Thailand & Philippines still growing the best in ASEAN

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.


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