(Reuters) - Analysts in April hiked 12-month earnings estimates for Asian companies by the largest amount in five months, data showed, as manufacturing activity and demand for the region’s exports rose.
FILE PHOTO: A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016.REUTERS/Kim Hong-JiAnalysts lifted forward 12-month earnings by 3.2% in April, the highest since December, according to Refinitiv data.
“Stronger consumption and investment demand in the developed economies have boosted commodity prices and the revenues of the North Asian exporters,” Raychaudhuri said.
Taiwan and South Korea saw earnings upgrades of 8.6% and 6.9% respectively in the past month, while Australia and China saw upgrades of 4.3% and 1.4%.
MSCI’s Asia-Pacific index gained 1.4% in April, but the forward 12-month price to earnings ratio dropped to a six-month low of 16.51 at the end of April, reflecting the rise in earnings estimates.
Kim Hong, Manishi Raychaudhuri, ” Raychaudhuri, ”, Alicia Garcia Herrero
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