Sid Choraria presented his in-depth investment thesis on Haw Par Corporation (SGX: H02) at Asian Investing Summit 2017.
Haw Par Corporation is a deep value stock, with investments, property portfolio value, and net cash combined exceeding the recent market cap. Meanwhile, the company has a strong consumer/healthcare franchise, with growing intrinsic value and value-oriented management. Haw Par has been listed on the Singapore Exchange since 1969, with a rich company history dating back to the 19th century. The core business, Tiger Balm, is available for free, as the value of cash, investments, and real property exceeds market cap. Meanwhile, the core business generates $100+ million in FCF on a normalized basis. Haw Par owns stakes in three public companies: United Overseas Bank (SGX: U11), UOL Group (SGX: U14), and United Industrial (SGX: U06). Management appears focused on returns on capital. The company has a “blue chip” board, including Lee Suan Yew, the younger brother of the architect of modern Singapore.
About the instructor:
Sid Choraria is a member of the Asia Pacific equity investment team at APS Asset Management, which was founded in 1995 by Wong Kok Hoi. APS manages over $3bn in assets focused on Asian equities employing a primary, investigative bottom-up approach. Prior to joining APS, Sid managed an Indian equity portfolio for a family office. Previously, Sid worked at Goldman Sachs in Hong Kong in the Technology, Media and Telecom Investment Banking Division. Prior to Goldman, Sid worked as a senior analyst at Bandera Partners, a hedge fund in New York performing bottom-up, fundamental research focused on value and activist small and mid cap opportunities. His experience includes working at Merrill Lynch and Morgan Stanley in Hong Kong. Sid is a member of Value Investors Club, an exclusive community of top money managers and analysts. He was awarded the Best Analyst Excellence Award in 2015 and winner of the Best Shorts Idea by Sum Zero in 2014. Sid received his MBA in Finance from New York University Stern School of Business where he was recipient of the Harvey Beker Scholarship and a member of Michael Price Value Fund, a endowment fund at NYU seeded by legendary value investor, Michael Price.
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