What Worked Japan - 26 Aug 2016 - High Beta and Low PBR names were hurt as Retail names benefited

What Worked – Pretty good sell off in names that were up over the last month and high Beta names. This is the first week high Beta names have not done well since the middle of July. Names that did well over the last month that were hurt this week were Sumco (3436) down 7%, Sony Financial (8729) down 7% and Tokyo Ohka Kogyo (4186) down 7%. High Beta names that did not do well this week were Unipres Corp (5949) down 10%, Alps Electric (6770) down 9% and Sumitomo Heavy Industries (6302) down 7%.

Looking at Value, PE was pretty much insignificant but we did see a selloff in low PBR names. Japan Petroleum Exploration (1662) was down 9%, Inpex (1605) was down 8% and J.Front Retailing (3086) was down 7%. On the other side, names with a high % of Retail Investors did well this week after poor performance since the beginning of July. Capcom (9697) was up 8%, Kyowa Exeo (1951) was up 6% and Iida Group (3291) was up 6%.

Who Moved – Not a strong week for volume this week. Only 12 names moved on volume. On the positive side, UNY Group was up 10%, Familymart (8028) was up 9% and Shochiku (9601) was up 3%. On the other side, Cosmo Energy (5021) was down 11%, Sumco (3436) was down 7% and SHIMAMURA (8227) was down 6%.


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