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Aug 5 - Asian firms continued to receive earningsupgrades in July, highlighting sustained hopes of a recovery andoptimism that equity prices will be bolstered in the second halfof this year.
According to Refinitiv data, Asian companies' forward12-month earnings estimates were lifted by 1.9% in July, whichwas the 13th consecutive profit upgrade by analysts.
Goldman Sachs, which expects 35% EPS growth for MSCI AsiaPacific ex-Japan this year, said continued robust sales growthand margin recovery will be the drivers of stronger earnings.
"We expect 8% regional index upside in the second half ofthe year, but the path may be bumpy given the large number ofmacro concerns," it said.
After a rally in the first half of this year, Asian sharesfaltered in July, hit by rising cases of the more infectiousDelta variant of COVID-19 in the region.
Australian companies led the region's upgrades in July asanalysts raised their forward 12-month profit estimates 11.5%.
Analysts also raised their earnings estimates for Japanese,Taiwanese and South Korean firms by 2.4%, 2.3% and 0.8%respectively.
"Japanese corporates have piggy-backed on the back of risingglobal trade. There are still potential upside surprises frominventory restocking, an upswing in global capex and a verysharp turn-around in European growth," brokerage Jefferies saidin a report.
South Korean exports jumped to a record high in July,boosted by overseas demand for chips and biohealth products.
According to a Reuters poll, Taiwan's exports have likelyrisen for a 13th month as the global economy traces its pathback to recovery with sustained work-from-hometrends.
The earnings upgrades also came on the back of solidsecond-quarter results posted by Asian companies so far.
Refinitiv data showed 64% of companies that have announcedsecond-quarter results have beaten the forecasts of analysts.
Meanwhile, China, Thailand, Philippine and Malaysian firmsfaced earnings downgrades in the last month. REUTERS