Fraser Neave Holdings Bhd (3689) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Fraser Neave Holdings Bhd stock MYR 13.87, price MYR 22.22, that is 37.6% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
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Fraser Neave Holdings Bhd
3689 · KLSEOur calculation puts a fair price 38% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 17.87 MYR – 35.93 MYR · fair‑value band 9.54 MYR – 15.17 MYR · the 22.22 MYR price screens above the 13.87 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Company profile
Fraser & Neave Holdings Bhd, an investment holding company, primarily engages in the manufacture, sale, trading, and distribution of soft drinks, dairy, and food products in South East Asia, the Middle East, Africa, China, and internationally.
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It operates through Food & Beverages Malaysia, Food & Beverages Indochina, Property, and Others segments.
The company offers condensed, evaporated, sweetened, and sterilized milk products; ketupat and sauces; confectionery and snack; liquid and plant-based milk; isotonic and electrolyte drinks; water and energy drinks; tea; Asian drinks; packaged food; juice and tea products; cordial products; carbonated soft drinks; milk tablets; and soya.
It is alsoinvolved in the manufacture, wholesale, and trading of processed and preserved fruits and food products; wholesale, import, and export of gummy and other products; provision of management, and financial and treasury services; property management and development; and dairy farming and agriculture activities.
It sells its products under the 100PLUS, BORNEO SPRINGS Natural Mineral Water, F&N Fun Flavours, F&N SEASONS, OYOSHI, F&N Magnolia, FARMHOUSE, F&N ICE MOUNTAIN, F&N, TEAPOT, GOLD COIN, Cap Junjung, Ideal, Carnation, LOT 100, NutriWell, F&N CANNED MILK, COCOALAND, NONA, and Lee Shun Hing brands.
The company was founded in 1883 and is headquartered in Shah Alam, Malaysia. Fraser & Neave Holdings Bhd is a subsidiary of Fraser and Neave, Limited.
Stock analysis
Fraser Neave Holdings Bhd (3689) currently trades at 22.22 MYR, while our model-based Fair Value estimate is 13.87 MYR, 38% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 30.45 MYR per share, and 6 of the 15 models we run sit above the 22.22 MYR price.
Bear case: the Asset-Based group reads lowest at 1.66 MYR, and 9 of the 15 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 9.54 MYR (bear) to 15.17 MYR (bull), the price of 22.22 MYR sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Fraser Neave Holdings Bhd reported revenue of 5.2B MYR in FY2025 versus 4.1B MYR in FY2021, a compound +5.9%/yr. Reported net income was 508M MYR in FY2025, compounding +6.5%/yr from FY2021.
Key figures
Market cap 8.2B MYR (≈ $2.0B) Mid · P/E ratio 19.7 · P/S ratio 1.64 · EPS (TTM) 1.13 MYR · Dividend yield 2.9% · Net margin 8.4% · Return on equity 11.0% · Return on assets (EBIT) 12.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at −38%, 3689 screens richer than that median.
Fair Value models
All 15 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
3689 screens overvalued: fair value 38% below the price. Compare with The Coca-Cola Company →
Compare Fraser Neave Holdings Bhd with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.Beverages - Non-Alcoholic · 80 stocks
Valuation Multiplesvs Beverages - Non-Alcoholic median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Consumer Staples sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Return on assets by industry
- Fair value gap by industry
- Stock screener with 62 metrics
- Valuation of the Malaysia market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Eastroc Beverage (Group) Co 605499 | ¥115.00 | ¥173.16 | +51% | vs 3689 |
| Celsius Holdings CELH | $32.16 | $35.38 | +10% | vs 3689 |
| Nongfu Spring Co 9633 | HK$45.22 | HK$49.28 | +9% | vs 3689 |
| Monster Beverage Corporation MNST | $45.72 | $41.19 | −10% | vs 3689 |
| Varun Beverages Limited VBL | ₹438.00 | ₹339.34 | −23% | vs 3689 |
| Coca-Cola Europacific Partners PLC CCEP | $116.13 | $89.56 | −23% | vs 3689 |
| PepsiCo, Inc PEP | $141.34 | $97.18 | −31% | vs 3689 |
| Keurig Dr Pepper Inc KDP | $36.63 | $24.43 | −33% | vs 3689 |
| Primo Brands Corporation PRMB | $22.39 | $12.23 | −45% | vs 3689 |
| The Coca-Cola Company KO | $95.67 | $29.32 | −69% | vs 3689 |
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Key figures of Fraser Neave Holdings Bhd
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