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Asian earnings season kicks off
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„ POSCO Q410 profit may disappoint—we see short-term downside risk
Our Q410 profit forecast for POSCO (reporting 13 January) is 17% below
consensus. We also see short-term risks associated with potential M&A. We
highlight these short-term negative catalysts, but maintain our Buy rating on a 12-
month view given our outlook for rising steel prices.
„ Results in the coming two weeks
We expect KT&G in Korea (reports 19 January) to beat consensus forecasts. In
India, we expect quarterly profit by BHEL (21 January) to beat consensus, while
Ashok Leyland (22 January) is considered likely to disappoint. (Consesus data
comes from several sources)
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