Glitch with last close

Apparently in some markets, for example Singapore and Nordic, but there could be more, the last close appears to be 0 for all stocks, which brings the intrinsic value % to 0 and makes it impossible to filter by that parameter. Please note the problem occurred with other stock exchanges but it now persists with these two at the time of writing.

Also I am not sure why but some stocks seem to appear and quickly disappear from the screener, and not due to stock prices. For example Barco NV appeared as enterprising and NCAV when setting the filters and now no longer, even more when I look it up with the Analysis Search it seems to rank quite poorly on the enterprising requirements. Other stocks such as Swatch Group appeared as a defensive, only to disappear the next day (and it's not even showing up with the enterprising filter). Not sure if anything got released in terms of earnings that disqualified these stocks, but only annual report should count in this matter, so there might be some technical issue.

Thanks

Dear rc2752,

Thank you for your forum post!

These are three separate issues.

a. Faulty Exchanges

For the last several days, stock price data has not been made available for some Asian and European exchanges; including those you mention above. This issue has been escalated to Serenity's data provider — Finnhub Stock Api — and will be resolved as soon as they respond.

In the meantime, the affected stocks on those exchanges have had their Previous Close values set to Zero and will therefore not display an Intrinsic Value(%). However, their Graham Grade and Intrinsic Value remain intact and they can still be shortlisted by their Graham Grades on the screeners.

Update: This is done to ensure that Serenity errs on the side of caution, and no stocks are shown as wrongly clearing Graham's criteria.

b. Currency Mismatches

Based on an update from Finnhub about the previous issue on currency mismatches, all such stocks now have their Previous Close values set to Zero so that they too no longer display an Intrinsic Value(%). However, their Graham Grade and Intrinsic Value too remain intact and they too can still be shortlisted by their Graham Grades on the screeners.

This change is intentional, and only happens for stocks where the stock trades in a different currency than the one its financials are in. This should only affect ADRs and other such foreign stocks on certain exchanges.

c. TTM EPS Updates?

You're correct in that while the an Intrinsic Value(%) of a stock can change every day according to its stock price, the Graham Grade and Intrinsic Value should only change when new annual data is released.

The one exception to this is the NCAV Graham Grade which can change every time the EPS (TTM) changes.

Update: There may also rare cases where a stock has an Enterprising Price (Serenity №) greater than its Defensive Price (Graham №), or an NCAV Price (Net-Net) greater than its Enterprising Price (Serenity №) or Defensive Price (Graham №). Such stocks can also change Graham Grades, if they were at a higher Graham Grade earlier with an insufficient Intrinsic Value and a price drop now allows them to completely clear a lower Graham Grade.

"Barco NV appeared as enterprising and NCAV"

Please note that a stock can only have one Graham Grade at a time, unless you're referring here to the same stock listed on two different exchanges.

Serenity did get a full fundamental data refresh over the weekend. But neither Barco NV nor Swatch Group seem to have released any fresh annual data since 2019-12-31. Is it possible you are referring here to a change in NCAV Graham Grade?

if you can give the specific exchange the stock was listed in — since both these stocks are listed on multiple exchanges — and its previous Graham Grade, this issue can be investigated further.

Hi, further to my point, I have just been browsing through the HK Stock Exchange, which is one of the exchanges functioning. Almost all the stocks are there, but Karrie International Holding is missing, while it was there on my last search. So I went to screen it individually and below is the result. The reason why it is missing is that the closing price has gone down to zero too. But this should not happen, as this one is on the HK Exchange which is not one of those affected by the technical issue.

Defensive Price (Graham №):
1.24
Enterprising Price (Serenity №):
0.96
NCAV Price (Net-Net):
0.14
Graham Grade:
Defensive
Intrinsic Value:
1.24
Previous Close:
0.00
Intrinsic Value(%):
0.00%
Currency: HKD

1050.HK clears Graham's qualitative criteria for the Defensive investment grade. Therefore, its Intrinsic Value is equivalent to its Defensive Price. However, since its Previous Close is Zero, 1050.HK's Intrinsic Value(%) too evaluates to Zero. But Graham also required his Intrinsic Value calculations to be adjusted for current bond yields.

Regarding Barco, it appeared in the Belgium Stock Exchange screening for enterprising (and NCAV % was above 100%), now it is not there and if screened individually it does not seem to qualify. Swatch appeared in Switzerland as defensive.

As you can see there are some circumstances of stocks appearing and disappearing from the screener

Dear rc2752,

Thank you for your comment!

Please see the two updates to the previous response above.

A few Asian and European exchanges have been partially affected, while a few others have been completely affected. These will be resolved once Finnhub responds on this issue.

In such situations, the Previous Close prices are automatically set to Zero to ensure that Serenity errs on the side of caution; and that no stocks are shown as wrongly clearing Graham's criteria. But the Graham Grade and Intrinsic Value are unaffected, and can still be used to check the Graham analysis for the stock.

There are also a few scenarios where a stock may switch Graham Grades based on a change in stock price. They are all now described in the second update above. Please check if the changes you are seeing fall in one of those scenarios.

Barco NV (BAR.BR) has an Earnings Stability rating of only 40%, and thus does not clear the criteria Enterprising investment. Is it possible you were seeing a listing of this stock on another exchange?

Swatch Group AG (UHR.SW) seems to lack the Earnings Growth for Defensive investment, and may have been affected by the recent fix for the Earnings Growth calculation issue that you highlighted earlier.

Graham Resources