AT first glance, the announcement that certain companies have been rewarded with trophies for the quality of their annual reports might seem somewhat peripheral to the primary business of getting out and making profits. But with the growing internationalisation of the shareholding base in Hongkong's listed companies, and the obsessive demands of North American fund managers for detailed analysis of potential investment targets, there is a clear incentive for directors to tell the world more about their operations. This need not be at the expense of commercial secrecy; presentation of information can be as important as content. One need only take a look at the rewards that the Wharf group has reaped as a result of its publicity blitz in recent years to appreciate what can be done. While the group has used a number of strategies, it chose to launch its original ''Hongkong Plus'' campaign through the pages of its own annual report two years ago. All the usual company information was there, but it was wrapped up in a beautifully produced magazine-style document which was designed to broadcast the potential of the Hongkong-Guangdong partnership as much as that of the group itself. While generating interest in the region, especially to a first-time audience of overseas investors, the company naturally came under the spotlight too. The result was reflected in a survey of brokerage research directors who were asked to name their favourite companies in a poll published in this newspaper last year. Wharf moved up from 19th place in 1991 to fourth, largely as a result of the high marks it gained in three sectors - regard for minority investors, quality as a long-term investment and quality of information flow. It is some measure of the overall improvement in company reports in recent years that Wharf's most recent effort merited only an ''honourable mention'' in the latest list of winners announced by the Hongkong Management Association last night. In that ranking, it was joined by four other listed entities - C.P. Pokphand, East Asiatic Co, Joyce Boutique and Sun Hung Kai Properties. Bronze awards went to Hongkong and Shanghai Hotels and Gold Peak Industries, while the runner-up silver awards went to Hongkong Telecommunications and First Pacific Bancshares. The top awards for listed companies were given to First Pacific and China Light and Power, although the overall prize for the best award by any organisation was taken, for the third year in a row, by the Mass Transit Railway Corp. Pity the poor judges who had to wade through 96 annual reports. While the general standard and presentation continue to improve, they point out that some listed companies scored badly on the ''conforming with accounting standards'' and ''analysis of assets/liabilities'' categories. There will always be a few companies that will refuse to change their ways unless ordered to do so. But it is to be hoped that more will realise the benefits of a well-presented report to a company's image and ultimately its worth.