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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.

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

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.

Haw Par Corp

Haw Par (HPAR SP) —2025 Update