HOPEWELL Holdings is active in property development, construction, power station operations and property investment. Brokerage New China Hong Kong Securities has recently put a trading buy on the stock, saying the counter is at an undemanding price level. Hopewell posted a better-than-expected 7.7 per cent rise in net interim profit last month, helped by the group's power operations through its holding in Consolidated Electric Power Asia (Cepa). Last year's sale of Cepa will cap Hopewell's earnings growth in the medium term but the deal was Hopewell's best option to solve its tight cash problem and raise funds for road projects in Asia. The transfer of resources to new or developing projects by cashing in more mature assets may increase the uncertainty of Hopewell's future, but possible higher returns from these projects should compensate for the risks involved. In the next three years recurrent income will be mainly driven by the GSZ superhighway phase one and smaller developments such as its Shunde roads project. At the current price level the counter is good value as it has an undemanding price earnings ratio of 4.8 times for financial year 1997 and nine times for 1998.