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Analysts cut 2024 earnings outlooks for Asian firms amid China slowdown, Q3 profit gloom

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Prospects for robust earnings growth for Asian companies in 2024 look bleak as analysts are relentlessly cutting regional companies' forward 12-month earnings estimates due to China's faltering economy, disappointing third-quarter earnings, and a rise in interest rates.

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"Given China is almost 40 per cent of the Asian earnings pie, this has implications for the overall Asia earnings cycle, investor sentiment and foreign inflows." "This has largely been on the back of the property sector and utilities, where results came softer than expected," she said. "Overall, the earnings season has disappointed Street expectations, with more misses than beats. These results have led to overall earnings downgrades," said Chetan Seth, an equity strategist at Nomura, in a note this month.

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