Yes, a well-written article.
Haw Par has been part of my portfolio for many years. The dividend payouts have been consistent.
Nothing to complain. Just hope that the Company can do more to realise it unvalued assets.
The wee family members, who are also directors of haw par, are busy buying shares of the company in the month of march. Seems like an bullish indicator to me.
Agreed Brian article was spot on.
Except in such situation, a look through earning is not really relevant since the earnings do not really pass through especially for associates.
This forum got a lot of good investors. They will say Haw Par is good value. Trouble is, it won't move.... hahahaa...
Anyway, i found another value investor blog, donmihaihai. he wrote:
I like stock in this kind of situation. It is cheap and anyone who know it, acknowledge it is cheap base on valuation. As for being screwed by control shareholder, it remain to be proven as far as I know. Anyway for Wee to control UOB, UIS, UOI, UOL, Pan Pacific, UIC, Singland, Haw Par and UOB Kay Hian plus other companies, he must be at least fair to a number of parties to have executives running the ground and supporting him.
At $6.00, return from operating businesses will be around 3%, assuming return from UIC and UOL to be 7% of their equity while UOB at 10% then return on will be at the range of 13% to 15%. The businesses in Haw Par Corp include outstanding businesses like Tiger Balm and Underwater World that have problem growing and average businesses in bank and property that has all kind of opportunities to grow.
12 months after the previous post (see below), Haw Par has scarcely moved a cent!
Stuck at $6.00 or thereabouts, although in Oct 2011 it sank to as low as $5.10. This is the kind of value trap that investors can get caught up in.
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