It's hard to call the Hong Kong property sector healthy when prices just
recently crossed the point where they are up for the year, but this
"less bad than expected" market in Hong Kong has been enough to send the
shares of property developer Cheung Kong (OTCPK:CHEUY)
up about 15% so far this year. Better yet, Cheung Kong continues to
trade at a low implied multiple on its Hong Kong and China property
businesses, while management retains its focus on mass market customers
and low gearing. Add in an increasing willingness to take the business
wherever it needs to go to find good returns, and there is enough
remaining upside to merit a closer look.
Read more here:
Less Bad Is Good Enough For Cheung Kong
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