What Worked Japan - 22 Dec 2016 - Value and Beta were hurt again this week as Quality names benefited

What Worked – Value, particularly PBR, did not do well for the second week in a row. Low PBR names that were hurt were Tokyo Electric Power (9501) down 7%, Kobe Steel (5406) down 6% and Isetan Mitsukoshi Holdings (3099) down 6%. On the positive side, last week’s rotation into growth and quality names continued this week.

Low Debt to Equity names that did well were KONAMI (9766) up 9%, Capcom (9697) up 7% and NEXON (3659) up 6%. Growth names that did well were Kakaku.com (2371) up 4% and Shionogi (4507) up 4%. As with Value, high Beta names did not do well for the second week in a row. Nintendo (7974) was down 11%, Olympus (7733) was down 10% and TADANO (6395) was down 6%. There was also a slight selloff in names with a high percent in Institutional Investors.

Who Moved – 51 names moved on volume this week.  The moves were spread pretty much evenly across the different sectors. On the positive side, Dentsu was up 14%, Taiyo Yuden was up 14% and Kagome (2811) was up 11%, all on strong volume. On the other side, SMC (6273) was down 10%, ACOM (8572) was down 9% and Komatsu (6301) was down 5%.


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