Haw Par

What Haw Par does

Haw Par Corporation Limited is a Singapore-grown multinational group listed on the Singapore Exchange since 1969 (ticker SGX:H02), headquartered at Haw Par Technocentre, 401 Commonwealth Drive, Singapore. The company operates four business segments: consumer healthcare (the historical core), property, strategic investments, and leisure. Its healthcare business, conducted through wholly-owned subsidiary Haw Par Healthcare Limited, manufactures and markets the Tiger Balm and Kwan Loong Oil brands of topical analgesics from GMP-certified facilities in Senai (Malaysia) and Xiamen (China), with both brands also holding ISO 9001 quality management certification. Tiger Balm is sold in over 100 countries via a global distributor and retail-pharmacy network, supplemented by direct-to-consumer e-commerce at tigerbalm.com and kwanloongoil.com; Kwan Loong Oil is the secondary heritage pain-relief brand with over 70 years of equity. In FY2025, Haw Par reported S$230 million in revenue (down 6.1%) and S$265.5 million in profit (up 16.3%), with profit growth driven by tighter cost management despite healthcare revenue softness.

The business model combines manufacturing-led consumer healthcare sales with a recurring-income property portfolio (Haw Par Technocentre, Haw Par Glass Tower, Haw Par Centre in Singapore, and Menara Haw Par in Kuala Lumpur), significant stakes in United Overseas Bank and UOL Group that generate dividend income and mark-to-market gains, and a leisure asset, Underwater World Pattaya, owned and operated directly since 2003. Distribution is overwhelmingly indirect, executed through third-party distributors and retailers across more than 100 countries, with only modest direct e-commerce currently. Customer concentration is diffuse: the end consumer base spans general consumers seeking muscle and joint pain relief, sports communities supported through ambassador programmes, and underserved communities reached via product donations and CSR initiatives. The company's most material near-term product extension is Tiger Balm Sensorial Therapy, an aromatherapy line that broadens the heritage brand into on-the-go wellness beyond topical analgesics. Ownership remains concentrated within the Wee family, with Mr Wee Ee Lim serving as President and CEO, Mr Wee Ee Chao as Chairman following the February 2024 passing of long-tenured Chairman Dr Wee Cho Yaw, and the family controlling the company through significant equity stakes and board representation.

Name

Haw Par

Legal name

Haw Par Corporation Limited

Website

https://hawpar.com

Company type

Public

Founded year

1969

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Haw Par Corporation Limited is a Singapore-listed multinational that manufactures and distributes Tiger Balm and Kwan Loong Oil topical analgesics in over 100 countries, complemented by Singapore and Malaysia commercial property, strategic stakes in UOB and UOL, and the Underwater World Pattaya leisure attraction.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Consumer Healthcare Products: Manufacturing and global sale of Tiger Balm and Kwan Loong Oil topical analgesic products through distributors, retail, and direct e-commerce channels. Products sold in over 100 countries. This is the largest revenue contributor, particularly Tiger Balm.
2. Property Rental and Management: Haw Par owns and manages a portfolio of commercial and industrial properties in Singapore and Malaysia (Haw Par Technocentre, Haw Par Glass Tower, Haw Par Centre, Menara Haw Par), generating rental income from tenants.
3. Securities and Strategic Investments: The Group holds significant strategic investments in United Overseas Bank Limited (UOB) and UOL Group Limited, generating recurring dividend income and contributing to financial strength through marked-to-market valuations.
4. Leisure and Attractions: Owns and operates Underwater World Pattaya in Thailand, providing educational visits and special events, contributing to the Group's diversified revenue base.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Haw Par manufactures and globally distributes consumer healthcare products anchored by Tiger Balm and Kwan Loong Oil topical analgesic brands, sold in over 100 countries. The company also operates the Underwater World Pattaya leisure attraction in Thailand, owns and leases a portfolio of commercial and industrial properties in Singapore and Malaysia, and holds strategic equity investments in UOB and UOL Group.

Product overview

Haw Par Corporation Limited operates as a Singapore-grown multinational group with a diversified portfolio spanning consumer healthcare, leisure, property, and investments. The consumer healthcare business is anchored by two heritage brands: Tiger Balm (topical analgesic with over 100 years of history, sold in over 100 countries) and Kwan Loong Oil (pain relief brand with 70+ years of heritage). The company recently extended Tiger Balm into the aromatherapy space with Tiger Balm Sensorial Therapy. The leisure segment includes Underwater World Pattaya oceanarium in Thailand. The property portfolio consists of commercial and industrial properties in Singapore and Malaysia, including the Haw Par Technocentre headquarters. The investments segment holds significant stakes in United Overseas Bank Limited and UOL Group Limited.

Differentiator

Problem solved

Functional benefit

Brands

• Tiger Balm Sensorial Therapy: Newest innovation marking a bold step into the aromatherapy space, offering wellness on-the-go beyond topical analgesics
• Tiger Balm
• Kwan Loong Oil

Products and services

• Tiger Balm The flagship topical analgesic brand of Haw Par Group, trusted by millions for over 100 years. Blends time-honoured herbal formulations with modern innovations for effective topical pain relief of muscle and joint soreness, available in over 100 countries.
• Kwan Loong Oil A heritage brand trusted for over 70 years for effective pain relief properties, calming muscle and joint soreness fast. Manufactured in GMP-certified facilities and distributed in markets worldwide.
• Tiger Balm Sensorial Therapy An aromatherapy product line under the Tiger Balm brand that extends the heritage topical analgesic franchise into wellness on-the-go. Positions the brand in the aromatherapy and consumer wellness segment.
• Underwater World Pattaya An oceanarium attraction located in the coastal city of Pattaya, Thailand, featuring exhibits showcasing biodiversity of aquatic life with immersive experiences and educational programmes. Owned and operated directly by Haw Par as a leisure destination.
• Commercial and Industrial Property Portfolio A portfolio of commercial and industrial properties generating rental income, including Haw Par Technocentre (corporate headquarters in Singapore), Haw Par Glass Tower and Haw Par Centre on Clemenceau Avenue near Orchard Road, and Menara Haw Par in Kuala Lumpur's Golden Triangle.
• Securities and Strategic Investments Portfolio Strategic equity holdings primarily in United Overseas Bank Limited and UOL Group Limited, providing stable recurring dividend income and contributing to the Group's financial strength through marked-to-market valuations.

Quantifiable outcome

• Full year FY2025 profit increased 16.3% to S$265.5 million despite 6.1% revenue decline to S$230 million, demonstrating improved operating margins through tighter cost management.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Singapore Zoo (Animal Presentations)coreOthersHaw Par Group is one of the longest-standing sponsors at Singapore Zoo, championing the Leopard Exhibit since 1986 and the Malayan Tiger Exhibit since 1995. In 2021, Haw Par adopted twin Malayan tiger cubs born at Night Safari, a historic milestone marking the first successful birth of this critically endangered species at Night Safari in 23 years.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Rohto Pharmaceutical: Owner of the Mentholatum brand, one of the closest global analogues to Tiger Balm. Rohto competes head-to-head in the topical analgesic and medicated ointment category across Asia and globally with similar distribution-led GTM.
• Hisamitsu Pharmaceutical: Japanese maker of Salonpas, the leading medicated topical pain-relief patch/ointment brand in Asia. Directly comparable to Haw Par's Tiger Balm and Kwan Loong Oil franchise in product category, OTC channel, and consumer use case (muscular/joint pain relief).

Regional players

• Fraser and Neave: Singapore-listed diversified group with beverages, publishing, and property — a structural analogue to Haw Par's multi-segment (healthcare + property + investments) model. Comparable in regional listed-conglomerate profile and Southeast Asia footprint, though its core is F&B rather than healthcare.
• ITC Limited: Indian conglomerate combining FMCG, hotels, paperboards, and agri-business. Analogous to Haw Par as a publicly listed, family-influenced, multi-segment consumer-products company in Asia, although ITC's healthcare and personal-care exposure is smaller and more nascent.

Broad incumbents

• Bayer Consumer Health: Owns Aspirin, Aleve, and topical analgesic brands that compete with Tiger Balm in mass-market OTC pain relief. Comparable in product category (topical/systemic analgesics) and global distribution, though from a much larger diversified pharma parent.
• Procter & Gamble (Health Care): Owns Vicks, a heritage mentholated topical brand that overlaps Tiger Balm in the cold-and-muscle-soothing consumer use case. P&G is a broad incumbent with vastly greater scale and channel power.
• Reckitt Benckiser (Health): Owns Nurofen, Dettol, and Strepsils, overlapping Tiger Balm in OTC pain relief and consumer health categories globally. Broad incumbent with similar global-distributor-led commercial model.
• Haleon: Global consumer healthcare spin-off of GSK owning Voltaren topical pain relief, Panadol, and Advil. Directly competes with Tiger Balm in OTC pain relief but operates at far greater scale and with broader therapeutic coverage.
• Beiersdorf: Owner of Hansaplast/Elastoplast and Eucerin. While primarily skincare and wound-care focused, it competes for the same OTC shelf and consumer wellness wallet as Tiger Balm, especially in Europe and Asia.
• Sanofi Consumer Healthcare: Markets Icy Hot and other topical pain-relief brands in the same OTC category as Tiger Balm. A broad incumbent with deeper R&D and consumer-health marketing budgets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/haw-par

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Haw Par