.9
0.9

1
58
9
26
70

0.0
1.1
1.7
0.2
NA

NA* 7032*
NA
NEG
941b*
67b*
453b* 44.1
9473*
700* 16081*
9.4
NA
236
2142b 23.0d
2252*
54*
NA
1.2

61
44
25
71
52

16
57
84
49
47

BANGKOK BANK
TELEFONICA DEL PERU
CEMIG
COPEC
ENDESA

Thailand
Peru
Brazil
Chile
Chile

6068
5981
5948
5927
5913

6
3
46
5
1

39
29
73
19
16

40
43
85
22
19

1.4
3.7
0.7
1.6
2.0

7
16
32
25
17

4.0
2.6
2.0
1.1
5.7

NA
1174
1791*
3000
1156

835
338
197*
223
337

41775b
1744b
11483*
4696b
6261

19.1
22.3
2.2
6.1
12.2

61
55
12
11
12

82
64
54
67
34

FORMOSA PLASTICS
STANDARD BANK INVESTMENT
CIFRA
CERVEJARIA BRAHMA
SHIN KONG LIFE INSURANCE

Taiwan
South Africa
Mexico
Brazil
Taiwan

5681
5382
5372
5370
5299

2
45
2
730
3

61
23
25
22
5

62
26
32
31
4

4.2
2.9
2.7
4.2
6.1

26
16
21
18
25

1.3
2.0
1.8
1.4
1.7

1576
NA
2936
2221
NA

219
346
256
304
214

NA
NA
2160
NA
NA

16.0
18.7
13.0
23.2
24.5d

22
61
54
43
63

Brazil
Venezuela
South Africa
Argentina
Brazil

5270
5261
5256
5249
5199

56
5
10
5
500

116
NA
13
14
52

132
NA
16
14
63

0.4
1.8
2.4
2.2
2.3

12
12
14
20
29

0.0
0.5
1.7
4.0
1.5

2240*
1433
NA
1931*
1476*

480*
430
331
260*
162*

23081*
NA
2710
5220*
3126*

NEG
15.1
16.9
10.9
7.9

12
55
43
55
12

RANK
1997 1996

35
36
37

38
39
40
41
42

43
44
45
46

47
48

49
50
51
52
53

54
55
56
57

58

59 131 COMPANHIA ENERGETICA DE SAO PAULO (CESP)

NR NACIONAL TELEFONOS DE VENEZUELA (CANTV)
55 REMBRANDT GROUP
58 TELECOM ARGENTINA
85 LIGHT-SERVICOS DE ELETRICIDADE

60
61
62
63

PRICE
%CHANGE
PER SHARE
FROM 1995
U.S. $
(U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

CLAUDIO EDINGER/SABA

Even so, the market capitalization of emerging-economy

bourses is nearly $2.5 trillion, according to estimates by Merrill Lynch & Co. Thats within a whisker of Japans total
market cap, and the figure should continue to rise. The International Monetary Fund forecasts that developing
economies will expand more than 6% this year and at the

same rate again in

1998, double the expected
pace
of
growth for the industrialized world. Such
robust growth, along
with a widespread
feeling among analysts that many
emerging markets remain undervalued, will
stoke investor interest and propel new entrants onto the roster of the worlds most
valuable companies.
This years Russian newcomers on the
BUSINESS WEEK scorecard include not only
the biggest and most liquid but also the most
transparent companies on the market.
Ranked No. 106, Rostelekom, Russias longdistance phone company, was among the first
to provide investors with financial reports
drawn up according to international accounting standards. Mosenergo, which provides
power to the city of Moscow and ranked
No. 108 on the scoreboard, published Western
accounts in mid-June. Lukoil recently published Western-audited figures for 1994 and
1995 and will release 1996 numbers in July.
Even secretive Gazprom is now working with
Western auditors.
Most Russian blue-chip companies are privatized state giants that have managed to transform themselves into competitive domestic or global players. Excitement over privatization is helping emerging-market stocks soar on the opposite
side of the globe as well. Four of the top six companies on
the BUSINESS WEEK scoreboard are public-sector Brazilian

BUSINESS WEEK / JULY 7, 1997 79

Dowling, Comes, Power, Brady, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison

10

QPS

B
DOMESTIC
ASIA

EDIT OK

EURO/
INTLLA

X X

XX ASIA XX
80 EUR-LA
INT I: C M Y K 03 EDIT PASS

IEMERGE27

companies. Their stocks have risen in tandem with price

hikes as the government fattens their profits to prepare
them for full-scale privatization.
This years No. 1 company, telecommunications giant Telebrs, rose a dramatic 109% in market value on the BUSINESS WEEK list. Investors snapped up the stock in anticipation
of the its planned breakup and sell-off next year in what will
probably be Latin Americas biggest privatization. The $11.7
billion company earned $2.6 billion last year, and profits are
expected to jump to
$3 billion this year. Its
privatization could pull
in $25 billion in investments over the next three years, analysts predict.
While Russia and Brazil soared in 1996, markets elsewhere coped with volatility provoked by everything from
local instability to a global slump in chip prices. Thailand
suffered from investors worries about the economy, where a
bubble in the property market burst, hitting banks and other companies. The market value of Siam Cement, No. 151,
plunged 57%, more than any other listing on the BUSINESS
WEEK scoreboard. At the same time, political unrest roiled the
market in Indonesia.
WAVE OF EUPHORIA. Taiwan, too, was badly shaken when
China launched missile tests near the island in March, 1996.
But the market rebounded smartly after fears of a possible
clash with China eased. The countrys stock index, the TAIEX,
rose 34% last year. Apart from the calmer political waters,
Taiwans inclusion in Morgan Stanley Capital International indexes sparked a wave of euphoria as foreign institutions
channeled more of their funds into the market.
Electronics shares performed particularly well, and among
Taiwans listed companies, investors viewed them as less
risky yet still undervalued picks. For example, Acer Inc.,
Taiwans leading electronics group, jumped 127% in value,

PE

DAD

FL

CDS

The Global 1000

moving from No. 190 to No. 81 on BUSINESS WEEKs list. After

stemming losses in the U. S., Acer is expected to lift its
earnings 30% to 40% this year, says Jeffrey Liang, head of research at Nomura Securities in Taiwan.
In Korea, by contrast, electronics companies were hit

The Top 200 Emerging-Market Companies

COUNTRY

MARKET
VALUE
U.S.
$ MIL.

Mexico
Mexico
Philippines
Taiwan
Mexico

5188
5076
4965
4829
4809

6
6
2
2
4

28
31
18
29
1

36
39
18
30
5

3.7
2.8
2.8
4.0
1.4

12
29
21
18
5

1.8
0.4
1.6
1.2
2.2

NA
1486
3223
NA
3348

MAHANAGAR TELEPHONE NIGAM

SURGUTNEFTEGAZ
KIMBERLY-CLARK DE MEXICO
ENERSIS
TELECOMUNICACOES RIO DE JANEIRO (TELERJ)

India
Russia
Mexico
Chile
Brazil

4788
4770
4731
4554
4518

8
1
3
1
154

28
216
6
18
NA

31
216
0
21
NA

6.3
0.9
4.1
2.8
1.6

20
15
17
16
62

0.7
0.7
2.9
3.8
2.6

984*
NA
1150
2771
1167*

74 158 AKBANK
73 STATE BANK OF INDIA
53 GRUPO TELEVISA
46 INTERNATIONAL COMMERCIAL BANK OF CHINA
78 99 NEDCOR

Turkey
India
Mexico
Taiwan
South Africa

4516
4513
4421
4351
4350

0.1
9
14
2
19

108
7
7
15
41

274
9
1
15
45

7.7
2.4
3.3
3.7
3.2

12
13
57
26
16

3.6
1.1
0.0
0.6
1.9

79 65 METROPOLITAN BANK & TRUST (METROBANK)

80 83 INDOFOOD SUKSES MAKMUR
81 190 ACER
82 56 PTT EXPLORATION & PRODUCTION
83 92 RELIANCE INDUSTRIES

Philippines
Indonesia
Taiwan
Thailand
India

4230
4122
4099
3981
3909

23
2
3
13
8

6
5
105
14
24

5
10
106
15
27

3.5
3.8
3.6
7.9
1.7

22
24
34
93
11

84 78 LIBERTY HOLDINGS
85 100 AMALGAMATED BANKS OF SOUTH AFRICA
86 37 GENTING
87 32 RESORTS WORLD
88 129 TEVA PHARMACEUTICAL INDUSTRIES

South Africa
South Africa
Malaysia
Malaysia
Israel

3794
3724
3661
3650
3648

77
6
5
3
59

4
22
39
42
33

6
25
38
42
37

1.9
2.1
2.7
3.9
6.6

89 86 ANGLO AMERICAN INVESTMENT TRUST

90 40 HM SAMPOERNA
91 74 MANILA ELECTRIC
92 139 COPEL
93 105 ALFA

South Africa
Indonesia
Philippines
Brazil
Mexico

3647
3635
3600
3568
3546

36
4
3
15
6

8
35
2
54
26

11
32
2
65
34

2.5
6.3
2.0
0.9
1.7

RANK
1997 1996

64
65
66
67

68
69
70
71
72
73

30
71
60
79
61

GRUPO CARSO
GRUPO MODELO
SAN MIGUEL
TATUNG
CEMEX

75
NR
48
72
NR

JEREMY NICHOLL/MATRIX

75
76
77

PRICE
%CHANGE
PER SHARE
FROM 1995
U.S. $
(U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

417
158
199
266
1090

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

3371
NA
3297b
NA
9340

31.3
9.4
13.5
22.3
27.8

71
43
43
71
21

204*
336
269
253
60*

NA
NA
1734
9875
NA

30.8
6.0d
24.7
17.0
2.5

55
11
45
12
55

NA*
NA*
1454
NA*
NA

267*
233*
76
165*
242

NA
NA
3708
NA
NA

64.0
18.4
NEG
14.2
19.7

61
61
51
61
61

0.6
0.7
0.0
0.4
2.1

NA
1162
4134
214
2440c*

190
144
110
43
370c*

NA
1522b
NA
816b
4194*

15.9
15.8
10.6
8.6
16.0

61
44
33
11
22

19
14
16
16
45

2.6
2.6
1.1
1.7
0.6

NA
NA
1033
838
913

202
253
227
227
70

10.4
15.4
16.5d
23.9d
14.6

63
62
53
53
45

10
22
16
19
8

3.8
1.4
2.5
3.1
1.6

NAc
948
2164
1004*
3514

373c
162
186
181*
496

25.9
29.3
12.9
4.8
19.9

26
43
12
12
71

15787b
NA
2310b
1202b
NA
1381
NA
1949b
5829*
4974

80 BUSINESS WEEK / JULY 7, 1997

Dowling, Comes, Power, Brady, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison

10

QPS

B
DOMESTIC
ASIA

EDIT OK

EURO/
INTLLA

X X

XX ASIA XX
81 EUR-LA
INT I: C M Y K 03 EDIT PASS

IEMERGE27

PE

DAD

FL

CDS

LUKOIL GAS Foreign investors,

resassured by both Yeltsins
reelection and Western audits
for Russian companies, have
fueled Moscows market boom

hard by last years 80% fall in prices of computer dynamic

random-access memory chips (DRAMS). Korean companies
also suffered from the weakness in the Japanese yen, which
boosted the competitiveness of Japanese rivals in autos,
steel, shipbuilding, and petrochemicals as well as chips. Prof-

its at Samsung Electronics

Co. dove 93%, to $184 million, on sales of $17.8 billion, as Samsung slipped
11 notches down BUSINESS
WEEK s scoreboard, to
No. 24. SK Telecom fell
even furtherdown 103
places, to No. 144 in the scoreboard. Deregulation played a
part. The company lost its monopoly on cellular-phone services last April, and investors fear its not ready to take on
new competitors.
INDIAS HOT ITEM. After a rocky 1996 and first quarter of
1997, Koreas market is now recovering. The KOSPI index is up
22% since its low in March. Indeed, Korea is one of several
emerging markets where analysts bet on a continued upswing. They are also encouraged by South Africa, where
the government is now easing exchange controls and is expected to speed up privatization soon. And analysts are high
on India, where interest rates are falling and the economy
should grow 6.5% this year. One hot stock is Hindustan
Lever Ltd., a maker of personal-care products that ranked
No. 45 on BUSINESS WEEKs list. Investors are betting that rising incomes in India will fuel a surge in consumer spending.
As the U. S. market continues to ride high, daring investors will no doubt keep up their search for hidden values in
emerging markets. The emerging markets offer an upside potential that doesnt exist in the U. S., says Douglas Johnson,
senior international investment strategist for Merrill Lynch in
New York. In Russia, farsighted investors are looking beyond Gazprom and other blue chips to smaller telecom companies and utilities. In Brazil, theyre eyeing private companies.
Next years emerging-market stars are already in the making.
By Patricia Kranz in Moscow, with Dave Lindorff in
Hong Kong, Ian Katz in So Paulo, and bureau reports

COUNTRY

MARKET
VALUE
U.S.
$ MIL.

94 NR TELECOMUNICACOES DE MINAS GERAIS (TELEMIG)

Brazil
95 NR BANK OF THE PHILIPPINE ISLANDS
Philippines
96 118 UNIBANCO
Brazil
97 87 VIDESH SANCHAR NIGAM
India
98 104 FIRST NATIONAL BANK HOLDINGS
South Africa

3528
3473
3456
3456
3395

142
6
35
35
8

NA
25
28
17
17

NA
26
37
15
20

1.9
NA
1.5
3.9
2.7

13
23
12
20
13

0.0
0.7
3.2
0.4
2.3

997*
NA
NA
1231*
NA

237*
151
266
112*
224

Mexico
Pakistan
Turkey
Thailand
South Africa

3388
3286
3286
3274
3259

2
1
0.3
4
42

5
45
284
45
3

1
36
589
46
0

1.4
2.4
5.3
1.3
1.6

52
10
9
7
14

0.0
2.3
0.9
5.9
2.9

NA
936*
NA*
NA*
NA

61
315*
269*
476*
230

Brazil
Taiwan
Russia
Taiwan
Russia

3251
3246
3242
3236
3233

3
2
4
1
1

29
51
118
47
71

38
52
118
48
71

2.6
3.1
1.9
2.3
0.5

27
22
22
41
7

2.5
0.0
0.0
1.7
0.7

850
2447
NA
1451b*
2578

109
116
163
120b*
485

Philippines
Indonesia
Malaysia
Korea
Indonesia

3212
3178
3129
3125
3086

30
3
1
9
3

3
134
14
16
13

3
144
13
5
10

1.8
2.5
2.0
1.0
2.9

16
15
17
37
14

0.5
1.4
0.4
3.3
2.4

1085
4514
NA
5775*
503

Taiwan
Malaysia
India
Taiwan
Indonesia

3032
3011
2994
2992
2978

3
11
12
2
1

142
9
56
61
31

144
10
59
62
28

6.0
22.6
9.6
3.3
3.6

42
18
31
20
13

0.0
4.2
0.6
0.0
2.7

Czech Republic
Taiwan
Greece
India
Mexico

2973
2963
2928
2872
2871

92
2
74
12
5

23
73
99
134
80

10
74
125
138
91

1.2 149
2.5
36
3.8
15
6.6
22
2.4
17

Indonesia
Brazil
Philippines
India
Malaysia

2855
2845
2825
2825
2824

1
9
0.3
11
5

NA
41
16
20
1

NA
52
17
19
2

2.5
2.5
4.3
3.2
3.9

RANK
1997 1996

99 80
100 38
101 NR
102 35
103 102

GRUPO FINANCIERO BANACCI

PAKISTAN TELECOMMUNICATIONS
TURKIYE IS BANKASI
THAI FARMERS BANK
ANGLO AMERICAN INDUSTRIAL

104 NR
105 154
106 NR
107 147
108 NR

WHITE MARTINS
PRESIDENT ENTERPRISES
ROSTELEKOM
FORMOSA CHEMICALS & FIBRE
MOSENERGO

109 95
110 NR
111 107
112 76
113 81

PHILIPPINE LONG DISTANCE TELEPHONE

ASTRA INTERNATIONAL
RENONG
DAEWOO HEAVY INDUSTRIES
INDOSAT

114 NR
115 108
116 179
117 188
118 66

ADVANCED SEMICONDUCTOR ENGINEERING (ASE)

ROTHMANS OF PALL MALL (MALAYSIA)
ITC
MOSEL VITELIC
INDOCEMENT TUNGGAL PRAKARSA

119 NR SPT TELECOM

NR FAR EASTERN TEXTILE
NR ALPHA CREDIT BANK
NR BHARAT HEAVY ELECTRICALS
NR FOMENTO ECONOMICO MEXICANO

120
121
122
123

124 NR
125 150
126 133
127 88
128 113

BANK NEGARA INDONESIA

SOUZA CRUZ
SM PRIME HOLDINGS
TATA ENGINEERING & LOCOMOTIVE
PERUSAHAAN OTOMOBIL NASIONAL

PRICE
%CHANGE
PER SHARE
FROM 1995
U.S. $
(U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

21
8
37
16
12

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

NA
NA
NA
NA
NA

RETURN
ON
EQUITY INDUSTRY
%
CODE

14.9
NA
13.2
19.3
20.3

55
61
61
55
61

NEG
23.2
56.9
18.5
11.8

61
55
61
61
71

NA
NA
NA
NA
NA

9.7
13.8
8.7d
5.6
7.0

22
44
55
22
12

197
193
162
84*
215

3980b
6420b
3802
7815b*
670a

10.8
16.5
12.1
2.7
21.1

55
42
71
38
55

640
702c
838c*
388
1756

71
167c
96c*
145
227

NA
14.1
346 125.4d
721* 30.6d
NA
16.0d
3373b 27.0

35
43
43
34
21

0.0
0.5
3.4
0.5
0.3

1000
1098
NA
1604c*
2446

15
43
173
131c*
196

NA
NA
NA
NA
3050

NEG
6.8
25.0
30.3d
14.5

55
47
61
34
43

0.8
7.8
0.7
1.5
1.4

NA
1665
NA
2199*
2056

138
332
73
148*
142

NA
1973
NA
1708*
1330

11.8
31.8
11.7
20.3
32.2

61
43
64
42
42

2477
NA
NA
23483b*
4416b

BUSINESS WEEK / JULY 7, 1997 81

Dowling, Comes, Power, Brady, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison

10

QPS

B
DOMESTIC
ASIA

EDIT OK

EURO/
INTLLA

X X

XX ASIA XX
84 EUR-LA
INT I: C M Y K 03 EDIT PASS

IGLOBAL27

PE

DAD

FL

JP

The Top 200 Emerging-Market Companies

RANK
1997 1996

COUNTRY

MARKET
VALUE
U.S.
$ MIL.

PRICE
%CHANGE
PER SHARE
FROM 1995
U.S. $
(U.S. $) (LOCAL)

PRICE/
BOOK
VALUE
RATIO

P/E
RATIO

YIELD
%

SALES
U.S.
$ MIL.

PROFITS
U.S.
$ MIL.

ASSETS
U.S.
$ MIL.

RETURN
ON
EQUITY INDUSTRY
%
CODE

129 NR
130 111
131 186
132 109
133 168

COMPANHIA PAULISTA DE FORCA E LUZ

YTL
BANK HAPOALIM
BEVERAGE & CONSUMER INDUSTRY HOLDINGS
EMBOTELLADORA ANDINA

Brazil
Malaysia
Israel
South Africa
Chile

2808
2792
2786
2773
2701

146
4
2
37
3

110
26
53
1
21

125
26
57
3
24

1.7
3.9
1.1
3.3
3.5

23
17
12
22
31

1.2
0.4
3.3
2.3
1.0

1198*
636
NA
NAc
792

111*
117
192
128c
92

NA
788
NA
NA
NA

7.4
22.5
9.2
15.1
11.1

12
32
61
43
43

134 NR
135 191
136 NR
137 115
138 93

BANK INTERNASIONAL INDONESIA

BERJAYA SPORTS TOTO
BANCO COMERCIAL PORTUGUES (BCP)
DCB HOLDINGS
GOLD FIELDS OF SOUTH AFRICA

Indonesia
Malaysia
Portugal
Malaysia
South Africa

2651
2645
2628
2611
2603

1
5
18
3
26

34
45
43
3
22

40
45
56
2
20

5.2
9.3
2.2
4.6
3.6

25
28
18
19
27

0.4
3.0
2.3
0.9
1.9

NA
729c
NA
NA
NA

107
95c
135
139
85

NA
412
NA
9199b
853

21.0
33.7d
12.5
24.5d
13.5

61
53
61
61
81

139 138
140 157
141 50
142 97
143 122

ITAUSA
TIGER OATS
TELECOMASIA
PETRON
TAIWAN CEMENT

Brazil
South Africa
Thailand
Philippines
Taiwan

2598
2568
2565
2559
2553

1
17
1
0.3
2

12
24
47
16
1

20
27
48
16
2

1.1
9
3.5
13
1.8 105
3.9
16
3.6
30

2.0
1.8
0.0
3.5
1.0

NA
3050
289
2025
825b

276
177
24
161
81b

NA
NA
3111b
1118b
NA

12.5
26.1
NEG
24.8
11.8

71
44
55
11
21

144 41
145 110
146 119
147 112
148 123

SK TELECOM
C.G. SMITH
EVERGREEN MARINE
AMMB HOLDINGS
MAGNUM

Korea
South Africa
Taiwan
Malaysia
Malaysia

2552
2535
2528
2522
2496

425
5
2
6
2

55
6
1
3
1

49
4
1
3
0

2.2
2.9
2.5
4.4
5.2

12
13
20
15
22

0.3
2.4
2.2
0.7
0.8

3002*
5859
1128b*
NA
1112

219*
3655*
179
NA
114b*
NA
130
12110
113
667b

18.5
21.4
12.1
28.4
23.5d

55
71
58
62
53

149 142
150 135
151 39
152 174
153 NR

HINDUSTAN PETROLEUM
GRUPO MEXICO
SIAM CEMENT
SIDERURGICA NACIONAL (CSN)
NBS BOLAND

India
Mexico
Thailand
Brazil
South Africa

2487
2480
2475
2460
2459

12
4
21
33
21

10
4
57
30
55

12
10
58
39
59

3.3
1.1
1.9
0.6
3.7

16
7
9
9
23

0.8
0.9
3.9
4.4
1.4

3317*
1247
4305
2043*
NAc

144*
324
272
255*
84c

NA
2894
7214
6104*
NA

20.6
14.8
20.7
7.0
16.4

11
24
21
25
61

154 106
155 NR
156 185
157 96
158 132

TAIPEI BUSINESS BANK

INVESTEC GROUP
CHILECTRA
MALAYSIAN INTERNATIONAL SHIPPING
USIMINAS

Taiwan
South Africa
Chile
Malaysia
Brazil

2459
2448
2438
2428
2418

2
37
7
2
1

12
70
34
21
1

12
74
37
21
6

4.2
2.8
3.7
1.4
0.9

25
24
14
13
9

1.0
1.6
5.1
3.0
5.9

NA*
NAc
657
960
1512*

100*
95c
170
190
251*

NA
NA
NA
2074b
4203*

17.2d
11.8
27.2
10.7d
9.4

61
61
12
58
25

159 NR
160 178
161 137
162 NR
163 156

WINBOND ELECTRONICS
TURK HAVA YOLLARI
ASIA CEMENT
ERICSSON TELECOMUNICACOES
PUBLIC BANK

Taiwan
Turkey
Taiwan
Brazil
Malaysia

2396
2373
2369
2363
2354

1
0.2
2
56
1

52
24
1
404
11

53
123
2
441
12

3.7
9.7
2.5
5.4
2.8

24
77
20
15
15

0.0
0.0
1.7
1.6
1.4

430
733*
563
760*
NA

95
31*
116
125*
162

NA
NA
NA
NA
13193b

15.0d
12.6
12.8
34.7
19.3d

34
56
21
34
61

164 144
165 NR
166 152
167 189
168 153

CMPC
HUALON TEIJRAN
REMBRANDT CONTROLLING INVESTMENTS
LIBLIFE STRATEGIC INVESTMENTS
EMPRESAS LA MODERNA

Chile
Taiwan
South Africa
South Africa
Mexico

2349
2343
2336
2303
2266

12
1
6
4
5

4
51
8
15
5

7
53
10
18
12

0.9
2.5
2.1
0.9
3.9

27
59
11
16
19

1.9
0.0
2.0
2.4
0.6

1245
1237b*
NA
NA
1808

102
95b*
169
144
114

3392
NA
NA
NA
1979

3.5
NEG
18.2
5.8
20.7

23
22
43
71
43

169 NR
170 NR
171 NR
172 NR
173 140

RASHID HUSSAIN
SIDERCA
GRUPO INDUSTRIAL BIMBO
IMPERIAL HOLDINGS
CATHAY CONSTRUCTION

Malaysia
Argentina
Mexico
South Africa
Taiwan

2239
2238
2217
2210
2196

6
2
7
12
2

72
115
37
32
4

73
115
46
35
4

4.1
1.5
2.2
3.4
3.3

21
15
21
30
34

0.7
1.7
0.6
1.4
2.3

NA
676*
1907
1437
292*

98
32*
102
55
65*

1059
NA
1314
NA
NA

19.3
9.6
10.5
11.3
9.7

62
25
44
52
64

174 175
175 NR
176 155
177 127
178 NR

ARACRUZ CELULOSE
BANK LEUMI LE-ISRAEL
BARLOW
RUSTENBURG PLATINUM HOLDINGS
NATIONAL BANK OF GREECE

Brazil
Israel
South Africa
South Africa
Greece

2196
2190
2181
2168
2162

2
2
11
16
136

14
35
0
14
156

22
39
3
12
189

1.0
1.0
2.4
3.3
2.9

57
13
14
27
31

0.9
2.7
2.3
2.7
2.8

485*
NA
3985
870
NA

13*
166
149
90
70

3501*
NA
NA
668b
NA

1.8
7.7
17.4
12.0
9.5

23
61
21
24
61

2149
2
2131 0.02
2125
0.2
2122 663
2118
0.5

27
49
66
43
142

29
1.8
48
3.1
199 11.8
54
1.3
334 26.3

13
16
39
14
7

3.9
6.5
0.5
2.9
0.0

3131*
NA*
NA*
647*
2434*

160*
130*
47*
131*
134*

5286* 14.0
NA
18.9
53 a* 30.3
NA
9.0
NA
NA

56
61
71
55
11

Taiwan
India
Taiwan
Mexico
South Africa

2111
2093
2080
2075
2074

3
1
1
7
11

7
34
98
25
16

8
33
100
33
13

4.1
0.9
2.9
2.1
3.2

49
6
43
6
17

0.0
3.3
0.0
1.0
2.9

NA
4229*
586b*
1513
848

43c
371*
46b*
304
151

NA
NA
NA
1918
1033b

8.3
16.0
6.7
32.0
18.4

63
25
37
71
24

Colombia
Philippines
Taiwan
Taiwan
Argentina

2069
2023
2010
2004
2003

7
1
2
1
3

108
13
8
11
0

110
13
8
12
0

0.7
9.4
3.8
1.4
2.0

10
37
22
32
12

2.1
0.2
0.0
0.8
7.7

772
NA
NAb
1895*
402*

198
152
79b
57*
164*

NA
NA
NA
NA
NA

6.7
25.2d
16.7
4.5d
15.9

43
64
61
56
12

Korea
South Africa
Malaysia
Mexico

1998
1995
1989
1982

31
4
3
2

28
10
12
17

18
7
12
24

1.1
3.5
3.0
2.1

21
16
15
11

1.8
2.3
0.6
2.7

12888*
1471
NA
1205

97*
118
106
169

8972*
NA
6799b
NA

5.2
21.5
19.4d
18.6

42
26
61
22

1982
1
1980 1550
1976
9

58
472
2

63
472
2

0.9
1.5
3.9

11
31
11

1.5
0.1
1.9

458
473
2773

125
62
181

NA
NA
2315b

8.0
4.9
35.3d

12
55
42

179 101 THAI AIRWAYS INTERNATIONAL

NR BANCO SANTIAGO
NR KOC HOLDING
NR TELECOMUNICACOES DO PARANA (TELEPAR)
NR TUPRAS-TURKIYE PETROL RAFINERILERI

180
181
182
183

184 182 FUBON INSURANCE

185 94 STEEL AUTHORITY OF INDIA
186 NR PACIFIC ELECTRIC WIRE & CABLE
187 NR DESC
188 128 SAMANCOR
189 NR
190 146
191 195
192 NR
193 165

BAVARIA
AYALA LAND
TAICHUNG BUSINESS BANK
CHINA AIRLINES
TRANSPORTADORA DE GAS DEL SUR

194 116
195 148
196 198
197 NR

HYUNDAI MOTOR
NAMPAK
COMMERCE ASSET-HOLDING
GRUPO CELANESE

198 NR ELECTRICIDAD DE CARACAS

199 NR MOSCOW TELEPHONE
200 166 EDARAN OTOMOBIL NASIONAL

Thailand
Chile
Turkey
Brazil
Turkey

Venezuela
Russia
Malaysia

84 BUSINESS WEEK / JULY 7, 1997

Dowling, Comes, Power, Brady, Warner

Large: J. Mandel, Rosenberg, Jespersen, Morrison

10

QPS