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Haw Par
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Haw Par
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beetlejuice
Master |
05-Mar-2025 15:59
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I bought in 2023 from $9.22 to $9.75 in anticipation of special dividend which should come by 2028 or 2029. So by right no more reason to hold already.
But with this analysis, I will sell some & keep some bah.
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Joelton
Supreme |
05-Mar-2025 14:43
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The real prize in minority investor action at UOI could well be Haw Par Corp
UOI&rsquo s high capital ratios and concentrated position in Haw Par shares are probably not an accident UOB is itself a holder of 17.4 million such shares
 
WHEN former remisier Ong Chin Woo wrote to Great Eastern last year proposing to table resolutions at its annual general meeting (AGM) to address the steep undervaluation of its shares, the insurer sought legal advice and then announced that the request did not satisfy all the necessary requirements.
 
The Securities Investors Association (Singapore), or Sias, said Great Eastern&rsquo s response was &ldquo somewhat legalistic&rdquo , and that it appeared to &ldquo sidestep the substantive concerns raised&rdquo .
 
United Overseas Insurance (UOI) took a much more cordial tone when Ong wrote on Feb 28 asking for two resolutions to be tabled at its upcoming AGM.
 
Ong&rsquo s first resolution is that UOI distribute the nearly 4.3 million Haw Par Corporation shares it holds to its shareholders. His second resolution is that UOI appoint a financial adviser to evaluate strategic options to maximise shareholder value.
 
On Mar 3, UOI acknowledged Ong&rsquo s proposed resolutions, and said that its board and management welcomed constructive suggestions from its shareholders.
 
UOI&rsquo s chief executive Andrew Lim later told The Business Times that all shareholder requests and questions will be addressed at its AGM next month. &ldquo We encourage all shareholders to attend and participate actively. UOI remains focused on delivering long-term stability and growth for the company and its shareholders,&rdquo he added.
 
Yet, UOI and its parent UOB might eventually take exactly the same path as Great Eastern and OCBC in dealing with Ong and his petition to unlock value for minority investors.
 
Some of the key arguments Ong put forward to support his proposed resolutions underscore the strategic importance of the Haw Par shares held by UOI &ndash and, hence, why it is unlikely that UOI&rsquo s board will agree to their distribution.
 
For instance, Ong noted in his letter to UOI on Feb 28 that the ratio of its shareholders&rsquo funds to total assets at the end of 2023 stood at 70.4 per cent, well above the general insurance sector&rsquo s average of 33.5 per cent.
 
UOI&rsquo s capital adequacy ratio of 415 per cent was also considerably higher than the sector&rsquo s average of 338 per cent, Ong said in the letter.
 
He went on to point out that the 4.3 million Haw Par shares held by UOI accounted for 27.7 per cent of the insurer&rsquo s equity investments.
 
This column would argue that UOI&rsquo s high capital ratios and its concentrated position in Haw Par shares are not an accident. Indeed, UOB is itself a holder of 17.4 million such shares.
 
All in, the UOB group owns 21.7 million Haw Par shares, representing a 9.8 per cent stake.
 
Haw Par&rsquo s most visible business is the Tiger Balm brand of topical analgesic products, but there seems to be significant strategic value in its holdings of UOB and UOL shares.
 
So, what could UOI and UOB do for restless minority investors such as Ong if they have a strategic interest in holding on to their Haw Par shares?
 
Here&rsquo s what happened at Great Eastern: Ong&rsquo s proposed resolutions to address the undervaluation of its shares were never tabled. Two weeks after the AGM, OCBC &ndash which already owned 88.44 per cent of Great Eastern &ndash made an offer for the insurer at S$25.60 per share, a 36.9 per cent premium to their market price.
 
Could an offer for UOI at a premium to its current market price be in the offing?
 
UOI closed Tuesday (Mar 4) at S$7.42, a 3.1 per cent discount to its net asset value (NAV) of S$7.66 per share. UOB holds a 58.4 per cent stake in the insurer.
 
Whatever the case, the minority shareholder action unfolding at UOI may eventually turn the spotlight on Haw Par itself, and how value could be unlocked for its shareholders.
 
Haw Par holds nearly 74.9 million UOB shares and more than 72 million UOL shares, which are worth nearly S$3.3 billion at current market prices &ndash or about 16 per cent more than Haw Par&rsquo s own market capitalisation of S$2.8 billion.
 
In fact, the UOB shares held by Haw Par alone have a market value of nearly S$2.9 billion.
 
This is all the more remarkable given that Haw Par is in a net cash position. As at Dec 31, the group held cash and bank balances of S$745.8 million, versus borrowings of S$36.3 million.
 
Haw Par shares have climbed nearly 6 per cent since Feb 21, when the group said it will pay a special dividend of S$1.00 per share. This brought its total dividends for 2024 to S$1.40 per share, up from S$0.40 per share for 2023.
 
Haw Par closed on Mar 4 at S$12.69 &ndash more than 32.2 per cent below its NAV as at Dec 31 of S$18.74 per share.
 
It could be just a matter of time before activist investors such as Ong come knocking on Haw Par&rsquo s door, asking for a distribution of its strategic holdings of UOB and UOL shares.
 
As with UOI, the solution could be for its controlling shareholders to make an offer for the group.
 
The estate of the late Wee Cho Yaw holds a deemed and direct interest of 36.5 per cent in Haw Par.
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chengwh1
Elite |
04-Mar-2025 19:19
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Share price rose by $1.00 on the day this Special Dividend was announced. Will it drop back by $1 on XDate ? | ||||
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Joelton
Supreme |
24-Feb-2025 12:55
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Haw Par' s FY2024 Net Profit Increases by 5.4%
 
https://www.invest-alpha.sg/view& id=773
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spursfan
Elite |
22-Feb-2025 22:06
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Dividend payment date for final and special  ex date  5 May 2025 pay date 21 May 2025 |
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desmondxyz
Veteran |
22-Feb-2025 21:43
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$1 dollar ang pow!!! Huat la!!!
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Joelton
Supreme |
22-Feb-2025 13:15
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Haw Par posts 5.5% drop in H2 profit proposes special dividend of S$1 per share
The company is bracing for &lsquo continued inflationary pressures and uncertain consumption recovery&rsquo
 
TIGER Balm maker Haw Par Corp : H02 +1.1%&rsquo s profit fell 5.5 per cent to S$106.3 million for the six months ended Dec 31, 2024, on the back of higher costs.
 
Nevertheless, it has proposed a special dividend of S$1 per share, along with a final dividend of 20 cents per share, set to be paid on May 21.
 
Haw Par&rsquo s revenue for the half-year grew 4.8 per cent to S$126.7 million, driven by higher sales from the healthcare segment, the company said in its earnings statement on Friday (Feb 21).
 
However, it also saw higher expenses &ndash with cost of sales up 16.5 per cent and distribution and marketing expenses increasing by 17.4 per cent with healthcare product launches. Finance expenses also rose 21.3 per cent due to higher bank borrowings.
 
As a result, Haw Par&rsquo s gross margin shrunk to 55 per cent in H2, from 59.5 per cent in the corresponding period in the previous year.
 
Its new healthcare manufacturing plant in Malaysia &ndash which started commercial production in the recent H2 &ndash also affected the gross margin. This is due to &ldquo the effect of unallocated overheads as production volume gradually ramps up&rdquo , the company said.
 
For the full year, Haw Par&rsquo s profit rose 5.4 per cent to S$228.3 million, on the back of a 5.5 per cent increase in revenue to S$244.8 million.
 
Its healthcare segment revenue grew 5.9 per cent to S$226 million, which Haw Par attributed to &ldquo rising consumer optimism in Asean markets and countries outside the continent&rdquo .
 
Revenue from its leisure and property divisions rose slightly, by 1.3 per cent, to S$18.8 million. This was due to improved occupancy at some of its investment properties in Singapore, albeit offset by lower visitor numbers and revenue at the Thai aquarium Underwater World Pattaya.
 
Looking ahead, Haw Par believes that its operating profits and margins &ldquo may face continued inflationary pressures and uncertain consumption recovery&rdquo , with additional risks from potential US tariffs and any countermeasures.
 
&ldquo Ongoing geopolitical tensions and fluctuating interest rates will also increase the volatility of the stock market and, in turn, impact the valuation of the group&rsquo s strategic investments,&rdquo it said.
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moonsun
Veteran |
21-Feb-2025 18:48
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At least some chicken drumsticks once a while..
huat ah |
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beetlejuice
Master |
21-Feb-2025 17:51
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Huat argh. 💰 🧧
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spursfan
Elite |
21-Feb-2025 17:38
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FY 24 results.  final dividend 20cts  and  special dividend  $1 https://links.sgx.com/1.0.0/corporate-announcements/FSZD5TR1DXU167T6/833807_FY2024%20Haw%20Par%20Announcement.pdf |
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beetlejuice
Master |
08-Nov-2024 12:25
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Haha, how to pile if total number of shares outstanding is only 221M and around 60% is held by the top 5 shareholders?
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finjungle
Senior |
08-Nov-2024 11:27
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This could also mean that the UOB  share price is over valued. With such available information it is a no brainer to pile on  Haw Par but the market isn' t!!!!
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Rightstock
Senior |
08-Nov-2024 11:23
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Haw Par is deeply undervalued. At current prices, Haw Par stake in UOB is worth more than its market capitalisation.   |
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Alignment
Master |
09-Sep-2024 20:45
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About to break the one year high and trend up? | ||||
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HuatAh7898
Elite |
16-Aug-2024 06:23
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ex dividend what' s the price...?
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finjungle
Senior |
15-Aug-2024 12:35
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Beware of the high share price of UOB although the share price of UOL is in the dump
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Joelton
Supreme |
15-Aug-2024 12:21
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Haw Par&rsquo s H1 2024 net profit rose 17.1 per cent to S$122 million
Revenue for the period rose 6.3% to S$118.1 million as demand for healthcare products remains strong
 
TIGER Balm ointment maker Haw Par Corporation reported a 17.1 per cent rise in H1 2024 net profit to S$122 million from S$104.1 million in H1 2023 in an announcement on Wednesday (Aug 14).
 
Revenue for the period rose 6.3 per cent to S$118.1 million from S$111.1 million a year prior, as demand for healthcare products remains strong. Higher costs of sales in H1 2024 of S$53.7 million were mainly due to higher overheads and labour costs, a 11.4 per cent increase from S$48.2 million in H1 2023.
 
As a result, gross margin fell to 54.6 per cent in H1 2024 from 56.7 per cent in H1 2023.
 
General and administrative expenses in H1 2024 saw a 36.7 per cent decrease in to S$6.2 million from S$9.9 million in H1 2023. Other income in H1 2024 increased 18.4 per cent to S$97.2 million from S$82.1 million in H1 2023. Both helped to offset the increase in cost of sales.
 
Ongoing economic uncertainty and geopolitical risks may impact Haw Par&rsquo s growth prospects. The company also sees increasing cost pressures weighing down operating margins in the next 12 months.
 
The board of directors declared a S$0.20 dividend per share to be paid on Sept 10, with the books closing on Aug 23.
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Joelton
Supreme |
15-Aug-2024 12:17
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Haw Par Corporation reports profit of $122.0 mil for 1HFY2024, 17.1% higher y-o-y
 
Haw Par Corporation has reported a profit net of tax of $122.0 million for the 1HFY2024 ended June 30, 17.1% higher y-o-y.
 
Revenue rose by 6.3% y-o-y to $118.1 million as demand for healthcare products remained robust. However, cost of sales rose by 11.4% y-o-y to $53.7 million due mainly to higher overheads and labour cost.
 
Gross profit rose by 2.4% y-o-y to $64.5 million while gross profit margin dipped from 56.7% to 54.6%.
 
Other income was up by 18.4% y-o-y to $97.2 million mainly due to higher dividend rate from strategic and long-term investments as well as higher interest income from higher interest rates.
 
Earnings per share (EPS) for the period stood at 55.1 cents.
 
A first and interim dividend of 20 cents has been declared for the period, unchanged y-o-y. the dividend will be paid on Sept 10.
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beetlejuice
Master |
15-Aug-2024 09:11
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Yeah, 等 久 一 定 🈶 . Just treat as FD while waiting for the eventual jumbo dividend.
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desmondxyz
Veteran |
14-Aug-2024 22:43
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Expected la....surprise (if any) usually comes with final dividend. Cash pile continue to swell, almost reaching all time high level, clock is ticking for a big ang pow.....hold tight
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