Global Earnings Revision Ratio: Surging Semis Ratio

Research evidence excerpt

Global Earnings Revision Ratio: Surging Semis Ratio

Chart 40: Malaysia Earnings Revision Ratio Chart 41: New Zealand Earnings Revision Ratio

Earnings trend improved in Malaysia in the last three months ERR fell in New Zealand last month and the trend moderated

2.5 4.0 1-Month Earnings Revision Ratio

3-Month Earnings Revision Ratio

3.5

Average Earnings Revision Ratio 2.0

3.0 Downgraded Downgraded 2.5

#/ 1.5 #/

1.0 Upgraded 2.0 Upgraded 1.5

1.0 Stocks Stocks

# 0.5 1-Month Earnings Revision Ratio #

3-Month Earnings Revision Ratio 0.5

Average Earnings Revision Ratio

0.0 0.0

20212223242526 20212223242526

Source : BofA Global Quantitative Strategy, MSCI, IBES Source : BofA Global Quantitative Strategy, MSCI, IBES

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

Chart 42: Philippines Earnings Revision Ratio Chart 43: Singapore Earnings Revision Ratio

Earnings revisions improved in Philippines last month but remains below Earnings revisions improved in Singapore last month but remains below

long term average long term average

3.0 3.0

1-Month Earnings Revision Ratio 1-Month Earnings Revision Ratio

Earnings Revision 2.5 3-Month Ratio 2.5 3-MonthAverage EarningsEarningsRevisionRevisionRatioRatio Average Earnings Revision Ratio

Downgraded 2.0 Downgraded 2.0

#/ #/

Upgraded 1.5 Upgraded 1.5

1.0 1.0

Stocks Stocks

# 0.5 # 0.5

Chart 44: Taiwan Earnings Revision Ratio Chart 45: Thailand Earnings Revision Ratio

Earnings trend improved in Taiwan in the last three months Earnings revisions improved for Thailand last month and remains above

long-term average

3.0

1-Month Earnings Revision Ratio 3.0

2.5 3-Month Earnings Revision Ratio 1-Month Earnings Revision Ratio

Average Earnings Revision Ratio 3-Month Earnings Revision Ratio

2.5 Average Earnings Revision Ratio Downgraded 2.0

#/ Downgraded 2.0