What Worked Japan - 23 Jun 2017 - Quality worked and really nothing else stood out

What Worked

Low Debt to Equity and high ROIC names did the best this week. Low Debt to Equity names that did well were Murata Manufacturing (6981) up 11%, Zeon Corp (4205) up 10% and Alps Electrics (6770) up 9%. Low Debt to Equity names have only done this well once in the last 2 years. High ROIC names that did well were Yamaha (7951) up 6%, Hitachi Chemical (4217) up 7% and OBIC (4684) is up 7%.

On the other side, there was a slight selloff in low PBR names. Low PBR names have not really done well since the middle of April. Low PBR names that were hurt were Nomura Real Estate Holdings (3231) down 13%, Hokuriku Electric Power (9505) down 5% and Nippon Yusen Kabushiki Kaisha (9101) down 4%. All other factors were pretty much insignificant.

Who Moved

Only 13 named moved on volume this week. On the positive side, Murata Manufacturing (6981) is up 11%, Taiyo Yuden (6976) is up 7% and Aiful Corp (8515) is up 5%. On the other side, there was only one name down on volume this week, Tsumura (4540) down 1%.


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