Haw Par Corporation (H02) Fair Value & Analysis
Healthcare · SG · Market cap 3.5B SGD
Fair value as of: Jul 4, 2026
From 24 valuation models · updated 31 days ago
Share price +1.8% over the past month.
A solid business, but screening 47% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (10.36 SGD). The favourable scenario is already priced in.
- Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 4, 2026.
How to read this chart
60‑month range 7.35 SGD – 18.05 SGD · fair‑value band 7.24 SGD – 10.36 SGD · the 16.21 SGD price screens above the 8.53 SGD fair value. Dashed = 300-day average. As of Jul 4, 2026.
Analysis
Haw Par Corporation (H02) currently trades at 16.21 SGD, while our model-based Fair Value estimate is 8.53 SGD, implying the stock looks roughly 47.4% overvalued today. We read business quality at 69/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Trailing-twelve-month revenue stands at 230M SGD. Revenue declined 18.2% year over year. It earns a return on equity of 6.3%. The stock trades on a trailing P/E of 13.3. Fundamentals as of Jul 4, 2026
Our scenario range runs from 7.24 SGD (bear case) to 10.36 SGD (bull case); at 16.21 SGD, the current price sits above that range. The share trades about 10% below its 52-week high and 38% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -25% fair-value upside, at -47%, H02 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: Growth Earnings (20.71 SGD) versus Economic Profit (6.06 SGD). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 4, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Haw Par Corporation Limited, together with its subsidiaries, manufactures, markets, and trades in healthcare products in Singapore, The Association of Southeast Asian Nations countries, other Asian countries, and internationally.
Full company description
Haw Par Corporation Limited, together with its subsidiaries, manufactures, markets, and trades in healthcare products in Singapore, The Association of Southeast Asian Nations countries, other Asian countries, and internationally. It manufactures and distributes topical analgesic products under the Tiger Balm and Kwan Loong brands; and invests in quoted securities. The company also owns and leases various investment properties. In addition, it provides family and tourist oriented leisure activities primarily in the form of oceanariums. Further, the company is involved in the property development; and owning and letting properties; letting out of office spaces; and management support services. Haw Par Corporation Limited was incorporated in 1969 and is based in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Haw Par Corporation reported revenue of 230M SGD in FY2025 versus 141M SGD in FY2021, a compound +13.0%/yr. Reported net income was 265M SGD in FY2025, compounding +24.6%/yr from FY2021.
H02 screens 47% overvalued. Compare with Eli Lilly and Company →
Peer Group
Drug Manufacturers - General · 76 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate (as of Jul 4, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Eli Lilly and Company LLY | $1,182 | $396.77 | -66% |
| Johnson & Johnson, JNJ | $253.85 | $169.04 | -33% |
| AbbVie Inc ABBV | $254.49 | $67.72 | -73% |
| Roche Holding 1RO | €377.80 | €280.03 | -26% |
| Merck & Co MRK | €108.08 | €121.54 | +12% |
| Novartis AG NVSN | 2,742 MXN | 2,379 MXN | -13% |
| AstraZeneca PLC AZN | $171.61 | $129.54 | -25% |
| Novo Nordisk A/S NOVOB | kr 329.90 | kr 409.46 | +24% |
| Amgen Inc AMGN | $363.39 | $252.02 | -31% |
| Gilead Sciences, Inc GILD | $134.28 | $146.50 | +9% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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