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Virus hits Asian energy, exporters hardest, as analysts cut outlook
oleh Elisabeth Roldan (2020-06-08)
The reductions take the total cut in earnings estimates to 14.8% so far this year.
The companies most affected are those reliant on exports and on energy, following a collapse in oil prices and in fuel demand because of lockdown restrictions and border closures.
In the last month, companies dependent on the energy sector faced a 17.8% cut in 2020 forecasts.
Companies in export-reliant economies, South Korea and Thailand, were also hit hard as their profit forecasts were reduced by about 9% and 8.3% respectively.
Both economies shrank in the last quarter, with South Korea recording its biggest contraction since 2008 as self-isolation measures reduced consumption and global trade slumped.
The profit forecast downgrades followed poor first-quarter earnings results for 슬롯사이트 many Asian companies, which reported a 19% year-on-year fall in bottom line, Refinitiv data found.
The consumer discretionary sector, which includes companies selling non-essential durable items such as televisions and automobiles, also faced big downgrades, the data showed.
(Reporting by Gaurav Dogra and Patturaja Murugbaoopathy in Bengaluru; editing by Barbara Lewis)