Philippine and Thai companies are taking Southeast Asia’s biggest earnings downgrades as the Iran war disrupts energy flows through the Strait of Hormuz.
More than 90% of the Philippines’ oil imports come from the Middle East, while Thailand gets about 60% from the region, leaving both economies highly exposed to supply shocks and higher fuel costs.
That vulnerability contrasts with commodity exporters such as Indonesia, which have more buffer against rising oil prices because they can lean on domestic resource income.
The downgrades show how the conflict’s impact is spreading beyond energy markets into corporate profits across import-dependent Southeast Asian economies.