I love this quarterly release from Vincent Fernando over @ Religare where they track earnings growth vs market performance on a sector basis for countries in ASEAN.
So as a quick summary this is what he sees for ASEAN
- Banks, non-coal energy, materials , retail and telecom offer the best growth in ASEAN by sector.
- Thailand & Philippines continue to offer the best growth by country
- However he’s concerned by the historically high valuation multiples across ASEAN which seem to defy earnings downgrades and slowing growth
And as for Thailand
- Retail and banks offer the best growth by sector but strong growth expected across all sectors (ex-utilities)
- 1-month downward revisions were largest for Thailand (and Malaysia) whilst other markets were flat.