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%.


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