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Haw Par Corporation Limited
Haw Par makes and sells Tiger Balm and other muscle-rub medicines, and also invests in shares and property.
Haw Par makes the little jars and tubes of ointment people rub on sore muscles, insect bites, and stuffy noses. Its most famous product is Tiger Balm, the strong-smelling salve with the tiger on the label, and it also sells Kwan Loong medicated oil. These are simple, old-fashioned remedies, but they are sold in pharmacies and shops across Singapore, Southeast Asia, and many other countries, and that steady global demand is the heart of the business.
The company is really two things in one. The first is a healthcare products business: it makes the balms and oils, pays for the factories and the marketing, and earns money every time someone buys a jar. The second is an investment business: Haw Par holds a large pile of shares in other companies and some property, and collects dividends and gains from that portfolio. So profits come from selling ointment and from being a patient investor. Tiger Balm is the crown jewel. It was created nearly a century ago by the company's founders, the Haw brothers, and the brand is so well known that it almost sells itself — which is why Haw Par can stay profitable without spending like a giant consumer goods rival such as Reckitt Benckiser. The risk is that the brand depends on a handful of mature products in an era when people increasingly reach for modern pain pills and patches. The investment arm smooths out the ups and downs, but it also means the company's results swing with stock markets it does not control.
For a small, low-key company, Haw Par is remarkably cash-rich and conservative. It pays dividends to shareholders and keeps a big cushion of cash and investments rather than betting everything on growth. That makes it a quiet, steady business: a famous ointment brand plus a well-stocked investment portfolio, run without much fuss from Singapore.
Saved answer · last researched 12 Nov 2026