Earnings Forecast in 2009 heads South

EPS Growth
US$ terms, %

Current

Sector

CY ’08e

CY ’09e

Utilities

-20.2

-16.9

Shipping

-18.2

-2.0

Tobacco

9.4

-8.2

Telco

-29.1

-12.2

Property

-27.6

-3.0

Plantations

7.6

-18.6

Media

-1.1

-53.9

Gaming

-15.5

2.7

Construction

23.1

-1.9

Oil&Gas

90.3

32.6

Auto

14.8

-5.3

Diversified Financials

5.9

-5.7

Banks

-4.0

-21.4

Market

-10.9

-12.3

Source: Citi Investment Research Estimates

“Contractions were mostly evident in the technology, steel, auto, transport and banking sectors, OSK Investment Bank”

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