ANALYSTS have been upgrading 1993 net profit forecasts of Hongkong companies for the second month running, according to Estimate Directory data for April.
Upgrades of net profit in the current year outpace downgrades by 156 to 118.
The upgrades appear across the board, with the only major exception being Cathay Pacific, which saw another round of net profit downgrades by analysts.
Eleven brokers downgraded forecasts for the airline, compared with only one upgrade, from Credit Lyonnais, which raised its forecast by a mere $5 million to $2.58 billion.
The biggest downgrade was from Crosby Securities, its net profit forecast dropping from $3.6 billion to $2.76 billion.
Hang Lung Development was the only other blue chip to suffer a series of significant downgrades, with the biggest downgrade coming from Sun Hung Kai Securities, from $1.8 billion to $1.5 billion.
Major companies in the upgrade spotlight included Amoy Properties, Bank of East Asia, Hang Seng Bank, Henderson Land and Hongkong Aircraft Engineering.
