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%.


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