ANALYSTS' upgrades of profit forecasts for major companies in Hongkong outnumbered downgrades by almost two to one in May, Estimate Directory figures show. There was a total of 160 1993 net profit upgrades tracked in the monthly survey, against 88 downgrades. May's survey is the third in a row in which upgrades of net profit have outnumbered downgrades. In April there were 158 upgrades to 118 downgrades, and in March, 101 to 84. Before this, downgrades outnumbered upgrades in each month back to December. Hutchison Whampoa and Guoco Group were key stocks on which the survey focused. For Hutchison, all five analysts adjusting net profit estimates upgraded their forecasts by between $300 million and $700 million, taking their overall forecasts for 1993 to between $5.6 billion and $6 billion. This would represent a rise in profit on 1992 of between 86 per cent and 100 per cent. On yesterday's close, the prospective price-earnings ratio, on the basis of an earnings per share estimate of $1.61, is about 13.66. Guoco Group also saw a string of upgrades, this time from eight brokerages. The average rise in net profit forecast was about $20 million, to give a range for 1993 net profit of $520 million to $550 million. This would mean a rise from the 1992 result of47.8 per cent. Property counters saw significant upgrades in net profit forecasts, including Amoy Properties, Henderson Land Development, Hysan Development, New World Development and Sun Hung Kai Properties. Sun Hung Kai Properties saw some of the largest forecast adjustments, ranging from $100 million to $300 million. This took the net profit forecast to between $6.2 billion and $6.9 billion, representing a rise in net profit from 1992 of at least 39 per cent. In contrast, Hang Lung Development saw three downgrades ranging around $100 million, to give a net profit of $1.5 billion. Construction company Kumagai Gumi (Hongkong) saw upgrades from six brokerages averaging $20 million, making new 1993 net profit forecasts between $325 million and $350 million, up about 40 per cent. Dickson Concepts saw downgrades from four brokerages, compared with two upgrades. Analysts were reducing their forecasts by about $10 million to the $310 million to $320 million mark. This would take the total up 10 per cent from the 1992 figure, well out of line with market corporate earnings growth estimates of about 17 per cent. Overall, analyst profit forecast activity is expected to dip in June ahead of the interim reporting season. ''We can expect a flurry of adjustments coming in July as company visits yield some information about how the first half went, and then there will be a series of changes to be made during and after the reporting season, which will take the monthly surveyinto September,'' a broker said. The Estimate Directory has been issuing a monthly survey of broker forecasts since December. The survey takes forecasts from approximately 24 brokerages covering 203 listed companies on the Hongkong stock market. The report also covers forecasts for companies listed in Australia, Malaysia, New Zealand, Singapore and Thailand.