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