In the short time since I posted, I have tried to advance economic and social inclusion. Since July 8, I have only posted my stock portfolio. I invested in these companies solely on the basis that these stocks appear to have price and volume momentum, based purely on a mathematical algorithm developed recently by us. I have stopped writing in this blog and you may now view my portfolio updates in www.theedgemarkets.com. Enjoy!
Thursday 6 March 2014
Monday 3 March 2014
Small caps at irrational values
Last
week, we wrote about the return of retail investors to the stock market, as indicated
by the larger share of small cap stocks to the total value of transactions on
Bursa Malaysia, and their net buying activities on the local bourse.
Retail
investors have done well since January 2013. The FBM SCAP index of small cap
stocks on Bursa Malaysia has risen by 47%, compared with the FBM KLCI’s gain of
only 8.6% for the same period.
The
biggest single monthly gain for the FBM SCAP Index was in May 2013, when it
surged by 24%. For February 2014 so far, this index has appreciated by 7.5%. Since our report last
week, where we had advised caution, the FBM SCAP Index has lost 1.6% in the last five trading days.
This
week, we explain further why we believe the rise in the FBM SCAP is not
rational and, therefore, unsustainable.
Since
January 2013, the price-to-earnings (P/E) ratio for the FBM KLCI Index has increased
from 15.1 times to 17.3 times. In contrast, the P/E ratio for the FBM SCAP
Index has almost tripled from 9 times to 25 times.
Similarly,
the price-to-book for the FBM KLCI has risen marginally from 2.25 times to 2.33
times. However, the price-to-book ratio for the FBM SCAP Index increased from
0.75 times to 1.10 times.
Chart 1 tells the story. Since January 2013, the gains in the stock prices for the
small cap stocks were due entirely to higher valuations. In fact, during this
period, earnings and dividend growth were both negative.
This
explains why the P/E ratio for FBM SCAP Index went up by a significant 179%,
much more than the gain in the index of 47%.
Please
let me repeat. Prices for small cap stocks have risen by 47% since January 2013
at a time when the earnings and dividends of these same companies have
fallen.
Is
that reasonable? Yes, if the starting valuations were low. This was true in
January 2013 when the P/E ratio was 9 times and price-to-book ratio was 0.75
times for the FBM SCAP Index.
Is
it still rational now? The P/E multiple today for the small caps is 25 times
and the price-to-book ratio is 1.10 times. Even if you believe in the stock
market, it is better to switch to the FBM KLCI stocks.
It
should be noted that the FBM SCAP price to book is almost always below one time
(please see Chart 2). The reason for this is simple. Why would you buy a small
cap, illiquid – and sometimes risky -- stock above its asset value?
![](data:image/png;base64,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)
The
last time it traded at above one time book was during the period from Feb 2007
to Feb 2008. What happened to the FBM SCAP Index subsequently? It crashed from
12,261 to 6,319 by March 2009!
Finally,
Chart 3 shows the historical P/E valuations for the FBM KLCI and the FBM SCAP
Indices. It is normal for the KLCI stocks to trade at a premium to the small
cap stocks. Smaller and less liquid stocks trade at a discount due to higher
risks, which are not just operational or governance-related. Investors are
always prepared to pay a premium for liquidity – to be able to buy in and get
out quickly.
![](data:image/png;base64,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)
Since
June 2013, the P/E ratio of the FBM SCAP Index has been higher than that of the
FBM KLCI Index. This is not entirely attributable to rising prices for the
small cap stocks, and has as much to do with falling earnings.
We
believe the institutional investors are factoring in the rising risk bandwidth.
Consequently, the FBM KLCI Index is trading more cautiously. On the other hand,
we think retail investors remain too exuberant, driven by the strong
performance of small cap stocks over the past year. Such irrationality may last
for months before a major correction.
Note
that our analysis above is for the stock market as a whole and our discussions
on the FBM KLCI and the small cap stocks are in general terms. In other words,
it relates to the overall indices.
Obviously,
there will always be specific opportunities where great values can be found. If
you do find them, we will be happy to hear from you.
“Those who don’t know history are destined to
repeat it” - Edmund Burke
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