What Worked Japan - 17 Mar 2017 - Low PBR and High Beta names were hurt this week

What Worked

Pretty good selloff in high Beta names and names with low PBR this week. Value, particularly PBR, has not done well since the second week of February. The same can be said for high Beta names. This week high Beta names that were hurt were Toshiba (6502) down 9%, Concordia Financial Group (7186) down 7% and T&D Holdings (8795) down 5%. Low PBR names that did not do well this week were Nisshin Steel (5413) down 9%, Hiroshima Bank (8379) down 5% and Fukuoka Financial (8354) down 5%.

On the other side, there was a rotation into high ROE  and OP Growth names. High ROE names that did well this week were Temp Holdings (2181) up 4%, Sohgo Security Services (2331) up 4% and Nichirei Corp (2871) up also up 4%. High ROE and growth names have down well over the last month

Who Moved

Only 14 names moved on volume this week. On the positive side, Mitsubishi Heavy Industries is up 9%, ITO EN (2593) is up 4% and Yamaha Corp (7951) is up 3%. On the other side, Kyushu Electric Power (9508) is down 6%, Nitto Denko (6988) is down 4% and Maruichi Steel Tube (5463) is down 4%.


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