What Worked – Value bounced in pretty much every region in Asia this week. In China, Beta and Value did well at the expense of Quality. Hydoo International was up 23% and Jiangnan was up 19%. In Hong Kong it was pretty much the same with PBR the strongest factor and Quality hurting. High ROE names that did not do well this week were KuangChi Science down 9% and Pacific Textiles down 6%. Beta was the strongest factor in Singapore, followed by PE. Super Group was up 18% and Sembcorp Industries was up 17%. In South Korea, Quality was hurt badly and as with the other regions Beta did well. Ottogi was down 10% and Hansae Yes24 was down 9%.
Malaysia was more about PE than Beta this week. AirAsia was up 22% and SapuraKencana was up 6%. India was the same as other regions with Beta and Value outperforming. Inox Wind was up 34% and DLF Limited was up 23%. Thailand was really the only region were Value and Beta were not a factor and Size dominated. Total Access Communication was up 17% and Bank of Ayudhya was up 10%.
Who Moved – 208 names moved on volume this week. A good number of the names came in the Financial and Consumer Non-Durable Sectors. At the Country level, Thailand, Indonesia and India pick up a good portion of the volume spikes. On the positive side, AirAsia was up 22%, China Resource Beer was up 22% and DoubleDragon Properties was up 21%. On the negative side, Sihuan Pharma was down 54%, Philippine Long Distance was down 19% and Global Brands Group was down 11%.
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