Fellow's second lip balm (9)

I believe the answer is:

chapstick

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'lip balm' is the definition.
Both the answer and definition are singular nouns.
Maybe they are linked in a way I don't understand?

'fellow's second' is the wordplay.
'fellow's' becomes 'chap's' (both can mean a man).
'second' becomes 'tick' (both can mean a very short amount of time).
'chaps'+'tick'='CHAPSTICK'

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I've seen this clue in the Sydney Morning Herald.

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