Kim Eng Research in a Dec 16 research report says: "Haw Par (HP) is trading at the widest discount of 0.4x NAV compared to the historical 5-year band of 0.6-0.9x. 60% of HP’s valuation is derived from its stake in UOB, whose price performance is highly correlated with the former. However year to date, HP’s stock has under-performed UOB, declining by 50% vs 34% in UOB’s stock price. We estimate dividend income from investments and operating earnings to generate free cash flow of $80-90 million p.a., which is more than adequate to fund dividend payments of $49 million (25 cents per share). Stock also offers a decent 7% yield based on the current market price. Stock is trading at a 53% discount to our sum-of-the-part target of $7.51. Applying a 30% holding company discount, we derive a fair value target price of $5.25 with 48% upside. BUY."