Earnings forecast for 3Q25: Strong profit growth with broad expansion
Posted: Sep 29, 2025
- We forecast overall market earnings to grow 25% YoY in 3Q25, driven by a low interest rate environment, strong public investment disbursement, and multiple supportive policies for businesses.
- In 3Q25, we forecast banking sector earnings to increase 21.5% YoY, stronger than 1H25 (+16.3% YoY), supported by continued positive credit growth and stable NIM. Sectors with notable 3Q profit growth include Construction (1,685% YoY), Oil & Gas (125% YoY), Securities (73% YoY), Residential Real Estate (70% YoY).
- We estimate some sector to post lower profit growth than the market, such as Industrial Real Estate (2% YoY) due to investor concerns over new U.S. tariff policies, or Technology – Telecommunications (16% YoY) as global IT service demand slows.
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