Interesting idea. I've been looking at a few of these land developers on the heals of Baron's International trader columns and also on the heals of DB's few positions in a few of these developers.
This google link provides a little bit more avenue to search out research, annual reports, interim financials etc. Even on Wharf.
finance.google.com
BJCLF is a small speculative one which I upped today. ( Just in time for the worldwide crash of emerging markets - LOL).
This one is currently selling below NAV with 100% earnings growth expected for a few years, and is an arm of the Bejing Municipal Government. Water infrastructure, commercial and residential land development, highway and toll roads, and port development.
Some clips from reports on BJCLF ( finance.yahoo.com )
For the first half of the year 2006, profit attributable to
equity holders of the Group was RMB86,738,000, an
increase of approximately 452% compared with
RMB15,704,000 for the first half of the year 2005, which
was mainly resulted from the recognition of negative
goodwill of RMB127,480,000 arising from the
acquisition of a subsidiary known as Beijing East Ocean
United Investment Co., Ltd. during the period.
As of June 30, 2006 it's total equity after all current and long term liabilities and debt was 3.87 B ($Rmb) and today its mkt cap is $3.89B. About 1X NAV of 6 months ago. Looks cheap for that kind of growth and expected to go gangbusters for years.
It's a bit of work to decipher the financials but from the interims and annual reports, you can, and also then do the conversions. About 1.7b Honk Kong Shares out, most very tightly held. |
