What Worked Asia - 27 May 2016 - Large Cap names in Asia did well this week

What Worked – In China there was a clear move into large cap names and a slight move into quality. China Maple Leaf Educational System was up 14% and Biostime International was up 14%. Hong Kong also saw the same move in the large cap space but without the positive boast in quality names. China Minsheng Financial was up 15% and Man Wah Holdings was up 14%. In South Korea, Dividend Yield was the strongest factor this week. Mando Corp was up 15% and Innovation Corp was up 9%.

In Singapore, PE was really the only factor that stood out this week. Olam International was up 7% and China Aviation Oil was up 6%. Taiwan saw a huge move in high beta and to a lesser degree value names. High beta names that did well this week were HTC Corp was up 30% and Advanced Semiconductor Engineering was up 25%. In India, large-cap names and Value outperformed this week. Bharat Heavy Electricals  was up 8% and Union Bank of India was up 7%.

Who Moved – Only 83 names moved on volume in Asia this week. Half of the volume spikes came in China/HK and India. On the positive side, CMG Pharma was up 34%, Advanced Semiconductor Engineering was up 25% and Jeil Pharma was up 21%. On the other side, REX Global Entertainment Holdings was down 26%, Beijing Enterprises Clean Energy Group was down 13% Cummins India was down 9%.

 Summary

PDF Download available here: Download


What Worked Asia - 20 May 2016 - Value stood out in HK and Singapore / Nothing really worked in China and India

What Worked – High Dividend Yield and low FY1 PE names dominated in Hong Kong this week. Dah Chong Hong Holdings was up 10% and Digital China Holding was up 11%. Dividend Yield has been one of the strongest factors in Hong Kong over the last 6 months. In China really nothing stood out this week. There was a slight move into high Beta names but not really that strong. Low PE names also did well in Singapore this week. Sembcorp was up 7% and Olam International was up 6%.

Taiwan was all about Sales Growth this week and to a lesser degree Debt to Equity. OBI Pharma was up 31% and Hermes Microvision was up 17%. After a good selloff in value in South Korea last week, there was a slight bounce in high Dividend Yield names this week. LG Display was up 4% and Industrial Bank of Korea was up 3%.

In Malaysia there was a selloff in PBR and a rotation into Quality names. Hong Leong Industries was up 8% and Hartalega Holdings was up 8%. In India nothing really stood out this week. There was a big sell off in high Beta names in the Philippines.

Who Moved – 157 names moved on volume this week. 86 names moved up and 71 names moved down on strong volume. South Korea and India saw a good portion of the volume spikes. At the sector level, the Financial sector dominated the volume spikes. On the positive side, OCL India was up 19%, Huarong International Financial was up 17% and Thai Beverage Public was up 17%. On the other side, Regina Miracle International was down 17%, Beijing Enterprises Clean Energy was down 20% and Cuckoo Electronics was down 16%.

 Summary

PDF Download available here: Download


What Worked Asia - 13 May - Quality, particularly ROE, did well in most regions this week

What Worked  Hong Kong saw a slight selloff in high Beta names and a move into high ROE and positive EPS revision names. BEP International Holdings was down 11% and Yuexiu Property was down 11% this week. China was the same with a selloff in high Beta names, but in China there was a move into quality and also large cap. Large-cap names in China that did well were AAC Technology up 14% and Biostime International up 9%.

In South Korea there was a clear selloff in Value, Size and Beta and a move into Quality. Low PBR names that were hurt were Lotte Shopping down 10% and Doosan Infracore down 11%. In Singapore there was a slight selloff in high Beta names. Super Group was down 7% and Global Logistic Properties was down 5%.

Unlike most of the region, Quality took a good hit in Thailand this week. Pruksa Real Estate Public was down 6% and Unique Engineering & Construction was down 7%.

Who Moved – 98 names moved on volume this week in Asia ex. Looking at the Sector level a good number of those names were in the Process Industries and Financial Sectors. At the Country level a good portion of volume spikes were in India and Taiwan. On the positive side, Kyungnam Energy was up 70%, Monsanto India was up 37% and Taokaenoi Foods & Marketing was up 36%. On the other side, Beijing Enterprises Clean Energy was down 41%, Tung Thih Electronics was down 23% and Eclat Textiles was down 17%.

Summary

PDF Download available here: Download


What Worked Asia - 06 May 2016 - Value, Beta and Size were hurt across the region / Quality benefited

What Worked – Pretty good selloff in Size in China and a slight selloff in PBR names. FIH Mobile was down 24% and China New City Commercial Development was down 52%. Singapore also saw a selloff in Size but there was a bigger selloff in high Beta names. Noble Group was down 11% and Jardine Cycle & Carriage was down 9%. There was also a slight selloff in Beta and Size and a slight move into high Dividend Yield names in Hong Kong. KuangChi Science was down 10% and HNA International was down 11%.

In South Korea, Value and Beta were beaten up the most this week with Quality (ROE / Debt to Equity) names benefiting. Low PBR names that were hurt were SK Networks down 10% and Doosan Infracore was down 10%. Taiwan also had a good selloff in large-cap names with a rotation into high ROE names. Chunghwa Precision Test was up 13% and Sinbon Electronics was up 13%. In India, Beta and to a lesser degree Value were hurt this week. Adani Ports & Special Economics Zone was down 18% and Steel Authority of India was down 11%.

Who Moved – Only 66 names moved on volume this week. 66 is a pretty low number for Asia. With Hong Kong off on Monday, almost half of those names came in India. On the positive side, UPL Limited was up 11%, Sinbon Electronics was up 13% and K.P.R. Mill Limited was up 11%. On the other side, Adani Ports & Special Economics Zone was down 18%, Superblock Public was down 13% and Ssangyong Cement Industrial was down 12%.

Summary

PDF Download available here: Download


What Worked Asia - 29 Apr 2016 - In Asia Beta was hurt this week and in some regions Dividend Yield benefited

What Worked – While nothing else really stood out, there was a good selloff in high Beta names in Hong Kong this week.  Tianneng Power was down 18% and Beijing Enterprises Water down 12%. In China it was less about a selloff in Beta and more of a rotation into names with positive EPS revisions. China Maple Leaf Educational System was up 12% and Phoenix Healthcare Group was up 9%. Malaysia saw a huge selloff in high Beta names and a rotation into low Debt to Equity names. Genting Bhd. was down 7% and SapuraKencana Petroleum was down 7%.

Singapore also had a good selloff in Beta and low PE names, while high Dividend yield names benefited this week. Wilmar International was up 5% and Thai Beverage Public was up 4%. Beta names that were hurt in Singapore were Sembcorp Marine down 10% and CEFC International down 6%. In the Philippines, Beta and PBR were hurt and high Dividend yield names did well. Universal Robina was up 3% and Aboitiz Equity Ventures was up 2%.

Who Moved – 134 names moved on volume this week. Volume spikes look to be pretty evenly distributed across regions and sectors. On the positive side, Yungjin Pharm was up 35%, Superblock Public was up 26% and HNA International Investment Holdings was up 16%. On the other side, Philippine Trust was down 22%, Godfrey Phillips India was down 23% and Tianneng Power International was down 18%.

Summary

PDF Download available here: Download


What Worked Asia - 22 Apr 2016 - Not a lot really stood out across Asia this week

What Worked – It is very rare, but really nothing stood out across the region. In Hong Kong/China, PBR worked a little but was not really that strong. In Hong Kong, China Agri-Industries was up 8% and United Energy was up 8%. In Singapore, the only factor that really worked this week was Beta. China Everbright Water was up 8% and Yoma Strategic Holding was up 5%. In South Korea there was a slight bias to Value, but again it was not that strong. Daewoo Engineering & Construction was up 11% and Woori Bank was up 9%.

In India, Value actually did well relative to the other regions. Vedanta Limited was up 13% and Housing Development & Infrastructure was up 8%. Indonesia saw the strongest moves in Asia this week. Both Value and Beta did well in Indonesia this week. Bank Permata was up 31% and Aneka Tambang was up 10%. In Malaysia there was an slight sell off in large-cap names. Bumi Armada was up 10% and Fraser & Neave Holding was up 5%.

Who Moved – 137 names moved on Volume this week. Most of the Volume Spikes came in HK/China and were pretty well distributed across the different sectors. On the positive side, Bank Permata was up 31%, Intime Retail was up 19% and Hitachi Home & Life was up 18%. On the other side, Hanjin Shipping was down 24%, Biostime International was down 13% and ENN Energy Holdings was down 12%.

Summary

PDF Download available here: Download


What Worked Asia - 15 Apr 2016 - What Worked and Who Moved - Beta and not really Value dominated Asia this week / Except for Taiwan where Size was the story

What Worked – Beta pretty much dominated in every market this week. Beta and Size were the strongest in Singapore with Sembcorp Marine up 14% and Keppel Corp up 6%. Beta was also really strong in HK and China. In China, China Railway Signal & Communication was up 22% and Phoenix Healthcare was up 21%. In Hong Kong, China Resource Cement was up 20% and TCC International Holdings was up 19%.

In HK/China PBR bounced a little, but this week’s move was mostly driven by just Beta. Value, particularly PBR, bounced in South Korea this week. Doosan Heavy Industries & Construction was up 20% and Doosan Corp was up 19%. In Korea, Value and Beta worked at the expense of Growth and Quality names. Joy City Property was down 6% and Yuexiu Real Estate was down 4%.  Taiwan was unaffected by the Beta bounce this week. Size was the driving factor in Taiwan. King Slide Works was up 13% and Taiwan Cement was up 11%.

Who Moved – Volume spikes were dominated by HK/China and Taiwanese names this week. At the Sector level, no one Sector seems to really stand out. On the positive side,  Hsin Chong Construction was up 53%, Golden Throat Holdings was up 24% and China Railway Signal & Communication was up 22%. On the other side, Biostime International Holdings was down 20%, Plaza Indonesia Realty was down 13% and Citychamp watch & Jewellery was down 11%.

Summary

PDF Download available here: Download


What Worked Asia - 08 Apr 2016 - Value worked in Malaysia / Size did not in Thailand and Taiwan

What Worked – China was all about a selloff in Size and a continued trend in downward momentum. Names down over the last 3 months continued to go down this week. ZTE Corp was down 15% and Intime Retail was down 10%. In Hong Kong it was all about names with positive EPS revisions, Shougang Fushan Resource was up 7% and Joy City Property was up 11%. In Singapore there was a move into PBR and Growth names and away from high ROE names. High ROE names that did poorly were Bumitama Agri down 6% and Sinarmas Land down 4%.

Low PBR names that did well were China Aviation Oil up 6% and Wing Tai Holdings up 5%. India saw a slight selloff in Beta names. BEML Limited was down 13% and Adani Ports & Special Economic Zone was down 10%. High Dividend Yield names were hurt in the Philippines this week. Philippine Long Distance Telephone was down 5% and Premium Leisure was down 2%. In South Korea there was a slight selloff in Value and Size this week. iMarket Korea was down 15% and TongYang Life Insurance was down 9%. In Malaysia PE did well this week. UOA Development was up 5% this week.

Who Moved – 80 names spiked on volume this week, which is pretty low for Asia –ex Japan. The volume spikes look to be well distributed across the region. On the positive side, Philippine Trust is up 350%, Celltrion Pharma was up 55% and Relaxo Footwears was up 29%. On the negative side, ZTE Corp was down 15%, PT Blue Bird was down 11% and Youngone Holdings was down 8%.

Summary

PDF Download available here: Download


What Worked Asia - 01 Apr 2016 - Only Size worked in China but Value was strong in the Philippines

What Worked – There was a slight move into Size in China, however other than Size really nothing else worked. Dalian Wanda Commercial was up 21% and Dalian Port was up 17%. In Hong Kong really nothing stood out this week. In South Korea there was a reverse with a selloff in Size and a slight move into Beta and names that were up over the last month.  Yungjin Phama was up 39% and Daewoong Pharma was up 23%.

Singapore saw a slight move away from high beta names and into Quality. Hong Leong Finance was up 4% and Haw Par Corp was up 3%. In Indonesia, Value was hurt across the board. Bank Pembangunan Daerah Jawa Barat was down 7% and Bank Danamon Indonesia was down 7%. On the other side, Value did well in the Philippines. High Div Yield names that did well were First Gen Corp was up 8% and D&L Industries was up 4%.

Who Moved – A good number of the volume spikes came in Taiwan and Indonesia. At the Sector level, Process Industries and Producer Manufacturing saw a good number of spikes. On the positive side, Yungjin Pharma was up 39%, Dalian Wanda Commercial was up 21% and Texhong Textile Group was up 17%. On the negative side, Wisdom Sports was down 33%, Boer Power was down 25% and Ruentex Development was down 15%.

Summary

PDF Download available here: Download


What Worked Asia - 25 Mar 2016 - Value was hurt as Investors moved into Quality

What Worked – In China there was a good selloff in names that were up over the last month. Zoomlion Heavy Industries was down 8% and Sunac China was down 7%. PBR was also hurt in China. Sino-Ocean Land was down 13%. In Hong Kong, ROE did well this week. CSPC Pharmaceutical Group was up 14% and Virscend Education was up 14%. In Hong Kong, there was also a selloff in names up over the last month. China Minsheng Financial was down 15%. In Singapore there was a selloff in high Beta and names up over the last month. Yoma Strategic Holdings was down 6% and Ezion Holdings was down 6%.

In South Korea PE and ROE names did well. Hansol Chemical was up 15% and Korea Petro Chemical was up 7%. 1-month momentum names were also hurt in South Korea. Komipharm International was down 12%. In India, Beta did well at the expense of quality. Just Dial was up 16% and Welspun India was up 15%.

Who Moved – 234 names moved on volume this week. A good number of the names that moved on volume were in Malaysia, Taiwan and India. At the Sector level, Process Industries and Finance made up a good portion of the volume spikes. On the positive side, Crown International was up 34%, Prince Housing & Development was up 23% and Taiwan High Speed Rail was up 26%. On the negative side, Boer Power Holdings was down 24%, China Lesso Group was down 18% and China Traditional Chinese Medicine was down 18%.

Summary

PDF Download available here: Download