Nigel Stevenson, CFA
Research analyst, value, special situations

Wheelock: Unjustified Discount

(Editors' Note: Wheelock & Co trades on the Hong Kong exchange under the ticker 0020.HK, with ~33M HKD average daily volume).

Wheelock & Co (0020.HK, OTCPK:WHLKF, OTCPK:WHLKY) is a Hong Kong-listed holding company. Its main asset is a 52% shareholding in Wharf Holdings (0004.HK, OTCPK:WARFF, OTCPK:WARFY), which accounts for over 80% of its net asset value. Wharf is one of the largest property companies both in Hong Kong and globally. It also has a property business in Hong Kong and a 76% shareholding in Wheelock Properties Singapore (OTC:WKSGY). Wheelock, which is controlled by the Woo family, is currently trading at a discount of 36% to its NAV. Both Wheelock and Wharf trade on...

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