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%.


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