Haw Par

Re: Haw Par

Postby kennynah » Wed Dec 17, 2008 4:19 pm

grandrake wrote:
millionairemind wrote:So GR you are a BUY AND HOLD TILL I DIE investor in SG mkt and a SUPER DUPER FLIP THEM FRY THEM FOR A PROFIT in US mkt investor?

Wah, talk about flexibility!!! You are The Bomb! :mrgreen: :mrgreen:


Flexibility is just a nicer word to describe someone who doesn't know what he wants or believes in. :D

The great focus;
The good diversify;
The mediocre dabble <-- me. :D


The great wins consistently
The good wins less consistently
The mediocre needs to learn more :)

As usual, u act pig eat tiger. Haha
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Re: Haw Par

Postby winston » Thu Dec 18, 2008 3:47 pm

Not vested.

Haw Par shares jumped 18 cents or 5.1 per cent to $3.70 yesterday on speculation that a takeover could be in the works. A report in The Straits Times had said that United Overseas Bank (UOB) chairman Wee Cho Yaw had already amassed more than 30 per cent in Haw Par - the trigger for a mandatory takeover bid. It said that Mr Wee, who holds the shares in various firms linked to him, crossed the key threshold holding nearly
two weeks ago.

Haw Par's crown jewel is the 4 per cent it owns of UOB and is said to be the reason why Mr Wee and his family keep a tight control of the company. Attempts to contact Mr Wee last night was unsuccessful. A Monetary Authority of Singapore spokeswoman said: 'The Securities Industry Council (SIC) does not comment on its dealings with individual parties.'

The SIC rules on takeovers. Haw Par said in a statement yesterday that The Straits Times article suggests that Mr Wee is obliged to make a mandatory takeover offer for the company's shares as his stake has just crossed the key 30 per cent threshold. 'The company is not aware of a takeover exercise of the said nature,' it said. (BT)
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Re: Haw Par

Postby winston » Mon Dec 22, 2008 9:17 pm

Not vested. From Kim Eng:-

Haw Par Corp – Company update (Gregory YAP 64321450)
Previous day closing price: $3.80
Recommendation: NOT RATED

Did Wee Cho Yaw cross the 30% threshold?
It was reported in the papers last week that Wee Cho Yaw had acquired more than 30% of Haw Par’s shares, which should have triggered a general offer. On 5 Dec, Wee bought 691,000 shares at $3.38, taking his deemed interest from 58.3m shares to 59m shares. Based on the 197.7m shares outstanding and 1m shares directly held, it appeared that he had increased his holdings from slightly under 30% to 30.3%.

He did not
We believe a GO is not forthcoming based on this assumption, as Wee & his concerted parties already owned more than 30% of Haw Par prior to the 5 Dec transaction. In addition to his deemed interests, he and his three sons, definitely concerted parties, also own 1.5m shares directly. In total therefore, Wee actually owned 30.3% before the 5 Dec purchase. Since then, Wee has bought another 62,000 shares. However, as long as he does not buy more than 1% (~2m shares) every six months, he does not have to launch any offer.

Bulk of Wee family stake in four investment companies
As of the latest, four investment companies hold Wee’s personal interests of 59.1m shares (29.9%) - Wee Investments with 43.9m shares or 22.2%, Supreme Island with 11m shares or 5.6%, Kheng Leong at an estimated 2.7m shares (1.4%) and CY Wee & Co (1.5m shares). Wee and his sons own another 1.5m shares directly, thus taking the Wee family’s total personal interests of 60.6m shares or 30.6%.

Three other institutional shareholders
Other major shareholders in Haw Par include UOB with 19.7m or 10%, as well as two major institutions – Arnhold & Bleichroeder Advisors and Mackenzie Cundill Investments – with another 25% or 49.5m shares.

Nevertheless, deep value in Haw Par
Regardless of whether Wee actually takes over Haw Par, we reckon the stock is deeply undervalued. Its main asset is investment portfolio (mainly shares in UOB, UIC and UOL), which we estimate to be worth $1.1b ($5.36/sh) at today’s prices. Its UOB shares alone are worth $4.50 per Haw Par share.
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Re: Haw Par

Postby kennynah » Tue Dec 23, 2008 2:41 pm

Bulk of Wee family stake in four investment companies
As of the latest, four investment companies hold Wee’s personal interests of 59.1m shares (29.9%) - Wee Investments with 43.9m shares or 22.2%, Supreme Island with 11m shares or 5.6%, Kheng Leong at an estimated 2.7m shares (1.4%) and CY Wee & Co (1.5m shares). Wee and his sons own another 1.5m shares directly, thus taking the Wee family’s total personal interests of 60.6m shares or 30.6%.


this is one smart way to beat the system.... so, say cannot buy up more than 30%...then, no problem....set up several companies and buy them separately... if i form 10 companies...each needing to own only 10% and wahlah...a total combined ownership of 100%,..... duh....
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Re: Haw Par

Postby winston » Wed Dec 31, 2008 9:35 am

Old Report from Kim Eng dated Dec 12 for my record. Vested:-

•Haw Par (HP) is trading at the widest discount of 0.4x NAV compared to the historical 5-year band of 0.6-0.9x.

•60% of HP’s valuation is derived from its stake in UOB, whose price performance is highly correlated with the former. However year to date, HP’sstock has under-performed UOB, declining by 50% vs 34% in UOB’sstock price.

•At the current market cap of S$700m ($3.53/share), HP’s 4% shareholding in UOB is literally free if we strip out its investment holdings in UOL (5% stake), UIC (5%), investment properties, leisure and healthcare businesses.

•Balance sheet is strong and debt-free. We estimate dividend income from investments and operating earnings to generate free cash flow of $80-90m p.a., which is more than adequate to fund dividend payments of $49m (S 25c/share). Stock also offers a decent 7% yield based on the current market price.

•We expect corporate earnings to decline sharply in 2009. Against this backdrop, companies like HP with strong free cash flow and are attractively priced, are likely to outperform the broader market. Our sensitivity analysis shows that even if we were to assume sharply lower investment income from UOB; our worst case scenario indicates that net profit should still remain comfortably above $60m.

•Stock is trading at a 53% discount to our SOTP target of $7.51. Applying a 30% holding company discount, we derive a fair value target price of $5.25. Recommend buy with 48% upside.
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Re: Haw Par

Postby winston » Wed Mar 25, 2009 8:31 am

Wee bought 350,000 shares at $3.35 per share
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Re: Haw Par

Postby winston » Wed Apr 22, 2009 10:22 am

Wonder whether there would be any positive announcements today at 3pm ?
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Re: Haw Par

Postby winston » Fri May 15, 2009 9:09 am

Not vested anymore. From Phillips:-

Haw Par Corporation Limited reported that revenue for the Group grew 8.6% as compared with same
period last year. This was attributable to growth in the Healthcare and Property divisions, partially offset by
a reduction of 10.8% in Leisure.

Excluding the one-off gain on disposal of Setron Building in 2008, profit before taxation for 1Q2009 increased by 29.8% from $7.7m to $10.0m.

Net asset per share decreased from $6.69 to $5.70 mainly due to the decrease in fair value of available for sale financial assets.
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Re: Haw Par

Postby millionairemind » Wed Nov 11, 2009 7:16 pm

November 11, 2009, 5.54 pm (Singapore time)

Haw Par's Q3 net profit up 4.8%


By KALPANA RASHIWALA

Haw Par Corporation has posted a 4.8 per cent year-on-year increase in third quarter net profit to $22.1 million.

It said its healthcare and property divisions posted an improvement in operating profits.

Its profit for the first nine months of this year slipped 3.8 per cent over the same year ago period to $73.97 million.
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Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Haw Par

Postby millionairemind » Thu May 13, 2010 6:34 pm

May 13, 2010, 6.22 pm (Singapore time)

Haw Par's Q1 net profit drops 19.5%


By ANGELA TAN

Haw Par Corporation Limited said on Thursday that its net profit for the first quarter of 2010 fell 19.5 per cent to S$7.28 million, weighed down by lower contributions from its leisure and property divisions.

Its leisure division reported a 19.5 per cent decrease in profit contribution to S$2.6 million due to weaker performance in Underwater World Singapore and Chengdu Oceanarium.

Its property division suffered from lower rental rates and occupancy.

Revenue, however, rose 7.1 per cent to S$30.10 million, with higher sales generated by healthcare and leisure divisions.
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