Analysts cut their forward 12-month earnings estimates for Asian companies for a fifth consecutive month in June, citing the economic fallout from the coronavirus pandemic.
They lowered their estimates by 3.8per cent at end-June, after cutting their forecasts by 4.5per cent in May."Consensus estimates do not point to a return to pre-crisis EPS levels until the third quarter of 2021. And even this estimate is highly uncertain," said Daniel Morris, senior investment strategist at BNP Paribas Asset Management, referring to earnings per share .
Over the past 30 days, analysts have slashed Indian firms' forward 12-month earnings forecasts by 8.05per cent - the steepest cut in Asia, Refinitiv data shows. With over 700,000 coronavirus cases, India has overtaken Russia to record the world's third-highest number of infections, just behind the United States and Brazil.
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