What Worked Japan - 17 Feb 2017 - Low PE did well this week, Large-cap continues to underperform

What Worked – After not really working since the end of last November, low PE name did well this week. Toyo Tire & Rubber (5105) is up 25%, MinebeaMitsumi (6479) is up 19% and DMG MORI (6141) is up 14%. High Dividend Yield names also did well this week. DIC Corp (4631) is up 7%, NSK (6471) is up 6% and Toda (1860) is up 6%. Large-cap names continued to underperform and have been beaten up since last June.

There have really only been three weeks since last June when large-cap name have outperformed. Large-cap names that were down this week were Toshiba (6502) down 23%, Iida Group (3291) down 11% and Nikon (7731) down 10%. There was also a slight move into high Beta names. High Beta names have quietly been outperforming since the beginning of the year. Mitsui Mining and Smelting (5706) is up 19% and Tokio Marine Holdings (8766) is up 5%.

Who Moved – 42 names moved on volume this week. The volume spikes look to be spread across all sectors. On the positive side, Toyo Tire & Rubber is up 25%, Mitsui Mining and Smelting is up 19% and MinebeaMitsumi is up 19%. On the other side, Iida Group (3291)is down 11%, Nikon is down 10% and Asics Corp (7936) is down 9%.


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