SAN Miguel Brewery was deemed Asia's most-admired company, according to a survey of readers by Asian Business magazine. San Miguel topped the rankings for the second consecutive year, edging out Singapore Airlines and Samsung. San Miguel was cited for aggressive expansion plans into Indonesia, China and Nepal to deal with stagnant growth in the Philippines. Chairman and chief executive Andres Soriano said the company had to take on a global mindset to increase shareholder value. Among the Hong Kong firms to rank in the top 100 were Hongkong Bank (12), Hongkong Telecom (26), China Light and Power Co (32), Sun Hung Kai Properties (36), Cheung Kong (Holdings) (37), Swire Pacific (42), Mandarin Oriental International (48), Hutchison Whampoa (57), Cathay Pacific Airways (60), Wheelock Marden (71) and Hongkong and China Gas Co (72). Asia Business publisher Jack Maisano said most of last year's leading performers held positions but for many others it was their aggressive investment activities that boosted them in the rankings. ''The dominant themes in this year's survey are aggressive expansion into new markets, new products and new services,'' he said. Wheelock captured the attention of the magazine's readers for its much-hyped move into cable television and ambitious plans to take on Hongkong Telecom for telephone services. Wheelock executive director Edward Cheng said he hoped the pace of asset growth would double between 1993 and 1995 - a possible goal given the company's average earnings growth of 27 per cent over the past 25 years. Cathay's ranking was hurt by low scores in employee relations after the bitter strike by cabin crew early last year damaged its image. The survey found that Cathay's reputation for product quality suffered, falling from sixth place to 38th. The company, however, did manage to maintain its ranking as the second-most admired airline. The survey judged 250 firms according to a number of criteria. It asked readers to score each company initially in terms of its overall admirability and then in terms of quality of products and services, quality of management, contribution to the economy, record as an employer, potential for growth, and reputation for ethics and honesty.