Eoin Treacy's view Yesterday, I performed a search for high yielding shares in the USA, Canada and Europe using a market cap of at least US$1billion, a positive dividend growth rate over the last 3 years, dividend cover of more than 2 times and a dividend yield of more than 3%. Today I expanded the search to Asia, South Africa and Latin America and received some interesting results.

Australia's Harvey Norman has a dividend yield of 5.14%, which is covered 2.14 times. The share lost downward momentum from May and has sustained a progression of higher reaction lows since as it builds support. It pushed back above the 200-day MA this week and a sustained move below A$3.38 would be required to question scope for some additional upside.

In Hong Kong, Xinyi Glass yields 4.14% and is covered 2.27 times. It is outperforming the Hang Seng and is currently testing the upper side of the yearlong range. A downward dynamic held for more than a day or two would be required to question upside potential.

India's Hero Honda Motors yields 5.25% is covered 3.21 times. The share surged to new highs in April and has now completed a reversion to the mean, defined by the 200-day MA. A sustained move below INR1800 would be required to question medium-term upside potential.

Japan's Heiwa Corp produces slot machines for casinos and yields 4.79% with cover of 3.64. The share continues to outperform the wider market and is currently testing he upper side of the almost 3-year range. A sustained move below ¥950 would be needed to question potential for continued higher to lateral ranging.

Singapore's HongKong Land yields 4% which is covered 4.56 times. The share moved to a new all time high today, having completed a reversion to the mean over the last few months. A sustained move below S$4.85 would be required to question medium-term upside potential.

South Africa's Tiger Brands yields 4.2% with cover of 2.03 times. The share continues to consolidate in the region of ZAR18,000 and is now testing the 200-day Ma. It needs to rally from here to confirm at least short-term support in this area while a sustained move below ZAR16,000 would mark a major inconsistency and question medium-term upside potential.

What struck me as strange was than no Latin American companies appeared in my results. It took some time to look into this and I still do not have a satisfactory answer but am waiting for Bloomberg to get back to with some clarification. From one perspective, it is perhaps not so surprising that few companies meet these rather stringent criteria because the region's stock markets have been among the best performers globally so rising prices have contributed to falling yields even in comparatively high short-term interest rate jurisdictions.

I had initially thought that Souza Cruz, a tobacco company, yielding 4.62% would be included but its dividend cover of only 1.75 times made sure it was excluded. Hydro power producer AES Tieta SA has a market cap of $4billion, yields 9.02%, has cover of more than 6 times and 3yr dividend growth of 18%. The only reason I can think of it that it did not show up in my results is because it is a preference share and a subsidiary of US based AES Corp.