Skip to content

Stock Analysis : Haw Par Corporation

Introduction :

Haw Par Corporation Limited is a Singapore-grown multinational Group. They have a diversified business model which helps provide a stable stream of income as well as show that the company is well rounded.

If you want to maximize profits in 2024 and prepare your portfolio for any possible volatility, check out my Premium Subscription! Get access to my personal watchlists, trades I'm excecuting as well as market updates almost every day! To kick off the new year, we will be offering trials for a limited time only. Contact me here to find out more.

Business Models :


Well they own the iconic Tiger Balm Brand. If you don’t know them, you must be living under a rock. With a unique herbal formulation that has over 100 years of proven success in over 100 different countries, Tiger Balm’s world renowned ointment, is arguably one of the world’s leading and most versatile topical analgesic brand.

Tiger Balm Products


Past investments include Underwater World Singapore, Chengdu Haw Par Oceanarium, L’Aquarium Barcelona, golf driving range and bowling centres, which rendered them competent in operating and designing leisure assets.

They currently own and operate the Underwater World Pattaya in Thailand, which was launched in 2003. Located in Pattaya, a paradise by the sea and a short drive from Bangkok, Underwater World Pattaya is away from the hustle and bustle of the city, rendering it the ideal venue for special events.

From the Haw Par website’s Leisure section


Currently, Haw Par owns properties in both Singapore and Malaysia, Haw Par Centre and Haw Par Glass Tower as well as Haw Par Technocentre in Singapore and Menara Haw Par in Malaysia. The properties are positioned in prime areas that are set to attract businesses that want to distinguish themselves from the rest.

From the Haw Par website’s Property section


Currently, Haw Par has substantial investments in United Overseas Bank Limited, UOL Group Limited and United Industrial Corporation Limited. All of which have provided a source of stable income for the company, through recurring dividends.

Financials :

Revenue and overall profit decreased slightly for 3Q2019 due to increased cost of sales and other expenses. For the 9M2019, there is an increase in revenue and overall profit even though cost of sales increased, due to the reduced finance expenses and increase in other sources of income. All in all, overall profit dropped 16.9% for 3Q2019 but increased 180.9% for the 9M2019.

Taken from the 3Q financial results

Looking at the cash flow statement here, there is an increase in FCF for the 3Q2019 and 9M2019 even though the amount of dividends being distributed increased. This is a great sign of a healthy company, having positive FCF.

Taken from the 3Q financial results

Ratios :

Current Ratio : 29.42
Quick Ratio : 4.28
Yield : ~1.98% ( Assuming payout of $0.25 @ $12.60/share )
Dividend Payout : ~ 29.12% (From stockscafe)
NAV/Share : $13.71/share
Price/Book Ratio : 0.919

Personal Thoughts and Positions :

Haw Par Corporation right now is my next stock position I will get into for a few reasons. It is currently undervalued now having its P/B ratio go below 1. My assumption for the amount of dividends it will pay ($0.25) will most probably not come true, and that it will pay more than that, simply because of the amount of excess cash it has and the low payout ratio. For this year Haw Par Corporation rewarded its shareholders by paying out 1.15/share, equivalent to a 9% yield at it’s current price. This resulted to a payout ratio of 133.94%, which is okay since this is the first time they paid out more than 70% of their profits.

I foresee that the dividends will not only increase y-o-y, but also that they might give out such high amounts of dividends soon again. Assuming that they payout only 90% of their profits, they will still payout a whopping $0.85859/share. I’ll gladly take the 6.8% yield thank you very much. I like their business model because it is so simple. My family members and friends all use Tiger Balm Products, me included. I don’t see them magically disappearing off the shelves in the next 5 years to come.

From a TA’s point of view, it’s currently going on a downtrend and is now being “oversold”. This as a great entry point even though it is heading for a downtrend. I believe in its business model and its potential future profits will bring the stock’s price back up. Due to the stock being “oversold” and “undervalued”, I feel that at its current price, there is already a margin of safety being factored in. Therefore, I will be looking to pick this stock up when my warchest is ready to go.

As always, you can take a look at my portfolio updates to see my current positions! P.S. I’m running a telegram chat group for you guys to share and discuss investment-related topics so come on in! I’ll be there too! You can join the chat here:

Are you new to the stock market and don’t know what you should do to avoid losing half your portfolio through bad picks? Or perhaps you are an experienced investor/trader looking for fantastic opportunities and picks in the market that you might have missed out on?

If so, look no further because I am running a Premium Subscription that offers services such as:

  1. Access to both my Singapore and US Tech Watchlist with Preferred Entry Prices
  2. Telegram Group Invitation Where I Share Market Updates and My Personal Views
  3. Monthly Tradable Opportunities with Trade Setups
  4. On-Demand In-Depth Fundamental and Technical Analysis on Any Stock of Your Choosing
  5. Coverage on Several Basic and Advanced Options Strategies

Affiliate Links and Reviews


uSMART: Referral code nylw5n or (
Tiger Brokers: Referral code SGSTOCKM or (

Investment Tools

StocksCafe: Looking For An Online Portfolio Tracker? Use StocksCafe!
TIKR: TIKR, The 1 Stop Platform To Do All Your Stock Market Research On

2 thoughts on “Stock Analysis : Haw Par Corporation”

  1. Dear Gavin,
    I am extremely impressed on your passion and efforts toward value stock investment as evidenced by your stocks selection, analysis as well as active portfolio management. In addition, you have to manage your rather stressful course projects, assignments and examinations at Polytechnic as I have been pursued like you decades ago. Well done, Gavin!

Leave a Reply

Your email address will not be published. Required fields are marked *