Tiger Balm is a unique consumer franchise with a legendary history.

The product is used to relieve pain: headaches as well as muscle sprains and aches. And Haw Par's distinctive packaging and tiger logo has almost become associated with the product itself. Even though the product was invented well over 100 years ago, Tiger Balm's recent success is due to a new management team since the spin-off in 2002. Revenues have grown at a ~8% CAGR and the product has a long runway of growth.

Haw Par Corporation itself has more businesses than just Tiger Balm. Shares in United Overseas Bank, United Overseas Land and properties across Singapore and Malaysia makes the company seem like a family holding company. Capital allocation has been seen as less than ideal, with almost half a billion Singapore Dollar stuck on the balance sheet earning very little interest. There are signs that capital allocation will improve for the better. Management has recently purchased large amount of stock in the open mar…