What Worked Asia - 20 May 2016 - Value stood out in HK and Singapore / Nothing really worked in China and India

What Worked – High Dividend Yield and low FY1 PE names dominated in Hong Kong this week. Dah Chong Hong Holdings was up 10% and Digital China Holding was up 11%. Dividend Yield has been one of the strongest factors in Hong Kong over the last 6 months. In China really nothing stood out this week. There was a slight move into high Beta names but not really that strong. Low PE names also did well in Singapore this week. Sembcorp was up 7% and Olam International was up 6%.

Taiwan was all about Sales Growth this week and to a lesser degree Debt to Equity. OBI Pharma was up 31% and Hermes Microvision was up 17%. After a good selloff in value in South Korea last week, there was a slight bounce in high Dividend Yield names this week. LG Display was up 4% and Industrial Bank of Korea was up 3%.

In Malaysia there was a selloff in PBR and a rotation into Quality names. Hong Leong Industries was up 8% and Hartalega Holdings was up 8%. In India nothing really stood out this week. There was a big sell off in high Beta names in the Philippines.

Who Moved – 157 names moved on volume this week. 86 names moved up and 71 names moved down on strong volume. South Korea and India saw a good portion of the volume spikes. At the sector level, the Financial sector dominated the volume spikes. On the positive side, OCL India was up 19%, Huarong International Financial was up 17% and Thai Beverage Public was up 17%. On the other side, Regina Miracle International was down 17%, Beijing Enterprises Clean Energy was down 20% and Cuckoo Electronics was down 16%.


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