External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Hanwell is involved in the manufacturing, brand management and marketing of fast-moving consumer goods (FMCG). The company also has a 64% stake in SGX-listed Tat Seng Packaging, a paper packaging business whose products cater to the Singapore and China markets.</li><li>Riding on logistics growth. Hanwell’s packaging business is expected to be the main growth driver amidst robust global logistics demand.</li><li>Buoyant demand for consumer goods. While Hanwell’s consumer business has been stable over the past few years, the company plans to expand its consumer goods offerings by 30% in the next 3 to 5 years.</li><li>We initiate with a NEUTRAL recommendation and TP of S$0.42, based on 11.0x FY22 EPS.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Hanwell is involved in the manufacturing, brand management and marketing of fast-moving consumer goods (FMCG). The company also has a 64% stake in SGX-listed Tat Seng Packaging, a paper packaging business whose products cater to the Singapore and China markets.Riding on logistics growth. Hanwell’s packaging business is expected to be the main growth driver amidst robust global logistics demand.Buoyant demand for consumer goods. While Hanwell’s consumer business has been stable over the past few years, the company plans to expand its consumer goods offerings by 30% in the next 3 to 5 years.We initiate with a NEUTRAL recommendation and TP of S$0.42, based on 11.0x FY22 EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanwell Holdings Limited (HANW SP): Resilient consumer goods business and growing paper packaging se