Singapore-based activist investor Quarz Capital Management has called on printing and packaging specialist Teckwah Industrial to raise its dividend and refresh the board and management with “new and relevant expertise,” reckoning these steps would boost the stock by a third.

In a Tuesday letter to Teckwah’s top echelon, Quarz said the Singapore-based company trades at a 25% discount to its worst-case ‘liquidation value’ of SG$152 million despite having SG$73million in cash on its balance sheet and a new office building valued SG$73million.

Quarz, which is the fourth-largest shareholder in Teckwah with a 6% stake, attributed this “severe undervaluation” to Teckwah’s inability to efficiently communicate its business and prospects to investors.

The activist also said Teckwah’s market value is hurting due to a “potential profound loss of confidence in the firm’s ability to sustain and grow profitability” after a string of languishing financial results and questionable deals. Quartz also took aim at board and management compensation.

To correct this situation, Quarz urged the company to “immediately” consider increasing the dividend paid to SG$7.4 million or SG$0.0315 per share, which would amount to 80% of Teckwah’s net income.

The activist also urged the Singapore-based company to refresh the board and management with individuals who have “strong” relationships in the logistic industry and potential client base.

“Through the execution of these proposals, we believe that Teckwah can achieve its fair value of ~S$0.666 per share and deliver an attractive ~+30% upside to shareholders,” the activist said.

Quarz added that it is prepared to increase its stake on further price weakness and may launch a proxy contest to push for a strategic review and board changes.

Teckwah’s main operation is making and selling flexible packing and printing materials. It also has a non-printing business that offers third-party logistics, return, refurbishment, and remarketing services for computer equipment.

Shares in Teckwah rose 5% on Tuesday. The stock is up 13% for the year.