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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (25691)	1/9/2007 8:09:34 PM
From: anializer	Read Replies (1) \| Respond to of 78704

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.

To: Paul Senior who wrote (25691)	3/5/2007 11:28:50 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78704

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.