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Finding Value in Hong Kong

Company                    Description              Price*  P-E
                                                           ratio**


Cheung Kong                Thriving property developer      $9.81    9.2
HSBC                       High-quality global bank        300.00   14.6
Cathay Pacific             Hong Kong's airline              10.38   13.8
Hong Kong Electric         Big utility                       3.97   13.6
Citic Pacific              Chinese-owned conglomerate        6.30   20.3
Hong Kong Telecom          Local Ma Bell                    23.69   17.0

*Per American depositary receipt, July 1
**Estimated 1997 earnings

DATA: BANK OF NEW YORK, BLOOMBERG FINANCIAL MARKETS


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Updated July 4, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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