Tracker Fund of Hong Kong
ALTAR
Score™
10.6% info Recommen-
dation
OVERWEIGHT
2012E    2013E
EPS
growth
9.8% P/E
ratio
9.6x
Sales
growth
6.8% P/Sales
ratio
1.6x

  • Description
  • Performance
  • premium Fundamentals
  • premium Valuation
  • Rating
Tracker Fund of Hong Kong (TraHK) is an ETF registered in Hong Kong. The Fund seeks to provide investment results that closely correspond to the performance of the Hang Seng Index through investing all, or substantially all, of the Fund's assets in Index Shares in substantially the same weightings as they appear in the Hang Seng Index.

FUND BASICS
Category International-Country ETFs
Fund Sponsor State Street Global Advisors Asia
Website www.spdrs.com.hk
Type Physical
Inception date Nov 12, 1999
Assets (mns) $47,697
Currency HKD
Avg. volume (thou.) 21,289
Turnover 0.9 %
Expense ratio 15 bp
Distributions Semi-Anl

SECTOR BREAKDOWN

 

CONSTITUENT BREAKDOWN
No. of constituents
Wgt avg mkt cap (mns) $106,640
Median mkt cap (mns) $20,539
Large cap (>$10bn) 95.2%
Mid cap ($2-10bn) 4.8%
Small cap (<$2bn) 0.0%
Developed mkts 66.0%
Emerging mkts 34.0%

TOP TEN HOLDINGS
HSBC HOLDINGS PLC 15.0 %
CHINA MOBILE LTD 8.8 %
CHINA CONSTRUCTION BANK-H 6.1 %
IND & COMM BK OF CHINA - H 5.7 %
CNOOC LTD 4.9 %
TENCENT HOLDINGS LTD 4.3 %
PETROCHINA CO LTD-H 4.0 %
AIA GROUP LTD 3.9 %
BANK OF CHINA LTD - H 3.4 %
HUTCHISON WHAMPOA LTD 2.7 %
Total 58.9 %

TOP COUNTRY EXPOSURE
HONG KONG 51.0 %
CHINA 34.0 %
BRITAIN 15.0 %

Technical Indicators
Recent close $18.98
Net asset value $18.92
Premium / Discount 0.3 %
Annualized volatility 23.4 %
Relative strength (RSI) 38


Market Correlations
versus... Beta R-squared
S&P500 0.99 54%
MSCI EAFE 0.86 64%
MSCI Emg. Mkts. 0.79 81%


Total returns (as of January 31)

**Denotes data for subscribers only

RESULTS & ESTIMATES

  2007 2008 2009 2010 2011 2012E 2013E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share (gross) ** ** ** ** ** ** **
Dividends per share (net) ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Foreign sales as a % of total **%   Asset turnover **%

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

**Denotes data for subscribers only

VALUATION METRICS
  2011 2012E 2013E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield (gross) ** ** **
Yield (net) ** ** **

Historical valuation trends

Forward
multiple:
Tracker Fund of Hong Kong (2800 HK)

Relative to benchmark: S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores™ above 8.0% but less than 11%. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity ** %
Divided by: P/BV ** x
Less: Expense ratio 15 bp
Equals: ALTAR Score ** %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.