June 7, 2019 / 9:39 AM / 2 months ago

Analysts trim Asian firms' 2019 profit outlook on trade woes

Joggers run past as the skyline of Singapore's financial district is seen in the background April 21, 2014. REUTERS/Edgar Su/File Photo

(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-U.S. 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.

Graphic: Analysts' profit estimates change in last 30 days tmsnrt.rs/2QPQkbn

Graphic: Asian equities sector-wise profit estimate change tmsnrt.rs/2QPpyA1

Reporting by Gaurav Dogra and Patturaja Murugbaoopathy in Bengaluru; Editing by Sherry Jacob-Phillips

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