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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (25691)	3/5/2007 11:28:50 PM
From: Spekulatius	Read Replies (2) of 78703

Bought some Wharf today in HK (0004.HK in yahoo) my first adventure buying stocks in foreign exchanges using IB. Wharf is an real estate operator and developer , and ownership in harbor operations and in addition has some holding in public companies. my rational is that it simply trades on a discount to NAV based on the latest numbers i could find here: wharfholdings.com Per management report, Wharf NAV is 38.35 HKD/share, so with the stock trading at <27 HK, I calculate a discount to NAV of 30%. The last earnings report was so so, partly because Wharf includes property revaluation in it's real estate holding (they are valued market to market rather than historical cost) which makes the earnings more volatile, although cash earnings are much more stable. A 120 year operating history inspires some confidence and I see a fairly robust balance sheet with debt around 25% or net assets. Despite the recent China troubles, the HK economy should be doing OK and with a 30% discount i am willing to take a small bet. I like this company more so than the Cheung Kong. Wharf's business is more steady and they do much less wheeling dealing.

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