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Haw Par
(SGX:H02)
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Rating:74Outperform
Price Target:
S$18.00
▲(11.25% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by strong financial strength (very low leverage and strong 2025 cash generation), partially offset by a 2025 revenue decline and lower earnings-quality confidence due to unusually high net margins. Technical indicators are neutral-to-soft, while valuation is supportive with a moderate P/E and a solid dividend yield.
Positive Factors
Balance sheet strength
The company's very conservative financing (debt-to-equity ~0.01) gives durable financial flexibility, allowing it to fund operations, pursue opportunistic investments or withstand downturns without refinancing stress. This structural strength supports steady capital allocation and risk management over months to years.
Negative Factors
2025 revenue decline
A near-term top-line contraction (-9.12% in 2025) interrupts prior growth momentum and could weaken operating leverage. If the decline reflects structural demand shifts or distribution loss, it may constrain reinvestment, capex and long-term revenue visibility, reducing growth optionality over the next 2-6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
The company's very conservative financing (debt-to-equity ~0.01) gives durable financial flexibility, allowing it to fund operations, pursue opportunistic investments or withstand downturns without refinancing stress. This structural strength supports steady capital allocation and risk management over months to years.
Read all positive factors
Haw Par (H02) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.33B
Dividend Yield2.66%
Average Volume (3M)144.52K
Price to Earnings (P/E)14.5
Beta (1Y)0.73
Revenue Growth-13.24%
EPS Growth-8.48%
CountrySG
Employees595
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)1.04
Shares Outstanding221,368,180
10 Day Avg. Volume160,760
30 Day Avg. Volume144,516
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)0.81
Price to Sales (P/S)15.10
P/FCF Ratio12.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.25
Revenue Forecast (FY)S$244.68M
Haw Par Business Overview & Revenue Model
Company Description
Established in Singapore in 1969, Haw Par Corporation Limited specializes in the manufacturing, marketing, and global trade of healthcare products, serving markets in Singapore, ASEAN countries, other Asian regions, and beyond. The company's busin...
How the Company Makes Money
Haw Par makes money primarily through three main revenue streams: (1) Healthcare product sales: The company earns revenue from selling branded over-the-counter healthcare products, with Tiger Balm topical analgesics as a flagship line. Income is g...
Haw Par Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 219.55M | 229.97M | 244.82M | 232.06M | 182.09M | 141.18M |
| Gross Profit | 121.94M | 128.76M | 134.09M | 134.89M | 98.57M | 73.64M |
| EBITDA | 73.32M | 73.45M | 250.11M | 233.49M | 49.06M | 119.45M |
| Net Income | 229.19M | 265.46M | 228.27M | 216.57M | 148.32M | 110.10M |
Balance Sheet | ||||||
| Total Assets | 4.88B | 4.42B | 4.28B | 3.59B | 3.65B | 3.28B |
| Cash, Cash Equivalents and Short-Term Investments | 881.34M | 834.71M | 3.93B | 3.21B | 3.18B | 596.23M |
| Total Debt | 52.60M | 44.27M | 36.30M | 28.48M | 58.40M | 762.00K |
| Total Liabilities | 133.88M | 126.83M | 128.47M | 117.17M | 101.41M | 72.08M |
| Stockholders Equity | 4.74B | 4.29B | 4.15B | 3.48B | 3.55B | 3.21B |
Cash Flow | ||||||
| Free Cash Flow | 224.94M | 269.17M | 50.33M | 54.92M | 21.21M | 14.46M |
| Operating Cash Flow | 227.34M | 271.29M | 53.79M | 62.68M | 40.94M | 18.84M |
| Investing Cash Flow | -187.29M | 76.93M | 199.82M | 258.00M | -261.58M | 87.52M |
| Financing Cash Flow | -70.80M | -300.68M | -82.79M | -79.30M | -38.07M | -65.11M |
Haw Par Peers Comparison
UnderperformOutperform
Sector (51)
SG:H02
Haw Par
15.06
1.19
8.60%
SG:BSL
Raffles Medical Group
0.87
-0.12
-12.03%
SG:A50
Thomson Medical Group Ltd.
0.05
<0.01
10.20%
SG:1J5
Hyphens Pharma International Ltd.
0.37
0.06
19.28%
SG:40T
ISEC Healthcare Ltd
0.31
-0.03
-9.62%
SG:546
Medtecs International Corporation Ltd.
0.11
-0.01
-9.60%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.