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Tokyo Earthquake today

Tokyo 8.8 Magnitubde Earthquake around 2pm.

Sold all of my Saizen REIT stocks at 0.150

Portfolio update

Date : 8 March 2011

STI
Will be going up short term.


CHINA SPORTS
Retracement happening soon. Sell at 0.100 / 0.110.

RAFFLES EDU
Starts going up. Monitor once it hits 0.280/0.285.
*Date : 9 Mar : Going up today.

SAIZEN
Starts going up. Can load up at 0.155.
*Date : 9 Mar : Going up today.

OTHERS
Still in negative territories.

*Update on 9 Mar 2011

STI

Still downtrend but look for possible retracement soon. Downtrend to be continue.

Strategy : Sell at retracement

Portfolio update

ABTERRA

Uptrend still intact but weakening. Currently, still in consolidation period.

Strategy - Buy at lower Bollinger/trendline (1.27) and sell at upper Bollinger/trenldine (1.39).


AIMS

Downtrend.

Strategy : Sell at resistance (0.215/0.210)


ANNICA

Downtrend

STRATEGY : Wait for reversal

CHINA SPORT

Weekly chart showing sideways but RSI going downwards.
Strategy : Wait for daily ADX downtrend reversion and buy in.

Note : Because my hand gatal, so today went in at 0.095. May go lower than this in next few days.

COURAGE MARINE

Monthly, Weekly, Daily Chart all shows sideways.

Regretted getting into this stock by impulse.

Strategy : Buy at bottom and sell all at top of Bollinger.Not worth keeping this stock.

EUNETWORK
Wait for 0.01 and 0.005

RAFFLES EDU

Weekly chart shows still downtrend. Daily chart shows some trend starting soon.Dunno whether downtrend or uptrend.

STRATEGY : Wait and see

Sentiment Indicators - ING Investor Dashboard Sentiment Data - Student's Post

Quote of the Day: “Far from the madding crowd’s ignoble strife, Their sober wishes never learned to stray; Along the cool, sequestered vale of life They kept the noiseless tenor of their way”
It’s too much to expect that Investor Sentiment surveys have any kind of normal predictive value – usually, the only way they are used in the US is in contrarian manner, taking the surveyed investors as “dumb money” that buys at the tops and sells at the bottoms. Here we investigate the Singapore and HK corollary of these surveys.


A few points to note:

• This survey only began in Oct 2007, and is done quarterly, so we don’t have a lot to go on. Q3 2010 is also not posted on the website – you can only find it here after some hard searching.
• To their credit, investors actually turned neutral in early 2008 BEFORE the massive drop in the indexes in late 2008 – but only turned truly pessimistic after the drop. Hong Kong investors embarrased themselves going optimistic again during the drop.
• Slow on the uptake. SG and HK investors remained pessimistic until the recovery was well and truly underway, with most of the profits from that already gone.

As a public service I have released my compiled data source so others investigating this can have quick access. ING does not provide the FULL data in time series as I have done.
Takeaways for investors

• The ING Sentiment Index appears to have no conventional predictive value in crisis times.
• It is also of limited contrarian value in non-crisis times – sentiment has stayed well above Optimistic levels for the entirety of 2010 when markets did indeed go up.
• However SG and HK sentiment have been optimistic for a very long time, and have already dipped once. I do not think it would take a lot for this sentiment to reverse.

Sentiment Indicators - Ignore the Singapore Purchasing Manufacturers’ Index - Student's Post

For a mere sentiment measure, the PMI is widely watched by economists and stock people for some strange unknown reason. Here is the SIPMM’s self-description of the PMI, with absolutely no sense of irony:

The Singapore PMI has become a key barometer of the Singapore manufacturing economy and has been highly sought after by local and international news agencies, banks, investment and stock-broking firms.  The Singapore PMI is published monthly in the major language press media, such as The Straits Times, The Business Times, The New Paper, Chinese Daily News LianHe ZaoBao and the Malay Daily News Berita Harian.  The index is also reported regularly in the international media, as well as economic and research agencies worldwide.  In addition, the Channel News Asia and News Radio 93.8 also broadcast the monthly news release of the index.

Any index that is pleased to be reported by The New Paper must have some serious psychological issues going on. Here is my take on the PMI:

(Please switch the t-1 and t+1 on the above graph as that makes more intuitive sense.)
If you squint you can see that the explanatory power of the PMI on the STI is no more than 10 basis points as a coincident indicator, and 15 bps as a leading indicator. On the other hand, the PMI does fabulously as a lagging indicator, explaining 112 bps. By means of comparison, the explanatory power of last month’s STI return on this month is 44 bps.*
Full data is uploaded at the usual place.**
The fact that all these media outlets report this essentially useless data exemplifies the difference between “news” and “news you can use”. We are looking for tomorrow’s weather forecast, but many of the radio stations we tune in to simply talk about yesterday’s weather. ‘Nuff said.
*While the 112 vs the 44 seems strange, this finding is consistent with the human experience that it is much easier to explain the past looking backward (PMI) than it is to explain the future looking backward (STI return t-1).
**By comparison, HK’s PMI does not even keep a historical record and is released only infrequently according to Bloomberg. A sorry state of affairs for sentiment indicators in general.

Sentiment Indicators - The Singapore PMI and ST Sector Indices - Student's Post

Armed with sector information from the FTSE, I have followed up on the prior post looking at the PMI and the STI. The PMI is a sentiment index of purchasers in the manufacturing industry, so I have identified the relevant sector indices to be the FSTBM, FSTIN, and FSTCG, corresponding to the Basic Materials, Industrials, and Consumer Goods indices. I then ran a simple regression on their returns, much like the prior post:

We can see that the PMI doesn’t do that great as a coincident indicator on any of the relevant sectors; the best we get is 34 basis points, and as mentioned in the prior post you can get 44 bps just wagering that this month’s returns are the same as last month’s. In other words, even if you somehow managed to get insider info on the PMI or forecasted the PMI accurately (also suspect; I have recorded PMI survey data on my data subsite for your perusal), you would not be likely at all to make much alpha.
Nothing to write home (or here) about.
However, great news is about “man bites dog”, and a little messing around with the lags show this:
This shows the same regression run on the PMI lagged by 1 month. The R-squared on all three sectors leaps by 7x, 4x, and 9x respectively – in particular, the previous month’s PMI seems to explain almost 3% of the FSTCG Index’s movements over this past decade (N=135). This is a magic number – some quants say that “People have gotten rich off of a 2% r-squared” – however an adult user of statistics would not get overly excited about this if only because the sample size is still not that impressive.
I know some of this talk about R-squared puts some people off, so here’s a simple trading rule conclusion you can make from this study:
When the PMI minus 50 was lower than -0.4 (purchasing managers were bearish), the FSTCG moved up 2.59% in the next month on average. When the PMI minus 50 was above 2.1 (bullish), Consumer Goods stocks dropped on average. The current PMI is at 50.7.

Ratio Reversion - Student's Post

Quote of the Day: “True leadership must be for the benefit of the followers, not the enrichment of the leaders.”
Today’s statistical phenomenon has many names – mean reversion, statistical arbitrage, lead-lag structures – but the trading strategy remains the same. We are leaving the Market Timing family of strategies and going further into the deep end of Mean Reversion for this one. Observe this chart:


We see that once we normalize as of a certain date, the Straits Times Index and the Hang Seng Index track each other closely despite their vastly different numerical levels. Plotting the cumulative degree of STI outperformance results in the green line, which has no further purpose than to show that the ratio of FSSTI to HSI hovers pretty much around the level it is at as of 3 Jan 2001 (this ratio is 7.72). Thus, when the FSSTI outperforms the HSI on any particular day, it is likely to underperform the HSI at some future point (not necessarily the following day). With a long/short market neutral bet we can profit from the expected narrowing of this gap, but there are an infinite number of ways to structure your decision rule. The simplest, in my view, is to bet on the ratio reverting back to 7.72, and to keep at it until the ratio is reestablished (Static Ratio Reversion):

This chart is on a log scale so I have added +1 to all values on the green line in order to display it meaningfully. The purple line shows the profits resulting from the Static Ratio Reversion strategy, and although the end result of 381% profit is impressive, it is worthwhile to note that from 2001 to late 2007 the strategy didn’t have any profit to show for all its sophistication. Also, eyeballing the green and purple lines, it is clear that the strategy only makes money when the green line heads toward the 1.000 line, which marks the 7.72 ratio established on 3rd Jan 2001. This highlights the chief difficulty with the Static Ratio Reversion strategy, as it is a strategy that says that the ratio of FSSTI and HSI on any given day is wrong, but the ratio on one particular day (in this one, 3rd Jan 2001), is “right”. Further, it doesn’t allow for any fundamental movement over time in the ratio itself.
The Moving Average Ratio Reversion method solves this by trading based on reversion to a moving average of past ratios, and not one past ratio on one particular day. This can help anticipate movements in the trend far better, as it can be seen that the 7.72 point is quite often off the mark:

With this in mind, is a slower moving average better or a faster moving average? I don’t have the time or presence of mind to derive the relationship between the predictive ability of the moving average of a ratio and the profit from a ratio reversion strategy on that ratio, but empirically we can observe a few data points and make some inferences:




It seems that the mid 2000s loss periods are avoided with longer MA estimations. I need to do further work on this and don’t have the time, but I leave you with the risk/return statistics:

Index Component Mean Reversion - Student's Post

Citation of the Day: What Happened to the Quants in August 2007?
It’s a holiday so this is a short post. I have completed preliminary work adapting Andrew Lo’s mean reversion strategy to the Straits Times Index, and it looks like this:

It’s looking pretty good, making 4% over a year with a max 2% drawdown UNLEVERED and MARKET NEUTRAL. More analysis to be done, but in the meantime, HAPPY CHRISTMAS!

The Economist Chimes in on Momentum - Students Post

I think I’m on a roll with this media thing. Today’s Economist has an article out on momentum investing that is probably worth your time:

It is also given a mention in the venerable Leader section.
However, whoever wrote the article has in my opinion a very poor understanding of proper momentum investing:

A second puzzle is why the effect has not been arbitraged away. The answer probably lies in timing. Clearly the momentum effect cannot last for ever or share prices would head for infinity. Over long periods (more than three years or so) an opposite anomaly known as the value effect occurs: shares that are depressed in price tend to rebound. Momentum-chasing investors may get caught out by the switch from one effect to the other, especially when they have used borrowed money to try to enhance returns.

This is an unforgivably stupid reason even by their chosen strategy.

Investors who buy the best-performing shares over the previous year earn much higher returns (ten percentage points a year) than those who buy the laggards of the preceding 12 months.

By definition momentum investors cannot be “caught out” by the switch to the 3-year value effect if their momentum horizon is 12 months.
This Student suggests the eggheads at the Economist read up on Cliff Asness’ seminal Value and Momentum Everywhere for a better way to compare value and momentum directly, and for some more informed ruminations on more likely sources of momentum profits.
in my view
The easiest explanation for why momentum investing continues to exist is that it is the one market inefficiency that is impossible to arbitrage. Typical arbitrage involves some conception of the market price being different from fair value, and the trade profits from the market price moving in the opposite direction of the pricing discrepancy. If momentum is real, fair value is a function of market price and the trade profits from the market price moving in the SAME direction of the pricing discrepancy. Attempting to “arbitrage” the momentum effect makes it stronger, not weaker, unlike in all other arbitrage scenarios.
One further comment on momentum: This has obvious links to Soros’ reflexivity, but at least he grounds it in the effect that accessing the capital markets can have on the fundamental fair value of a company. True momentum doesn’t even wait for the stock price to affect the company’s fundamentals; the stock price affects the stock price, and that is that.

The top 10% “Cheapest” stocks in SG and HK – Jan 2011 - Student's Post

Everyone loves a shopping list, so here’s four of them!

Data	Price to Book	Earnings Yield
Singapore	Shortcut	Shortcut
Hong Kong	Shortcut	Shortcut

Some notes – market value and revenue numbers are in $m of local currency. Data is as of yesterday.
The way that I recommend using these lists is to look up the companies in order and try as hard as you can to find out what is wrong with it. Use your most pessimistic forecasts. Assume market sentiment will go back to Feb 2009 levels. If despite your best efforts you have no idea why the company is trading so low, it is probably a fantastic buy.
SG – P/B

The Cheapest SG stocks ranked by Price/Book
Tkr & Exch	Name	P/B:Y	Market Cap	Revenue T12M	P/E	Price:D-1
ZHL SP	ZHONGHUI HOLDINGS LTD	0.11				0.01
SMT SP	SURFACE MOUNT TECHNOLOGY	0.22	28	2238		0.11
SUPM SP	SUPERIOR MULTI-PACKAGING LTD	0.24	33	89		0.09
UFH SP	UNITED FOOD HOLDINGS LTD	0.24	83	2543	11.4	0.08
SBT SP	SINOBEST TECHNOLOGY HLDGS	0.26	11	380		0.10
CSCF SP	CHINA SKY CHEMICAL FIBRE CO	0.26	208	1977		0.26
IPCO SP	IPCO INTERNATIONAL LTD	0.27	36	35		0.02
STP SP	STAR PHARMACEUTICAL LTD	0.27	33	139		0.14
JUKEN SP	JUKEN TECHNOLOGY LTD	0.27	41	45	31.6	0.18
CPOW SP	CHINA POWERPLUS LTD	0.28	23	396	3.1	0.06
MCOM SP	METAL COMPONENT ENGINEERING	0.28	11	66	10.7	0.06
SRAY SP	SUNRAY HOLDINGS LTD	0.28	10	69		0.03
CPI SP	CRAFT PRINT INTERNATIONAL	0.28	5	24		0.03
RMT SP	RICKMERS MARITIME	0.29	176	148		0.42
CCF SP	CACOLA FURNITURE INTL LTD	0.29	22	195		0.07
MTEX SP	MATEX INTERNATIONAL LTD	0.29	23	42	9.5	0.13
BIOT SP	BIO-TREAT TECHNOLOGY LTD	0.30	95	260	0.9	0.05
LUX SP	LUXKING GROUP HOLDINGS LTD	0.31	9	481		0.04
CHC SP	CHINA HONGCHENG HLDGS LTD	0.32	27	669	27.1	0.10
CFLX SP	CHINA FLEXIBLE PACKAGING HLD	0.32	89	964	27.4	0.19
EUCON SP	EUCON HOLDING LTD	0.32	23	113	22.2	0.04
CBEAR SP	CHINA BEARING SINGAPORE LTD	0.32	14	184		0.06
NIP SP	NIPPECRAFT LTD	0.32	23	78		0.07
ALBD SP	ALBEDO LTD	0.33	6	44		0.06
SUNR SP	SUNRIGHT LTD	0.33	27	74	4.4	0.22
UNDX SP	UNIDUX ELECTRONICS LTD	0.33	10	247	9.6	0.09
ITE SP	ITE ELECTRIC CO LTD	0.34	6	17	2.9	0.07
HUAN SP	HUAN HSIN HOLDINGS LTD	0.34	96	789		0.24
AP SP	AURIC PACIFIC GROUP LTD	0.35	89	388	62.4	0.71
YOMA SP	YOMA STRATEGIC HLDGS LTD	0.35	47	17	71.5	0.09
FISC SP	FISCHER TECH LTD	0.36	36	121	26.0	0.13
UPP SP	UPP HOLDINGS LTD	0.36	93	46	16.8	0.16
SAMU SP	SAMUDERA SHIPPING LINE LTD	0.37	132	353	64.4	0.25
UMSH SP	UMS HOLDINGS LTD	0.37	236	112	10.1	0.60
CASA SP	CASA HOLDINGS LTD	0.37	27	0		0.13
SUNS SP	SUNSHINE HOLDINGS LTD	0.37	68	187	1.0	0.07
CHIH SP	CHINA INTERNATIONAL HOLDINGS	0.37	61	48	14.5	0.07
ONI SP	ONIONTECH LTD	0.38	7	6		0.04
SAN SP	SAN TEH LTD	0.38	142	170		0.41
TEX SP	TEXCHEM-PACK HLDGS SINGAPORE	0.38	14	200		0.10
LTC SP	LION TECK CHIANG LTD	0.38	77	126	6.0	0.50
PNE SP	PNE INDUSTRIES LTD	0.39	32	0		0.10
CFM SP	CFM HOLDINGS LTD	0.39	11	53	6.3	0.10
FUNG SP	FUNG CHOI MEDIA GROUP LTD	0.39	141	1927	5.9	0.20
GSS SP	GIKEN SAKATA SINGAPORE LTD	0.39	8	57	2.1	0.06
TIH SP	TRANSPAC INDUSTRIAL HLDG LTD	0.39	336	146	12.6	1.92
SUNN SP	SUNNINGDALE TECH LTD	0.39	142	412	8.1	0.19
COMW SP	COMBINE WILL INTERNATIONAL	0.39	100	1058	13.3	0.31
EXLP SP	EXCELPOINT TECHNOLOGY LTD	0.40	31	474	13.8	0.06
SPIP SP	SINOPIPE HOLDINGS LTD	0.40	53	795	7.0	0.24
CYS SP	CHINA YONGSHENG LTD	0.40	33	597		0.02
TSHC SP	TSH CORPORATION LTD	0.40	42	47	3.6	0.18
FCOT SP	FRASERS COMMERCIAL TRUST	0.40	528	118	10.4	0.17
SZREIT SP	SAIZEN REIT	0.40	191	4135		0.17
BT SP	BEYONICS TECHNOLOGY LTD	0.41	112	1520	53.3	0.21
SPAK SP	SOUTHERN PACKAGING GROUP LTD	0.42	44	111	2.3	0.16
SNTK SP	SANTAK HOLDINGS LTD	0.42	12	27		0.12
SHTE SP	SHANGHAI TURBO ENTERPRISES	0.42	27	178	6.0	0.10
BWPM SP	BRIGHT WORLD PRECISION MACH	0.42	222	928	9.8	0.56
FZPI SP	FUJIAN ZHENYUN PLASTICS IND	0.42	36	584	2.2	0.31
LASS SP	LASSETERS INTERNATIONAL HLDG	0.43	37	73		0.16
CPAP SP	CHINA PAPER HOLDINGS LTD	0.43	147	0	3.7	0.17
DYMC SP	DYNAMIC COLOURS LTD	0.43	23	57	8.6	0.11
SINOT SP	SINO TECHFIBRE LTD	0.43	107	1267		0.12
YPG SP	GLOBAL YELLOW PAGES LTD	0.44	103	52	5.8	0.19
TYE SP	TYE SOON LTD	0.44	37	177	8.2	0.14
LUBC SP	LUZHOU BIO-CHEM TECHNOLOGY	0.44	44	2920	8.2	0.11
FRKN SP	FRENCKEN GROUP LTD	0.44	105	323	12.3	0.28
SWM SP	SWING MEDIA TECHNOLOGY GROUP	0.44	73	798	4.7	0.05
MTEC SP	MEMTECH INTERNATIONAL LTD	0.46	101	126	11.4	0.14

SG – EY

The Cheapest SG stocks ranked by Earnings Yield
Tkr & Exch	Ticker	Earnings Yield	Market Cap	Revenue T12M	P/E	Price:D-1
LJ SP	LJ SP Equity	490%	28.37	93.53	0.20	0.04
LMA SP	LMA SP Equity	329%	193.97	109.95	0.30	0.33
GPR SP	GPR SP Equity	217%	163.12	301521.83	0.46	0.40
BIOT SP	BIOT SP Equity	109%	94.77	259.52	0.92	0.05
SUNS SP	SUNS SP Equity	102%	68.46	186.85	0.98	0.07
LAP SP	LAP SP Equity	67%	103.41	49.90	1.48	0.26
ASJ SP	ASJ SP Equity	51%	15.77	40.21	1.97	0.07
SIF SP	SIF SP Equity	49%	177.59	65.69	2.02	1.69
ACH SP	ACH SP Equity	48%	47.06	345.13	2.08	0.09
GSS SP	GSS SP Equity	48%	7.89	57.16	2.08	0.06
FZPI SP	FZPI SP Equity	46%	35.65	584.12	2.17	0.31
DLNG SP	DLNG SP Equity	45%	318.92	9002.67	2.25	0.58
THK SP	THK SP Equity	44%	91.43	439.47	2.29	0.04
8TEL SP	8TEL SP Equity	44%	93.39	613.47	2.29	0.20
SPAK SP	SPAK SP Equity	43%	43.63	111.19	2.35	0.16
PHL SP	PHL SP Equity	41%	16.32	24.13	2.42	0.06
SAPP SP	SAPP SP Equity	39%	324.38	149.19	2.56	0.02
HTONG SP	HTONG SP Equity	38%	39.68	37.51	2.65	0.16
COG SP	COG SP Equity	37%	47.85	59.13	2.68	0.15
PART SP	PART SP Equity	35%	76.05	702.30	2.86	0.20
FDS SP	FDS SP Equity	34%	11.40	13.10	2.92	0.06
ITE SP	ITE SP Equity	34%	6.00	17.01	2.92	0.07
TGL SP	TGL SP Equity	34%	161.65	19.60	2.94	0.02
CNA SP	CNA SP Equity	33%	37.92	125.18	2.99	0.19
CHIP SP	CHIP SP Equity	33%	310.39	464.64	3.00	0.47
CPOW SP	CPOW SP Equity	33%	23.36	396.38	3.06	0.06
ELL SP	ELL SP Equity	33%	81.39	163.05	3.06	0.15
QMEI SP	QMEI SP Equity	33%	182.40	1180.90	3.07	0.29
GUL SP	GUL SP Equity	32%	93.11	179.24	3.09	0.10
GGH SP	GGH SP Equity	32%	56.98	516.30	3.14	0.22
ACTA SP	ACTA SP Equity	31%	82.00	363.42	3.17	0.21
HAN SP	HAN SP Equity	30%	265.10	1372.41	3.30	0.40
FRT SP	FRT SP Equity	30%	6686.40	819.42	3.36	4.00
TSNG SP	TSNG SP Equity	28%	199.17	374.61	3.55	0.26
CPC SP	CPC SP Equity	28%	89.10	581.04	3.55	0.14
JUN SP	JUN SP Equity	28%	42.21	3068.77	3.59	0.12
TSHC SP	TSHC SP Equity	27%	42.08	47.04	3.64	0.18
CWT SP	CWT SP Equity	27%	672.95	709.49	3.68	1.14
KSHH SP	KSHH SP Equity	27%	88.94	290.88	3.69	0.26
CPAP SP	CPAP SP Equity	27%	146.93	0.00	3.70	0.17
MSM SP	MSM SP Equity	26%	17.10	57.23	3.81	0.19
MCL SP	MCL SP Equity	26%	943.46	393.06	3.82	2.55
DAPAI SP	DAPAI SP Equity	26%	218.30	2023.10	3.89	0.22
LATI SP	LATI SP Equity	25%	68.30	149.48	3.94	0.29
LEE SP	LEE SP Equity	25%	109.15	983.94	3.97	0.23
CHFT SP	CHFT SP Equity	25%	38.01	256.34	4.07	0.09
LZW SP	LZW SP Equity	24%	115.16	1500.74	4.18	0.49
STEL SP	STEL SP Equity	24%	151.83	679.00	4.20	0.36
LHT SP	LHT SP Equity	24%	17.04	30.39	4.21	0.08
HLF SP	HLF SP Equity	24%	1325.51	278.76	4.24	3.01
CESS SP	CESS SP Equity	23%	129.43	887.67	4.33	0.33
LKH SP	LKH SP Equity	23%	336.16	378.56	4.33	0.46
METRO SP	METRO SP Equity	23%	579.36	163.87	4.33	0.90
SUNR SP	SUNR SP Equity	23%	27.02	74.08	4.40	0.22
RYO SP	RYO SP Equity	23%	141.57	120.84	4.43	0.19
JMG SP	JMG SP Equity	23%	19.08	51.52	4.44	0.18

HK – P/B

The Cheapest HK stocks ranked by Price/Book
Tkr & Exch	Name	P/B:Y	Market Cap	Revenue T12M	P/E	Price:D-1
764 HK	ETERNITY INVESTMENT LTD	0.09	216	79	0.1	0.20
372 HK	ITC CORPORATION LTD	0.13	299	71		0.39
92 HK	CHAMPION TECHNOLOGY HOLDINGS	0.13	1052	3012	8.7	0.18
275 HK	HANNY HOLDINGS LTD	0.13	399	0	1.9	0.32
279 HK	FREEMAN FINANCIAL CORP LTD	0.14	1045	182		0.39
8173 HK	PAN ASIA MINING LTD	0.14	205	15		0.03
1838 HK	CHINA PROPERTIES GROUP	0.15	4848	272	0.3	2.68
1218 HK	EASYKNIT INTERNATIONAL HLDG	0.15	385	189	1.1	4.85
8171 HK	CHINA TRENDS HOLDINGS LTD	0.17	232	49		0.04
273 HK	WILLIE INTERNATIONAL HOLDING	0.17	286	-111		0.19
1064 HK	ZHONG HUA INTL HLDGS LTD	0.17	121	33	3.7	0.80
412 HK	HERITAGE INTERNATIONAL HOLDI	0.19	106	0		0.06
8005 HK	YUXING INFOTECH HLDGS LTD	0.19	1006	275	80.7	0.58
913 HK	UNITY INVESTMENTS HOLDINGS	0.19	139	-64		0.33
326 HK	CHINA STAR ENTERTAINMENT LTD	0.20	368	851	1.7	0.09
1189 HK	ROSEDALE HOTEL HOLDINGS LTD	0.21	329	1214		0.50
219 HK	SHUN HO TECHNOLOGY HLDGS LTD	0.21	687	270	3.8	1.28
61 HK	NORTH ASIA RESOURCES HOLDING	0.22	775	49		0.91
253 HK	SHUN HO RESOURCES HOLDINGS	0.23	393	270	3.8	1.29
488 HK	LAI SUN DEVELOPMENT	0.23	4319	729	2.1	0.31
571 HK	ESUN HOLDINGS LTD	0.23	1948	367	5.9	1.57
214 HK	ASIA ORIENT HOLDINGS LTD	0.23	1136	41	0.8	1.60
713 HK	WORLD HOUSEWARE HOLDINGS LTD	0.24	287	943	12.6	0.43
29 HK	DYNAMIC HOLDINGS LTD.	0.24	353	126	9.7	1.61
191 HK	LAI SUN GARMENT (INTL)	0.24	1569	37	3.5	0.97
8172 HK	KH INVESTMENT HOLDINGS LTD	0.24	162	25	1.1	0.32
58 HK	SUNWAY INTERNATIONAL HLDGS	0.24	310	912		0.31
8063 HK	TRASY GOLD EX LTD	0.24	167	16		1.39
878 HK	SOUNDWILL HOLDINGS LTD	0.25	2970	406	3.3	12.30
1059 HK	KANTONE HOLDINGS LTD	0.25	675	1290	8.0	0.13
469 HK	CAPXON INTERNATIONAL ELECTRO	0.25	287	945	14.0	0.34
129 HK	ASIA STANDARD INTL.GROUP	0.25	2181	1568	0.8	1.76
131 HK	CHEUK NANG HOLDINGS LTD	0.25	1180	39	4.0	3.12
2362 HK	MACAU INVESTMENT HLDGS LTD	0.26	7585	144		2.78
451 HK	SAME TIME HOLDINGS LTD	0.27	226	1125		3.97
244 HK	SINCERE CO	0.27	546	391		0.95
622 HK	ENERCHINA HOLDINGS LTD	0.27	1265	662		0.18
141 HK	GREAT CHINA HOLDINGS	0.28	309	2021	1.9	1.18
1166 HK	SOLARTECH INTERNATIONAL HOLD	0.28	1110	756	0.8	0.04
635 HK	PLAYMATES HOLDINGS LTD	0.28	738	485	3.4	2.86
292 HK	ASIA STANDARD HOTEL	0.28	874	680	2.8	0.57
1228 HK	SUPERB SUMMIT INTERTATIONAL	0.29	1397	0	3.0	0.39
212 HK	NANYANG HOLDINGS	0.29	827	135	7.4	20.00
616 HK	EASYKNIT ENTERPRISES HOLDING	0.29	154	217	6.6	0.42
1125 HK	LAI FUNG HOLDINGS LTD	0.29	2736	1514	8.5	0.34
364 HK	HUAFENG GROUP HOLDINGS LTD	0.29	622	750	11.9	0.43
170 HK	CHINA ASSETS HOLDING LTD.	0.29	400	4		5.23
1174 HK	PACIFIC ANDES INTL HLDG LTD	0.30	4870	11886	6.0	1.59
180 HK	KADER HOLDINGS CO LTD	0.30	309	1676	2.5	0.47
226 HK	LIPPO LTD	0.30	1962	1475	6.6	3.92
565 HK	ART TEXTILE TECHNOLOGY INTL	0.30	271	802	49.1	0.26
367 HK	CHUANG’S CONSORTIUM INTL LTD	0.30	1836	560	2.9	1.18
225 HK	POKFULAM DEVELOPMENT COMPANY	0.31	892	118	2.2	8.10
1002 HK	VS INTERNATIONAL GROUP	0.31	161	1497		0.14
201 HK	MAGNIFICENT ESTATES	0.31	2177	270	7.1	0.37
89 HK	TAI SANG LAND DEVELOPEMENT	0.31	1064	187	2.4	3.70
251 HK	SEA HOLDINGS LTD	0.31	3487	571	4.1	5.20
224 HK	PIONEER GLOBAL GROUP LTD	0.31	608	83	2.9	0.79
655 HK	HONGKONG CHINESE LTD	0.31	2671	138	28.3	1.47
608 HK	HIGH FASHION INTERNATIONAL	0.31	934	2396	4.5	3.08
216 HK	CHINNEY INVESTMENT	0.31	717	650	6.2	1.30
2323 HK	TOPSEARCH INTL HLDGS LTD	0.32	335	1210		0.37
138 HK	CCT TELECOM HOLDINGS LTD	0.32	655	1757	20.8	1.08
1222 HK	WANG ON GROUP LTD	0.32	323	513	2.3	0.10
271 HK	DAN FORM HOLDINGS CO LTD	0.32	1310	38	2.1	1.05
528 HK	KINGDOM HOLDINGS LTD	0.32	492	623	13.0	0.79
274 HK	GLOBAL GREEN TECH GROUP LTD	0.32	527	316		0.11
1808 HK	TAI-I INTERNATIONAL HOLDINGS	0.33	543	6130	4.0	0.91
3886 HK	TOWN HEALTH INTERNATIONAL IN	0.33	1403	358	1.1	1.54
75 HK	YT REALTY GROUP LTD	0.34	1807	141	4.1	2.26
897 HK	WAI YUEN TONG MEDICINE HOLDI	0.34	336	566	0.9	0.17
1079 HK	PINE TECHNOLOGY HLDGS LTD	0.34	249	344	8.1	0.27
1105 HK	SING TAO NEWS CORP LTD	0.34	2384	2980	9.3	2.74
294 HK	YANGTZEKIANG GARMENT LTD	0.34	433	1353	3.3	2.06
876 HK	WING LEE HOLDINGS LTD	0.34	300	388	3.8	0.85
610 HK	WAI KEE HOLDINGS LTD	0.34	1459	742	4.9	1.84
529 HK	SIS INTERNATIONAL HOLDINGS	0.35	893	4535	5.6	3.28
68 HK	LEE HING DEVELOPMENT	0.35	865	348	2.8	5.70
146 HK	TAI PING CARPETS INTL LTD	0.35	437	1086		2.06
47 HK	HOP HING GROUP HOLDINGS LTD	0.35	212	760	36.4	0.42
383 HK	COL CAPITAL LTD	0.35	696	353	1.9	1.25
519 HK	APPLIED DEVELOPMENT HLDGS LT	0.36	208	5	4.4	0.25
420 HK	FOUNTAIN SET HLDGS	0.36	1294	6149	5.8	1.63
613 HK	YUGANG INTERNATIONAL	0.36	800	0		0.09
1207 HK	SRE GROUP LTD	0.37	2919	4427	3.8	0.81
689 HK	EPI (HOLDINGS) LTD	0.37	1166	923		0.06
885 HK	FOREFRONT GROUP LIMITED	0.37	154	44		0.04
917 HK	NEW WORLD CHINA LAND LTD	0.37	18373	6341	6.4	3.19
122 HK	CROCODILE GARMENTS	0.37	523	458	3.2	0.84
739 HK	ZHEJIANG GLASS CO LTD-H	0.37	1947	2573		2.48
458 HK	TRISTATE HOLDINGS LTD	0.37	761	2823	10.5	2.83
480 HK	HKR INTERNATIONAL LTD	0.37	6940	1762	3.7	5.14
160 HK	HON KWOK LAND INVESTMENT	0.38	1479	443	9.0	3.08
1118 HK	GOLIK HOLDINGS LTD	0.38	697	3128	7.6	1.24
1036 HK	WINSOR PROPERTIES HLDGS LTD	0.38	4025	328	2.8	15.50
2310 HK	KWANG SUNG ELECTRONICS H.K.	0.38	194	680		0.60
236 HK	SAN MIGUEL BREWERY HK LTD	0.38	654	658		1.75
237 HK	SAFETY GODOWN CO	0.38	837	94	2.7	6.20
278 HK	WAH HA REALTY CO	0.39	393	10	2.7	3.25
369 HK	WING TAI PROPERTIES LTD	0.39	4326	2147	3.9	3.27
985 HK	CST MINING GROUP LTD	0.39	5323	-90		0.20
901 HK	RADFORD CAPITAL INVESTMENT	0.39	87	-3	2.2	0.06
8071 HK	CHINA METAL RESOURCES HOLDIN	0.39	3036	3		0.34
498 HK	PYI CORP LTD	0.39	1472	4750	7.0	0.33
280 HK	KING FOOK HOLDINGS	0.40	1031	1199	19.6	2.37
439 HK	CLIMAX INTERNATIONAL CO LTD	0.40	29	127	8.7	0.03
2698 HK	WEIQIAO TEXTILE CO LTD-H	0.40	9495	16257	7.7	7.95
1047 HK	NGAI HING HONG COMPANY LTD	0.40	181	1271	6.4	0.49
95 HK	NEW HERITAGE HOLDINGS LTD	0.40	371	309	7.6	0.29
731 HK	SAMSON PAPER HOLDINGS LTD	0.41	757	4373	10.9	0.75
355 HK	CENTURY CITY INTL	0.41	1735	125	3.5	0.62
362 HK	CHINA ZENITH CHEMICAL GROUP	0.41	1658	1381	6.6	0.27
289 HK	WING ON CO INTERNATIONAL LTD	0.41	4807	1507	5.2	16.28
71 HK	MIRAMAR HOTEL & INVESTMENT	0.41	5414	1999	19.4	9.38
8186 HK	CHINA ASEAN RESOURCES LTD	0.42	513	0		0.58
287 HK	WINFAIR INVESTMENT CO LTD	0.42	224	33	4.6	5.61
311 HK	LUEN THAI HOLDINGS	0.43	933	754	7.8	0.94
2324 HK	CAPITAL VC LTD	0.43	164	23	0.3	0.42
8126 HK	GA HOLDINGS LTD	0.43	111	35	41.5	0.23
406 HK	YAU LEE HOLDINGS LTD.	0.43	526	3368	8.5	1.20
199 HK	ITC PROPERTIES GROUP LTD	0.43	1062	219	9.7	1.88

HK – EY

The Cheapest HK stocks ranked by Earnings Yield
Tkr & Exch	Name	Earnings Yield:Y	Market Cap (m)	T12M Revenue (m)	P/E	Price:D-1
764 HK	ETERNITY INVESTMENT LTD	637%	$216	79	0.05	0.20
1838 HK	CHINA PROPERTIES GROUP	232%	$4,848	272	0.33	2.68
279 HK	FREEMAN FINANCIAL CORP LTD	207%	$1,045	182		0.39
214 HK	ASIA ORIENT HOLDINGS LTD	182%	$1,136	41	0.76	1.60
8172 HK	KH INVESTMENT HOLDINGS LTD	139%	$162	25	1.07	0.32
383 HK	COL CAPITAL LTD	137%	$696	353	1.92	1.25
129 HK	ASIA STANDARD INTL.GROUP	137%	$2,181	1568	0.82	1.76
491 HK	SEE CORP LTD	131%	$298	73	0.32	0.24
326 HK	CHINA STAR ENTERTAINMENT LTD	120%	$368	851	1.69	0.09
8089 HK	CHINA RAILWAY LOGISTICS LTD	112%	$273	0	4.41	0.49
901 HK	RADFORD CAPITAL INVESTMENT	99%	$87	-3	2.22	0.06
488 HK	LAI SUN DEVELOPMENT	95%	$4,319	729	2.09	0.31
878 HK	SOUNDWILL HOLDINGS LTD	88%	$2,970	406	3.28	12.30
163 HK	EMPEROR INTL HLDG LTD	84%	$5,759	1645	1.85	1.94
1218 HK	EASYKNIT INTERNATIONAL HLDG	78%	$385	189	1.08	4.85
133 HK	CHINA MERCHANTS CHINA DIRECT	76%	$2,595	-67		17.40
1222 HK	WANG ON GROUP LTD	68%	$323	513	2.31	0.10
180 HK	KADER HOLDINGS CO LTD	67%	$309	1676	2.55	0.47
141 HK	GREAT CHINA HOLDINGS	66%	$309	2021	1.93	1.18
292 HK	ASIA STANDARD HOTEL	65%	$874	680	2.78	0.57
367 HK	CHUANG’S CONSORTIUM INTL LTD	62%	$1,836	560	2.86	1.18
1228 HK	SUPERB SUMMIT INTERTATIONAL	62%	$1,397	0	3.03	0.39
275 HK	HANNY HOLDINGS LTD	61%	$399	0	1.94	0.32
68 HK	LEE HING DEVELOPMENT	59%	$865	348	2.76	5.70
428 HK	HARMONY ASSET LTD	59%	$177	29	13.21	4.52
1215 HK	KAI YUAN HOLDINGS LTD	58%	$2,536	156	3.24	0.27
271 HK	DAN FORM HOLDINGS CO LTD	55%	$1,310	38	2.15	1.05
225 HK	POKFULAM DEVELOPMENT COMPANY	52%	$892	118	2.20	8.10
273 HK	WILLIE INTERNATIONAL HOLDING	52%	$286	-111		0.19
224 HK	PIONEER GLOBAL GROUP LTD	51%	$608	83	2.95	0.79
251 HK	SEA HOLDINGS LTD	50%	$3,487	571	4.11	5.20
122 HK	CROCODILE GARMENTS	49%	$523	458	3.17	0.84
50 HK	HONG KONG FERRY(HOLDINGS)CO.	48%	$2,701	1643	3.66	7.58
758 HK	JUNEFIELD DEPARTMENT STORE	47%	$792	174	6.48	0.79
666 HK	SHK HONG KONG INDUSTRIES LTD	47%	$1,433	140	12.24	0.35
137 HK	JINHUI HOLDINGS LTD	47%	$1,405	2960	2.17	2.65
185 HK	XPRESS GROUP LTD	47%	$351	73	1.70	0.13
1174 HK	PACIFIC ANDES INTL HLDG LTD	45%	$4,870	11886	5.99	1.59
549 HK	JILIN QIFENG CHEMICAL FIB-H	45%	$798	1408	3.46	0.85
191 HK	LAI SUN GARMENT (INTL)	45%	$1,569	37	3.51	0.97
635 HK	PLAYMATES HOLDINGS LTD	44%	$738	485	3.40	2.86
277 HK	TERN PROPERTIES	44%	$1,000	67	2.24	3.25
339 HK	EARNEST INVESTMENTS HLD	43%	$62	-13		0.77
278 HK	WAH HA REALTY CO	43%	$393	10	2.68	3.25
216 HK	CHINNEY INVESTMENT	42%	$717	650	6.16	1.30
296 HK	EMPEROR ENTERTAINMENT HOTEL	42%	$2,676	1191	3.81	2.07
480 HK	HKR INTERNATIONAL LTD	42%	$6,940	1762	3.66	5.14
287 HK	WINFAIR INVESTMENT CO LTD	42%	$224	33	4.59	5.61
237 HK	SAFETY GODOWN CO	42%	$837	94	2.71	6.20
1166 HK	SOLARTECH INTERNATIONAL HOLD	41%	$1,110	756	0.80	0.04
105 HK	ASSOC INTERNATIONAL HOTELS	40%	$6,192	289	5.07	17.20
1238 HK	POWERLONG REAL ESTATE HOLDIN	40%	$10,781	3883	2.30	2.65
529 HK	SIS INTERNATIONAL HOLDINGS	40%	$893	4535	5.59	3.28
89 HK	TAI SANG LAND DEVELOPEMENT	40%	$1,064	187	2.41	3.70
2678 HK	TEXHONG TEXTILE GROUP LTD	40%	$6,264	4849	9.99	7.08
266 HK	TIAN TECK LAND	39%	$3,109	295	4.94	6.55
1140 HK	OP FINANCIAL INVESTMENT	39%	$1,469	13		1.56
898 HK	MULTIFIELD INTERNATIONAL HOL	38%	$1,129	179	2.77	0.27
435 HK	SUNLIGHT REAL ESTATE INVEST	38%	$3,873	489	3.28	2.46
397 HK	CHINA GOGREEN ASSETS INVESTM	38%	$1,164	117		0.17
75 HK	YT REALTY GROUP LTD	37%	$1,807	141	4.08	2.26
373 HK	ALLIED GROUP LTD	36%	$6,013	4668	4.25	29.00
497 HK	CSI PROPERTIES LTD	36%	$1,918	1066	7.28	0.24
364 HK	HUAFENG GROUP HOLDINGS LTD	35%	$622	750	11.94	0.43
385 HK	CHINNEY ALLIANCE GROUP LTD	34%	$256	1739	5.10	0.43
754 HK	HOPSON DEVELOPMENT HOLDINGS	34%	$16,630	11991	2.39	9.49
131 HK	CHEUK NANG HOLDINGS LTD	33%	$1,180	39	3.99	3.12
856 HK	VST HOLDINGS LTD	33%	$3,147	24583		2.50
127 HK	CHINESE ESTATES HOLDINGS LTD	33%	$25,524	1478	11.80	13.38
608 HK	HIGH FASHION INTERNATIONAL	32%	$934	2396	4.47	3.08
8029 HK	SUN INTERNATIONAL GROUP LTD	31%	$1,735	178	19.50	1.87
294 HK	YANGTZEKIANG GARMENT LTD	31%	$433	1353	3.32	2.06
258 HK	TOMSON GROUP LTD	31%	$4,787	1279	15.89	3.44
158 HK	MELBOURNE ENTERPRISES	31%	$2,850	146	4.10	114.00
8159 HK	GLORY MARK HI-TECH LTD	30%	$124	393	6.93	0.19
126 HK	TAK SING ALLIANCE HOLDINGS	30%	$1,213	678	14.62	1.06
1207 HK	SRE GROUP LTD	29%	$2,919	4427	3.79	0.81
1628 HK	YUZHOU PROPERTIES CO	29%	$5,976	1992	3.65	2.49
2324 HK	CAPITAL VC LTD	29%	$164	23	0.32	0.42
1118 HK	GOLIK HOLDINGS LTD	29%	$697	3128	7.64	1.24
502 HK	PAN SINO INTL HOLDING LTD	29%	$557	819	4.71	0.58
160 HK	HON KWOK LAND INVESTMENT	29%	$1,479	443	9.00	3.08
379 HK	PME GROUP LTD	28%	$1,755	181		0.69
550 HK	RECRUIT HOLDINGS LTD	28%	$683	929	5.99	2.20
242 HK	SHUN TAK HOLDINGS LTD	28%	$11,383	3253	7.32	5.24
190 HK	HKC HOLDINGS LTD	27%	$4,827	502	5.30	0.47
8203 HK	KAISUN ENERGY GROUP LTD	27%	$994	0	1.77	0.47
240 HK	BUILD KING HOLDINGS LTD	27%	$258	722	4.95	0.21
417 HK	TSE SUI LUEN JEWELLERY INTL	26%	$1,397	2246	7.81	6.64
687 HK	TYSAN HOLDINGS LTD	26%	$1,415	2448	6.64	1.66
876 HK	WING LEE HOLDINGS LTD	26%	$300	388	3.82	0.85
723 HK	SUSTAINABLE FOREST HOLDINGS	25%	$1,983	545	2.00	0.46
505 HK	XINGYE COPPER INTL GROUP LTD	25%	$1,456	2492	7.21	2.17
464 HK	KENFORD GROUP HOLDINGS LTD	25%	$386	639	6.07	0.89
823 HK	LINK REIT	25%	$55,326	5179	5.54	24.95
2778 HK	CHAMPION REIT	25%	$24,653	1962	12.50	5.00
1168 HK	SINOLINK WORLDWIDE HOLDINGS	24%	$4,143	3457	3.30	1.17
1198 HK	ROYALE FURNITURE HOLDINGS	24%	$2,335	983	10.25	3.66
808 HK	PROSPERITY REIT	24%	$2,524	266	4.09	1.88
413 HK	SOUTH CHINA CHINA LTD	24%	$1,644	2321	3.27	0.55
420 HK	FOUNTAIN SET HLDGS	24%	$1,294	6149	5.78	1.63
355 HK	CENTURY CITY INTL	23%	$1,735	125	3.54	0.62
17 HK	NEW WORLD DEVELOPMENT	23%	$63,502	30219	5.35	16.00
213 HK	NATIONAL ELECTRONICS HLDGS	23%	$822	1224	6.48	0.85
610 HK	WAI KEE HOLDINGS LTD	23%	$1,459	742	4.87	1.84
289 HK	WING ON CO INTERNATIONAL LTD	23%	$4,807	1507	5.15	16.28
896 HK	HANISON CONSTRUCTION HOLDING	23%	$556	744	3.53	1.14
8033 HK	VODATEL NETWORKS	23%	$190	222	6.08	0.31
219 HK	SHUN HO TECHNOLOGY HLDGS LTD	23%	$687	270	3.81	1.28
519 HK	APPLIED DEVELOPMENT HLDGS LT	23%	$208	5	4.37	0.25
684 HK	ALLAN INTERNATIONAL HOLDINGS	23%	$1,540	2037	7.79	4.59
619 HK	SOUTH CHINA FINANCIAL CO LTD	23%	$578	203	7.47	0.12
244 HK	SINCERE CO	23%	$546	391		0.95
174 HK	GEMINI PROPERTY INVESTMENTS	22%	$1,265	1101	12.57	2.84
1105 HK	SING TAO NEWS CORP LTD	22%	$2,384	2980	9.33	2.74
10 HK	HANG LUNG GROUP LTD	22%	$70,639	12580	5.65	52.40
114 HK	HERALD HOLDINGS LTD	22%	$741	1495	9.38	1.23
54 HK	HOPEWELL HOLDINGS LTD	22%	$23,054	1374	5.48	26.30
283 HK	GOLDIN PROPERTIES HOLDINGS	22%	$6,141	0		5.00
725 HK	PERENNIAL INTERNATIONAL LTD	22%	$187	457	5.70	0.94
56 HK	ALLIED PROPERTIES HK LTD	22%	$10,638	4521	4.73	1.53
253 HK	SHUN HO RESOURCES HOLDINGS	21%	$393	270	3.79	1.29
448 HK	HANG TEN GROUP HOLDINGS LTD	21%	$2,161	2178	11.39	2.20
917 HK	NEW WORLD CHINA LAND LTD	21%	$18,373	6341	6.41	3.19
63 HK	WINFOONG INTERNATIONAL LTD	21%	$474	34	83.37	0.18
1001 HK	VAN SHUNG CHONG HLDGS LTD	21%	$340	3718	7.22	0.82
362 HK	CHINA ZENITH CHEMICAL GROUP	21%	$1,658	1381	6.61	0.27
677 HK	GOLDEN RESOURCES DEVELOPMENT	21%	$870	779	7.81	0.56