Apresentando os desafiantes globais de 2013 BCG

Os desafiantes globais de 2013 BCG são 100 empresas de economias em desenvolvimento em rápido desenvolvimento (RDEs) que estão crescendo e globalizando rapidamente. Esta é a quinta vez desde 2006 que o BCG compilou uma lista de desafiantes globais, e esse grupo é o mais diversificado até agora, com uma amplitude geográfica e industrial mais ampla do que nunca. (Veja a Figura 1.) Eles estão trabalhando duro se transformando -se em campeões globais. (Para detalhes sobre os critérios de seleção, consulte “Metodologia para selecionar o BCG 2013 Global Challengers.”)

The Challengers by Country

The 2013 BCG global challengers are from 17 countries, 7 more than in 2006. (See Exhibit 2.) As in previous years, China and India boast the highest numbers, with 30 and 20 global challengers, respectively.

Brazil is next with 13, followed by Mexico, with 7, and Russia, with 6. South Africa increased its number of challengers from three in 2011 to five in 2013. Malaysia, with two, and Turkey, with three, increased their number of BCG global challengers by one each. The BRIC nations (Brazil, Russia, India, China), once home to 84 challengers, are now down to 69. Many markets beyond the BRICs are now producing global challengers as well.

Os desafiantes pelo setor da indústria

A extensão das indústrias representadas na lista de desafiantes globais de BCG de 2013 está aumentando. A nova lista inclui representantes dos Serviços Financeiros (Citic Group e China UnionPay), equipamentos de saúde (Mindray) e indústrias de comércio eletrônico (grupo Alibaba). Ainda sub -representado em comparação com o índice S&P 500. (Consulte Anexo 3.)

But the list is still heavy on industrial-goods companies (38) and resource and commodity companies (20), which account for twice the share of the challengers list than these industries occupy on the S&P 500. The services sector, with 24 entries, is still underrepresented compared with the S&P 500 index. (See Exhibit 3.)

Value Creation: A Tale of Two Eras

Global challengers have generated long-term value for their shareholders. Over the past 12 years, they have outperformed the S&P 500, the MSCI Emerging Markets Index, and their global peers (multinationals from the same industry and based in a mature market). Their average annual TSR of 17.3 percent is nearly 3 times greater than that of the MSCI Emerging Markets Index. The average annual TSR of the S&P 500 and global peers, by comparison, is negligible. (See Exhibit 4.)

The picture changes dramatically when the time frame is compressed to the past year (from late October 2011 to November 2012). During that time, the S&P 500 and global peers both outperformed the global challengers by wide margins, while the challengers barely beat the MSCI Emerging Markets Index. (See Exhibit 5.)

This recent weakness has at least two explanations. First, the global challengers bounced back earlier from the global financial crisis, while the recovery of companies based in mature markets has been much more recent. Second, declining stock prices of several large challengers in the commodities sector have pulled down the average, masking the relatively strong performance of smaller players.

New BCG Challengers

Among the most interesting challengers are the 26 newcomers to the 2013 list. They are grouped by the features that help describe their entry to the list of global challengers.

Caring for and Feeding a Growing Middle Class

Aspen Pharmacare (South Africa) is the largest generic-drug manufacturer in the Southern Hemisphere and has 18 manufacturing facilities located throughout the world. Its products reach more than 150 countries. In 2011, almost half of its $1.8 billion revenues were generated outside of South Africa. Aspen acquired 25 brands in Australia from GlaxoSmithKline for $268 million in 2012. Aspen has been one of the best-performing South African stocks with a three-year average annual TSR above 100 percent.

Golden Agri-Resources (Indonesia) is one of the world’s largest producers of palm oil. In 2011, 89 percent of its $6.0 billion revenues originated overseas. Over the past three years, Golden Agri-Resources has delivered average annual TSR of 14 percent, outperforming other market players.

Godrej Consumer Products (India) is a consumer goods company with leading home-care, personal-wash, and hair-care products. Its 2011 revenues reached $1 billion. Godrej has focused its acquisitions on emerging markets. Recent acquisitions include Megasari Makmur Group in Indonesia, Darling Group in Senegal, and Issue Group and Argencos in Argentina.

Grupo Empresarial Antioqueño (GEA) (Colombia) is a conglomerate with total 2011 revenues of $10.2 billion. Grupo Nutresa, Inversiones Argos, and Grupo de Inversiones Suramericana constitute the core of the conglomerate, in which members have ownership stakes in one another but do not have a central headquarters. GEA is expanding beyond its Latin America base, and its products are sold in more than 75 countries.

Mindray (China) is China’s largest medical-equipment manufacturer. It had 2011 revenues of $900 million, more than half of which were generated overseas. Mindray’s business model is built around low cost and innovation, allowing it to win market share from larger competitors.

Sun Pharmaceutical Industries (India) is a global pharmaceutical company with a strong presence in the U.S. generic markets. Its 2011 revenues reached $1.7 billion, 62 percent of which were generated overseas. It has achieved an average annual TSR over 100 percent for the past three years and has the largest market capitalization in the Indian pharmaceutical sector.

Fazendo conexões financeiras, comerciais e digitais

Grupo Alibaba (China) é a maior empresa de comércio eletrônico da China, com receitas de US $ 2,8 bilhões em 2011. Alibaba.com é a maior plataforma de negociação de negócios para negócios on-line do mundo para pequenas empresas, enquanto o Taobao Marketplace do Alibaba e o TMall.com estão liderando sites de consumidor para consumidor e consumidor da China, respectivamente. Relatou receitas de 2011 de US $ 900 milhões. Os cartões da China UnionPay são aceitos em 125 países e são responsáveis ​​por mais de 80 % do volume de transações transfronteiriço de cartões de crédito chineses. O citic é ativo em fusões e aquisições. Sua subsidiária, Citic Securities, comprou a CLSA, uma empresa de pesquisa e consultoria de investimentos, em 2012 por US $ 1,25 bilhão. A aquisição fortalece a capacidade analítica da empresa fora da China. O Citic também possui parcerias estratégicas com líderes globais como Itochu e Deutsche Bank. Possui 183 milhões de assinantes e licenças em 21 países da África e do Oriente Médio. Cerca de 60 % de suas receitas se originaram fora da África do Sul. (Rússia). Em 2011, 40 % de suas receitas de US $ 20,3 bilhões foram geradas na Rússia, embora a empresa esteja sediada em Amsterdã. A Vimpelcom também concluiu várias aquisições grandes, incluindo a compra de US $ 6 bilhões da Wind Telecom da Itália e uma participação majoritária na Holding de Telecom Orascom do Egito. Nos últimos dois anos, a Petrochina esteve na trilha de aquisição, gastando US $ 3 bilhões com a Royal Dutch Shell para comprar energia de seta em conjunto e US $ 1 bilhão para comprar ativos do Ineos Group. A Sinopec conduziu várias transações e investimentos no exterior em 2011 e 2012, incluindo a compra de US $ 2,1 bilhões em energia do dia, a compra de US $ 1,5 bilhão de uma participação de 49 % em talismã, ambos do Canadá e a aquisição de uma estaca de um terço de 3,36 anos. O segundo maior fabricante de turbinas eólicas do mundo em 2011, produzindo 9 % das turbinas em todo o mundo. Em 2011, a Goldwind gastou US $ 56 milhões em P&D, ou quase 3 % de seus US $ 2 bilhões em receita. O Goldwind está presente na América do Norte e do Sul, Austrália, Europa, África e Sudeste Asiático. A integração vertical da Trina Solar ajuda a melhorar sua eficiência e reduzir os ciclos de desenvolvimento de produtos. Mais de 80 % de suas vendas são geradas no exterior. A Iochpe-Maxion concluiu duas principais aquisições no exterior em 2012: as compras da Grupo Galaz por US $ 195 milhões e de Hayes Lemmerz por US $ 725 milhões. em outro continente. O Challenger é uma joint venture entre o Grupo Samvardhana Motherson da Índia e os sistemas de fiação Sumitomo do Japão. Ao contrário de outras empresas indianas, a Motherson Sumi não diminuiu seu ritmo de aquisições. Em 2011, a Motherson Sumi adquiriu 80 % da Peguform, o segundo maior fornecedor de painéis de portas de veículos na Alemanha.

China UnionPay (China) is the world’s second-largest credit-card network by transaction volume. It reported 2011 revenues of $900 million. China UnionPay cards are accepted in 125 countries and are responsible for more than 80 percent of the cross-border transaction volume of Chinese credit cards.

Citic Group (China) is a conglomerate with 2011 revenues of $49.3 billion. Citic is active in M&A. Its subsidiary, Citic Securities, bought CLSA, an investment research and advisory firm, in 2012 for $1.25 billion. The acquisition strengthens the company’s analytical capability outside China. Citic also has strategic partnerships with global leaders such as Itochu and Deutsche Bank.

MTN Group (South Africa) is Africa’s largest mobile operator. It has 183 million subscribers and licenses in 21 countries across Africa and the Middle East. About 60 percent of its revenues originated outside South Africa.

Naspers (South Africa) is the largest media company in the developing world, with revenues of $5.3 billion in fiscal 2012. The company’s portfolio includes a 34 percent share of Tencent (China) and a 29 percent share of Mail.ru (Russia).

VimpelCom (Russia) is the world’s sixth-largest mobile operator, as measured by the number of subscribers. In 2011, 40 percent of its $20.3 billion revenues were generated in Russia, although the company is headquartered in Amsterdam. VimpelCom has also completed several large acquisitions, including the $6 billion purchase of Italy’s Wind Telecom and a majority stake in Egypt’s Orascom Telecom Holding.

Powering Future Growth

PetroChina (China) is the world’s largest publicly traded oil producer, with 2011 revenues of $313.3 billion. In the past two years, PetroChina has been on the acquisition trail, spending $3 billion with Royal Dutch Shell to buy Arrow Energy jointly and $1 billion to buy assets from Ineos Group.

Sinopec (China) is the largest producer and distributor of chemical products in China, with 2011 revenues of $397.4 billion. Sinopec conducted several major overseas transactions and investments in 2011 and 2012, including the $2.1 billion purchase of Daylight Energy, the $1.5 billion purchase of a 49 percent stake in Talisman, both of Canada, and the acquisition of a one-third stake in five shale-oil and gas basins for $2.2 billion from U.S.-based Devon Energy.

Goldwind (China) was the world’s second-largest wind-turbine manufacturer in 2011, producing 9 percent of the turbines worldwide. In 2011, Goldwind spent $56 million on R&D, or nearly 3 percent of its $2 billion in revenues. Goldwind has a presence in North and South America, Australia, Europe, Africa, and Southeast Asia.

Trina Solar (China) is the world’s fourth-largest solar panel manufacturer, with 2011 revenues of $2 billion. Trina Solar’s vertical integration helps to improve its efficiency and shorten product-development cycles. More than 80 percent of its sales are generated overseas.

Building and Driving the World

Iochpe-Maxion (Brazil) is the largest Brazilian manufacturer of wheels and chassis, with $1.6 billion in 2011 revenues. Iochpe-Maxion completed two major overseas acquisitions in 2012: the purchases of Grupo Galaz for $195 million and of Hayes Lemmerz for $725 million.

Motherson Sumi Systems (India) is one of the leading manufacturers of auto mirrors and other components, with 2011 revenues of $3.1 billion, 70 percent of which originate overseas. The challenger is a joint venture between Samvardhana Motherson Group of India and Sumitomo Wiring Systems of Japan. Unlike other Indian companies, Motherson Sumi has not slowed its pace of acquisitions. In 2011, Motherson Sumi acquired 80 percent of Peguform, the second largest supplier of vehicle door panels in Germany.

Sany Group (China) is the largest construction-equipment group in China and the
Sexto maior globalmente, com receitas de US $ 12,6 bilhões em 2011. Em 2012, a Sany adquiriu a fabricante de equipamentos alemães Putzmeister por US $ 474 milhões. Em 2012, a Sinoma fez parceria com o cimento Dangote da Nigéria para concluir a maior fábrica de cimento na África Subsaariana. O sucesso do Tigre é parcialmente baseado na criação de novos produtos-500 são lançados por ano-para condições do mercado local. A AVIC está investindo fortemente para se tornar um concorrente líder no mercado de aeronaves comerciais. A China está atualmente avaliando um plano de US $ 16 bilhões da AVIC para financiar a pesquisa de motores a jato. Ele relatou receitas de mais de US $ 1,4 bilhão em 2011 e o menor custo de banco por quilômetro por quilômetro, por quilômetro, viajou no mundo. As ordens recentes da AirAsia para 375 aviões da Airbus permitirão aproveitar a crescente demanda por viagens aéreas. A companhia aérea, que iniciou operações em 2003, levou 8,3 milhões de passageiros para 86 destinos em 55 países e gerou US $ 4,1 bilhões em receita em 2011. Possui mais de 90 aeronaves em ordem, incluindo 10 Airbus A380s, a maior aeronave de passageiros do mundo. A Etihad Airways possui investimentos em ações em Airberlin, Air Seychelles, Virgin Australia e Aer Lingus. Em 2011 e 2012, a Qatar Airways foi reconhecida como a melhor companhia aérea do mundo no Skytrax World Airline Awards. Ele também tem o objetivo de se tornar a maior companhia aérea do mundo até 2023. Em 2011, 84 % de suas receitas de US $ 7 bilhões se originaram no exterior. Em 2011, a primeira vez que o BCG designou graduados, houve cinco. A Emirates Airline relatou 24 anos lucrativos consecutivos e construiu uma forte marca global. Suas ordens para o Airbus A380 Superjumbo Airliner excedem três vezes o de qualquer outra transportadora. Possui extensas operações da Arábia Saudita. Em sua busca para se tornar um negócio global de energia integrada, ele se aventura em todo o mundo, incluindo EUA, China, Japão, Coréia do Sul e Arábia Saudita. Sua vantagem de custo sobre os concorrentes dos mercados maduros está corroendo. Em resposta, eles têm construído novas capacidades-como fabricar produtos de alta qualidade, aproveitar seus recursos de caixa e investir em P&D.

Sinoma International Engineering (China) is the world’s largest provider for cement technology, equipment, and engineering services, with $4 billion in 2011 revenues. In 2012, Sinoma partnered with Dangote Cement of Nigeria to complete the biggest cement factory in sub-Saharan Africa.

Tigre (Brazil) is the world’s third-largest maker of PVC pipes, fittings, and accessories, with 2011 revenues of $1.6 billion. Tigre’s success is partly based on designing new products—500 are launched a year—to local market conditions.

Flying the Skies

Aviation Industry Corporation of China (AVIC) (China) is a state-owned aerospace and defense company, with 2011 revenues of $40.5 billion. AVIC is investing heavily to become a leading competitor in the commercial aircraft market. China is currently evaluating a $16 billion plan from AVIC to fund jet-engine research.

AirAsia (Malaysia) is Asia’s largest low-fare, no-frills airline and a pioneer of low-cost travel. It reported 2011 revenues of more than $1.4 billion and the lowest per-available-seat cost per kilometer traveled in the world. AirAsia’s recent orders for 375 planes from Airbus will allow it to take advantage of the rising demand for air travel.

Etihad Airways (United Arab Emirates) is the national airline of the United Arab Emirates. The airline, which began operations in 2003, carried 8.3 million passengers to 86 destinations in 55 countries and generated $4.1 billion in revenues in 2011. It has more than 90 aircraft on order, including 10 Airbus A380s, the world’s largest passenger aircraft. Etihad Airways holds equity investments in airberlin, Air Seychelles, Virgin Australia, and Aer Lingus.

Qatar Airways (Qatar) is the state-owned flag carrier of Qatar with more than 120 destinations throughout the world. In 2011 and 2012, Qatar Airways was recognized as the world’s best airline at the Skytrax World Airline Awards.

Turkish Airlines (Turkey) flies to more countries—91—from a single hub than any other carrier. It also has the goal to become the world’s largest airline by 2023. In 2011, 84 percent of its $7 billion revenues originated overseas.

Signs of Success: The Graduates

Two former global challengers graduated from the list, meaning that they have achieved sustainable leadership positions in their global markets. In 2011, the first time BCG designated graduates, there were five.

Emirates (United Arab Emirates) includes both Emirates airline (listed as a 2011 BCG global challenger) and a range of other portfolio companies, including dnata, a growing airport-services operator. Emirates airline, has reported 24 consecutive profitable years and has built a strong global brand. Its orders for the Airbus A380 superjumbo airliner exceed by three times that of any other carrier.

Saudi Aramco (Saudi Arabia) is the largest gas and oil company in the world. It has extensive Saudi Arabian operations. In its quest to become a global integrated energy business, it has ventures all across the world, including the U.S., China, Japan, South Korea, and Saudi Arabia.

The Capabilities Beyond Cost Advantage

The 2013 BCG global challengers are at a turning point in their individual histories—and in the history of the economic development of RDEs. Their cost advantage over competitors from mature markets is eroding. In response, they have been building new capabilities—such as manufacturing higher-quality products, harnessing their cash resources, and investing in R&D.

produtos de alta qualidade. As companhias aéreas do Oriente Médio, por exemplo, operam estruturas de baixo custo, ganhando prêmios globais por serviços e qualidade excepcionais. O Quad ASCEND D1 de baixo custo da Huawei Technologies está entre os smartphones mais rápidos do mundo. Many challengers are still low-cost companies, but this label is more likely to describe their business models than their product offerings. The Middle Eastern airlines, for example, operate low-cost structures while winning global awards for exceptional service and quality. The low-cost Ascend D1 quad from Huawei Technologies is among the fastest smartphones in the world.

Disponibilidade de capital. Eles permanecem bem financiados e possuem os recursos e a escala para fazer investimentos estratégicos significativos. Challengers took advantage of low equity prices from 2008 to 2010 by completing hundreds of cross-border acquisitions that provided access to international assets and management. They remain well financed and possess the resources and scale to make significant strategic investments.

Inovação. Cerca de 46 % dos 150.000 funcionários da Huawei estão em P&D. A Mindray gera mais patentes dos EUA por dólar da receita do que muitos líderes globais. Muitas outras empresas nos mercados emergentes estão fazendo movimentos semelhantes. Em 2011, empresas da China receberam mais patentes dos EUA do que empresas em Israel, Austrália, Itália, Holanda, Suécia e Suíça. A Índia também ficou entre os 15 primeiros pela primeira vez. (Consulte o Anexo 6.) Global challengers increasingly see the need to become more innovative and are rapidly increasing their research spending. About 46 percent of Huawei’s 150,000 employees are in R&D. Mindray generates more U.S. patents per revenue dollar than many global leaders. Many other companies in emerging markets are making similar moves. In 2011, companies from China were granted more U.S. patents than companies in Israel, Australia, Italy, Netherlands, Sweden, and Switzerland. India also ranked in the top 15 for the first time. (See Exhibit 6.)

Muitas das inovações têm como objetivo criar novos modelos de negócios em vez de produtos tangíveis. Por exemplo, a Li & Fung Limited, membro do grupo de fung de Hong Kong, foi pioneira em um papel inovador que atue como intermediário entre designers em mercados desenvolvidos e fabricantes chineses. (Consulte “Inovação liderada pelo desafiante.”)