Seeking Alpha: Meet The New Hutch, Almost The Same As The Old Hutch

American conglomerates have largely seen holding company discounts fade away to a non-issue, but that is not the case outside the U.S., and Hutchison Whampoa, now restructured and known as CK Hutchison Holdings (OTCPK:CKHUY) (1.HK), languished as a result. "Languish" is a relative term, though, as I can't complain too much about the performance (up 15%) of Hutchison Whampoa ADRs since my last article.

I continue to believe that these assets are undervalued, but I also recognize that a complex holding company with assets scattered across the globe and controlled by the founding shareholder is not everybody's cup of tea. I believe that both a long-term DCF approach and a part-by-part NAV valuation approach support the idea that CK Hutchison is 15%-20% undervalued, but I would note that CKH may well be looking at a period of asset/business reorganization in the near future.

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Meet The New Hutch, Almost The Same As The Old Hutch