Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>'s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. </li>
<li>Preceding my comments on Haw Par - and <a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891:1" rel="noopener">Singapore Land Group (SPLG SP)</a> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Haw Par Corp (HPAR SP)'s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. 
Preceding my comments on Haw Par - and Singapore Land Group (SPLG SP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul><li>Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.</li><li>The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.</li><li>I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.</li></ul>

Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

United Overseas Insurance / Equity Bottom-Up

<ul>
<li>UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.</li>
<li>Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.</li>
<li>UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.</li>
</ul>


UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.
Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.
UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.


United Overseas Insurance: The Samsung Family of Singapore?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>  announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.</li>
<li>Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.</li>
<li>Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.</li>
</ul>



Haw Par Corp (HPAR SP)  announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.


Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a significant Investment portfolio that drives a majority of its profitability through dividend income.</li>
 <li>The company's financial performance is characterized by resilient cash flow from its core healthcare operations, while overall net income is heavily influenced by the performance of its strategic investments, primarily in UOB and UOL Group.</li>
 <li>With a formidable brand legacy, a fortress-like balance sheet with minimal debt, and significant family ownership, Haw Par is positioned as a financially stable entity, though growth in its core operations has been modest.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a significant Investment portfolio that drives a majority of its profitability through dividend income.
  The company's financial performance is characterized by resilient cash flow from its core healthcare operations, while overall net income is heavily influenced by the performance of its strategic investments, primarily in UOB and UOL Group.
  With a formidable brand legacy, a fortress-like balance sheet with minimal debt, and significant family ownership, Haw Par is positioned as a financially stable entity, though growth in its core operations has been modest.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Haw Par Corp (HPAR SP) - Apr 2026

Singapore

Haw Par Corporation Limited is a Singaporean multinational group involved in healthcare, investments, leisure, and property sectors. Its core business includes manufacturing and distributing topical analgesic products under the globally recognized Tiger Balm and Kwan Loong brands. The company was incorporated in 1969 and is based in Singapore.

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Haw Par Corporation (HPAR SP)

StubWorld: Haw Par Looking Stretched

The special divi has passed; yet Haw Par's NAV disc. to NAV is now around the narrowest inside a year. At 0.4x P/B, I prefer Singapore Land;...

David Blennerhassett

Haw Par (HPAR SP) —2025 Update

Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain...

Asian Century Stocks

United Overseas Insurance: The Samsung Family of Singapore?

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Haw Par’s stock could potentially double if the company raises its regular dividend to S$1.00 per share—a target achievable using solely its...

Devi Subhakesan

Primer: Haw Par Corp (HPAR SP) - Apr 2026

Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a...

αSK Primers

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

StubWorld: Haw Par Looking Stretched

The special divi has passed; yet Haw Par's NAV disc. to NAV is now around the narrowest inside a year. At 0.4x P/B, I prefer Singapore Land;...

David Blennerhassett

Haw Par (HPAR SP) —2025 Update

Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain...

Asian Century Stocks

United Overseas Insurance: The Samsung Family of Singapore?

​Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Haw Par’s stock could potentially double if the company raises its regular dividend to S$1.00 per share—a target achievable using solely its...

Devi Subhakesan

Primer: Haw Par Corp (HPAR SP) - Apr 2026

Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a...

αSK Primers

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...