H02 Stock Analysis: HAW PAR | SG
Drug Manufacturers - General | SG, Singapore | Market Cap: 2.900m SGD | 12M Return: -11.4% | SG1D25001158 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.46M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Haw Par Corporation Limited (H02) is a Singapore-based holding company, incorporated in 1969, with operations spanning Singapore, ASEAN, other Asian markets, and internationally. Its core healthcare business manufactures and distributes topical analgesic products under the well-known Tiger Balm and Kwan Loong brands.
Beyond healthcare, the company runs a diversified portfolio that includes investments in quoted securities, ownership and leasing of investment properties, property development, office space leasing, and management support services. It also operates family and tourist-oriented leisure activities, primarily oceanariums.
Haw Par sits within the GICS Health Care sector (Pharmaceuticals sub-industry), but its business mix is unusual for that classification, combining branded consumer healthcare with real estate, leisure attractions, and a securities investment portfolio. Tiger Balm in particular is a heritage brand with multigenerational recognition across Asia, serving as the companys flagship product line.
- Tiger Balm sales drive healthcare segment revenue growth
- Investment securities portfolio returns swing reported earnings
- Property leasing and oceanarium income support recurring revenue
| Net Income: 265.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.07 > 1.0 |
| NWC/Revenue: 1.91k% < 20% (prev 1.59k%; Δ 321.5% < -1%) |
| CFO/TA 0.01 > 3% & CFO 57.1m > Net Income 265.5m |
| Net Debt (-668.6m) to EBITDA (57.0m): -11.74 < 3 |
| Current Ratio: 34.19 > 1.5 & < 3 |
| Outstanding Shares: last quarter (221.4m) vs 12m ago 0.0% < -2% |
| Gross Margin: 55.99% > 18% (prev 54.77%; Δ 1.22% > 0.5%) |
| Asset Turnover: 5.06% > 50% (prev 5.82%; Δ -0.76% > 0%) |
| Interest Coverage Ratio: 33.23 > 6 (EBIT TTM 50.6m / Interest Expense TTM 1.52m) |
| A: 0.90 (Total Current Assets 4.54b - Total Current Liabilities 132.7m) / Total Assets 4.88b |
| B: 0.33 (Retained Earnings 1.60b / Total Assets 4.88b) |
| C: 0.01 (EBIT TTM 50.6m / Avg Total Assets 4.54b) |
| D: 35.43 (Book Value of Equity 4.74b / Total Liabilities 133.9m) |
| Altman-Z'' = 44.27 = AAA |
| DSRI: 0.97 (Receivables 45.9m/50.5m, Revenue 230.0m/244.8m) |
| GMI: 0.98 (GM 54.77% / 55.99%) |
| AQI: 1.87 (AQ_t 0.06 / AQ_t-1 0.03) |
| SGI: 0.94 (Revenue 230.0m / 244.8m) |
| TATA: 0.04 (NI 265.5m - CFO 57.1m) / TA 4.88b) |
| Beneish M = -2.59 (Cap -4..+1) = A |
As of October 10, 2026, the stock is trading at SGD 12.77 with a total of 287,360 shares traded. Over the past week, the price has changed by -2.52%, over one month by -7.66%, over three months by -22.27% and over the past year by -11.41%.
Current recommended Stop Loss: 12.50 (which is 2.1% or 1.3 ATR below the current price).
HAW PAR has no consensus analysts rating.
P/E Trailing = 12.5962
P/E Forward = 15.8228
P/S = 13.2085
P/B = 0.6254
Revenue TTM = 230.0m SGD
EBIT TTM = 50.6m SGD
EBITDA TTM = 57.0m SGD
Long Term Debt = 44.3m SGD (from longTermDebt, last fiscal year)
Short Term Debt = 52.6m SGD (from shortLongTermDebt, last quarter)
Debt = 422k SGD (Leases only: 422k)
Net Debt = -668.6m SGD (calculated: Debt 422k - CCE 669.1m)
Enterprise Value = 2.23b SGD (2.90b + Debt 422k - CCE 669.1m)
Interest Coverage Ratio = 33.23 (Ebit TTM 50.6m / Interest Expense TTM 1.52m)
EV/FCF = 40.56x (Enterprise Value 2.23b / FCF TTM 55.0m)
FCF Yield = 2.47% (FCF TTM 55.0m / Enterprise Value 2.23b)
FCF Margin = 23.92% (FCF TTM 55.0m / Revenue TTM 230.0m)
Net Margin = 115.4% (Net Income TTM 265.5m / Revenue TTM 230.0m)
Gross Margin = 55.99% ((Revenue TTM 230.0m - Cost of Revenue TTM 101.2m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.46 (Enterprise Value 2.23b / Total Assets 4.88b)
Interest Expense / Debt = 360.9% (Interest Expense 1.52m / Debt 422k)
Taxrate = 5.75% (16.2m / 281.6m)
NOPAT = 47.7m (EBIT 50.6m * (1 - 5.75%))
Current Ratio = 34.19 (Total Current Assets 4.54b / Total Current Liabilities 132.7m)
Debt / Equity = 0.00 (Debt 422k / totalStockholderEquity, last quarter 4.74b)
Debt / EBITDA = -11.74 (Net Debt -668.6m / EBITDA 57.0m)
Debt / FCF = -12.16 (Net Debt -668.6m / FCF TTM 55.0m)
Total Stockholder Equity = 4.32b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.84% (Net Income 265.5m / Total Assets 4.88b)
RoE = 6.15% (Net Income TTM 265.5m / Total Stockholder Equity 4.32b)
RoCE = 1.16% (EBIT 50.6m / Capital Employed (Equity 4.32b + L.T.Debt 44.3m))
RoIC = 1.01% (NOPAT 47.7m / Invested Capital 4.73b)
WACC = 6.34% (E(2.90b)/V(2.90b) * Re(6.34%) + (debt cost/tax rate unavailable))
Discount Rate = 6.34% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 93.39 | Cagr: 0.05%
[DCF] Terminal Value 76.58% ; FCFF base≈53.1m ; Y1≈57.5m ; Y5≈70.6m
[DCF] Fair Price = 7.91 (EV 1.08b - Net Debt -668.6m = Equity 1.75b / Shares 221.4m; r=8.35% [WACC [floored]]; 5y FCF grow 9.30% → 2.50% )
Revenue Correlation: -13.40 | Revenue CAGR: -0.45% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=1.02 | Chg30d=-18.57% | Revisions=+0% | GrowthEPS=-15.3% | GrowthRev=+0.0%
EPS next Year (2027-12-31): EPS=1.12 | Chg30d=-12.62% | Revisions=+0% | GrowthEPS=+10.3% | GrowthRev=+2.3%