What Worked Japan - 01 Apr 2016 - Value really has not worked for the last month

What Worked With TOPIX down almost 5%, Value took another hit this week. Dividend Yield and PBR were hurt the most. High Dividend Yield names have not done this poorly in the last two years. Div Yield names that were hurt this week were Anritsu Corp down 13%, Okasan Securities down 11% and Dowa Holding down 11%. Low PBR names that took a hit this week were Rohm down 9%, Citizen down 9% and Yokohama Rubber down 9%. High ROE names continued to well. High ROE name have done well over the last month.

However with only 33 names up in TOPIX 500 doing well is a relative term. Konami Holdings was up 9%, CyberAgent was up 5% and SCREEN Holdings was up 5%. Names that were down over the last month continued to go down this week. Alps Electric was down 11%, Nippon Express was down 12% and Panasonic was down 10%. We also saw a selloff in names with a high Beta names this week.

Who Moved The good news is that while TOPIX was down 5%, it did not move down on volume. Only 12 names move on volume this week. Unfortunately, there wasn’t a positive side. However on the negative side, Ajinomoto was down 11%, Zensho Holdings was down 9% and Sony Financial was down 10%.


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