Asean markets should show healthy 3Q12 earnings growth across most countries, Morgan Stanley says, expecting MSCI Southeast Asia to post 16.2% on-year profit growth. “Singapore is forecast to grow 14.5%, driven mainly by banks, capital goods and telecom, which are likely to grow 10%-15% year-on-year. Transportation is projected to witness the strongest growth, thanks largely to NOL’s expected reversal on the bottom line.”
It notes, excluding real estate, Singapore MSCI 3Q12 earnings are forecast to grow 17.1% on year. It Overweights Singapore consumer staples and Underweights Singapore banks. The house’s Asean 20 focus list includes Singapore plays SingTel, CapitaMalls Asia, CDL Hospitality Trusts, Ascendas REIT, Olam, First Resources and Sembcorp Industries.
It notes MSCI forecasts are for Thailand earnings to grow by 34.6%, Indonesia by 17.5%, Malaysia by 19.3% and the Philippines by 13.6%.
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