As promised, I’ve published my post-mortem on Haw Par Corporation Limited (H02; HPAR SP).
I sold all my shares because more than 5 years on, H02 still has not made any significant acquisitions. There is no convincing evidence it will do so any time soon.
The hidden assets I saw in H02 remain hidden. I now believe these hidden assets will unlikely ever be unlocked and returned to shareholders.
Furthermore, I believe the outlook for Tiger Balm is bleaker than the market expects.
As promised, I’ve published my post-mortem on Haw Par Corporation Limited (H02; HPAR SP).
I sold all my shares because more than 5 years on, H02 still has not made any significant acquisitions. There is no convincing evidence it will do so any time soon.
The hidden assets I saw in H02 remain hidden. I now believe these hidden assets will unlikely ever be unlocked and returned to shareholders.
Furthermore, I believe the outlook for Tiger Balm is bleaker than the market expects.
Find out more here: https://angsanaanderson.substack.com/p/haw-par-right-for-the-wrong-reasons?r=5rl2u5