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.
Alluvial 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