Findings

Market Cap 100:

Finding opportunities in transitional periods

DIGITMES Asia Market Cap 100 2023 ranking reflects:

Businesses face challenges of slowing economy as the pandemic eases.
Technology equipment suppliers experience greater decline in market capitalization than the automotive ones.
Most top 20 market cap companies remain unchanged, reflecting leading market positions.

Insights

Market Cap 100: 2022 a year not for the faint-hearted

Market Cap 100: TSMC retains top-ranked status

Market Cap 100: Chinese chip sector plows on despite sharp value drop in 2022

Market Cap 100: China-based car OEMs proceed on bumpy 2022

Market Cap 100: MediaTek sustains in 2022, to face new challenges in 2023

Market Cap 100: ASE keeps deepening advanced packaging solution development

Rank

Market capitalization reflects the capital market's view of a company's prospects and implies the direction the industries are heading.

2022 Rank	2021 Rank	Company	Country	Industry	Market Cap - End of 2022($M)	Market Cap Growth
1	1	TSMC	Taiwan	Semiconductor	378,450	-34.3%
2	2	Samsung Electronics	South Korea	Tech Products and Equipment	262,796	-33.1%
3	3	Toyota Motor	Japan	Automotive Manufacturing	225,715	-24.4%
4	4	CATL	China	Electrical Components	139,294	-35.4%
5	5	Sony	Japan	Consumer Electronics	96,595	-39.1%
6	6	Keyence	Japan	Tech Products and Equipment	95,456	-37.5%
7	7	BYD	China	Automotive Manufacturing	94,645	-17.0%
8		LG Energy Solution	South Korea	Electrical Components	81,122	-
9	9	Midea	China	Consumer Electronics	52,529	-35.2%
10		Hitachi	Japan	Machinery	47,910	-8.5%
11	11	Hangzhou Hikvision Digital Technology	China	Tech Products and Equipment	47,410	-38.3%
12	8	Tokyo Electron	Japan	Semiconductor	46,656	-48.5%
13	12	LONGi Green Energy Technology	China	Semiconductor	46,444	-36.7%
14	21	Foxconn	Taiwan	Tech Products and Equipment	45,067	-13.5%
15	10	SK Hynix	South Korea	Semiconductor	43,464	-45.8%
16	22	Honda Motor	Japan	Automotive Manufacturing	41,922	-17.6%
17	15	Denso	Japan	Automotive Components and Equipment	39,310	-39.8%
18	16	Xiaomi	China	Tech Products and Equipment	34,985	-42.2%
19	20	Murata Manufacturing	Japan	Electronic Components	33,984	-36.8%
20	19	Luxshare Precision Industry	China	Electronic Components	32,671	-40.1%
21	14	MediaTek	Taiwan	Semiconductor	32,530	-52.7%
22	26	Haier Smart Home	China	Consumer Electronics	32,471	-22.8%
23	30	Samsung SDI	South Korea	Electrical Components	32,351	-14.5%
24	13	Nidec	Japan	Electrical Components	31,127	-55.6%
25	42	Maruti Suzuki India	India	Automotive Manufacturing	30,663	1.8%
26	24	FANUC	Japan	Machinery	30,569	-28.6%
27	87	Delta Electronics Thailand	Thailand	Electronic Components	29,876	93.1%
28	17	Great Wall Motor	China	Automotive Manufacturing	29,865	-48.1%
29	39	Canon	Japan	Tech Products and Equipment	29,071	-10.5%
30	23	SMC Corp	Japan	Machinery	28,581	-37.1%
31	47	Shenzhen Inovance Technology	China	Machinery	26,783	-5.8%
32	32	Foxconn Industrial Internet	China	Tech Products and Equipment	26,427	-29.1%
33	36	Gree Electric Appliances	China	Consumer Electronics	26,383	-23.4%
34	28	FUJIFILM Holdings	Japan	Tech Products and Equipment	26,024	-31.8%
35	34	EVE Energy	China	Electrical Components	26,016	-26.2%
36	31	Hyundai Motor	South Korea	Automotive Manufacturing	25,683	-31.6%
37	40	SMIC	China	Semiconductor	24,436	-19.7%
38	29	SAIC Motor	China	Automotive Manufacturing	24,405	-35.6%
39	52	Delta Electronics	Taiwan	Electronic Components	24,217	-6.2%
40	37	Sungrow Power Supply	China	Electrical Components	24,069	-29.4%
41	38	Li Auto	China	Automotive Manufacturing	21,263	-35.6%
42		Jinko Solar	China	Semiconductor	21,236	-
43	50	Panasonic	Japan	Consumer Electronics	20,802	-22.9%
44	57	JA Solar Technology	China	Semiconductor	20,517	-12.0%
45	33	Techtronic Industries	China	Machinery	20,483	-43.9%
46	53	Trina Solar	China	Semiconductor	20,050	-21.9%
47	48	Kia	South Korea	Automotive Manufacturing	19,135	-31.7%
48	56	Kyocera	Japan	Electronic Components	18,885	-20.0%
49	96	Mahindra & Mahindra	India	Automotive Manufacturing	18,778	34.4%
50	41	BOE Technology	China	Electronic Components	18,681	-38.2%
51	55	Renesas	Japan	Semiconductor	17,692	-26.4%
52	61	Tianjin Zhonghuan Semiconductor	China	Semiconductor	17,642	-16.9%
53	46	NAURA Technology	China	Semiconductor	17,262	-39.9%
54	58	Tata Motors	India	Automotive Manufacturing	16,845	-27.2%
55	59	ZTE	China	Tech Products and Equipment	16,587	-27.9%
56	43	UMC	Taiwan	Semiconductor	16,562	-43.5%
57	18	NIO	China	Automotive Manufacturing	16,288	-70.3%
58	60	Unigroup Guoxin Microelectronics	China	Semiconductor	16,235	-24.4%
59	69	Suzuki Motor	Japan	Automotive Manufacturing	16,012	-15.3%
60	45	Lasertec	Japan	Semiconductor	15,650	-45.9%
61	84	Chongqing Changan Automobile	China	Automotive Manufacturing	15,550	-2.4%
62		Toshiba	Japan	Machinery	15,218	-14.4%
63	65	Hyundai Mobis	South Korea	Automotive Components and Equipment	15,048	-25.6%
64	83	Astra International	Indonesia	Automotive Manufacturing	14,881	-8.2%
65	71	Xinjiang Daqo New Energy	China	Semiconductor	14,773	-21.3%
66	49	Geely	China	Automotive Manufacturing	14,695	-46.3%
67	63	Guangzhou Automobile	China	Automotive Manufacturing	13,865	-32.1%
68	78	AVIC Jonhon Optronic Technology	China	Electronic Components	13,656	-21.5%
69		Hygon Information Technology	China	Semiconductor	13,518	-
70		Mitsubishi Heavy Industries	Japan	Machinery	13,478	72.8%
71	64	Nissan Motor	Japan	Automotive Manufacturing	13,470	-34.0%
72	81	ASE Technology Holding	Taiwan	Semiconductor	13,336	-21.3%
73	25	Will Semiconductor	China	Semiconductor	13,234	-69.1%
74	35	Sunny Optical	China	Electronic Components	13,054	-62.4%
75	88	TDK	Japan	Electronic Components	12,864	-15.2%
76	67	Hangzhou First Applied Material	China	Semiconductor	12,824	-34.4%
77		Bajaj Auto	India	Automotive Manufacturing	12,652	0.3%
78	85	Gongniu Group	China	Electrical Components	12,482	-21.1%
79	51	Sanan Optoelectronics	China	Semiconductor	12,410	-53.1%
80	70	Advantest	Japan	Semiconductor	12,398	-34.4%
81		Siemens India	India	Machinery	12,171	7.8%
82	93	Zhejiang Jingsheng Mechanical & Electrical	China	Semiconductor	12,058	-14.3%
83	82	Jiangsu Hengli Hydraulic	China	Machinery	11,949	-28.9%
84	99	Subaru	Japan	Automotive Manufacturing	11,904	-13.5%
85		Ningbo Deye Technology	China	Machinery	11,471	56.0%
86		TBEA	China	Electrical Components	11,270	-10.6%
87	68	LG Electronics	South Korea	Consumer Electronics	11,268	-40.6%
88	92	Zhejiang Sanhua Intelligent Controls	China	Machinery	11,045	-22.7%
89		Eicher Motors	India	Automotive Manufacturing	10,674	12.2%
90		Ninestar	China	Tech Products and Equipment	10,651	0.5%
91		Disco Corp	Japan	Semiconductor	10,403	-5.7%
92		Suzhou Maxwell Technologies	China	Electrical Components	10,391	-4.9%
93	90	Montage Technology	China	Semiconductor	10,291	-31.1%
94	62	Omron	Japan	Electronic Components	10,083	-50.9%
95		China Resources Microelectronics	China	Semiconductor	10,075	-24.9%
96	97	Lenovo Group	China	Tech Products and Equipment	9,965	-28.0%
97	72	Gigadevice Semiconductor Beijing	China	Semiconductor	9,908	-46.3%
98	89	Xinyi Solar	China	Semiconductor	9,852	-34.6%
99		Ginlong Technologies	China	Electrical Components	9,845	9.2%
100	91	Zhuzhou CRRC Times Electric	China	Electrical Components	9,591	-33.3%
2022 Rank	2021 Rank	Company	Country	Industry	Market Cap - End of 2022($M)	Market Cap Growth

Industry
Comparison

Despite the easing of COVID-19 measures by governments, the world in 2022 has witnessed a slow economy and rising inflation rarely seen in years, with different impacts across industries.

*The figure in parenthesis indicates the number of companies in the industry

Country
Comparison

Amid repeated supply chain disruptions, rising geopolitical tensions seem to have different impacts on suppliers based in different countries.

*The figure in parenthesis indicates the number of companies in the country

Methodology

Asia Supply Chain Market Cap 100 is the research of Asia-based (Hong Kong counts as China) listed companies in the electronic, information & communication technology, and automotive industries. The companies are ranked based on their respective year-end market cap.

Asia

Focusing on the companies engaged in manufacturing electronics, information & communication technology, automotive and its related products under the categories of Semiconductor, Electronic Components, Electrical Components, Machinery, Tech Products and Equipment, Consumer Electronics, Automotive Manufacturing, and Automotive Components.

Supply Chain

Focusing on the companies that supply electronic, information, and communication technology, and automotive products, under the categories of Semiconductor, Electronic Components, Electrical Component, Machinery, Tech Products and Equipment, Consumer Electronics, Automotive Manufacturing, and Automotive Components.

Companies

Surveyed companies include listed companies whose year-end market capital data, along with their financial information, are available on time.

Market Cap of Top 100

Each company's market cap data is calculated in USD rate at the end of each year to reflect the valuation of each company in the market at that time. Parents and subsidiaries are also ranked separately if both are publicly listed.

Insights

Market Cap 100: Top 10 most valuable companies by market capitalization

Market Cap 100: China 5-Year Plan beneficiaries see value surge in 2021

Market Cap 100: 2021 shows golden age of Asian semiconductor industry

Market Cap 100: Semiconductor and battery firms enjoy high PE ratio

Market Cap 100: China car, battery manufacturers dominate Asia market

Market Cap 100: Taiwan semiconductor companies remain irreplaceable in global tech sector

Rank

Market capitalization reflects the capital market's view of a company's prospect. For a whole industry, DIGITIMES believes it will also suggest the direction that the electronics and automotive industry is evolving.

2021 Rank	2020 Rank	Company	Country	Industry	Market Cap - End of 2021($M)	Market Cap Growth	P/E Ratio	P/S Ratio
1	1	TSMC	Taiwan	Semiconductor	576,251	17.8%	27.8	10.6
2	2	Samsung Electronics	South Korea	Tech Products and Equipment	392,805	-11.6%	15.2	1.8
3	3	Toyota Motor	Japan	Automotive Manufacturing	298,628	17.9%	9.4	0.9
4	6	CATL	China	Electrical Components	215,626	72.1%	136.3	14.8
5	5	Sony	Japan	Consumer Electronics	158,690	26.4%	19.8	1.9
6	4	Keyence	Japan	Tech Products and Equipment	152,821	11.9%	68.8	26.8
7	10	BYD	China	Automotive Manufacturing	114,025	46.3%	192.1	3.1
8	16	Tokyo Electron	Japan	Semiconductor	90,585	55.0%	31.1	6.2
9	8	Midea	China	Consumer Electronics	81,095	-23.4%	17.9	1.5
10	9	SK Hynix	South Korea	Semiconductor	80,142	1.2%	11.2	2.3
11	13	Hangzhou Hikvision Digital Technology	China	Tech Products and Equipment	76,847	10.7%	30.5	6.3
12	18	LONGi Green Energy Technology	China	Semiconductor	73,409	37.8%	47.3	6.0
13	12	Nidec	Japan	Electrical Components	70,084	-6.5%	56.2	4.5
14	25	MediaTek	Taiwan	Semiconductor	68,751	62.6%	19.5	4.1
15	21	Denso	Japan	Automotive Components and Equipment	65,273	39.5%	23.9	1.4
16	7	Xiaomi	China	Tech Products and Equipment	60,575	-43.8%	14.9	1.4
17	22	Great Wall Motor	China	Automotive Manufacturing	57,512	25.5%	25.9	1.5
18	11	NIO	China	Automotive Manufacturing	54,852	-28.5%	-	9.4
19	15	Luxshare Precision Industry	China	Electronic Components	54,559	-9.3%	47.9	3.0
20	14	Murata Manufacturing	Japan	Electronic Components	53,798	-11.8%	19.2	3.3
21	23	Foxconn	Taiwan	Tech Products and Equipment	52,098	14.8%	10.2	0.2
22	19	Honda Motor	Japan	Automotive Manufacturing	50,864	0.8%	6.3	0.4
23	27	SMC Corp	Japan	Machinery	45,442	10.7%	31.0	7.8
24	20	FANUC	Japan	Machinery	42,794	-13.7%	32.4	7.0
25	36	Will Semiconductor	China	Semiconductor	42,775	39.3%	59.7	11.1
26	30	Haier Smart Home	China	Consumer Electronics	42,068	11.8%	20.5	1.1
27	31	XPeng	China	Automotive Manufacturing	41,848	23.7%	-	33.6
28	38	FUJIFILM Holdings	Japan	Tech Products and Equipment	38,144	40.8%	16.2	1.4
29	24	SAIC Motor	China	Automotive Manufacturing	37,921	-13.3%	10.0	0.3
30	28	Samsung SDI	South Korea	Electrical Components	37,850	-4.6%	39.0	3.3
31	29	Hyundai Motor	South Korea	Automotive Manufacturing	37,527	-0.4%	10.0	0.4
32	26	Foxconn Industrial Internet	China	Tech Products and Equipment	37,254	-10.6%	12.0	0.5
33	39	Techtronic Industries	China	Machinery	36,513	39.7%	36.7	3.0
34	45	EVE Energy	China	Electrical Components	35,248	49.5%	76.4	15.6
35	44	Sunny Optical	China	Electronic Components	34,688	44.5%	37.8	5.6
36	17	Gree Electric Appliances	China	Consumer Electronics	34,457	-39.6%	9.0	1.2
37	70	Sungrow Power Supply	China	Electrical Components	34,069	111.1%	92.7	9.2
38	40	Li Auto	China	Automotive Manufacturing	33,000	27.5%	-	9.0
39	41	Canon	Japan	Tech Products and Equipment	32,477	27.2%	14.0	0.8
40	32	SMIC	China	Semiconductor	30,436	-9.4%	15.6	3.9
41	35	BOE Technology	China	Electronic Components	30,221	-4.1%	4.6	0.5
42	34	Maruti Suzuki India	India	Automotive Manufacturing	30,114	-4.8%	51.1	3.4
43	54	UMC	Taiwan	Semiconductor	29,320	40.6%	15.6	4.0
44	62	GoerTek	China	Tech Products and Equipment	29,078	56.7%	43.2	2.4
45	105	Lasertec	Japan	Semiconductor	28,926	161.7%	180.3	48.1
46	82	NAURA Technology	China	Semiconductor	28,699	108.8%	196.8	20.3
47	42	Shenzhen Inovance Technology	China	Machinery	28,439	15.7%	57.2	10.6
48	46	Kia	South Korea	Automotive Manufacturing	28,001	20.5%	7.4	0.5
49	33	Geely	China	Automotive Manufacturing	27,367	-18.4%	31.5	1.7
50	37	Panasonic	Japan	Consumer Electronics	26,985	-4.6%	11.0	0.4
51	63	Sanan Optoelectronics	China	Semiconductor	26,470	42.8%	125.1	13.9
52	43	Delta Electronics	Taiwan	Electronic Components	25,812	6.2%	25.6	2.3
53	158	Trina Solar	China	Semiconductor	25,671	250.0%	105.2	4.0
54	60	Wintech Technology	China	Tech Products and Equipment	25,328	34.1%	72.7	3.1
55	66	Renesas	Japan	Semiconductor	24,029	33.0%	31.5	2.9
56	47	Kyocera	Japan	Electronic Components	23,593	2.0%	20.2	1.5
57	120	JA Solar Technology	China	Semiconductor	23,322	134.3%	96.5	4.2
58	139	Tata Motors	India	Automotive Manufacturing	23,136	178.9%	-	0.7
59	53	ZTE	China	Tech Products and Equipment	23,014	5.6%	12.4	0.7
60	92	Unigroup Guoxin Microelectronics	China	Semiconductor	21,481	72.7%	86.5	28.8
61	96	Tianjin Zhonghuan Semiconductor	China	Semiconductor	21,228	79.2%	42.1	3.6
62	64	Omron	Japan	Electronic Components	20,547	11.9%	40.8	3.2
63	65	Guangzhou Automobile	China	Automotive Manufacturing	20,405	12.2%	10.3	0.9
64	49	Nissan Motor	Japan	Automotive Manufacturing	20,394	-10.9%	43.6	0.2
65	52	Hyundai Mobis	South Korea	Automotive Components and Equipment	20,226	-9.3%	10.0	0.6
66	61	Shenzhen Transsion Holdings Co Ltd	China	Tech Products and Equipment	19,790	6.1%	34.8	2.6
67	117	Hangzhou First Applied Material	China	Semiconductor	19,535	94.0%	59.7	10.2
68	56	LG Electronics	South Korea	Consumer Electronics	18,978	-6.5%	10.3	0.3
69	50	Suzuki Motor	Japan	Automotive Manufacturing	18,910	-16.8%	11.2	0.6
70	77	Advantest	Japan	Semiconductor	18,908	26.6%	26.6	6.0
71		Xinjiang Daqo New Energy	China	Semiconductor	18,765	-	89.8	20.1
72	79	Gigadevice Semiconductor Beijing	China	Semiconductor	18,465	29.4%	62.9	15.3
73	99	Wuxi Lead Intelligent Equipment Co Ltd	China	Machinery	18,297	56.7%	96.8	14.2
74	89	Zhejiang Chint Electrics Co Ltd	China	Electrical Components	18,228	41.3%	18.8	3.0
75	68	Fuyao Glass Industry Group Co Ltd	China	Automotive Components and Equipment	17,991	2.7%	24.3	3.5
76	55	Lens Technology Co Ltd	China	Electronic Components	17,981	-12.5%	22.0	2.4
77	104	Flat Glass Group Co Ltd	China	Semiconductor	17,754	60.1%	26.5	7.9
78	86	AVIC Jonhon Optronic Technology	China	Electronic Components	17,402	31.8%	55.7	8.7
79	72	Maxscend Microelectronics Co Ltd	China	Electronic Components	17,150	9.0%	53.2	23.3
80	146	Silergy Corp	China	Semiconductor	17,041	114.7%	86.0	24.0
81	91	ASE Technology Holding	Taiwan	Semiconductor	16,946	35.0%	10.6	0.8
82	51	Jiangsu Hengli Hydraulic	China	Machinery	16,799	-25.7%	38.6	11.0
83	69	Astra International	Indonesia	Automotive Manufacturing	16,206	-7.5%	13.5	1.1
84	71	Chongqing Changan Automobile	China	Automotive Manufacturing	15,928	0.3%	9.5	0.2
85	59	Gongniu Group	China	Electrical Components	15,824	-16.2%	34.4	8.4
86	67	Avary Holding Shenzhen Co Ltd	China	Electronic Components	15,497	-11.9%	31.3	2.9
87	57	Delta Electronics Thailand	Thailand	Electronic Components	15,476	-23.4%	82.9	6.5
88	58	TDK	Japan	Electronic Components	15,175	-22.2%	16.2	1.0
89	48	Xinyi Solar	China	Semiconductor	15,073	-34.5%	18.2	7.2
90	78	Montage Technology	China	Semiconductor	14,928	4.1%	128.1	48.7
91	413	Zhuzhou CRRC Times Electric	China	Electrical Components	14,379	502.7%	19.9	3.0
92	84	Zhejiang Sanhua Intelligent Controls	China	Machinery	14,295	5.4%	54.2	5.9
93	197	Zhejiang Jingsheng Mechanical & Electrical	China	Semiconductor	14,067	137.4%	61.7	16.8
94	81	Huayu Automotive Systems	China	Automotive Components and Equipment	14,037	0.8%	12.7	0.6
95	106	Globalwafers	Taiwan	Semiconductor	14,030	27.3%	29.3	6.5
96	93	Mahindra & Mahindra	India	Automotive Manufacturing	13,970	13.9%	27.7	1.5
97	102	Lenovo Group	China	Tech Products and Equipment	13,837	21.7%	8.2	0.2
98	76	TCL Technology	China	Consumer Electronics	13,774	-9.5%	7.5	0.6
99	74	Subaru	Japan	Automotive Manufacturing	13,755	-10.4%	16.2	0.5
100	150	Ecovacs Robotics Co Ltd	China	Consumer Electronics	13,585	77.6%	49.5	7.5
2021 Rank	2020 Rank	Company	Country	Industry	Market Cap - End of 2021($M)	Market Cap Growth	P/E Ratio	P/S Ratio

Industry
Comparison

Resilient supply chain has become a priority for governments as chip crunch and the subsequent production disruption has taken a toll economically and politically, which is why DIGITIMES ASC 100 market capitalization ranking tries to give a snapshot and keep track of the trend.

*The figure in parenthesis indicates the number of companies in the industry

Country
Comparison

Taking a look at waves of challenges the COVID-19 pandemic has imposed on Asian countries over the past years, we found that how well individual countries do to secure production amid the pandemic affect the market confidence on their ICT and automotive manufacturers, which was often reflected on company share prices.

*The figure in parenthesis indicates the number of companies in the country

Methodology

Asia

The surveyed companies belong to major Asian economies, including China, Japan, South Korea, and Taiwan in East Asia; Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam in Southeast Asia; and India in South Asia.

Supply Chain

Companies

Companies with publicly issued and listed stocks that disclose financial information on time in accordance with laws and regulations.

Market Cap

Market Cap in the survey defines companies' year end market cap. Parent companies and subsidiaries are ranked separately if both are listed companies.

Top 100

The survey selects and ranks the top 100 companies in terms of market cap, naming them the "Asia Supply Chain 100 Market Cap."

P/E Ratio

The P/E Ratio in the table of Rank is defined as following:
P/E Ratio: stock price / EPS (trailing 4 quarters, 2 semi-years or a full year)

P/S Ratio

The P/S Ratio in the table of Rank is defined as following:
P/S Ratio: market cap / Sales (trailing 4 quarters, 2 semi-years or a full year)

Finding opportunities in transitional periods

Businesses face challenges of slowing economy as the pandemic eases.

Technology equipment suppliers experience greater decline in market capitalization than the automotive ones.

Most top 20 market cap companies remain unchanged, reflecting leading market positions.