Nigel Stevenson, CFA
Research analyst, value, special situations

Hopewell Holdings: Value And Growth

Hopewell Holdings (OTCPK:HOWWF, ADRs OTCPK:HOWWY) (0054.HK) is a Hong Kong-listed holding company, which has a market value of around US$2.9bn. It is primarily a property investment company; earning rental income from its existing investment properties in Hong Kong and developing new properties. It also has interests in the hospitality sector in Hong Kong, and property, expressways and a power station in China. The ordinary shares are traded on an OTC basis in the US, but there is very little liquidity; the ADRs appear to be the better option for investors unable to buy Hong Kong-listed shares.

Hopewell is currently trading at a wide discount to its underlying value. Despite significant value creation in recent years, the shares...

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