SINGAPORE (Nov 17): There were no major surprises for UOB Kay Hian in 3Q16. According to the research house, 65% of the stocks under its coverage reported financial results came in line with their expectations.
“Unsurprisingly, the disappointments were primarily from the oil services, shipyards, and telecommunications sector,” says UOB analyst Andrew Chow in a Thursday report.
“A positive observation is that the pace of earnings reduction has slowed. After the 3Q16 reporting season, our cut to earnings per share (EPS) has been relatively limited, with a reduction in 2017 core market EPS growth forecast from 7.8% y-o-y to 7.7% y-o-y,” he adds.