Asian equities in January received the biggest upgrade in their forward 12-month earnings estimates in five months, boosted by higher commodity prices and demand for technology exports in the region.
The energy sector's forward 12-month earnings were revised upwards by 2.9 per cent, while the technology and mining sector received upgrades of 1.7 per cent and 1.6 per cent, respectively. Companies in Taiwan, Australia and Thailand lured earnings upgrades of 4.9 per cent, 2.5 per cent and 2.2 per cent, respectively.
Refinitiv data showed that 55 per cent of the region's large- and mid-cap Asian companies have beaten the average earnings forecasts by analysts, while 58.1 per cent of the companies topped the estimates in the third quarter.
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