What Worked Asia - 08 Apr 2016 - Value worked in Malaysia / Size did not in Thailand and Taiwan

What Worked – China was all about a selloff in Size and a continued trend in downward momentum. Names down over the last 3 months continued to go down this week. ZTE Corp was down 15% and Intime Retail was down 10%. In Hong Kong it was all about names with positive EPS revisions, Shougang Fushan Resource was up 7% and Joy City Property was up 11%. In Singapore there was a move into PBR and Growth names and away from high ROE names. High ROE names that did poorly were Bumitama Agri down 6% and Sinarmas Land down 4%.

Low PBR names that did well were China Aviation Oil up 6% and Wing Tai Holdings up 5%. India saw a slight selloff in Beta names. BEML Limited was down 13% and Adani Ports & Special Economic Zone was down 10%. High Dividend Yield names were hurt in the Philippines this week. Philippine Long Distance Telephone was down 5% and Premium Leisure was down 2%. In South Korea there was a slight selloff in Value and Size this week. iMarket Korea was down 15% and TongYang Life Insurance was down 9%. In Malaysia PE did well this week. UOA Development was up 5% this week.

Who Moved – 80 names spiked on volume this week, which is pretty low for Asia –ex Japan. The volume spikes look to be well distributed across the region. On the positive side, Philippine Trust is up 350%, Celltrion Pharma was up 55% and Relaxo Footwears was up 29%. On the negative side, ZTE Corp was down 15%, PT Blue Bird was down 11% and Youngone Holdings was down 8%.


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