iShares MSCI Hong Kong
ALTAR
Score™
6.5% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
16.3x P/Sales
ratio
2.6x
P/BV
ratio
1.3x Div.
yield
2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Hong Kong Index fund seeks investment results that correspond to the price and yield performance of the MSCI Hong Kong Index. The index consists primarily of large cap stocks traded on the Hong Kong Stock Exchange.

FUND BASICS
Category International Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Mar 18, 1996
Assets (mns) $1,866
Currency USD
Expense ratio 48 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 44
Wgt avg mkt cap (mns) $53,053
Large cap (>$10bn) 93.0%
Mid cap ($2-10bn) 5.8%
Small cap (<$2bn) 0.0%
Developed mkts 96.7%
Emerging mkts 3.3%

TOP TEN HOLDINGS
AIA GROUP LTD 25.0 %
HONG KONG EXCHANGES & CLEAR 7.9 %
CK HUTCHISON HOLDINGS LTD 4.8 %
SUN HUNG KAI PROPERTIES 4.6 %
LINK REIT 4.1 %
HONG KONG & CHINA GAS 3.7 %
CK ASSET HOLDINGS LIMITED 3.5 %
CLP HOLDINGS LTD 3.2 %
GALAXY ENTERTAINMENT GROUP L 3.2 %
HANG SENG BANK LTD 3.0 %
Total 63.0 %

TOP COUNTRY EXPOSURE
HONG KONG 92.0 %
MACAU 3.3 %
BERMUDA 2.5 %
CHINA 1.1 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
10.6% 10.6% 6.7% 7.7% 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.86 46%
MSCI EAFE 1.13 65%
MSCI Emg. Mkts. 0.94 77%

Technical Indicators
Recent close $25.54
30d moving avg. $24.32
Annualized volatility 15.4%
Short interest (ETF) 9.6%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 4,887
Turnover 6.7%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $1,237

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the iShares MSCI Hong Kong ETF based on the alternatives' overlap in portfolio holdings with EWH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWH Expense: 48 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWH
Ticker Fund
Name
Overlap1
vs EWH
(%)
Expense
ratio
(bp)
Savings
vs EWH
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWH
(%)
ZHOK SPDR Solactive Hong Kong 82.8 14 34 6.5 +0.0
FLHK Franklin FTSE Hong Kong 82.6 9 39 6.9 +0.4
2800-HK Tracker Fund of Hong Kong 36.0 9 39 9.8 +3.3
FHK First Trust Hong Kong 33.7 80 -32 8.5 +2.1
EPP iShares MSCI Pacific ex-Japan 29.6 48 0 6.0 -0.5
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 26.2 19 29 6.2 -0.3
TAO Invesco China Real Estate 22.4 70 -22 11.7 +5.2
SCIX Global X Scientific Beta Asia ex-Japan 18.9 38 10 5.8 -0.7
AIA iShares S&P Asia 50 16.8 50 -2 8.5 +2.0
DRW WisdomTree Global ex-US Real Estate 13.1 58 -10 8.4 +1.9
IFGL iShares FTSE EPRA/NARIET Developed REIT 12.9 48 0 6.3 -0.2
FPA First Trust Asia Pac Ex-Japan AlphaDEX 11.7 80 -32 8.2 +1.8
WPS iShares S&P Developed ex-US Property 11.4 48 0 6.6 +0.1
AAXJ iShares MSCI Asia ex-Japan 9.8 67 -19 7.4 +1.0
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 9.5 10 38 7.7 +1.2
VNQI Vanguard Global ex-US Real Estate 9.3 12 36 8.4 +1.9
FLAX Franklin FTSE Asia Ex Japan 9.3 19 29 7.9 +1.4
AXJL WisdomTree Asia Pacific Ex-Japan 8.8 48 0 8.5 +2.0
EFAV iShares MSCI EAFE Minimum Volatility 8.5 20 28 5.6 -0.9
GQRE FlexShares Global Quality Real Estate 8.3 45 3 6.3 -0.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
iShares MSCI Hong Kong
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.6 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 48 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.