What Worked Japan - 30 Sep 2016 - Value was hit hard but concentrated in the Banks and Insurance Sectors

What Worked – While TOPIX was only down approx. 2% this week, low Value and high Beta names were hit hard. A lot of this poor performance came in the Banks sector. Banks as a Sector is down on average 7% over the previous week. Low PE names that did not do well were Ashikaga Holdings (7167) and Concordia Financial Group (7186) down 12% and Musashino Bank (8336) down 11%.

High Dividend Yield names also did not do well this week. However this also looks to be a function of poor performance in the Banks and Insurance Sectors. T&D Holdings (8795) is down 9%, MS&AD Insurance is down 8% and Dai-Ichi Life Insurance Group is down 8%. On the other side, high OP Growth and names with low Debt to Equity did well this week. High OP growth names that are up are Coca-Cola East Japan (2580) up 10%, Coca-Cola West (2579) up 9% and Ezaki Glico (2206) up 7%. Low Debt to Equity name that did well where Rohm (6963) up 5%, Hitachi High-Technologies (8036) up 7% and CyberAgent (4751) up 5%.

Who Moved – 33 names moved on volume this week. Despite the poor performance in Banks, only 3 Bank names moved on volume this week. On the positive side, Coca-Cola East and West were up more than 9% on volume. Toshiba (2579) is up 5% and Iwatani (8088) is up 5%. On the other side, Ashikaga Holdings (7167) is down 12%, Concordia Financial Group is also down 12% and Fukuoka Financial (8354) is down 9% this week.

Summary

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