Stock research on global mid-cap companies

Evaluate Research

Evaluate Research provides institutional quality stock research on small-cap and  mid-cap companies on a global basis, thus helping connect investors with the company.

At Evaluate Research, we provide free of cost to all investors a 20-25 page Initiation Report which evaluates in great detail all aspects of the company:  growth opportunities, catalysts, business description, competitive positioning, SWOT analysis, risks, etc.  In addition, we determine specific price targets for the company based on detailed 5-year complete forecasts of financial statements including IS, BS, CF, ratios, etc.  Finally, whereas many sell-side brokers offer sketchy and irregular ongoing maintenance research of companies, if not outright dropped or termination of coverage, at Evaluate Research we systematically monitor and regularly publish Update Notes covering quarterly earnings, major corporate events, etc.

All of the research reports are broadly and freely disseminated globally to leading Fund Managers and analysts who invest specifically in mid-size equities, and also on leading investment information platforms including: Bloomberg, Thomson Reuters, FactSet etc.

Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

<p>Haw Par is one of the leading manufacturers and distributors of healthcare products globally. The company’s most popular product, Tiger Balm, is amongst the world’s leading topical analgesics with over 100 years of proven success in more than 100 countries. The company operates an extensive distribution channel located across Asia, America and Europe. Additionally, the company owns and operates Oceanariums. Haw Par has investments in various listed equities which provide huge dividend income. The company has grown over the years and we expect the company to grow going forward, driven by numerous catalysts which are likely to unfold in the coming period.</p>
<p>Our 12-month price target on the stock is SG$ 15.00 which represents about 71% total return from current levels. Our price target is based on lower of DCF and P/E methodologies. Our DCF based price is SG$ 16.00 which assumes 11.3% WACC and 2.5% terminal growth rate. We apply an 18.6x on our FY2017 EPS estimate of SG$ 0.81 which comes to SG$ 15.00 per share. See DCF details further in the report.</p>

Haw Par is one of the leading manufacturers and distributors of healthcare products globally. The company’s most popular product, Tiger Balm, is amongst the world’s leading topical analgesics with over 100 years of proven success in more than 100 countries. The company operates an extensive distribution channel located across Asia, America and Europe. Additionally, the company owns and operates Oceanariums. Haw Par has investments in various listed equities which provide huge dividend income. The company has grown over the years and we expect the company to grow going forward, driven by numerous catalysts which are likely to unfold in the coming period.
Our 12-month price target on the stock is SG$ 15.00 which represents about 71% total return from current levels. Our price target is based on lower of DCF and P/E methodologies. Our DCF based price is SG$ 16.00 which assumes 11.3% WACC and 2.5% terminal growth rate. We apply an 18.6x on our FY2017 EPS estimate of SG$ 0.81 which comes to SG$ 15.00 per share. See DCF details further in the report.

Haw Par Corp

Haw Par Corp: Initiation Report