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Analysts cut Asian firms' 2019 profit outlook on trade worries

Published 10/04/2019, 06:23 PM
Updated 10/04/2019, 06:30 PM
Analysts cut Asian firms' 2019 profit outlook on trade worries
NSEI
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Oct 4 (Reuters) - Analysts have cut their earnings forecasts
for Asian firms over the past month due to concerns over
U.S-China trade tariffs and slowing global economic growth,
Refinitiv data shows.
Over the past 30 days, analysts have cut 2019 net income
forecasts for Asian firms by an average of 0.4%, the data shows.
Japan has led the earnings downgrades in the region, with a
1.4% cut, followed by Australia and Vietnam.
"We have downgraded Japanese equities to underweight. We
believe they are particularly vulnerable to a Chinese slowdown
with a Bank of Japan that is still accommodative but
policy-constrained," said BlackRock in a note this week.
"Other challenges include slowing global growth and an
upcoming consumption tax increase."
On the other hand, analysts have raised this year's earnings
estimates for Taiwanese and Indian firm over the past month.
The move by a growing number of Taiwanese firms to bring
production lines back home from China is seen boosting their
exports and corporate earnings. Taiwan raised its 2019 economic
growth forecast to 2.46% from 2.19% in August. India's equities benchmark .NSEI rose 4.1% last month,
buoyed by a corporate tax cut to boost manufacturing and revive
its weakening economy. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Change in Asian Companies' profit estimates https://tmsnrt.rs/2OlDTF4
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