3/3 Earnings Summary - Not much change YoY Aggregate numbers not great but not bad.....

We still have some stragglers who have not announced, but the majority of names are in. With only 40 new names the aggregate numbers have not really change much over last week. YTD aggregate YoY OP growth is at 14% and aggregate Net Income growth is now at 6%. YTD YoY growth at the sector level are also positive. Only 8 out of 31 Sectors have negative YoY growth. The worst is Iron & Steel with OP down 35% YoY and Mining OP is down 27% YoY. On the positive side, OP for the Electric Power and Gas is up 140% YoY and aggregate OP for Pulp & Paper is up 60% YoY

 Looking toward the full-year numbers, we have now achieved 78% of full-year aggregate OP guidance and 79% of full-year Net Income guidance. At the sector level, Pharmaceutical sector has already achieved 111% of its full-year guidance, Land Transportation has achieved 91% of its full-year OP guidance and 88% of OP guidance has been achieved in Rubber Products. On the other side, Machinery has only achieved 67% of full-year OP guidance and Wholesale Trade has only achieved 68% of full-year guidance.

 The gap between Company guidance and Consensus estimates remained the same. At the aggregate level, Net Income guidance is now 7% below consensus and aggregate OP is now 4% below consensus. OP guidance for Electric Appliances is 5% below consensus. Guidance for both the Rubber Products sector remains 9% below consensus. However, OP guidance for the Pharmaceutical sector is now 6% below consensus, compared to9% below last week.

 Looking at what consensus is doing after announcements,OP consensus is up 0.5% since announcements, consensus OP for the Marine Transportation sector dropped 4% last week and Nonferrous Metals consensus estimate fell 2% last week to a total of 5% since announcement. Consensus estimates for Other Financing Business was also reduced by 2%. On an overall absolute basis, OP consensus estimates for the Securities % Commodities is down 8% since the announcements.

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