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