GS-Slowing global momentum：“minor” risks to Asian earnings-100728

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

【出版时间及名称】：GS-Slowing global momentum：“minor” risks to Asian earnings-100728
      【作者】：高盛高华
      【文件格式】：pdf
      【页数】：27
      【目录或简介】：
Earnings outlook and context
Our regional earnings analysis supports our view that Asian earnings
may be only modestly impacted by a slowdown in global, largely G3,
growth. The 2Q reporting season has started well and sensitivity to the
US/Europe is less than most believe. However, we are less confident
about what the market will pay for those earnings, if concerns about
G3 growth persist and global valuations remain under pressure.
Stressing regional earnings reveals moderate
downside
Looking at the relationship between our GLI and Asian earnings, as
well as the US/European exposure of Asian corporates, we feel a
modest revision on the order of -2% might be necessary. Areas where
we have concerns vs consensus include metals/mining, bulk shipping,
India IT and Korea autos.
Separating “minor” setbacks from “major”
pullbacks
We look at major and minor index setbacks in the last 15 years and
ensuing EPS change. We believe this episode will be ‘minor’ in terms
of index risk and profit revisions, largely because starting valuations
and EPS growth expectations were not elevated. That said, the ytd
valuation decline may not be discounting specific Asian earnings risks,
but concerns about medium term global growth, implying less room
for valuations to rebound.
2Q has started on track; we look for potential
surprises
10% of index cap has reported so far, and numbers are tracking 52% of
full year estimates. We highlight potential upside and downside
surprises based on margin

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Momentum earnings earning slowing moment Risks Global Asian Momentum minor