Haw Par Corporation – Valuation Analysis


Haw Par Corporation (HPC) is a conglomerate involved in 3 main segments: Healthcare, Leisure and Investments. Its healthcare products are manufactured under the Tiger Balm and Kwan Loong Brand. The Group also owns and operates 2 aquariums in Sentosa and Pattaya. Additionally, they manage a portfolio of investment properties and securities. We have the following investment thesis:

  1. Equity Investments worth SGD2,126m exceeds Haw Par Corporations current market capitalisation of SGD1,879m.
  2. Highly stable Healthcare business of household-brands analgesics with highly profitable and strong cash-flow generation, 10-year average ROA and FCF/Total Assets of 29.0% and 26.1% respectively. Tiger Balm and Kwan Loong Oil is ranked 2nd and 5th respectively within Singapore’s analgesics space.
  3. SGD223.6m property portfolio and Equity Investments provides a stable and recurring source of income.

The full report can be found below and free to be downloaded via Scribd.

Haw Par Corporation

Alluvial Fund May 2021 Performance Update

Alluvial FundAlluvial Fund performance update for the month ended May 2021. Q1 2021 hedge fund letters, conferences and more Dear Partners and Colleagues, Alluvial Fund, LP returned 5.4% in May, compared to 0.2% for the Russell 2000 and 1.0% for the MSCI World Small+MicroCap . . . SORRY! This content is exclusively for paying members. SIGN UP Read More

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I developed my passion for investment management especially equity research at a relatively young age. My investment journey began when I was 20, at a point in time where markets were still recovering from the Global Financial Crisis. My portfolio started from money I saved over the past years and through working during the holidays. I was fortunate to have a good friend with common investing mentality to began my journey towards value investing. To date, we still research and invest in companies together, discussing valuations and potential risks of a company. To date, I manage a fund with a value investing style. Positions are decided upon via a bottom-up approach or smart speculation (a term I came up with when buying a stock for quick profit due to a mismatch in prices in the market due to takeovers/selling of a subsidiary or associate). Apart from managing my own portfolio, I enjoy sharing my research with family and friends, seeking their opinions and views towards the stock. Reading Economics in London, I constantly keep up with the financial news in Singapore & Hong Kong. Despite my busy schedule, it has not stopped me from enjoying other aspects of life. I enjoy a variety of activities in whatever free time I may have – endurance running, marathons, traveling, fine dining, whiskey appreciation, fashion. Lastly, I enjoy meeting new people, discussing ideas and gaining new perspectives towards issues in the world.

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