William Thomson of Massif Capital presented his in-depth investment thesis on Haw Par (Singapore: H02) at Best Ideas 2018.
Haw Par is a deeply undervalued, Singapore-based family-controlled conglomerate with interests in consumer healthcare, real estate, and a substantial equity portfolio. The primary operating business of the company is the century-old Tiger Balm brand, which is both capital-light and FCF-positive. The company has a fortress-like balance sheet, with a portfolio of investments, real estate, and net cash, collectively valued at more than the recent market capitalization of the entire company. The shares recently traded at a ~40% discount to intrinsic value of S$18-20 per share, presenting investors a potential opportunity to generate an annualized return of 11-14% over an assumed four-year investment period.
Read Will’s article on hunting for value in Singapore.
About the instructor:
Will Thomson is currently a Managing Partner at Massif Capital, a value-oriented investor partnership focused on global opportunities in the small and mid cap space, with special attention given to industrial and commodity-related businesses. He has previous energy and mining related work experience in private equity, credit analysis, insurance and government policy. Massif Capital combines a fundamentals based approach to individual company assessment with in-depth capital cycle analysis to find compelling investment opportunities.
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