Refinitiv data showed analysts raised estimates for large and mid-cap firms by 0.8% over the past month. They now expect earnings to grow 13% in 2020, compared with an estimated 4.5% in 2019.

"In 2020, AeJ should see earnings recovery on a lower earnings base, and a likely bottoming out of the (chip) memory cycle, which we believe has already occurred." said strategist Chetan Seth at Nomura Securities in Singapore, referring to Asia excluding Japan.

The data showed Indian firms are likely to lead the region with earnings growth of 36% in 2020, followed by South Korea and Vietnam.

"India continues to be our largest overweight market. Earnings revisions are improving thanks to corporate tax cuts improving domestic demand," said analyst Patrick Pan at Daiwa Capital Markets in Hong Kong.

Chinese firms' earnings are estimated to grow 14%.

Asian shares have seen a strong rally after tepid growth last year, mostly due to an anticipated earnings recovery in 2020, analysts said.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS has risen 10.5% so far this year.

"We expect 8% total USD returns for Asia Pacific regional equities in 2020 as a global cyclical upswing spurs a regional profit recovery," said Goldman Sachs in a report.

"But since markets have already priced in this prospect, valuations may compress leading to positive, but moderate, performance."

(Graphic: Asia's estimated earnings growth in 2020 https://fingfx.thomsonreuters.com/gfx/mkt/12/9151/9063/asia%20estimated%20growth.jpg)

(Reporting by Patturaja Murugaboopathy; Editing by Christopher Cushing)