Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a significant Investment portfolio that drives a majority of its profitability through dividend income.</li>
 <li>The company's financial performance is characterized by resilient cash flow from its core healthcare operations, while overall net income is heavily influenced by the performance of its strategic investments, primarily in UOB and UOL Group.</li>
 <li>With a formidable brand legacy, a fortress-like balance sheet with minimal debt, and significant family ownership, Haw Par is positioned as a financially stable entity, though growth in its core operations has been modest.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a significant Investment portfolio that drives a majority of its profitability through dividend income.
  The company's financial performance is characterized by resilient cash flow from its core healthcare operations, while overall net income is heavily influenced by the performance of its strategic investments, primarily in UOB and UOL Group.
  With a formidable brand legacy, a fortress-like balance sheet with minimal debt, and significant family ownership, Haw Par is positioned as a financially stable entity, though growth in its core operations has been modest.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Haw Par Corp (HPAR SP) - Apr 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>'s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. </li>
<li>Preceding my comments on Haw Par - and <a href="https://www.smartkarma.com/entities/singapore-land-group-ltd" target="_blank" data-smartkarma-citation="entities:12891:1" rel="noopener">Singapore Land Group (SPLG SP)</a> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Haw Par Corp (HPAR SP)'s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. 
Preceding my comments on Haw Par - and Singapore Land Group (SPLG SP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M.</li><li>Haw Par Corp and Ultragreen.ai join the Index, doubling Healthcare Sector representation and increasing its weighting to 6%-7%.</li><li>Ultragreen.ai's IPO raised US$162.5M, with FY25 revenue up 24% to US$142.4M, and NPAT up 14%.</li></ul>

Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M.Haw Par Corp and Ultragreen.ai join the Index, doubling Healthcare Sector representation and increasing its weighting to 6%-7%.Ultragreen.ai's IPO raised US$162.5M, with FY25 revenue up 24% to US$142.4M, and NPAT up 14%.

iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit.</li>
<li>In plain terms, investment income did more of the heavy lifting than operating growth in FY2025.</li>
<li>The operational cost line improved in 2H2025, with distribution and marketing expense down sharply versus 2H2024, and G&amp;A also lower.</li>
</ul>


Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit.
In plain terms, investment income did more of the heavy lifting than operating growth in FY2025.
The operational cost line improved in 2H2025, with distribution and marketing expense down sharply versus 2H2024, and G&amp;A also lower.


Haw Par Corporation Limited Results Update

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul><li>Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.</li><li>The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.</li><li>I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.</li></ul>

Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.

Singapore

Haw Par Corporation Limited is a Singaporean multinational group involved in healthcare, investments, leisure, and property sectors. Its core business includes manufacturing and distributing topical analgesic products under the globally recognized Tiger Balm and Kwan Loong brands. The company was incorporated in 1969 and is based in Singapore.

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Haw Par Corporation (HPAR SP)

Primer: Haw Par Corp (HPAR SP) - Apr 2026

Haw Par operates a dual-engine business model, combining a stable, high-margin Healthcare segment led by the iconic Tiger Balm brand with a...

αSK

StubWorld: Haw Par Looking Stretched

The special divi has passed; yet Haw Par's NAV disc. to NAV is now around the narrowest inside a year. At 0.4x P/B, I prefer Singapore Land;...

David Blennerhassett

iEdge Next 50: Haw Par, Ultragreen to Lift Healthcare Weighting

Trading activity in iEdge Next 50 constituents increased in 1Q26, with ADT rising to S$261M from S$221M. Haw Par Corp and Ultragreen.ai join the...

Singapore Exchange Ltd (SGX)

Haw Par Corporation Limited Results Update

What drove the year Other income rose 17.3% YoY to S$211.3m in FY2025, which more than offset the small YoY decline in gross profit. In plain...

ICAM

Haw Par (HPAR SP) —2025 Update

Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain...

Asian Century Stocks

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