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

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.