H02.SI
SGX50SESHaw Par Corporation Limited
Healthcare · Drug Manufacturers - General · Singapore
Haw Par Corporation Limited, together with its subsidiaries, manufactures, markets, and trades in healthcare products in Singapore, The Association of Southeast Asian Nations countries, other Asian countries, and internationally. It manufactures and distributes topical analgesic products under the Tiger Balm and Kwan Loong brands; and invests in quoted securities. The company also owns and leases various investment properties. In addition, it provides family and tourist oriented leisure activities primarily in the form of oceanariums. Further, the company is involved in the property development; and owning and letting properties; letting out of office spaces; and management support services. Haw Par Corporation Limited was incorporated in 1969 and is based in Singapore.
www.hawpar.com ↗Shares trade at a low 13.3× trailing earnings, easing to 12.4× on forward estimates. Profitability shows a net margin of 115.4% and return on equity of 6.3%. Leverage is modest at -10.2× net debt/EBITDA. Revenue grew -18.2% year-on-year. It yields 2.5% in dividends. The mean analyst target of SGD20.60 sits 29.3% above the current price (no rating, 1 analysts).
business model
Haw Par Corporation is a diversified group best known for its healthcare consumer brand Tiger Balm, combined with a substantial investment portfolio and property and leisure interests. Its operating profit comes largely from the healthcare (topical analgesic) business, while a significant part of its value and dividend income derives from long-held strategic equity stakes, notably in United Overseas Bank and UOL Group. This gives it the character of both an operating company and an investment holding company.
revenue segments
Its segments are Healthcare (Tiger Balm and related over-the-counter topical pain-relief and skincare products, the main operating earnings driver), Leisure/property and other operations, and Investments (dividend income from its holdings in UOB, UOL and other securities).
key dependencies
It depends on Tiger Balm brand demand and distribution across Asia and beyond, marketing and product extension, and the value and dividends of its investment holdings, which are heavily tied to UOB and UOL share prices. Consumer discretionary spending, travel recovery (as Tiger Balm sells to travellers) and financial-market conditions are key.
competitors
In consumer healthcare it competes with other topical analgesic and balm brands (e.g. Salonpas, Bengay, Yoko Yoko and regional medicated-oil products), while as an investment holding vehicle it is compared with other Singapore holding companies.
moat
Its moat is the globally recognised, century-old Tiger Balm brand with strong pricing power and wide distribution, and a conservatively managed, appreciating investment portfolio anchored by blue-chip UOB and UOL stakes that provide steady dividends and balance-sheet strength.
risks
Risks include heavy reliance on a single flagship brand (Tiger Balm), earnings and net-asset-value sensitivity to UOB and UOL share prices, a persistent holding-company discount to net asset value, competition in consumer healthcare, and currency exposure across its markets.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.