Quarterly Recap 3Q2012 - Emotional roller coaster in third quarter
  • 2012-10-09T00:00:00
  • Strategy
Q3 was characterised by unforeseen events in the banking system and the market hasn’t recovered since. July started out with hope but uncertainty in banks lingered. 1H earnings season wasn’t rosy, but not all that bad either (12%-15% earnings growth by our estimates). But higher earnings growth of 20-30% in consumer companies like Vinamilk and Masan Group showed the resiliency of having a dominant market position.