Haw Par (SGX:H02) is a Singapore-based holding company that holds meaningful stakes in a large Singaporean bank, a major Singa-porean property developer and a topical analgesic known as Tiger Balm. Its cash holdings are also considerable, in our judg-ment. Haw Par has a combination of real and financial assets, and we believe it has traded at a meaningful discount to the sum of its parts. The stock gained after the company restructured some of its assets in 2017.
From First Eagle Global Value Fund's first quarter 2018 shareholder letter.
