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NEWS ANALYSIS

Tiger Balm maker Haw Par should show its stripes, hunt for growth in alternative segments

The company’s smaller segments include investments and leisure-related services

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Megan Cheah

Megan Cheah

Published Wed, May 8, 2024 · 05:00 AM
    • Although Haw Par's healthcare products make up its largest segment, it could also turn to its other businesses to rev up growth. 
    • Although Haw Par's healthcare products make up its largest segment, it could also turn to its other businesses to rev up growth.  PHOTO: BT FILE

    TIGER Balm ointment manufacturer Haw Par Corporation ’s business is roaring, with a resurgence of consumer sentiment for its healthcare products. Unlike its improving financials, however, its stock market performance has been skittish.

    One problem for the mainboard-listed company is that it has no medicated oil peers on the local bourse. 

    While Haw Par is often grouped with healthcare counters, its focus on analgesic products for pain relief makes it inappropriate for investors to compare its metrics to “peers” in the sector, which include healthcare providers, healthcare equipment makers and pharmaceutical distributors.

    haw par corpHealthcare

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