India Inc More Positive in Q3: Survey

Growth for Companies from Southeast Asia

An increase in foreign investment and public spending from government with strong budget positions benefit companies in Southeast Asia than their Western counterparts. All these have increased domestic consumption among the rapidly expanding middle-class, making those companies feel positive in the third quarter.

World’s biggest canned-tuna-maker, Thai Union Frozen Products was upbeat, as it maintained the revenue growth target of 15 percent in 2012. While in Singapore, the robust retail consumption is supporting the outlook for firms such as StarHub, the country’s second biggest telecoms firm. The company official said, "We are a domestic focused company which puts us in a more favourable position. From the past few downturns, we have come out not too bad."

Gary Dugan, Chief Investment Officer for Asia and Middle East at the private bank Coutts said, "Countries such as the Philippines, Indonesia and Malaysia have generally seen upgrades to GDP forecasts, which have been at odds with the rest of the world."

The survey also showed that Asia’s property sector has improved significantly, with five among the 10 respondents marking a positive view on their outlook.