Analysts trim Asian firms’ 2019 profit outlook on trade woes

Monday, 17 June 2019 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Analysts are downgrading their full-year profit forecasts for Asian companies, Refinitiv data showed, as fears mounted over the impact of a festering Sino-US trade war on regional firms.

In the last 30 days, analysts slashed their outlook for Asian companies’ earnings by about 2%, the data showed.

The downgrades were mainly for South Korean firms, followed by companies in Malaysia and New Zealand. It came after most Asian firms posted a dismal performance in the first quarter of 2019.

At least 55% of Asian companies have missed their net profit forecasts in the first quarter, Refinitiv data showed. South Korea and Malaysian firms were the worst performers with over 60% earnings miss, according to the data.