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Yes. As you can see from my 5 years holding period, my portfolio decisions are taken not based on day-to-day share price fluctuation.
JurongW ( Date: 16-Apr-2026 15:59) Posted:
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As of now, Haw Par is up by 50 cents at 18.11
Angsana_Anderson ( Date: 16-Apr-2026 07:06) Posted:
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Why I sold all my shares in Haw Par
On 20 Mar 2026, trading volume spiked to more than 13x average.
On 20 Mar 2026, trading volume spiked to more than 13x average.
This seems to be driven by H02&rsquo s addition to the iEdge Next 50, an index that tracks the 50 big Singapore stocks that come after the top 30 blue chips. Around the same time, Macquarie, an Australian bank, initiated coverage of H02.
With these two factors driving strong short-term demand for H02 shares which I believe are valued fairly, I decided this was a good time to sell.
I started buying shares in H02 from Feb 2021. I believed the market was underestimating its growth potential from acquisitions. Furthermore, there are significant hidden assets in Haw Par, especially its stake in UOB and UOL.
More than 5 years later, Haw Par still has not made any significant acquisitions. There is no convincing evidence it will do so any time soon.
The hidden assets I saw in Haw Par remain hidden. I now believe these hidden assets will unlikely ever be unlocked and returned to shareholders.
Furthermore, I believe the outlook for Tiger Balm is bleaker than the market expects.
I discuss these in detail here: Haw Par: Right for the wrong reasons - by Angsana Anderson
Not necessary that I hold shares in these companies just simply contributing my thoughts. Since I' m retired, I have more time to explore these topics, and it is a good way to stay engaged.
Along the way, I can pick up both fundamental and technical skills, share some jokes which keeps my mind active and sharp.
beetlejuice ( Date: 25-Mar-2026 14:55) Posted:
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Haha, my typo error, 2018 special dividend was 85cts.
$1 was last year.
Just curious, why are you are in so many threads?
I am only in threads where I own the shares.
JurongW ( Date: 25-Mar-2026 14:28) Posted:
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U have amazing knowledge on its dividend history.
I only recall it had pay special dividends before. Didn' t track its dividend record since i' m not vested.
I only recall it had pay special dividends before. Didn' t track its dividend record since i' m not vested.
beetlejuice ( Date: 25-Mar-2026 10:50) Posted:
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How's dividend low?
They have paid $1 special dividends twice in the past 8 years.
& there's increase of annual dividends over the years.
Btw, someone in this thread labelled it "turd" when it's at $9-10 range 2-3 years ago. 💩
moonsun ( Date: 25-Mar-2026 09:55) Posted:
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Shareholders should question the low dividend paid.. hoarding of cash?
Haw Par posts 14.2% rise in H2 profit, proposes final dividend of S$0.20 per share
The company warns that uneven global economic growth and geopolitical tensions may dampen consumer confidence
[SINGAPORE] Tiger Balm maker Haw Par Group&rsquo s : H02 +1.89% profit for the six months ended Dec 31, 2025 rose 14.2 per cent to S$121.3 million.
The company has proposed a second and final dividend of S$0.20 per ordinary share, which is expected to be paid on May 21, subject to shareholder approval.
Haw Par&rsquo s revenue for the half-year declined 18.2 per cent to S$103.6 million. This was primarily due to weaker healthcare sales, as consumer confidence softened amid an uncertain macroeconomic environment.
Conversely, the company recorded lower expenses during the period. The cost of sales fell 18.9 per cent to S$46.3 million, in line with the lower revenue.
Distribution and marketing expenses shrank by 40.3 per cent to S$15.4 million, mainly driven by reduced activities for the healthcare segment. Finance expenses also dropped by 29.1 per cent, largely due to lower borrowing rates.
As a result of these factors, Haw Par&rsquo s gross margin remained stable at 55.3 per cent in the second half of 2025, sitting slightly above the 55 per cent margin in the corresponding period of the preceding year.
For the full year, Haw Par&rsquo s profit rose 16.3 per cent to S$265.5 million. This bottom-line growth occurred despite a 6.1 per cent decrease in full-year revenue to S$230 million, which was dragged down by the drop in demand for healthcare in the second half of the year.
Its healthcare segment revenue contracted 6.9 per cent to S$210.4 million. Haw Par attributed this drop primarily to lower sales in Asia, noting that consumers have become increasingly cautious in their spending amid weaker sentiment in certain markets.
However, tighter cost management on operating expenses helped improve the operating margin. Consequently, the healthcare segment&rsquo s operating profit grew by 7.2 per cent to S$67.1 million in 2025.
Revenue from its other segments, which comprise leisure and property, improved by 4 per cent to S$19.6 million. This growth was supported by better performance at Underwater World Pattaya, which welcomed more visitors during the year the group&rsquo s Singapore investment properties enjoyed improved average occupancy.
The higher revenue translated to a 3.7 per cent increase in operating profit for these segments, rising to S$10.6 million.
Haw Par expects global economic growth to remain uneven, and to slow down even further if geopolitical tensions escalate. The company stated that this uncertainty &ldquo may dampen consumer confidence and discretionary spending, potentially affecting demand for the group&rsquo s products and services&rdquo .
Haw Par Corporation H1 net profit up 18.2% at S$144.1 million
It declares an interim dividend of 20 Singapore cents per share, unchanged from the year before
[SINGAPORE] Haw Par Corporation posted an 18.2 per cent rise in net profit to S$144.1 million for its first half ended Jun 30, 2025, from S$122 million in the previous corresponding period.
Revenue for H1 rose 7 per cent to S$126.3 million, from S$118.1 million a year earlier, as demand for healthcare products remained resilient, the Tiger Balm ointment maker said in a bourse filing on Tuesday (Aug 12).
Other income rose 20.3 per cent to S$116.8 million in H1 2025, due mainly to higher dividend rate from strategic and long-term investments, it said.
Earnings per share stood at 65.1 Singapore cents for the half-year period, up from 55.1 cents a year earlier.
An interim dividend of 20 Singapore cents per share was declared for the half year, unchanged from the year before. The dividend will be paid on Sep 11, after books closure on Aug 21.
Looking ahead, the company expects weaker consumer spending to affect the performance of its operating businesses.
&ldquo Prolonged uncertainty surrounding trade policies and tariffs may further weigh on the slowing global economy,&rdquo it said.
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.
Joelton ( Date: 05-Mar-2025 14:43) Posted:
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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.
Share price rose by $1.00 on the day this Special Dividend was announced. Will it drop back by $1 on XDate ?
Haw Par' s FY2024 Net Profit Increases by 5.4%
https://www.invest-alpha.sg/view& id=773
Dividend payment date for final and special
ex date 5 May 2025
pay date 21 May 2025
ex date 5 May 2025
pay date 21 May 2025
$1 dollar ang pow!!! Huat la!!!
desmondxyz ( Date: 14-Aug-2024 22:43) Posted:
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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.
At least some chicken drumsticks once a while..
huat ah
huat ah