In today’s briefing:
- Haw Par (HPAR SP) —2025 Update
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 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.
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