From Medical Tourism to Casinos, Oil Shock Hits Southeast Asia

A growing list of companies in Southeast Asia are sounding the warning bell over rising energy costs and weakening consumer demand as the conflict in the Middle East drags into its third month.

Earnings downgrades have been steepest in the Philippines and Thailand, according to Bloomberg Intelligence analyst Sufianti. Inflation surged to a three-year high in the Philippines, which imports nearly all of its fuel from the Middle East, while Thailand’s economy relies heavily on tourism.

Indonesia and Malaysia have fared better, backed by stronger commodity prices that have helped offset rising energy costs. Companies in Singapore and Vietnam, ...