Singapore could improve by providing free access to the financial statements of private companies.
This will be very useful when investors analyse public companies like Micro-Mechanics (Holdings) Ltd. (5DD; MMH SP) where the closest comparables are private.
In the UK, the Companies House allows me to retrieve financial statement for most private businesses at no cost.
Even in a developing economy like Thailand, this information is available for free via their DBD DataWarehouse+.
In contrast, obtaining a simple financial extract from Singapore's ACRA Bizfile costs a hefty SGD 50.00 (USD 39).
Agree, and well summarized! I have a smallish position, trying to beef it up to a "conviction" position. But price was running off and I'm generally cautious to chase... so still with my small position lol. might need a bit of patience and dependent if we get a more serious drawdown globally.
I'm curious to hear what attracted you to Haw Par?
I thought you might find my experience interesting.
I first invested in Feb 2021. I was attracted to its inorganic growth potential, which I believed the market had not fully recognized.
Through reading management interviews and analysing its hiring activity, I believed Haw Par was about to make a major acquisition. This could increase its profits by almost 50%.
5 years later, these had not materialised. The hidden assets also remain hidden.
That's why I just sold all my shares.
If I had bought the STI ETF instead, I would have made slightly higher returns.
Thank you Value Zoomer for highlighting Haw Par Corporation Limited (H02; HPAR SP)
(1) Haw Par just released their 2025 results. "Group revenue for 2H2025 declined 18.2% to $103.6m primarily due to weaker Healthcare sales as consumer confidence softened amid uncertain macroeconomic environment."
What's your take on the recent results? For me, this was very unexpected because demand for Haw Par's products should have been stable, not discretionary.
(1) Haw Par $H02 $HPAR's share price has recovered now.
This recovery seems to be driven by H02’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, I took the chance to sell all my shares.
(2) The outlook for the Healthcare segment seems bleaker than expected.
Store visits in Singapore suggest intensifying competition is driving the recent revenue decline.
At least 4 new mosquito patch brands have entered the market in the past 5 years. Additionally, visible dust on Haw Par's new product line indicates low turnover.
(3) Management continues to hoard cash. No special dividends or significant M&A.
I estimate they will only pass through to Haw Par shareholders 63% of their dividend income from UOB, UOL, etc.
Shareholders will probably be better off holding UOB, UOL directly.
Just to think that you could’ve discovered Haw Par at sub-SGD 10, in early 2024 already… if only you’d read my post. 😬😭 Now we’re about SGD 5 + some fat divies further. 😬😭 And just imagine the other bargains you left on the table. 😉
Singapore is also run like a company and publishes alot of information…
Singapore could improve by providing free access to the financial statements of private companies.
This will be very useful when investors analyse public companies like Micro-Mechanics (Holdings) Ltd. (5DD; MMH SP) where the closest comparables are private.
In the UK, the Companies House allows me to retrieve financial statement for most private businesses at no cost.
Even in a developing economy like Thailand, this information is available for free via their DBD DataWarehouse+.
In contrast, obtaining a simple financial extract from Singapore's ACRA Bizfile costs a hefty SGD 50.00 (USD 39).
Agree, and well summarized! I have a smallish position, trying to beef it up to a "conviction" position. But price was running off and I'm generally cautious to chase... so still with my small position lol. might need a bit of patience and dependent if we get a more serious drawdown globally.
Jochen,
I'm curious to hear what attracted you to Haw Par?
I thought you might find my experience interesting.
I first invested in Feb 2021. I was attracted to its inorganic growth potential, which I believed the market had not fully recognized.
Through reading management interviews and analysing its hiring activity, I believed Haw Par was about to make a major acquisition. This could increase its profits by almost 50%.
5 years later, these had not materialised. The hidden assets also remain hidden.
That's why I just sold all my shares.
If I had bought the STI ETF instead, I would have made slightly higher returns.
Thank you Value Zoomer for highlighting Haw Par Corporation Limited (H02; HPAR SP)
(1) Haw Par just released their 2025 results. "Group revenue for 2H2025 declined 18.2% to $103.6m primarily due to weaker Healthcare sales as consumer confidence softened amid uncertain macroeconomic environment."
What's your take on the recent results? For me, this was very unexpected because demand for Haw Par's products should have been stable, not discretionary.
It was a bit dissappointing, but at this current valuation I think it's probably still fine. After the dip they're still very cheap.
Myles,
Thanks for sharing your thoughts.
(1) Haw Par $H02 $HPAR's share price has recovered now.
This recovery seems to be driven by H02’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, I took the chance to sell all my shares.
(2) The outlook for the Healthcare segment seems bleaker than expected.
Store visits in Singapore suggest intensifying competition is driving the recent revenue decline.
At least 4 new mosquito patch brands have entered the market in the past 5 years. Additionally, visible dust on Haw Par's new product line indicates low turnover.
(3) Management continues to hoard cash. No special dividends or significant M&A.
I estimate they will only pass through to Haw Par shareholders 63% of their dividend income from UOB, UOL, etc.
Shareholders will probably be better off holding UOB, UOL directly.
I discuss my concerns in detail here: https://angsanaanderson.substack.com/p/haw-par-right-for-the-wrong-reasons?r=5rl2u5
I hope this is useful.
Great write-up Myles!
Just to think that you could’ve discovered Haw Par at sub-SGD 10, in early 2024 already… if only you’d read my post. 😬😭 Now we’re about SGD 5 + some fat divies further. 😬😭 And just imagine the other bargains you left on the table. 😉
https://jaminvest.substack.com/p/hk-14-singapore-a-z