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Haw Par

oceanblue
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04-Dec-2019 17:23     
 
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 Alert Admin 		What happen ? Now drop below $13.
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triphopper
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27-Feb-2019 19:51     
 
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 Alert Admin 		Haw Par recommends Special Dividend of 85 cents &mdash Considering sustained growth underpinned by strong balance sheet

Together with the ordinary dividends, the total payout for the financial year ended 31 December 2018 would be $1.15 per share.
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jeremyow
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26-May-2017 15:16     
 
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 Alert Admin 		Sorry, a correction to a mistake in my 4th last paragraph last sentence. It should be, " Only those investors whom invested in the sub-prime crisis bottom prices in Mar 2009 and held the shares until now stand to gain much by a capital growth in share price of about 260% in 8 years 2 months."  

jeremyow      ( Date: 26-May-2017 15:07) Posted:

http://sgwealthbuilder.com/2016/07/haw-par-corp-sealed-fate-underwater-world-singapore/

http://www.fool.sg/2016/08/23/a-profit-margin-of-108-in-2015-how-does-haw-par-corporation-ltd-make-its-money/

I attach two links to two separate articles. The first article is from SG Wealth Builder while the second article is from Motley Fool. For those interested to know more about Haw Par Corp, you may visit these two links which will give you a quick glance into what businesses Haw Par Corp is into. I will provide a summary here from the two articles and also my own comments after.

Haw Par Corp currently has four different segments of businesses.The first segment is healthcare which deals with selling their trademark Tiger Balm line of products locally and overseas. The second segment is leisure which deals with two assets,one which is Underwater World in Singapore which Haw Par has divested last year due to sub-par performance of asset and another one in Thailand. The third segment is property which deals with Haw Par' s ownership of investment properties in the ASEAN region. The fourth segment deals with Haw Par' s investment in various securities of which its major substantial investments are in UOB Ltd, UOL Group Ltd and UIC Ltd. These three household blue-chip names are not foreign to us.

So far, the segment giving Haw Par Corp its home run is none other than its core business in the healthcare segment. This healthcare segment which sells Tiger Balm line of products have consistently given Haw Par a high annual rate of return. Conversely, the leisure segment has not been doing well thus resulting in the divestment of Underwater World last year. This is a good move so as to divest non-core businesses which are not doing well and reinvest the proceeds into core business such as the healthcare business which gives consistent good annual rates of return.

Haw Par also derives a substantial part of its profits from the investment segment so much so that the profit (e.g. dividend income) from its investment segment is even slightly more than its healthcare core business. As such, the modern Haw Par Corp seems more of an investment holding company rather than a healthcare company which it started out as in its earlier years as profit contribution from its investment segment has outpaced its healthcare core business no doubt the latter is still growing well.

Other positive points of consideration is the consistent positive free cash flow strong generating ability of Haw Par Corp over the past 10 years. Put on another icing on the cake is its very low financial leverage. Haw Par Corp is in a net cash position with very minimal debts carried on its balnace sheet.    

After knowing briefly what Haw Par Corp does and how it derives its earnings, now we come to the crux of the matter. Is Haw Par Corp worthy of an investment now? To answer this question, one needs to examine the future potential returns of this investment. One also needs to examine the current valuation of this investment to ascertain if it is lucrative to invest at current valuation. 

I have checked up on the trend of the financials for Haw Par Corp over the past 10 years period from 2006 to 2016. The earnings per share (EPS) in 2006 was 51.6 cents while that of 2016 was 57 cents. The free cash flow per share generated in 2006 was 34 cents while that in 2016 was 40 cents. This is on the back of a stable share base which has only decreased very minimally through the 10 years. The compounded annual growth rate (CAGR) of EPS over the past 10 years is only 1% while the CAGR of free cash flow per share generated is 1.64%.

Other metric like return of equity (ROE) shows the same picture of a low rate of return. The ROE has hovered around mostly between 4% to 8% for the past 10 years. Haw Par Corp has been giving out increasing dividends through the years with its dividends in 2016 of 24 cents. This translates to a dividend yield of around 2.18% at current traded price. The share price of Haw Par Corp has risen over a 10 years period from May 2007 to May 2017 of 58.42%. Nothing to be fascinated about for only a 58.42% capital growth in share price over a 10 years period. Only those investors whom invested in the sub-prime crisis bottom prices in Mar 2009 and held the shares until now stand to gain much by a capital growth in share price of about 260% in 7 years 2 months. 

This teaches us a great lesson that even if a company is a low rate of return company, as long as the company is fundamentally stable and good, catching it at an attractive price can also mean good returns for the investor. So while the investor may lose out on one hand on a low rate of return businesses of a company, he will win on the other hand in investing in the investment at cheap attractive valuation which still makes a good investment proposition. 

So, assuming Haw Par Corp continues to grow at current low ROE, maybe an investor has to think carefully whether it is worthwhile to pay current price per share to garner such low ROE on his investment and low dividend yield based on current share price (assuming dividends never increase or increase at only gradually through the years due to the low dividend pay-out ratio of around 41.5% as of 2016). 

Or maybe, one can skip this at the moment and put under the radar watchlist for a better opportunity should its share price see some correction due to market trading forces. It would be so so nice if Haw Par Corp can top up every piece of its solid metrics with a good ROE but too bad, this is the reality of the whole picture of Haw Par Corp. Invest now? Or perhaps wait for a better cheaper share price?? 

sunview      ( Date: 09-Dec-2016 13:23) Posted:



Haw Par Corp Ltd (HPAR SP, BUY, TP: SGD11.40)

Healthcare Business - The Hidden Gem

Once overshadowed by its size of its investment portfolio, Haw Par' s healthcare business has grown rapidly in recent years to be a force to be reckoned with. The Group' s healthcare products are primarily manufactured under the &lsquo Tiger Balm&rsquo brand. Over the years, Tiger Balm has received multiple awards and honours and has become a household name in many countries. Leveraging on its strong brand name, Haw Par has introduced numerous product extensions to the Tiger Balm range, branching from its traditional ointment product to muscle rubs, plasters, back patches, mosquito repellents and neck & shoulder rubs.

Healthcare division&rsquo s revenue and operating profit have grown at CAGR of 14% and 24% over the past five years, respectively. In the first nine months of 2016, operating profits grew 16% YoY to a record high of SGD46.6m, while profit margins expanded from 32% to 34.7%. We reckon healthcare business to be worth SGD 1.1bn based on a price earnings multiple of 20x.

Adding its investment portfolio of about SGD2bn (primarily includes UOB, UIC and UOL shares), investment properties worth SGD211m and net cash of SGD253m to its healthcare business, we arrive at a fair value of SGD16.25 for Haw Par&rsquo s stock using a sum of parts valuation. Our TP of SGD11.40 is based on a 30% discount to fair value. At current price of SGD9.10, the stock offers an upside of 25%.

(From RHB, 8/12/2016)


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jeremyow
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26-May-2017 15:07     
 
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 Alert Admin 		http://sgwealthbuilder.com/2016/07/haw-par-corp-sealed-fate-underwater-world-singapore/

http://www.fool.sg/2016/08/23/a-profit-margin-of-108-in-2015-how-does-haw-par-corporation-ltd-make-its-money/

I attach two links to two separate articles. The first article is from SG Wealth Builder while the second article is from Motley Fool. For those interested to know more about Haw Par Corp, you may visit these two links which will give you a quick glance into what businesses Haw Par Corp is into. I will provide a summary here from the two articles and also my own comments after.

Haw Par Corp currently has four different segments of businesses.The first segment is healthcare which deals with selling their trademark Tiger Balm line of products locally and overseas. The second segment is leisure which deals with two assets,one which is Underwater World in Singapore which Haw Par has divested last year due to sub-par performance of asset and another one in Thailand. The third segment is property which deals with Haw Par' s ownership of investment properties in the ASEAN region. The fourth segment deals with Haw Par' s investment in various securities of which its major substantial investments are in UOB Ltd, UOL Group Ltd and UIC Ltd. These three household blue-chip names are not foreign to us.

So far, the segment giving Haw Par Corp its home run is none other than its core business in the healthcare segment. This healthcare segment which sells Tiger Balm line of products have consistently given Haw Par a high annual rate of return. Conversely, the leisure segment has not been doing well thus resulting in the divestment of Underwater World last year. This is a good move so as to divest non-core businesses which are not doing well and reinvest the proceeds into core business such as the healthcare business which gives consistent good annual rates of return.

Haw Par also derives a substantial part of its profits from the investment segment so much so that the profit (e.g. dividend income) from its investment segment is even slightly more than its healthcare core business. As such, the modern Haw Par Corp seems more of an investment holding company rather than a healthcare company which it started out as in its earlier years as profit contribution from its investment segment has outpaced its healthcare core business no doubt the latter is still growing well.

Other positive points of consideration is the consistent positive free cash flow strong generating ability of Haw Par Corp over the past 10 years. Put on another icing on the cake is its very low financial leverage. Haw Par Corp is in a net cash position with very minimal debts carried on its balnace sheet.    

After knowing briefly what Haw Par Corp does and how it derives its earnings, now we come to the crux of the matter. Is Haw Par Corp worthy of an investment now? To answer this question, one needs to examine the future potential returns of this investment. One also needs to examine the current valuation of this investment to ascertain if it is lucrative to invest at current valuation. 

I have checked up on the trend of the financials for Haw Par Corp over the past 10 years period from 2006 to 2016. The earnings per share (EPS) in 2006 was 51.6 cents while that of 2016 was 57 cents. The free cash flow per share generated in 2006 was 34 cents while that in 2016 was 40 cents. This is on the back of a stable share base which has only decreased very minimally through the 10 years. The compounded annual growth rate (CAGR) of EPS over the past 10 years is only 1% while the CAGR of free cash flow per share generated is 1.64%.

Other metric like return of equity (ROE) shows the same picture of a low rate of return. The ROE has hovered around mostly between 4% to 8% for the past 10 years. Haw Par Corp has been giving out increasing dividends through the years with its dividends in 2016 of 24 cents. This translates to a dividend yield of around 2.18% at current traded price. The share price of Haw Par Corp has risen over a 10 years period from May 2007 to May 2017 of 58.42%. Nothing to be fascinated about for only a 58.42% capital growth in share price over a 10 years period. Only those investors whom invested in the sub-prime crisis bottom prices in Mar 2009 and held the shares until now stand to gain much by a capital growth in share price of about 260% in 7 years 2 months. 

This teaches us a great lesson that even if a company is a low rate of return company, as long as the company is fundamentally stable and good, catching it at an attractive price can also mean good returns for the investor. So while the investor may lose out on one hand on a low rate of return businesses of a company, he will win on the other hand in investing in the investment at cheap attractive valuation which still makes a good investment proposition. 

So, assuming Haw Par Corp continues to grow at current low ROE, maybe an investor has to think carefully whether it is worthwhile to pay current price per share to garner such low ROE on his investment and low dividend yield based on current share price (assuming dividends never increase or increase at only gradually through the years due to the low dividend pay-out ratio of around 41.5% as of 2016). 

Or maybe, one can skip this at the moment and put under the radar watchlist for a better opportunity should its share price see some correction due to market trading forces. It would be so so nice if Haw Par Corp can top up every piece of its solid metrics with a good ROE but too bad, this is the reality of the whole picture of Haw Par Corp. Invest now? Or perhaps wait for a better cheaper share price?? 

sunview      ( Date: 09-Dec-2016 13:23) Posted:



Haw Par Corp Ltd (HPAR SP, BUY, TP: SGD11.40)

Healthcare Business - The Hidden Gem

Once overshadowed by its size of its investment portfolio, Haw Par' s healthcare business has grown rapidly in recent years to be a force to be reckoned with. The Group' s healthcare products are primarily manufactured under the &lsquo Tiger Balm&rsquo brand. Over the years, Tiger Balm has received multiple awards and honours and has become a household name in many countries. Leveraging on its strong brand name, Haw Par has introduced numerous product extensions to the Tiger Balm range, branching from its traditional ointment product to muscle rubs, plasters, back patches, mosquito repellents and neck & shoulder rubs.

Healthcare division&rsquo s revenue and operating profit have grown at CAGR of 14% and 24% over the past five years, respectively. In the first nine months of 2016, operating profits grew 16% YoY to a record high of SGD46.6m, while profit margins expanded from 32% to 34.7%. We reckon healthcare business to be worth SGD 1.1bn based on a price earnings multiple of 20x.

Adding its investment portfolio of about SGD2bn (primarily includes UOB, UIC and UOL shares), investment properties worth SGD211m and net cash of SGD253m to its healthcare business, we arrive at a fair value of SGD16.25 for Haw Par&rsquo s stock using a sum of parts valuation. Our TP of SGD11.40 is based on a 30% discount to fair value. At current price of SGD9.10, the stock offers an upside of 25%.

(From RHB, 8/12/2016)

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jeremyow
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26-May-2017 13:23     
 
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 Alert Admin 		SGX has just queried Haw Par Corp an hour ago on their recent unusual rise in share price. Wait for Haw Par Corp to respond to SGX on why their share price has risen so strongly last few days.

oceanblue      ( Date: 26-May-2017 09:37) Posted:

Haw Par has been going up strongly in the last few days. Anyone knows the reason for the upside? It crossed $11 earlier.
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oceanblue
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26-May-2017 09:37     
 
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 Alert Admin 		Haw Par has been going up strongly in the last few days. Anyone knows the reason for the upside? It crossed $11 earlier.
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sunview
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09-Dec-2016 13:23     
 
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Haw Par Corp Ltd (HPAR SP, BUY, TP: SGD11.40)

Healthcare Business - The Hidden Gem

Once overshadowed by its size of its investment portfolio, Haw Par' s healthcare business has grown rapidly in recent years to be a force to be reckoned with. The Group' s healthcare products are primarily manufactured under the &lsquo Tiger Balm&rsquo brand. Over the years, Tiger Balm has received multiple awards and honours and has become a household name in many countries. Leveraging on its strong brand name, Haw Par has introduced numerous product extensions to the Tiger Balm range, branching from its traditional ointment product to muscle rubs, plasters, back patches, mosquito repellents and neck & shoulder rubs.

Healthcare division&rsquo s revenue and operating profit have grown at CAGR of 14% and 24% over the past five years, respectively. In the first nine months of 2016, operating profits grew 16% YoY to a record high of SGD46.6m, while profit margins expanded from 32% to 34.7%. We reckon healthcare business to be worth SGD 1.1bn based on a price earnings multiple of 20x.

Adding its investment portfolio of about SGD2bn (primarily includes UOB, UIC and UOL shares), investment properties worth SGD211m and net cash of SGD253m to its healthcare business, we arrive at a fair value of SGD16.25 for Haw Par&rsquo s stock using a sum of parts valuation. Our TP of SGD11.40 is based on a 30% discount to fair value. At current price of SGD9.10, the stock offers an upside of 25%.

(From RHB, 8/12/2016)
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oceanblue
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29-Jan-2016 11:38     
 
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Any news on Haw Par? Today reached $8.00 and its in the top Gainers list.
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Tys5115
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24-Dec-2015 11:18     
 
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 Alert Admin 		Agreed - not sure if HP still have all the inter- company shares holdings within the UOB group?

ecekca      ( Date: 23-Dec-2015 20:08) Posted:



its a boring dividend stock but it one strong stock

Tys5115      ( Date: 23-Dec-2015 20:04) Posted:

Hope this one get some interest soon.
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ecekca
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23-Dec-2015 20:08     
 
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its a boring dividend stock but it one strong stock

Tys5115      ( Date: 23-Dec-2015 20:04) Posted:

Hope this one get some interest soon.
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Tys5115
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23-Dec-2015 20:04     
 
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 Alert Admin 		Hope this one get some interest soon.
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oceanblue
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23-Oct-2015 17:43     
 
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At 4.55 pm the price actually dropped to 8.21. However, at closing, it closed at 8.44 and got into the top gainer list for today. Such a wide range of difference in the last 10 minutes.

 

 
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oceanblue
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23-Oct-2015 11:46     
 
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Gone up 9 cents today. Hope to see a breakout.
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oceanblue
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09-Oct-2015 09:12     
 
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Buy back by Director in July in the region of $8.90. This one should play catch up. Does it follow the direction of UOB, UOL, UIC etc? 
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Octavia
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02-Mar-2015 11:16     
 
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Haw Par   FY14 net profit improved 10% to $118.8m, while revenue gained 9% to $154.2m, attributed to a 18% growth in healthcare segment contributed by higher sales in Asian markets, partially mitigated by leisure (-24%) and property (-5%) segments. Gross margin climbed 1.9 ppt to 58.5%, while bottom line was boosted by higher dividend income and disposal gain ($10m) and higher share of results from associates, but partially offset by higher promotion and advertising costs, as well as lower fair value gains. Final DPS of 14¢ proposed, maintaining FY14 total at 20¢ . NAV/share at $12.82.
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Octavia
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28-Feb-2014 11:08     
 
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 Alert Admin 		FY13 net profit declined 10% to $107.9m on revenue of $141.2m (+1.3%), with top-line being buoyed by a better performance from the Healthcare division, offset by lower revenue from Leisure division. Bottom-line was further aided by a 12.4% rise in Other income to $59.4m, due largely to a special dividend received on UOB shares, although this was offset by a 58.4% drop in associate contributions to $8.0m, and a 54.6% decrease in fair value gains to $10.7m compared to the corresponding period.
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Octavia
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14-Aug-2013 22:10     
 
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Haw Par Corp reports lower Q2 earnings of $52.6 million
Haw Par Corporation's second quarter net earnings fell by 8.7 per cent to $52.6 million.
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oceanblue
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07-Aug-2013 11:56     
 
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 Alert Admin 		In the top gainer list. Expecting +ve results next week?
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oceanblue
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05-Aug-2013 17:25     
 
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 Alert Admin 		Haw par will announce its 2Q results on 14 August.
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oceanblue
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05-Aug-2013 11:12     
 
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 Alert Admin 		Hope the uptrend continues.
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