What Worked Japan - 03 Mar 2017 - Value did not work for the first time since last December

What Worked

Value, particularly PBR, was hurt this week. This is really the first week since last December that low PBR names have not done well. Low PBR names that were down included Ogaki Kyoritsu Bank (8361) down 10%, Showa Denko (4004) down 8% and Inpex (1605) down 5%.

High Beta names were also down this week. As with Value, this is the first week this year that high Beta names were hurt. Toshiba (6502) is down 5%, Taiyo Yuden (6976) is down 5% and Ibiden (4062) is also down 5%. With Value and Beta down, there was a slight move into high ROIC names. Morinaga (2201) is up 7%, Unipres Corp (5949) is up 6% and Nippon Paint Holdings (4612) is up 6%.

Who Moved

Only 25 names moved on volume this week. On the positive side, Mitsui Mining and Smelting (5706) is up 11%, Morinaga (2201) is up 7% and Morinaga Milk Industry is up 6%. On the other side, Ogaki Kyoritsu Bank (8361) is down 10%, Pola Orbis Holdings (4927) is down 7% and Park24 (4666) is down 6%.

Summary

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