Today, Haw Par generates the bulk of its revenue from Tiger Balm products. It has a more modest property business in the form of a clutch of office and industrial properties generating rental income. There is also an oceanarium in Thailand, making the group a decidedly mixed bag of activities.
When Haw Par Corp was listed in 1969, it had 33 million shares issued at $1 each. Today, the company’s market cap has crossed $3 billion, but from the perspective of Dale Lai and Derek Tan of DBS Group Research, Haw Par can be worth much more.
Haw Par, as a corporate brand, is famous for its Tiger Balm line of ointments, which is arguably one of those heritage brands with a history older than Singapore as an independent nation. From the original ointment, it now produces a wide range of related products that are sold globally.
