First Trust Hong Kong
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
12.8x P/Sales
ratio
1.6x
P/BV
ratio
0.9x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
First Trust Hong Kong AlphaDEX Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Defined Hong Kong Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor First Trust Advisors LP
Website www.ftportfolios.com
Inception date Feb 15, 2012
Assets (mns) $4
Currency USD
Expense ratio 80 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 40
Wgt avg mkt cap (mns) $17,436
Large cap (>$10bn) 50.5%
Mid cap ($2-10bn) 49.5%
Small cap (<$2bn) 0.0%
Developed mkts 96.5%
Emerging mkts 3.5%

TOP TEN HOLDINGS
SHIMAO PROPERTY HOLDINGS LTD 5.3 %
NINE DRAGONS PAPER HOLDINGS 4.8 %
KINGBOARD CHEMICALS HOLDINGS 4.7 %
LEE & MAN PAPER MANUFACTURIN 4.6 %
TECHTRONIC INDUSTRIES CO 4.4 %
AIA GROUP LTD 4.3 %
KERRY LOGISTICS NETWORK LTD 3.9 %
WH GROUP LTD 3.7 %
SINO BIOPHARMACEUTICAL 3.4 %
NAGACORP LTD 3.4 %
Total 42.5 %

TOP COUNTRY EXPOSURE
HONG KONG 95.2 %
CAMBODIA 3.4 %









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.
7.3% 7.3% 2.2% -- 5.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 38%
MSCI EAFE 1.08 55%
MSCI Emg. Mkts. 0.93 71%

Technical Indicators
Recent close $36.55
30d moving avg. $34.94
Annualized volatility 15.9%
Short interest (ETF) 0.2%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 1.87%
ADV underlying (mns) $957

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FHK Expense: 80 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FHK
Ticker Fund
Name
Overlap1
vs FHK
(%)
Expense
ratio
(bp)
Savings
vs FHK
(bp)
ALTAR
Score™
(%)
ALTAR
vs FHK
(%)
ZHOK SPDR Solactive Hong Kong 35.6 14 66 6.5 -2.0
FLHK Franklin FTSE Hong Kong 34.3 9 71 6.9 -1.6
EWH iShares MSCI Hong Kong 33.7 48 32 6.5 -2.1
FPA First Trust Asia Pac Ex-Japan AlphaDEX 26.3 80 0 8.2 -0.3
TAO Invesco China Real Estate 23.4 70 10 11.7 +3.1
2800-HK Tracker Fund of Hong Kong 20.2 9 71 9.8 +1.3
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 17.3 19 61 6.2 -2.4
EPP iShares MSCI Pacific ex-Japan 17.0 48 32 6.0 -2.6
SCIX Global X Scientific Beta Asia ex-Japan 14.4 38 42 5.8 -2.7
DRW WisdomTree Global ex-US Real Estate 11.3 58 22 8.4 -0.1
AIA iShares S&P Asia 50 10.8 50 30 8.5 -0.1
WPS iShares S&P Developed ex-US Property 7.9 48 32 6.6 -2.0
IFGL iShares FTSE EPRA/NARIET Developed REIT 7.7 48 32 6.3 -2.2
FLAX Franklin FTSE Asia Ex Japan 7.6 19 61 7.9 -0.7
AAXJ iShares MSCI Asia ex-Japan 7.5 67 13 7.4 -1.1
FDT First Trust Developed Markets ex-US AlphaDEX 7.3 80 0 7.7 -0.8
VNQI Vanguard Global ex-US Real Estate 7.0 12 68 8.4 -0.2
RFAP First Trust Riverfront Dynamic Asia Pacific 6.9 83 -3 7.0 -1.6
CHIM Global X MSCI China Materials 6.5 65 15 8.3 -0.2
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 6.5 10 70 7.7 -0.8

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%.

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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:
First Trust Hong Kong
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.4 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.48
 
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.