What Worked Japan - 21 Oct 2016 - Value and High Beta names down over the last year bounced this week

What Worked – Huge reversal in names that were down over the last 12 months. Mitsui Fudosan (8801) is up 12%, Sumitomo Real Estate (8830) is up 10% and Tokyo Tatemono (8804) is up 10%. The reversal was mainly driven by Value and Beta. Since the beginning of July, the quintile with the lowest PBR names is up approx. 13%. Low PBR names up this week were Japan Display (6740) up 20%, Mitsubishi Motors (7211) up 16% and Nomura Real Estate (3231) up 11%.

This week there was a slight selloff in large-cap names and names with a high % of Retail investors. Large-cap names have not done well since the beginning of August. Shochiku (9601) is down 6%, Toda Corp (1860) is down 4% and Rakuten (4755) is down 4% this week. After outperforming on average since September, Growth names did not do well this week. High OP growth names down were M3 (2413) down 6% and ONO Pharma (4528) down 4%.

Who Moved – Only 7 names moved on volume this week. On the positive side, TADANO (6395) is up 12%, Japan Petroleum (1662) is up 4% and JGC (1963) is up 1%. On the other side, Kamigumi (9364) is down 5%, Seven & I Holdings (3382) is down 3% and Nippon Yusen Kabushiki Kaisha is down 1%.

Summary

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