Tat Seng Packaging (SGX: T12) -Profits greatly improved thanks to a more stable paper pricing in 2H 2020 compared to the downtrend in 2H 2019 -Company has also done well during the Covid Crisis, a trend not seen in its competitors. -Gross profit margin for 2H 2020 improved year-on-year -Improvement in profit margins despite higher depreciation cost -Operationally good, dividends though were a disappointment. Could be due to spin-off and capex requirements. -Spin off should imply a fair pe of at least 15 as long as it’s not at sgx but rather hk or china. Which is massive considering that it is currently trading at 5-6 pe in sgx. However, what are the risk? Paper Price fluctuations resulting in huge swing of earnings as seen in past few years Industry is highly fragmented and lacks pricing power. While generally one could do its best to improve its business processes,...