Elevator Pitch
COSCO SHIPPING International (Hong Kong) Co., Ltd. (OTCPK:CHDGF) [HKG:517], formerly COSCO International Holdings Limited (name change in 2016), one of the largest shipping services provider in China, boasts a 3.7% trailing dividend yield and trades at approximately 0.62 times P/B with net cash of HK$6.42 billion exceeding its current market capitalization by approximately 33%. It is cheap as investors have put COSCO International in the same category as other loss-making, asset-heavy listed ship owners and ignored COSCO International's ship trading agency and insurance brokerage business segments which are asset-light, high-margin