register now for free unlimited access to reuterscom register factory chimneys are seen at keihin industrial zone in kawasaki south of tokyo japan august 18 2016 reuterskim kyunghoon sept 13 reuters  analysts have cut their 12month earnings forecasts for asian companies over the past month undermined by a dip in manufacturing activity and concerns over a drop in shipments especially to china according to refinitiv data asias large and midcap companies forward 12month earnings estimates have been cut by 28 over the past month in the past three months the estimates have been cut by 5 the data showed south korean and taiwanese companies led the earnings downgrades in the region over the past month as they faced cuts of 55 and 35 respectively japan and china also followed with cuts of about 34 each japans factory activity grew at its slowest rate in nearly a year in august while that of south korea contracted at its sharpest rate in two years pmis for both countries showed manufacturing activity also deteriorated in taiwan with production and new orders both falling at the fastest pace since the initial wave of the pandemic in may 2020 taiwan may see further negative earnings revisions following a continued contraction in manufacturing pmi and ongoing semiconductor sales declines on a sequential basis goldman sachs analysts wrote following sustained weakness in tech exports and an unchanged us ism the korean market may see the largest earnings downgrades given its sensitivity to global growth and the manufacturing cycle chinas factory activity also extended declines in august hit by new covid infections heatwaves and an embattled property sector read more analysts expect the slowing chinese economy would further weaken the regions earnings in the coming months starting from march exports to china within the region slowed sharply before falling into yearoveryear contraction in may bofa global research said in a note asia will likely suffer more from persisting demand weakness in china in the coming quarters especially given its substantial direct exposure to the chinese economy on the other hand vietnams and indonesias earnings forecasts were raised by 07 and 05 respectively reporting by patturaja murugaboopathy and gaurav dogra in bengaluru editing by louise heavens