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:
- Equity Investments worth SGD2,126m exceeds Haw Par Corporations current market capitalisation of SGD1,879m.
- 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.
- 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.
Q2 Hedge Funds Resource Page Now LIVE!!! Lives, Conferences, Slides And More [UPDATED 7/7 17:16 EST]
Simply click the menu below to perform sorting functions. This page was just created on 7/1/2020 we will be updating it on a very frequent basis over the next three months (usually at LEAST daily), please come back or bookmark the page. As always we REALLY really appreciate legal letters and tips on hedge funds Read More