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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (24276)	7/8/2006 1:39:50 AM
From: Spekulatius	of 78719

Cheung Kong - difficult to analyse. Holding company (mostly a 50% stake in Hutchinson) and on the operational side a real estate developer in Hong Kong and China. The stock is trading at a small premium to book. (P/B around 1.05) Both HK and China's real estate market have been booming but the Chinese government is clamping down on RE speculation, which could hurt companies like Cheung Kong. If i remember correctly the 97/98 crisis hurt Cheung Kong quite a bit. On the other side, Templeton owns 6.5% of the company stock, so I consider this a strong vote of confidence.

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