Franklin FTSE Hong Kong
ALTAR
Score™
7.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.2x P/Sales
ratio
1.8x
P/BV
ratio
1.1x Div.
yield
3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
FLHK offers market-cap-based exposure to large- and midcap Hong Kong equities

FUND BASICS
Category International Equities
Fund Sponsor Franklin Templeton
Website www.libertyshares.com
Inception date Nov 02, 2017
Assets (mns) $18
Currency USD
Expense ratio 9 bp
Distributions Semi-annual

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 91
Wgt avg mkt cap (mns) $41,297
Large cap (>$10bn) 81.8%
Mid cap ($2-10bn) 16.2%
Small cap (<$2bn) 1.9%
Developed mkts 94.3%
Emerging mkts 5.7%

TOP TEN HOLDINGS
AIA GROUP LTD 20.0 %
HONG KONG EXCHANGES & CLEAR 7.2 %
CK HUTCHISON HOLDINGS LTD 4.5 %
LINK REIT 4.0 %
SUN HUNG KAI PROPERTIES 3.9 %
HONG KONG & CHINA GAS 3.4 %
CK ASSET HOLDINGS LIMITED 3.3 %
CLP HOLDINGS LTD 3.1 %
HANG SENG BANK LTD 2.8 %
GALAXY ENTERTAINMENT GROUP L 2.7 %
Total 55.0 %

TOP COUNTRY EXPOSURE
HONG KONG 87.7 %
CHINA 4.0 %
MACAU 3.0 %
BERMUDA 2.2 %
LUXEMBOURG 0.7 %
CAMBODIA 0.5 %
SINGAPORE 0.4 %
ITALY 0.3 %
UNITED STATES 0.1 %
TAIWAN 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
7.8% 13.8% -- -- -0.5%

Market Correlations
versus... Beta R-squared
S&P500 0.89 55%
MSCI EAFE 1.13 69%
MSCI Emg. Mkts. 0.99 82%

Technical Indicators
Recent close $24.24
30d moving avg. $24.37
Annualized volatility 17.6%
Short interest (ETF) 0.6%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.1%
Bid/Ask (% of price) 0.26%
ADV underlying (mns) $1,676

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: FLHK Expense: 9 bp ALTAR Score™: 7.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLHK
Ticker Fund
Name
Overlap1
vs FLHK
(%)
Expense
ratio
(bp)
Savings
vs FLHK
(bp)
ALTAR
Score™
(%)
ALTAR
vs FLHK
(%)
EWH iShares MSCI Hong Kong 85.1 48 -39 7.3 -0.4
ZHOK SPDR Solactive Hong Kong 77.0 14 -5 7.2 -0.5
2800-HK Tracker Fund of Hong Kong 37.6 9 0 9.7 +2.0
FHK First Trust Hong Kong 34.7 80 -71 9.6 +1.9
EPP iShares MSCI Pacific ex-Japan 29.0 48 -39 6.4 -1.3
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 26.7 19 -10 6.6 -1.1
SCIX Global X Scientific Beta Asia ex-Japan 23.0 38 -29 6.2 -1.5
TAO Invesco China Real Estate 22.7 70 -61 13.6 +5.9
AIA iShares S&P Asia 50 17.7 50 -41 9.6 +1.9
FPA First Trust Asia Pac Ex-Japan AlphaDEX 14.2 80 -71 8.8 +1.1
DRW WisdomTree Global ex-US Real Estate 14.1 58 -49 9.1 +1.4
IFGL iShares FTSE EPRA/NARIET Developed REIT 13.9 48 -39 6.7 -1.0
WPS iShares S&P Developed ex-US Property 12.7 48 -39 6.9 -0.8
FLAX Franklin FTSE Asia Ex Japan 11.3 19 -10 8.8 +1.1
AAXJ iShares MSCI Asia ex-Japan 11.3 67 -58 8.3 +0.6
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 10.4 10 -1 7.9 +0.2
AXJL WisdomTree Asia Pacific Ex-Japan 10.1 48 -39 9.2 +1.5
VNQI Vanguard Global ex-US Real Estate 9.7 12 -3 8.9 +1.2
GQRE FlexShares Global Quality Real Estate 8.6 45 -36 6.5 -1.3
IPAC iShares Core MSCI Pacific 8.2 9 0 7.5 -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:
Franklin FTSE 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 8.5 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 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.