What Worked Japan - 02 Jun 2017 - High beta names bounced back as high dividend yield names continued to be hurt

What Worked

After 3 weeks of poor performance, names with high Beta to TOPIX and Beta to the Yen bounced back this week. H2O Retailing (8242) is up 9%, Dowa Holdings (5714) is up 10% and TADANO (6395) is also up 9%. There was a slight sell-off in names with high dividend yield. This is the 5th week in a row that high dividend yield names have not done well. However, with only 51 names down in TOPIX 500 this week it was more about which names did not go up as much. Park24 (4666) is down 6%, FamilyMart (8024) is down 4% and Oracle Corp Japan (4716) is down 4%.

Names with a high percent of Institutional Investors did better this week after doing poorly over the last month. Showa Denko (4004) is up 12% and Tokyo Ohka Kogyo (4186) is up 10%. Long-term momentum names were up while short-term momentum names were hurt this week. Mitsui Mining and Smelting (5706) is up 5% and MinebeaMitsumi (6479) is up7%.

Who Moved

Only 24 names moved on volume this week. On the positive side, Tosoh Corp (4042) is up 8%, Miraca Holdings (4544) is up 7% and Sysmex Corp (6869) is up 6%. On the other side, Oracle Corp (4716) is down 4%, Fuji Media Holdings (4676) is down 2% and Otsuka (4768) is down 1%. All on strong volume.


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