Loading…
Singapore conglomerate known for the Tiger Balm healthcare brand, also holding large equity stakes in UOB and UOL Group.
Singapore conglomerate known for the Tiger Balm healthcare brand, also holding large equity stakes in UOB and UOL Group.
Tiger Balm pain-relief products are made at its own factory in Singapore and sold through pharmacies and retailers across Asia and beyond. Alongside, it holds a large investment portfolio, chiefly UOB and UOL shares, which gives dividend income and portfolio gains independent of the consumer business.
In one line: Singapore's Tiger Balm maker, also a large equity-investment holding company.
Moat: wide (brand, IP / patents). Tiger Balm is a globally recognized, century-old heritage brand with strong pricing power in its niche.
Headquarters: Singapore · Founded: 1926
Size Haw Par (H02.SI) is a Singapore Health Care company (Pharmaceuticals: Major) with a market value of $2.18B, the 47th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$12.60 on 6 Nov 2026.
Performance Over six months the shares fell 27.4%, against -10.2% for the median peer and -1.2% for the Singapore market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 13.2% over the last twelve months (peer median +0.4%); the operating margin is 30.4% (peer median 9.7%).
Valuation It trades at 12.4× forward earnings against a peer median of 17.2× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$220M | S$230M | S$245M | S$232M | S$182M |
| Revenue growth | — | -6% | +5% | +27% | — |
| Gross profit | S$122M | S$129M | S$134M | S$135M | S$98.6M |
| EBITDA | S$73.2M | S$75.8M | S$70.6M | S$71.4M | S$51.5M |
| Net income | S$229M | S$265M | S$228M | S$217M | S$148M |
| Free cash flow | S$225M | S$269M | S$234M | S$209M | S$129M |
| Capital expenditure | S$2.40M | S$2.12M | S$3.46M | S$7.77M | S$19.7M |
| Total debt | n/a | S$44.7M | S$36.8M | S$28.5M | S$29.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Haw Par H02.SI | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Haleon HLN.L | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% |
| Rohto Pharmaceutical 4527.T | $3.97B | +17% | +10% | 12% | 16.7× | -2.1% |
| Yunnan Baiyao 000538.SZ | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | H02.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | +0.7% | 10th lowest of 21 |
| 6-month return | -27.4% | -10.2% | 4th lowest of 21 |
| Distance from 52-week high | -31.0% | -26.1% | 9th lowest of 21 |
| Revenue growth (TTM) | -13.2% | +0.4% | 4th lowest of 20 |
| Operating margin | 30.4% | 9.7% | 2nd highest of 19 |
| Forward P/E | 12.4× | 17.2× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 1.2% | 6th most demanding of 16 |
| Growth delivered (Del g) | +15.7% | +5.0% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | -11.9 pp | -3.1 pp | 5th least demanding of 16 |
| ROIC minus cost of capital | -3.6 pp | +1.6 pp | 5th lowest of 18 |
| EV / EBITDA | 26.8× | 9.1× | most expensive of 5 |
| Net debt / EBITDA | -11.3× | 4.0× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% | +15.7% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| InnoCare Pharma 9969.HK | Hong Kong | $2.31B | -13% | +146% | 35% | 37.0× | 0.8% | +341.1% |
| Shandong Buchang Pharmaceuticals 603858.SS | China | $2.31B | -7% | +4% | 10% | n/a | -2.2% | -5.8% |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 9.3× | -0.2% | +2.9% |
| Henan Lingrui Pharmaceutial 600285.SS | China | $2.02B | +7% | +5% | 22% | 15.9× | -4.8% | +10.6% |
| Qingdao Baheal Medical 301015.SZ | China | $2.02B | +4% | -6% | 8% | 23.5× | 11.9% | +5.0% |
| Grand Pharmaceutical 0512.HK | Hong Kong | $2.01B | -27% | +7% | 13% | 9.8× | 1.2% | +14.1% |