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Three-A Resources Berhad, an investment holding company, (0012) Fair Value & Analysis

Consumer Defensive · MY · Market cap 338M MYR

TA Three-A Resources Berhad, an investment holding company, 0012 · KLSE
Price0.7250 MYR
Fair Value1.83 MYR
Upside+152.4%
Quality69/100
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Mixed Growth
Thin margins · 9.0% net margin
Low debt · generates free cash flow
6.38% dividend yield
Ranks above peers (12/13)
Moderate moat 51/100
Evidence: High Range 1.37 MYR – 2.28 MYR Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 23 days ago

Share price +3.6% over the past month.

A solid business, screening 152% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (1.37 MYR). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

1.03 MYR 0.6398 MYR Fair Value 1.83 MYR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.6398 MYR – 1.03 MYR · fair‑value band 1.37 MYR – 2.28 MYR · the 0.7250 MYR price screens below the 1.83 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Three-A Resources Berhad, an investment holding company, (0012) currently trades at 0.7250 MYR, while our model-based Fair Value estimate is 1.83 MYR, implying the stock looks roughly 152.4% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Three-A Resources Berhad, an investment holding company, generated revenue of 490M MYR at a net margin of 9.0%. Revenue declined 15.7% year over year. It earns a return on equity of 8.8%. The balance sheet holds a net cash position of 98.2M MYR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 1.37 MYR (bear case) to 2.28 MYR (bull case); at 0.7250 MYR, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 152%, 0012 screens cheaper 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 1.37 MYR 1.75 MYR 2.20 MYR 80
Residual Income 0.8200 MYR 0.8700 MYR 0.9300 MYR 76
Rev-Margin DCF 1.26 MYR 1.78 MYR 2.35 MYR 74
All 25 models by family
DCF Models
FCF DCF 1.35 MYR 1.77 MYR 2.31 MYR 38
Owner Earnings 0.9300 MYR 1.20 MYR 1.54 MYR 31
5Y Revenue Exit 1.26 MYR 1.76 MYR 2.39 MYR 39
5Y EBITDA Exit 1.40 MYR 2.03 MYR 2.73 MYR 41
5Y P/E Exit 1.38 MYR 1.99 MYR 2.59 MYR 38
10Y Revenue Exit 1.26 MYR 1.69 MYR 2.23 MYR 36
10Y EBITDA Exit 1.37 MYR 1.86 MYR 2.46 MYR 37
10Y P/E Exit 1.35 MYR 1.83 MYR 2.37 MYR 35
Earnings-Based
Graham-Dodd 0.5900 MYR 1.50 MYR 1.94 MYR 54
PEG = 1.0 0.2800 MYR 0.3900 MYR 0.5100 MYR 46
EPV 0.9000 MYR 1.00 MYR 1.07 MYR 59
Dividend Discount
Gordon GGM 0.3000 MYR 0.5000 MYR 0.7200 MYR 70
DDM Multi-Stage 0.3000 MYR 0.4200 MYR 0.5400 MYR 61
Multiples
P/E Multiple 1.37 MYR 1.83 MYR 2.28 MYR 63
P/S Multiple 1.11 MYR 1.48 MYR 1.85 MYR 58
P/B Multiple 1.11 MYR 1.48 MYR 1.85 MYR 55
EV/EBIT 1.68 MYR 2.17 MYR 2.66 MYR 53
EV/EBITDA 1.62 MYR 2.09 MYR 2.56 MYR 54
EV/Revenue 1.26 MYR 1.71 MYR 2.16 MYR 43
Asset-Based
NCAV (Graham) 0.5200 MYR 0.6900 MYR 1.03 MYR 50
Growth DCF
Growth DCF 1.37 MYR 1.75 MYR 2.20 MYR 80
Rev-Margin DCF 1.26 MYR 1.78 MYR 2.35 MYR 74
Economic Profit
Residual Income 0.8200 MYR 0.8700 MYR 0.9300 MYR 76
ROIC Compounder 0.9000 MYR 1.00 MYR 1.10 MYR 72
Growth Earnings
Growth-Adj P/E 1.06 MYR 1.51 MYR 1.97 MYR 68

Widest divergence: DCF Models (1.77 MYR) versus Dividend Discount (0.4200 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 490M MYR
Revenue growth (YoY) -15.7%
Net margin 9.0%
Return on equity 8.8%
Free cash flow 62.1M MYR FY2025
P/E ratio 7.7
More key figures
Operating margin 13.9%
EPS (TTM) 0.0900 MYR
Dividend yield 6.4%
EPS growth (YoY) +16.5%
Net cash 98.2M MYR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 68

Profitability 48
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 86
Buybacks instead of dilution

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

Three-A Resources Berhad, an investment holding company, manufactures and sells food and beverage ingredients in Malaysia, Singapore, and internationally.

Full company description

Three-A Resources Berhad, an investment holding company, manufactures and sells food and beverage ingredients in Malaysia, Singapore, and internationally. Its product portfolio includes liquid caramels and caramel colors; fermented, distilled, and rice vinegar products; glucose syrup, high maltose syrup, and liquid maltodextrin; soya and hydrolyzed vegetable protein sauce; caramel powder; maltodextrin; and golden syrup. The company was founded in 1977 and is based in Shah Alam, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Three-A Resources Berhad, an investment holding company, reported revenue of 511M MYR in FY2025 versus 516M MYR in FY2021, a compound −0.2%/yr. Reported net income was 42.3M MYR in FY2025, compounding −2.4%/yr from FY2021.

Growth Quality 58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
511M MYR
Latest YoY
−8.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−8.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.2%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.0%
Revenue −0.2%/yr
FY21 516M MYR
FY22 659M MYR
FY23 604M MYR
FY24 557M MYR
FY25 511M MYR
Net income −2.4%/yr
FY21 46.5M MYR
FY22 35.1M MYR
FY23 45.2M MYR
FY24 43.4M MYR
FY25 42.3M MYR
Character of growth · EPS growth decomposed (2014-2025) +5.8 % p.a.
Revenue per share +5.1 pp

of which total revenue +5.3 pp · buybacks/dilution −0.2 pp

EBIT margin −0.6 pp
Tax rate +1.0 pp
Residual (interest, one-offs) +0.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Three-A Resources Berhad, an investment holding company, Fair Value". https://www.fairvalue-calculator.com/stock/0012

Peer Group

Packaged Foods · 649 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.

Quality Score 69 · Top 25%
Fair Value upside +152% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Above median
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 6.4% · Top 25%

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 7.7× · Cheaper than 75% of peers
P/B 0.16× · Cheaper than 75% of peers
P/S (TTM) 0.17× · Cheaper than 75% of peers
P/FCF 1.3× · Cheaper than median

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 100 · sector 28
FUTURE 0 · sector 20
PAST 35 · sector 27
HEALTH 100 · sector 96
DIVIDEND 100 · sector 47

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Three-A Resources Berhad, an investment holding company, (0012) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 1.83 MYR versus a price of 0.7250 MYR, about +152% (undervalued).
What is the fair value of 0012?
Our model-based fair value for Three-A Resources Berhad, an investment holding company, is 1.83 MYR (as of Jul 18, 2026), built from audited fundamentals. The current price is 0.7250 MYR.
What is the quality score of 0012?
Three-A Resources Berhad, an investment holding company, has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Three-A Resources Berhad, an investment holding company, (0012)?
Three-A Resources Berhad, an investment holding company, reported trailing-twelve-month revenue of about 490M MYR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 0012?
The net profit margin of Three-A Resources Berhad, an investment holding company, is about 9.0%, meaning it keeps roughly 9.0% of revenue as net income. Based on the latest reported figures.
Does Three-A Resources Berhad, an investment holding company, pay a dividend?
Three-A Resources Berhad, an investment holding company, currently shows a dividend yield of about 6.52% relative to its recent price (as of Jul 18, 2026).

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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