What Worked Japan - 19 Aug 2016 - After weeks of weak but positive returns, strong moves in Value and Beta

What Worked – Strong move in Value and Beta this week. Value has done well over the last 3 weeks, but this week it really spiked up. PBR came in with an IC of 42%, followed by Dividend yield with an IC of  38%. Low PBR names that did well this week were Inpex Corp (1605) up 11%, Yokohama Rubber (5101) up 11% and Resona Holdings (8308) up 8%. High Beta names also did really well this week.

Beta has followed the same pattern as Value recently. Very strong in the beginning of July followed by positive but weak returns in the following weeks then a good spike up this week. Beta came in with an IC of 49%. High Beta names that did well were SUMCO (3436) up 13%, Unipres (5949) up 9% and Zeon (4205) up 8% this week. On the other side, high ROIC/ROE names were hurt this week. Iida Group (3291) was down 13%, Santen Pharma (4536) was down 13% and HOSHIZAKI (6465) was down 12%.

Who Moved – Only 23 names moved on volume this week. On the positive side, Toyo Tire & Rubber (5105) was up 7%, Hikari Tsushin (9435) was up 6% and Shimadzu Corp (7701) was up 6%. On the other side, Hokuetsu Kishu Paper (3865) was down 14%, Iida Group was down 13% and Shikoku Electric Power (9507) was down 11%. All moved on strong volume.


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