What Worked Asia - 24 Feb 2017 - Low PBR and short-term momentum names did well this week in Asia

What Worked

Value and high Beta names dominated in China this week. Both PBR and Beta were the strongest factors in China over the last month. Low PBR names that did well were Greenland Hong Kong up 12% and Sunac China Holdings up 9%. As with China, low PBR names continue to do well in Hong Kong. In Hong Kong, PBR is the strongest factor over the last 3 months. HNA Holdings Group is up 22% and Esprit Holding is up 19%.

High dividend yield names did well in Singapore this week. Sembcorp Marine is up 12%. In South Korea, Value and high Beta names were hurt this week. ViroMed is down 8% and LG International is down 6%. Large-cap names dominated in Indonesia. Bank Rakya Indonesia Agroniaga is up 18% and Indo Tambangraya Megah is up 13%. In the Philippines, positive momentum names did very well this week. Premium Leisure is up 11% and Belle Corp is up 5%.

Who Moved

291 names moved on volume this week. A good number of the names came in the Financial and Electronic Technology sector.  At the country level, HK/China made up one third of the volume spikes. On the positive side, Jindal Steel and Power is up 26%, HNA Holding Group is up 22% and AEON (Malaysia) is up 24%. On the other side, Sun Art Retail is down 19%, GeniuS Electronic Optical is down 13% and Season Pacific Holdings is down 13%.

Summary

Asia ex Japan Factor Performance

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What Worked Asia - 17 Feb 2017 - More than 400 names moved on Volume in Asia this week

What Worked Large-cap names and Value did well in China this week as low Debt to Equity names were hurt. Hisense Kelon Electrical Holdings is up 17% and Beijing Enterprises Clean Energy is up 15%. Nothing stood out in Hong Kong.  Names down over the last month bounced up in South Korea. EO Technics is up 12% and Hankook Tire is up 8%. In Taiwan there was a slight selloff in Size and Quality names. Win Semiconductors is up 24% and General Interface Solution is up 13%.

In India there was a slight move into Size and away from high Beta names. Tata Motors is down 11% and Advanced Enzyme Technologies is down 12%. Growth names were hurt in Singapore this week. Hutchison Port Holdings is down 13% and Japfa is down 4% this week. Low PBR and Momentum names did well in the Philippines this week.

Who Moved – A very high 404 names moved on volume this week. All the volume spikes were spread across the region. However a quarter of the volume spikes came in the Financial Sector. On the positive side, PT Medco Energi Internassional is up 64%, Goldin Financial Holdings is up 50% and Formosa Sumco Technology is up 40%. On the other side, Luen Wong Group is down 28%, PChome Online is down 15% and Season Pacific Holding is down 18%.

Summary

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What Worked Asia - 10 Feb 2017 - Value (PBR) and Beta did well in Asia ex this week

What Worked –Value, particularly low PE, and Beta dominated in China this week.  Guangzhou Automobile is up 14% and Greenland Hong Kong Holding is up 13%. To a slight lesser degree PE and Beta also were strong in Hong Kong. NewOcean Energy Holding is up 43% and Country Garden Holdings is up 20%. In South Korea, PBR continued to dominated. PBR is clearly the strongest factor in South Korea over the last month. SK Networks is up 16% and LS Corp is up 13% this week.

Low PE names did well in Singapore. Oxley Holding is up 18% and Yangzjiang Shipbuilding is up 7%. Low Debt to Equity names did not do well this week in Singapore. Beta and low PBR names did very well in Malaysia. DRB-Hicom is up 6% and UEM Sunrise is up 6%. Large-cap names did well in Taiwan after a good selloff the previous week. In India nothing really stood out this week.

Who Moved – 305 names moving on volume this week. A good number of the volume spikes came in Taiwan and India. Almost half of the volume spikes came in the Finance and Electronic Technology sectors. On the positive side, PT Bank Rakyat Indonesia Agroniaga is up 55%, NewOcean Energy is up 43% and TPK Holding is up 38%. On the other side, Korea Zinc is down 15%, Korea Aerospace Industries is down 11% and SK Materials is down 9%.

Summary

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What Worked Asia - 03 Feb 2017 - Large cap names were hurt across the region this week

What Worked – With Chinese New Year this week, not a lot stood out in China / Hong Kong. In South Korea, there was a good sell-off in high Beta names and a slight move away low PE names. High Beta names that were hurt were Jeil Pharma is down 19% and AmorePacific Group is down 10%. Large-cap names took a big hit in Taiwan this week. Eclat Textile is down 11% and POYA International is down 6%.

To a lesser degree large-cap names also did not do well in Singapore. Frasers Centrepoint is down 4% and Ascott Residence Trust is down 4%. In India, low PBR and high Beta names did well this week. The low PBR name outperformance looks to be concentrated in the Financial sector. Vijaya Bank is up 31% and Bank of Maharashtra is up 16%. Large-cap names were also hurt in the Philippines this week. GT Capital Holdings is down 6% and Bloomberry Resorts is down 5%.

Who Moved – 78 names moved on volume this week. More than half of the volume spikes came in India this week. On the positive side, China Oriental Group is up 49%, Idea Cellular Limited is up 42% and C.banner International Holdings is up 21%. On the other side, Jeil Pharma is down 19%, Bharti Infratel is down 16% and Hyundai Wia Corp is down 11%.

Summary

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What Worked Asia - 16 Dec 2016 - Size and Beta were hurt across the region

What Worked – China saw a good sell off in Size and high Beta names and a slight move into Quality. China Modern Dairy and China Vanke are both down 10% this week. In Hong Kong there was also a slight selloff in high Beta names. China Innovative Finance is down 14% and Geely Automobile Holdings is down 12%. India also saw a slight selloff in Size and Beta names. Edelweiss Financial Services is down 12% and Indiabulls Housing Finance is down 9%.

As with Japan, South Korea had a good selloff in Value and Large-cap names. Low PBR names that were hurt this week in South Korea were POSCO down 5% and Young Poong Corp down 4%. In Taiwan, low PBR names did well and large-cap names were hurt. Waisin Lihwa Corp was down 4% and Evergreen Marine was down 3%. Value did very well this week in Indonesia, particularly low PE names. Bank Tabungan Pensiunan Nasional is up 6% and Indo Tambangraya Megah is up 6%.

Who Moved 128 names moved on volume this week. A good number of the names were in Taiwan, Hong Kong and China. At the sector level, volume dominated in the Financial Sector. On the positive side, CIMB Thai Bank was up 64%, Great New Wave Coming was up 44% and Da Ming International Holdings was up 26%. All on strong volume. On the other side, Golden Energy & Resources was down 36%, Kong Sun Holdings was down 21% and Sheng Siong Group was down 8%.

Summary

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What Worked Asia - 02 Dec 2016 - Slight Selloff in momentum names in HK / China

What Worked –Names up over the last year in Hong Kong and China were down this week. In China, Sunny Optical Technology was down 8% and Yanzhou Coal Mining was down 8%. In Hong Kong, Crown International was down 11% and China High Speed Transmission Equipment Group was down 12%. In Taiwan low PBR names and to a lesser degree low PE names did well with week. Low PBR names that outperformed were China Petrochemical Development up 9% and China Motor up 7%.

In Singapore there was a slight move into Size and high Beta names. Large-cap names that did well were Keppel Corp up 10% and Fortune Real Estate up 6%. In India, names down over the last month are up this week. JM Financial is up 10% and Eicher Motors is up 14%. In Malaysia names with positive EPS momentum did well this week and in the Philippines low PBR names and high Sales Growth names did well this week. In South Korea there was a slight move into value and positive revision names.

Who Moved – 212 names moved on volume this week. A good portion of the volume spikes came in the Finance Sector. At the country level, more than half of the spikes came in Hong Kong, China and Taiwan. On the positive side, Huarong International Financial Holdings is up 42%, Balkrishna Industries is up 35% and Adani Power Limited is up 20%. On the other side, Glorious Property Holding is down 33%, CT Environmental Group is down 23% and China Innovative Finance is down 23%.

Summary

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What Worked Asia - 18 Nov 2016 - Each Market kind of moved in its own direction this week

What Worked – In China names up over the last month went down this week. Jiangxi Copper Company is down 9% and Yangtze Optical Fibre and Cable is down 10%. Nothing really stood out in Hong Kong. In South Korea, Value, particularly PBR, did well this week. Low PBR names that were up were Mirae Asset Life Insurance up 15% and Hanjin Kal up 15%.

In India, high dividend yield names did well however there was a good selloff in high Beta names.  High Beta names that were hurt in India were Godfrey Phillips down 21% and JM Financial Limited down 18%. In the Philippines there was a move into large-cap names this week. DMCI Holding was up 11% and Semirara Mining & Power was up 8%. In Singapore, large-cap names and name with positive EPS revisions did well this week. SATS is up 4% and Genting Singapore is up 6%. In Indonesia there was a huge sell off in high Beta names.

Who Moved – 284 names moved on volume this week. A good portion of the volume spikes came in Taiwan, South Korea and Singapore. At the sector level, Finance and Producer Manufacturing sectors picked up a good number of the volume spikes. On the positive side, HengTen Networks Group is up 31%, China International Marine is up 24% and GlobalWafers Co is up 22%. On the other side, Daewoo Engineering & Construction is down 21%, PT Indo Tambangraya Megah is down 18% and PC Jeweller is down 17%.

Summary

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What Worked Asia - 11 Nov 2016 - Overall low PBR names did well and high ROE names were hurt this week

What Worked – In China there was a slight move away from Value and into high Beta and Momentum names. Jiangxi Copper Company was up 35% and Zoomlion Heavy Industry was up 18%. High Dividend names (particularly in the Finance Sector) were hurt this week as Hong Kong also saw a move into higher Beta names. Kerry Properties was down 11% and Cheung Kong Properties was down 10%. Beta and Value names did well in Singapore this week. Noble Group was up 15% and Yangzjiang Shipbuilding was up 8%.

Value also did well and Quality was hurt in India this week.  Indian Bank was up 23% and Vijaya Bank was up 24%. A lot of the low PE names in India that did well were concentrated in the Finance Sector. In Thailand there was a good selloff in Quality and High Dividend yield names and a slight move into large cap names. True Corp was up 9% and Energy Absolute Public was up 4%. In the Philippines, there was a good selloff in large cap and high Beta names. Globe Telecom was down 14% and GT Capital was down 9%.

Who Moved – 213 names moved on volume this week. Approx. 25% of the spikes came in the Finance Sector. On the positive side, Evergrande Health was up 37%, U City Public was up 33% and Jiangxi Copper Company was up 35%. On the other side, Coolpad Group was down 24%, Tung Thih Electronics was down 16% and Youngone was down 17%.

Summary

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What Worked Asia - 28 Oct 2016 - This week was one of those weeks when nothing really stands out

What Worked – In China nothing really happened in Value, but there was a good selloff in Quality, particularly high ROIC names. High ROIC names that went down were Koradior Holdings down 15% and Great Wall Motors down 13%. In Hong Kong, Value did slightly better but the real outperformance came in names with positive EPS revisions. China South City Holdings is up 10% and China Overseas Grand Oceans is up 7%.

Singapore saw a move into Quality and away from large cap names. Delfi Limited is up 8% and Super Group is up 7%. In South Korea there was a slight selloff in high beta names, but nothing really stood out after the strong performance in Value last week. There was a huge selloff in high Beta names in the Philippines this week. GT Capital Holdings is down 8% and JG Summit Holdings is down 4%. Nothing stood out in India this week. Huge reversal in momentum names in Malaysia. YTL Corp is down 8% and UOA Development is down 6%.

Who Moved – 131 names moved on volume this week. A lot of the volume spikes came in Taiwan, South Korea and India. On the positive side, Bumi Resources is up 46%, Shun Cheong Holdings is up 32% and Golden Energy Mines is up 25%. On the other side, COSMAX is down 17%, Great Wall Motors is down 13% and Belle International Holdings is down 13%.

Summary

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What Worked Asia - 21 Oct 2016 - Value did well and Quality suffered in most Asian Markets

What Worked – In China, Large cap and Value names did well this week. Red Star Macalline Group is up 15% and Sihuan Pharmaceutical is up 12%. Nothing stood out in Hong Kong this week. In India, Value outperformed at the expense of Quality. Low PE names in India that did well were DCM Shriram up 22% and ICICI Bank up 14%.

In South Korea, Large cap and Value did well this week and Quality suffered. Low PE names that did well were BNK Financial up 9% and Woori Bank up 9%. Quality names that were down were Medy-Tox down 10% and Dongwon F & B down 10%. Taiwan also saw a move into Value and from Quality. Green Seal Holdings is up 17% and TSRC is up 12%.

In the Philippines high Dividend Yield names did poorly, coming in with a negative 44% IC. However, this week that just means that high dividend names did not go up as much as low dividend names in the Philippines

Who Moved – 144 names moved on volume this week. At the country level a good number of the names came in Taiwan and India. At the Sector level, the Finance and Process Industries sectors pick up a disproportional number of volume spikes. On the positive side, Barito Pacific is up 30%, Esso Thailand Public is up 27% and Superblock Public is up 22%. All on strong volume. On the other side, Philippine Trust is down 31%, Kajaria Ceramics is down 14% and Apexindo Pratama Duta is down 12%.

Summary

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