Quality Value Dashboard | qv_em_asia_charting_e2e_20260615

Universe955em_asia

QI cheap51quality improving + cheap

Depressed HQ cheap80depressed high quality + cheap

QD expensive94quality deteriorating + expensive

FY2 PB history258 x 935rows x columns

FY2 ROE history258 x 951rows x columns

Warnings8extraction checks

ChartingOnextract parameter

Methodology At A Glance

Canonical QV ranks companies on a 50% Quality Composite and 50% Value Composite. Quality rewards strong forward FY2 ROE versus the benchmark and sector peers, plus positive own-history ROE momentum. Value rewards cheaper relative P/E and EV/EBIT versus the index and sector.

Depressed HQ uses the same Value Composite, but replaces the quality momentum lens with a contrarian one: high-quality companies whose relative ROE is below their own 10-year norm. It is intended to surface cheap quality names with potential for recovery.

Top 100 Sector Mix

Canonical QV

Materials

25 25%

Technology

19 19%

Industrials

15 15%

Financials

13 13%

Health Care

7 7%

Consumer Discretionary

7 7%

Real Estate

4 4%

Communications

4 4%

Depressed HQ

Financials

28 28%

Consumer Staples

11 11%

Technology

11 11%

Health Care

9 9%

Industrials

9 9%

Materials

9 9%

Consumer Discretionary

7 7%

Utilities

6 6%

Top 100 Country Mix

Canonical QV

57 57%

16 16%

15 15%

4 4%

3 3%

2 2%

1 1%

Depressed HQ

47 47%

32 32%

6 6%

5 5%

4 4%

3 3%

2 2%

1 1%

Top 100 Relative PB / Relative ROE FY2 Panels

Top 25 By Sector Relative PB / Relative ROE FY2 Panels

Canonical QV Communications top company relative PB and ROE panel

Screen Tables

Rank	Dep HQ Rank	Ticker	Name	Country	Sector	Mkt Cap $bn	Quality	Value	Final	Dep HQ Final	Rel PB	Rel ROE FY2
1	899	034220 KS Equity	LG Display Co Ltd	KR	Technology	4.6	3.48	0.46	1.97	-1.28	0.42	1.96
2	270	000975 CH Equity	Shanjin International Gold Co	CN	Materials	8.7	2.33	1.45	1.89	0.45	1.42	1.69
3	454	600489 CH Equity	Zhongjin Gold Corp Ltd	CN	Materials	15.4	2.51	1.22	1.87	0.06	1.26	1.51
4	534	034730 KS Equity	SK Inc	KR	Energy	28.4	2.73	0.93	1.83	-0.07	0.46	1.23
5	779	005930 KS Equity	Samsung Electronics Co Ltd	KR	Technology	1,250.5	2.96	0.69	1.82	-0.63	1.53	2.11
6	787	600418 CH Equity	Anhui Jianghuai Automobile Gro	CN	Industrials	10.5	3.05	0.59	1.82	-0.66	2.18	1.63
7	467	207940 KS Equity	Samsung Biologics Co Ltd	KR	Health Care	39.5	2.35	1.10	1.72	0.04	2.97	1.12
8	733	402340 KS Equity	SK Square Co Ltd	KR	Financials	116.3	3.14	0.31	1.72	-0.52	1.91	3.83
9	125	600415 CH Equity	Zhejiang China Commodities Cit	CN	Real Estate	9.2	1.86	1.53	1.70	0.85	0.98	1.26
10	506	1818 HK Equity	Zhaojin Mining Industry Co Ltd	CN	Materials	9.1	1.89	1.44	1.67	-0.02	0.97	1.10
11	555	301308 CH Equity	Shenzhen Longsys Electronics C	CN	Technology	32.2	2.24	0.93	1.58	-0.12	6.73	2.01
12	639	000660 KS Equity	SK hynix Inc	KR	Technology	1,015.7	2.74	0.30	1.52	-0.29	3.72	3.24
13	13	TCS IN Equity	Tata Consultancy Services Ltd	IN	Technology	81.3	0.98	2.05	1.52	1.62	2.69	2.62
14	858	005935 KS Equity	Samsung Electronics Co Ltd	KR	Technology	109.5	2.96	0.00	1.48	-0.98		2.11
15	227	600066 CH Equity	Yutong Bus Co Ltd	CN	Industrials	9.4	1.92	1.03	1.47	0.52	1.46	1.98
16	362	603993 CH Equity	CMOC Group Ltd	CN	Materials	58.8	2.05	0.87	1.46	0.24	1.84	1.52
17	373	3993 HK Equity	CMOC Group Ltd	CN	Materials	58.8	2.05	0.80	1.43	0.21	1.56	1.52
18	512	010140 KS Equity	Samsung Heavy Industries Co Lt	KR	Industrials	15.8	1.98	0.85	1.42	-0.03	2.04	1.32
19	194	601899 CH Equity	Zijin Mining Group Co Ltd	CN	Materials	112.6	1.74	1.07	1.41	0.63	1.54	1.69
20	523	601600 CH Equity	Aluminum Corp of China Ltd	CN	Materials	26.3	1.93	0.88	1.41	-0.05	0.85	1.30
21	197	2899 HK Equity	Zijin Mining Group Co Ltd	CN	Materials	112.6	1.74	1.05	1.39	0.62	1.43	1.69
22	223	6446 TT Equity	PharmaEssentia Corp	TW	Health Care	11.4	1.93	0.82	1.37	0.53	3.91	2.23
23	289	NYKAA IN Equity	FSN E-Commerce Ventures Ltd	IN	Consumer Discretionary	7.8	1.77	0.96	1.37	0.40	20.53	1.67
24	266	001309 CH Equity	Shenzhen Techwinsemi Technolog	CN	Technology	20.7	1.93	0.79	1.36	0.45	8.12	2.95
25	546	2600 HK Equity	Aluminum Corp of China Ltd	CN	Materials	26.3	1.93	0.79	1.36	-0.10	0.68	1.30

Rank	Dep HQ Rank	Ticker	Name	Country	Sector	Mkt Cap $bn	Quality	Value	Final	Dep HQ Final	Rel PB	Rel ROE FY2
2	270	000975 CH Equity	Shanjin International Gold Co	CN	Materials	8.7	2.33	1.45	1.89	0.45	1.42	1.69
3	454	600489 CH Equity	Zhongjin Gold Corp Ltd	CN	Materials	15.4	2.51	1.22	1.87	0.06	1.26	1.51
4	534	034730 KS Equity	SK Inc	KR	Energy	28.4	2.73	0.93	1.83	-0.07	0.46	1.23
5	779	005930 KS Equity	Samsung Electronics Co Ltd	KR	Technology	1,250.5	2.96	0.69	1.82	-0.63	1.53	2.11
7	467	207940 KS Equity	Samsung Biologics Co Ltd	KR	Health Care	39.5	2.35	1.10	1.72	0.04	2.97	1.12
9	125	600415 CH Equity	Zhejiang China Commodities Cit	CN	Real Estate	9.2	1.86	1.53	1.70	0.85	0.98	1.26
10	506	1818 HK Equity	Zhaojin Mining Industry Co Ltd	CN	Materials	9.1	1.89	1.44	1.67	-0.02	0.97	1.10
11	555	301308 CH Equity	Shenzhen Longsys Electronics C	CN	Technology	32.2	2.24	0.93	1.58	-0.12	6.73	2.01
13	13	TCS IN Equity	Tata Consultancy Services Ltd	IN	Technology	81.3	0.98	2.05	1.52	1.62	2.69	2.62
15	227	600066 CH Equity	Yutong Bus Co Ltd	CN	Industrials	9.4	1.92	1.03	1.47	0.52	1.46	1.98
16	362	603993 CH Equity	CMOC Group Ltd	CN	Materials	58.8	2.05	0.87	1.46	0.24	1.84	1.52
17	373	3993 HK Equity	CMOC Group Ltd	CN	Materials	58.8	2.05	0.80	1.43	0.21	1.56	1.52
18	512	010140 KS Equity	Samsung Heavy Industries Co Lt	KR	Industrials	15.8	1.98	0.85	1.42	-0.03	2.04	1.32
19	194	601899 CH Equity	Zijin Mining Group Co Ltd	CN	Materials	112.6	1.74	1.07	1.41	0.63	1.54	1.69
20	523	601600 CH Equity	Aluminum Corp of China Ltd	CN	Materials	26.3	1.93	0.88	1.41	-0.05	0.85	1.30
21	197	2899 HK Equity	Zijin Mining Group Co Ltd	CN	Materials	112.6	1.74	1.05	1.39	0.62	1.43	1.69
22	223	6446 TT Equity	PharmaEssentia Corp	TW	Health Care	11.4	1.93	0.82	1.37	0.53	3.91	2.23
23	289	NYKAA IN Equity	FSN E-Commerce Ventures Ltd	IN	Consumer Discretionary	7.8	1.77	0.96	1.37	0.40	20.53	1.67
24	266	001309 CH Equity	Shenzhen Techwinsemi Technolog	CN	Technology	20.7	1.93	0.79	1.36	0.45	8.12	2.95
25	546	2600 HK Equity	Aluminum Corp of China Ltd	CN	Materials	26.3	1.93	0.79	1.36	-0.10	0.68	1.30
26	133	601628 CH Equity	China Life Insurance Co Ltd	CN	Financials	138.9	1.43	1.28	1.36	0.81	0.64	0.95
27	437	1787 HK Equity	Shandong Gold Mining Co Ltd	CN	Materials	17.6	1.46	1.24	1.35	0.10	1.07	1.07
28	164	9992 HK Equity	Pop Mart International Group L	CN	Consumer Discretionary	31.1	1.63	1.05	1.34	0.71	3.47	2.13
29	259	601336 CH Equity	New China Life Insurance Co Lt	CN	Financials	25.8	1.87	0.76	1.31	0.46	0.59	1.25
30	455	600547 CH Equity	Shandong Gold Mining Co Ltd	CN	Materials	17.6	1.46	1.16	1.31	0.06	1.55	1.07

Rank	Dep HQ Rank	Ticker	Name	Country	Sector	Mkt Cap $bn	Quality	Value	Final	Dep HQ Final	Rel PB	Rel ROE FY2
53	1	BBCA IJ Equity	Bank Central Asia Tbk PT	ID	Financials	41.1	0.22	2.10	1.16	2.24	1.12	1.10
74	2	BBRI IJ Equity	Bank Rakyat Indonesia Persero	ID	Financials	24.3	0.21	1.78	1.00	2.00	0.50	0.98
180	3	300760 CH Equity	Shenzhen Mindray Bio-Medical E	CN	Health Care	27.1	0.04	1.17	0.61	1.93	1.67	1.42
124	4	ICICIGI IN Equity	ICICI Lombard General Insuranc	IN	Financials	9.0	0.03	1.50	0.77	1.92	1.87	0.95
156	5	HAVL IN Equity	Havells India Ltd	IN	Industrials	7.5	-0.34	1.68	0.67	1.90	2.89	1.21
178	6	BJFIN IN Equity	Bajaj Finserv Ltd	IN	Financials	27.7	-0.01	1.23	0.61	1.86	1.31	0.97
42	7	605499 CH Equity	Eastroc Beverage Group Co Ltd	CN	Consumer Staples	14.1	0.49	1.92	1.21	1.84	1.75	1.86
176	8	BAF IN Equity	Bajaj Finance Ltd	IN	Financials	57.0	0.14	1.10	0.62	1.77	1.89	1.09
192	9	9633 HK Equity	Nongfu Spring Co Ltd	CN	Consumer Staples	63.2	0.13	1.02	0.58	1.70	4.10	2.03
210	10	300832 CH Equity	Shenzhen New Industries Biomed	CN	Health Care	5.1	-0.21	1.30	0.54	1.68	1.34	1.07
126	11	SBICARD IN Equity	SBI Cards & Payment Services L	IN	Financials	5.7	0.20	1.31	0.75	1.65	1.34	0.92
199	12	HCLT IN Equity	HCL Technologies Ltd	IN	Technology	31.7	-0.46	1.58	0.56	1.63	1.52	1.42
13	13	TCS IN Equity	Tata Consultancy Services Ltd	IN	Technology	81.3	0.98	2.05	1.52	1.62	2.69	2.62
222	14	2688 HK Equity	ENN Energy Holdings Ltd	CN	Utilities	7.1	-0.33	1.37	0.52	1.62	0.35	0.68
333	15	MER PM Equity	Manila Electric Co	PH	Utilities	10.7	0.14	0.51	0.32	1.59	1.49	1.59
245	16	300628 CH Equity	Yealink Network Technology Cor	CN	Technology	6.4	-0.40	1.35	0.48	1.59	1.62	1.53
220	17	CIFC IN Equity	Cholamandalam Investment and F	IN	Financials	13.0	0.21	0.84	0.52	1.57	1.65	1.06
188	18	LODHA IN Equity	Lodha Developers Ltd	IN	Real Estate	9.1	0.02	1.16	0.59	1.55	1.45	0.85
307	19	PIDI IN Equity	Pidilite Industries Ltd	IN	Materials	16.0	-0.12	0.84	0.36	1.54	5.44	1.37
277	20	AUBANK IN Equity	AU Small Finance Bank Ltd	IN	Financials	7.6	0.02	0.82	0.42	1.51	1.43	0.92
215	21	600989 CH Equity	Ningxia Baofeng Energy Group C	CN	Materials	25.0	0.00	1.07	0.53	1.50	1.18	1.32
58	22	BMRI IJ Equity	Bank Mandiri Persero Tbk PT	ID	Financials	22.1	0.77	1.48	1.13	1.48	0.51	1.00
208	23	PAG IN Equity	Page Industries Ltd	IN	Consumer Discretionary	4.4	0.49	0.60	0.54	1.47	10.81	2.73
345	24	600519 CH Equity	Kweichow Moutai Co Ltd	CN	Consumer Staples	238.8	-0.04	0.63	0.30	1.45	2.22	1.70
318	25	002142 CH Equity	Bank of Ningbo Co Ltd	CN	Financials	31.9	-0.36	1.04	0.34	1.43	0.34	0.72

Rank	Dep HQ Rank	Ticker	Name	Country	Sector	Mkt Cap $bn	Quality	Value	Final	Dep HQ Final	Rel PB	Rel ROE FY2
53	1	BBCA IJ Equity	Bank Central Asia Tbk PT	ID	Financials	41.1	0.22	2.10	1.16	2.24	1.12	1.10
74	2	BBRI IJ Equity	Bank Rakyat Indonesia Persero	ID	Financials	24.3	0.21	1.78	1.00	2.00	0.50	0.98
180	3	300760 CH Equity	Shenzhen Mindray Bio-Medical E	CN	Health Care	27.1	0.04	1.17	0.61	1.93	1.67	1.42
124	4	ICICIGI IN Equity	ICICI Lombard General Insuranc	IN	Financials	9.0	0.03	1.50	0.77	1.92	1.87	0.95
156	5	HAVL IN Equity	Havells India Ltd	IN	Industrials	7.5	-0.34	1.68	0.67	1.90	2.89	1.21
178	6	BJFIN IN Equity	Bajaj Finserv Ltd	IN	Financials	27.7	-0.01	1.23	0.61	1.86	1.31	0.97
42	7	605499 CH Equity	Eastroc Beverage Group Co Ltd	CN	Consumer Staples	14.1	0.49	1.92	1.21	1.84	1.75	1.86
176	8	BAF IN Equity	Bajaj Finance Ltd	IN	Financials	57.0	0.14	1.10	0.62	1.77	1.89	1.09
192	9	9633 HK Equity	Nongfu Spring Co Ltd	CN	Consumer Staples	63.2	0.13	1.02	0.58	1.70	4.10	2.03
210	10	300832 CH Equity	Shenzhen New Industries Biomed	CN	Health Care	5.1	-0.21	1.30	0.54	1.68	1.34	1.07
126	11	SBICARD IN Equity	SBI Cards & Payment Services L	IN	Financials	5.7	0.20	1.31	0.75	1.65	1.34	0.92
199	12	HCLT IN Equity	HCL Technologies Ltd	IN	Technology	31.7	-0.46	1.58	0.56	1.63	1.52	1.42
222	14	2688 HK Equity	ENN Energy Holdings Ltd	CN	Utilities	7.1	-0.33	1.37	0.52	1.62	0.35	0.68
245	16	300628 CH Equity	Yealink Network Technology Cor	CN	Technology	6.4	-0.40	1.35	0.48	1.59	1.62	1.53
220	17	CIFC IN Equity	Cholamandalam Investment and F	IN	Financials	13.0	0.21	0.84	0.52	1.57	1.65	1.06
188	18	LODHA IN Equity	Lodha Developers Ltd	IN	Real Estate	9.1	0.02	1.16	0.59	1.55	1.45	0.85
307	19	PIDI IN Equity	Pidilite Industries Ltd	IN	Materials	16.0	-0.12	0.84	0.36	1.54	5.44	1.37
277	20	AUBANK IN Equity	AU Small Finance Bank Ltd	IN	Financials	7.6	0.02	0.82	0.42	1.51	1.43	0.92
215	21	600989 CH Equity	Ningxia Baofeng Energy Group C	CN	Materials	25.0	0.00	1.07	0.53	1.50	1.18	1.32
58	22	BMRI IJ Equity	Bank Mandiri Persero Tbk PT	ID	Financials	22.1	0.77	1.48	1.13	1.48	0.51	1.00
318	25	002142 CH Equity	Bank of Ningbo Co Ltd	CN	Financials	31.9	-0.36	1.04	0.34	1.43	0.34	0.72
295	26	SMPH PM Equity	SM Prime Holdings Inc	PH	Real Estate	8.3	-0.61	1.38	0.38	1.43	0.43	0.55
120	27	CPN TB Equity	Central Pattana PCL	TH	Real Estate	9.0	0.50	1.05	0.78	1.42	0.97	0.89
103	29	601601 CH Equity	China Pacific Insurance Group	CN	Financials	44.5	0.29	1.42	0.86	1.42	0.37	0.78
72	30	INFO IN Equity	Infosys Ltd	IN	Technology	47.6	0.30	1.71	1.01	1.37	1.83	1.71

Rank	Dep HQ Rank	Ticker	Name	Country	Sector	Mkt Cap $bn	Quality	Value	Final	Dep HQ Final	Rel PB	Rel ROE FY2
787	659	316140 KS Equity	Woori Financial Group Inc	KR	Financials	15.0	-0.87	-0.47	-0.67	-0.33	0.26	0.47
788	861	601360 CH Equity	360 Security Technology Inc	CN	Communications	9.5	-0.92	-0.42	-0.67	-0.99	0.84	0.03
805	356	601998 CH Equity	China CITIC Bank Corp Ltd	CN	Financials	61.0	-1.06	-0.42	-0.74	0.25	0.19	0.53
816	848	301269 CH Equity	Empyrean Technology Co Ltd	CN	Technology	7.6	-0.89	-0.66	-0.78	-0.91	3.86	0.31
818	896	011200 KS Equity	HMM Co Ltd	KR	Industrials	12.5	-0.82	-0.75	-0.79	-1.23	0.28	0.20
822	748	SCB TB Equity	SCB X PCL	TH	Financials	14.4	-0.84	-0.78	-0.81	-0.56	0.35	0.47
823	384	601985 CH Equity	China National Nuclear Power C	CN	Utilities	28.1	-1.06	-0.57	-0.82	0.19	0.59	0.50
828	879	688126 CH Equity	National Silicon Industry Grou	CN	Technology	14.5	-1.04	-0.64	-0.84	-1.11	2.21	0.06
829	778	051910 KS Equity	LG Chem Ltd	KR	Materials	16.1	-1.18	-0.53	-0.85	-0.63	0.28	0.30
830	836	002459 CH Equity	JA Solar Technology Co Ltd	CN	Energy	4.3	-1.18	-0.53	-0.86	-0.84	0.50	0.16
833	425	RHBBANK MK Equity	RHB Bank Bhd	MY	Financials	9.0	-0.95	-0.77	-0.86	0.11	0.42	0.55
834	699	601825 CH Equity	Shanghai Rural Commercial Bank	CN	Financials	12.7	-0.93	-0.80	-0.86	-0.41	0.24	0.48
836	885	028260 KS Equity	Samsung C&T Corp	KR	Industrials	46.7	-0.81	-0.93	-0.87	-1.16	0.49	0.33
838	803	1101 TT Equity	TCC Group Holdings Co Ltd	TW	Materials	5.8	-1.32	-0.45	-0.88	-0.71	0.30	0.20
839	640	601231 CH Equity	Universal Scientific Industria	CN	Technology	12.0	-0.90	-0.88	-0.89	-0.29	1.37	0.76
840	540	1398 HK Equity	Industrial & Commercial Bank o	CN	Financials	390.1	-1.28	-0.49	-0.89	-0.08	0.21	0.47
842	834	003670 KS Equity	POSCO Future M Co Ltd	KR	Materials	11.8	-1.34	-0.46	-0.90	-0.82	1.70	0.11
843	618	SIEM IN Equity	Siemens Ltd	IN	Industrials	13.2	-0.86	-0.93	-0.90	-0.24	3.62	0.69
844	872	000066 CH Equity	China Greatwall Technology Gro	CN	Technology	7.4	-1.10	-0.72	-0.91	-1.05	1.78	0.13
845	503	DRRD IN Equity	Dr Reddy's Laboratories Ltd	IN	Health Care	11.2	-1.25	-0.60	-0.92	-0.01	1.06	0.65
846	504	000858 CH Equity	Wuliangye Yibin Co Ltd	CN	Consumer Staples	45.9	-0.90	-0.96	-0.93	-0.01	0.91	0.88
847	831	1301 TT Equity	Formosa Plastics Corp	TW	Materials	9.1	-1.32	-0.55	-0.94	-0.81	0.29	0.17
850	859	300418 CH Equity	Kunlun Tech Co Ltd	CN	Communications	7.1	-1.10	-0.79	-0.94	-0.98	1.49	0.10
853	800	PCHEM MK Equity	Petronas Chemicals Group Bhd	MY	Materials	10.5	-1.40	-0.50	-0.95	-0.70	0.42	0.18
854	860	688347 CH Equity	Hua Hong Grace Semiconductor L	CN	Technology	36.8	-1.12	-0.79	-0.95	-0.99	2.61	0.20

Extraction Warnings

Country 'CN' = 58% of top quartile (>50%)
108 stocks (11%) incomplete (expected <10%)
[value_index] 3 stocks with Relative_PE > 50 (possible currency mismatch)
[value_index] Z_Expanding std = 1.536 (expected ~1)
[value_index] 14 stocks with |Z_Expanding| > 5
[value_index] Z_PB_Expanding mean = -0.555 (expected ~0)
[value_index] Z_PB_Expanding std = 1.533 (expected ~1)
[value_index] 13 stocks with |Z_PB_Expanding| > 5

Appendix: Methodology

This dashboard ranks companies in the selected benchmark, currently MSCI World / MXWO Index, using a Quality Value framework. The model is designed to find companies that combine attractive valuation with strong or improving business quality.

The screen has two views: Canonical QV and Depressed HQ. Both use the same value score. They differ only in how the quality score is defined.

Canonical QV

Canonical QV is the base version of the model.

Final Score = 50% Quality Composite + 50% Value Composite

The Quality Composite combines:

Quality Level: how strong a company's forward FY2 ROE is versus the benchmark, ranked within its GICS sector.
Quality Momentum: whether that relative ROE is high or low versus the company's own 10-year history.

The Value Composite combines:

Value vs Index: whether the company is cheap versus the benchmark on relative valuation.
Value vs Sector: whether the company is cheap versus its own sector peers.

The scored valuation inputs are mainly relative P/E and EV/EBIT. Lower valuation is converted into a higher value score. For financials, where EV/EBIT is not meaningful, the model falls back more heavily to P/E. Relative P/B is shown in the charts as an important diagnostic, especially for financials, but it is not currently part of the scored value composite.

Depressed HQ

Depressed HQ is a complementary, more contrarian version of the screen.

It keeps the same Value Composite as Canonical QV, but changes the quality lens. Instead of rewarding companies whose relative ROE is high versus their own history, it looks for companies that still rank well on current quality but whose relative ROE is depressed versus their own historical norm.

In simple terms, Depressed HQ is trying to find good businesses, still cheap, where current quality looks cyclically or temporarily depressed.

Depressed HQ Score = 50% Depressed Quality + 50% Value Composite

This view is useful for identifying recovery candidates that may not look strongest on near-term momentum, but still have enough underlying quality to be interesting.

How To Read The Charts

The Relative P/B and Relative ROE panels are diagnostic charts for the companies selected by each approach. Switching between Canonical QV and Depressed HQ changes the selected company list. The chart definitions stay the same.

Relative P/B shows how expensive or cheap the company is versus the benchmark on price-to-book.
Relative ROE shows how profitable the company is versus the benchmark on forward ROE.
The most interesting candidates are often companies where relative valuation is low or normalizing while relative ROE is stable, improving, or cyclically depressed but recoverable.