Plunging bourses in key countries forced us to change the criteria for membership in the club. Companies are ranked according to an average of their actual and projected EPS growth for three fiscal years. In bear markets, particularly, investors may want to consider stocks that pay greater dividends in order to ensure positive returns regardless of share price performance. And be aware of unusual situations that may skew the figures. For example, APT Satellite Holdings, a China-backed satellite operator based in Hong Kong, debuted at number 17.
Japanese companies remain dominant in the rankings.
Taiwan's Ruentex Industries was number four on the list, owing largely to a banner year in stock investments rather than to growth in its core textile business. Analysts expect a repeat performance in 1998. The Hong Kong property developer got a boost from residential sales in the first half of 1997. Concord planned on using proceeds from the project to finance a Shanghai housing development, expected to contribute heavily to future earnings. Depressed spending by consumers will certainly start showing up in the numbers next year.