Hopewell Holdings' The Avenue likely to be unveiled in 2H13

Site B to be launched first.

According to Maybank Kim Eng, HH’s 50%-owned JV project, The Avenue (Lee Tung Street project), may be launched in 2H13, in our view.

The 1,275-unit project will likely generate aggregate attributable revenue of HKD5.5b.

Here's more from Maybank Kim Eng:

We expect Site B with 179 units (60% are two-bedders) to be launched first.

Hopewell Holdings’ (HH) share price has corrected by as much as 19.1% since February before the company released its 1H6/13A results, and reached HKD34.5 in March, 1.4% shy of our post-results TP of HKD35.

We believe the two-month price correction following the strong rally in 2H12 has run its course for now. Valuation has turned more attractive at a 40.5% discount to our revised RNAV of HKD52.59 per share, after taking into account the separate listing of Hopewell Property Group (HP).