Asia stocks hurt as profit forecasts at 12-year low versus world; Philippines expected to be among worst hit

MANILA, Oct 24 (Bloomberg): Analyst estimates for Asia’s corporate profits have fallen to more than a decade low relative to global peers, and further downgrades are on the horizon as China’s economic growth slows and global supply constraints remain.

After soaring past pre-pandemic levels on vaccine and reopening optimism, the 12-month forward earnings-per-share forecasts for MSCI Asia Pacific Index members began to drop in mid-September, led by cuts in Australia, South Korea and some South-East Asian countries such as Malaysia, according to data compiled by Bloomberg.