Heartland Boy had previously analyzed Haw Par but could not totally comprehend its valuation as a conglomerate. To err on the side of caution, he decided not to proceed with his investment thesis further. However, the analytics team at InvestingNote did a brilliant report on Haw Par that clearly explained its business models as well as valuation. Therefore, their analysis is reproduced with permission on this post. This column is jointly written by @fayewang, @calvinwee, @gordon_ong and @devinnath from InvestingNote.

• Faye is both a fundamental analyst and economist by nature. She is a global thinker who’s open-minded and enjoys learning from the market.
• Calvin is a fundamental analyst at heart and an ardent disciple of value investing. He relishes the process of searching for undervalued stocks and enjoys collecting dividends from his stocks.
• Gordon has a demonstrable interest in equity investments, financial markets, and negotiating deals. As @NTUInvestmentClub president, he ...

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