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HSI Company: Benjamin Graham's Investment Philosophy May Still Works in Current HK Mkt
Recommend 140 Positive 80 Negative 171 |
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Hang Seng Indexes Company wrote that based on the investment philosophy of Benjamin Graham, widely known as the “father of value investing”, it screened the Hong Kong broad market (represented by the HSCI) using a set of 7 criteria to identify a basket of value stocks, namely quality, financial leverage, liquidity, earnings growth, P/E ratio, P/B ratio, and dividend. From 10-year backtesting, the rolling value basket (market cap-weighted) outperformed the broad market by 8.6 percentage points, in terms of annualised total return. This suggested that Graham’s philosophy may still be relevant to the recent Hong Kong equity market and could generate alpha income. Among the 36 non-financial stocks in the value basket, HSI and HSCEI coverage on the screened stock represented 18% and 19% weightings of the index non-financial portion respectively as of 19 July 2024. The Hang Seng Indexes Company commented that for exposure to Hong Kong blue chips, HSI should be an excellent choice, while for exposure to China, HSCEI would be the leading performance tracker of Hong Kong-listed mainland China companies. The 36 stocks in the value basket as screened by the Hang Seng Indexes Company are: BABA-SW (09988.HK) CNOOC (00883.HK) CHINA SHENHUA (01088.HK) KUNLUN ENERGY (00135.HK) COSCO SHIP HOLD (01919.HK) CHINA FEIHE (06186.HK) OOIL (00316.HK) YANCOAL AUS (03668.HK) 3SBIO (01530.HK) PACIFIC BASIN (02343.HK) ZHONGSHENG HLDG (00881.HK) WEIGAO GROUP (01066.HK) AVICHINA (02357.HK) CMS (00867.HK) YUEXIU PROPERTY (00123.HK) UNITED LAB (03933.HK) CHINFMINING (01258.HK) ZOOMLION (01157.HK) SHOUGANG RES (00639.HK) FLAT GLASS (06865.HK) LUK FOOK HOLD (00590.HK) SHANGHAI IND H (00363.HK) CIMC ENRIC (03899.HK) SINOPEC KANTONS (00934.HK) PAX GLOBAL (00327.HK) CH OVS G OCEANS (00081.HK) JIUMAOJIU (09922.HK) 361 DEGREES (01361.HK) ASIAINFO TECH (01675.HK) EEKA FASHION (03709.HK) TIANGONG INT'L (00826.HK) SHINEWAY PHARM (02877.HK) THEME INT'L (00990.HK) BOE VARITRONIX (00710.HK) NISSIN FOODS (01475.HK) AAStocks Financial News |
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