Aptar is a US packaging company that is global leader in drug delivery, consumer product dispensing, and active material science solutions. It achieved revenue and profit growth over the past 11 years, but its ROE in 2022 was what it was in 2012. This was because its operating efficiencies have been declining. https://i.postimg.cc/13hT5bD4/Aptar.png

You may think that this is a bad performance until you look at SGX’s New Toyo (the holding company for Bursa’s Tien Wah Press). The ROE of both of them in 2022 were much lower than those in 2012. https://www.i4value.asia/2022/03/has-new-toyo-move-beyond-being-cigar.html#more

Moral of the story? Maybe the packaging sector is a tough one. But then I came across a report stating that the packing sector is expected to boom following the growth on online sales. Online sales are boosting the demand for packaging. So maybe the Bursa packaging companies should relook at their strategies.

Tien Wah is a 45% subsidiary of New Toyo International a SGX listed company. I am not sure you can separate the operations of Tien Wah with that of New Toyo. This makes valuing Tien Wah very challenging. I think it is easier to analyze New Toyo and invest in New Toyo. Refer to https://www.i4value.asia/2022/03/has-new-toyo-move-beyond-being-cigar.html#more