Big shout out to Vincent Fernando @ Religare for keeping me updated on this. Essentially throughout the past 12 months earnings for the ASEAN region have been decreasing and dramatically over the past 3 months. Who say’s fundamentals don’t matter?

When looking @ Thailand this has had us worried for months, while analysts may keep forecasting that the PE of the market is 12-14x or whatever going forward, within a month or 2 their viewpoints can change, and a 10% drop in their EPS expectations et voila the market drops, forecasting funny stuff, thats why we only try our best to explain whats going on now I can’t pretend to have a magic ball forecasting the future.

 

 

 

 

 

 

3M earnings revision contribution by industry

 

 

 

 

 

Source: Religare