HPP Holdings Bhd (0228) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of HPP Holdings Bhd MYR 0.18, price MYR 0.29, upside -36.8%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.2586 MYR – 0.5930 MYR · fair‑value band 0.1100 MYR – 0.2300 MYR · the 0.2850 MYR price screens above the 0.1800 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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HPP Holdings Berhad, an investment holding company, provides pre-press and post-press packaging services in Malaysia. It offers full colour offset printing solutions.
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HPP Holdings Berhad, an investment holding company, provides pre-press and post-press packaging services in Malaysia. It offers full colour offset printing solutions. The company also produces paper-based packaging, including corrugated packaging, non-corrugated packaging, paper pulp moulded packaging, and other related products, such as brochures, leaflet, labels, and paper bags. In addition, it is involved in the trading and production of rigid boxes, and investment holding of real property activities. The company serves consumer electrical and electronics, pharmaceutical, sheath contraceptive, food and beverage, and consumer and non-electrical household products markets. HPP Holdings Berhad was founded in 1996 and is based in Malacca, Malaysia.
Stock analysis
HPP Holdings Bhd (0228) currently trades at 0.2850 MYR, while our model-based Fair Value estimate is 0.1800 MYR, implying the stock looks roughly 58.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.2300 MYR per share, and 1 of the 22 models we run sit above the 0.2850 MYR price.
Bear case: the Growth DCF group reads lowest at 0.1000 MYR, and 21 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.1100 MYR (bear) to 0.2300 MYR (bull), the price of 0.2850 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 59/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
HPP Holdings Bhd reported revenue of 64.7M MYR in FY2025 versus 85.8M MYR in FY2021, a compound −6.8%/yr. Reported net income was 5.3M MYR in FY2025, compounding −10.7%/yr from FY2021.
Key figures
Market cap 111M MYR (≈ $27.2M) · P/E ratio 28.5 · P/S ratio 2.36 · EPS (TTM) 0.0100 MYR · Dividend yield 3.5% · Net margin 8.3% · Return on equity 4.0% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −21% fair-value upside, at −37%, 0228 screens richer than that median.
Fair Value models
Bear 0.1100 MYRFair Value 0.1800 MYRBull 0.2300 MYR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−7.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−9.5%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.1%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.7%
Dividend (yield on the price)3.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 13%
⚠ Revenue per share shrinking 4.0%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +13.9% a year for the price.
Price, fair value, quality and upside side by side.
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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.Packaging & Containers · 272 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−37% · Below median
Profitability
Return on equity (TTM)4% · Below median
Return on assets3% · Above median
Net margin (TTM)8% · Top 25%
Operating margin (TTM)13% · Top 25%
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)3.5% · Above median
Balance sheet
Debt / equity0.14× · Below median
Valuation Multiplesvs Packaging & Containers median · lower = cheaper
P/E (TTM)28.5× · Pricier than median
P/B0.89× · Cheaper than median
P/S (TTM)1.71× · Priciest 25%
P/FCF8.7× · Pricier than median
EV/EBITDA8.5× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 21
FUTURE (revenue growth)0· sector 3
PAST (return on equity)16· sector 24
HEALTH (low debt)93· sector 92
DIVIDEND (yield)70· sector 46
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HPP Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/0228
Frequently asked questions
Is HPP Holdings Bhd (0228) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.1800 MYR versus a price of 0.2850 MYR, about −37% upside (overvalued).
What is the fair value of 0228?
Our model-based fair value for HPP Holdings Bhd is 0.1800 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.2850 MYR.
What is the quality score of 0228?
HPP Holdings Bhd has a Quality Score of 59/100. 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 price target for HPP Holdings Bhd (0228)?
Our model-based price target is the fair value of 0.1800 MYR (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 0.1100 MYR, optimistic scenario 0.2300 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the HPP Holdings Bhd stock forecast for 2026?
Our models put fair value at 0.1800 MYR, about −37% upside versus a price of 0.2850 MYR (overvalued). Cautious scenario 0.1100 MYR, optimistic scenario 0.2300 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of HPP Holdings Bhd (0228)?
HPP Holdings Bhd reported trailing-twelve-month revenue of about 64.7M MYR (latest available figure, as of Sep 24, 2026).
Does HPP Holdings Bhd pay a dividend?
HPP Holdings Bhd currently shows a dividend yield of about 3.51% relative to its recent price (as of Sep 24, 2026).
What growth is priced into HPP Holdings Bhd (0228)?
For today's price to be fair in a discounted-cash-flow model, HPP Holdings Bhd would have to grow free cash flow by +16.1 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0228 use?
Our models discount HPP Holdings Bhd at 9.7 %: a base by market capitalisation (nano), damped by beta 0.52, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HPP Holdings Bhd that is +16.1 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has HPP Holdings Bhd (0228) delivered so far?
Over the past 5 years revenue at HPP Holdings Bhd grew -9.5 % a year. The price currently implies +16.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HPP Holdings Bhd (0228) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into HPP Holdings Bhd (+16.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HPP Holdings Bhd (0228)?
The free-cash-flow yield on the price is 2.81 %: that much free cash flow HPP Holdings Bhd produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HPP Holdings Bhd (0228)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HPP Holdings Bhd it is 0.1800 MYR per share (as of Sep 24, 2026), against a price of 0.2850 MYR. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is HPP Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0228 trades above its calculated fair value: price 0.2850 MYR, fair value 0.1800 MYR, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0228?
No. The price is what the market pays today (0.2850 MYR); the fair value is what the company's own numbers justify (0.1800 MYR). For HPP Holdings Bhd the two are 0.1050 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is HPP Holdings Bhd worth?
The market values HPP Holdings Bhd at about 111M MYR (market capitalisation, as of Sep 24, 2026). Per share that is 0.2850 MYR; our models calculate a fair value of 0.1800 MYR per share.
What do the bullish and bearish scenarios say about 0228?
Our models span a range for HPP Holdings Bhd: cautious scenario 0.1100 MYR, base 0.1800 MYR, optimistic 0.2300 MYR per share (as of Sep 24, 2026, price 0.2850 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0228?
HPP Holdings Bhd trades at a price-to-earnings ratio of 28.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.1800 MYR is built from several models across several years. Other multiples: P/B 0.9, P/S 1.7, EV/EBITDA 8.5.
How solid is the balance sheet of HPP Holdings Bhd (0228)?
Balance-sheet figures for HPP Holdings Bhd (as of Sep 24, 2026): return on equity 4.0%, debt of 0.14 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 0228 from its 52-week high?
HPP Holdings Bhd trades at 0.2850 MYR, about 19% below its 52-week high of 0.3537 MYR and 6% above the low of 0.2700 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.1800 MYR is for.
Which stocks are comparable to HPP Holdings Bhd?
From the same area (Consumer Cyclical) we also value Smurfit Westrock Plc,, Packaging Corporation, International Paper Company, Ball Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HPP Holdings Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 0.2850 MYR, calculated fair value 0.1800 MYR (−37%), Quality Score 59/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0228 calculated?
We run HPP Holdings Bhd through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.1800 MYR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. HPP Holdings Bhd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HPP Holdings Bhd (0228)?
The closing price on Sep 24, 2026 was 0.2850 MYR. Our model-based fair value is 0.1800 MYR, about −37% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HPP Holdings Bhd right now?
The price sits above even our optimistic bull case (0.2300 MYR). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (0.1100 MYR to 0.2300 MYR) leaves room in how you read the outcome.
Key figures of HPP Holdings Bhd
How large is the market capitalisation of HPP Holdings Bhd (0228)?
The market capitalisation of HPP Holdings Bhd is 111M MYR (≈ $27.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HPP Holdings Bhd (0228)?
The price-to-sales ratio of HPP Holdings Bhd is 2.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HPP Holdings Bhd (0228)?
Earnings per share at HPP Holdings Bhd are 0.0100 MYR (price ÷ EPS = P/E 28.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HPP Holdings Bhd (0228)?
The dividend yield of HPP Holdings Bhd is 3.5% (payout 100%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HPP Holdings Bhd (0228)?
The net margin of HPP Holdings Bhd is 8.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HPP Holdings Bhd (0228)?
The return on equity (ROE) of HPP Holdings Bhd is 4.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HPP Holdings Bhd (0228)?
On an EBIT basis the return on assets of HPP Holdings Bhd is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HPP Holdings Bhd (0228)?
The operating margin of HPP Holdings Bhd is 13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HPP Holdings Bhd (0228)?
Revenue at HPP Holdings Bhd is growing −8.0% versus a year earlier (3y avg −7.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HPP Holdings Bhd (0228)?
Earnings per share at HPP Holdings Bhd are growing +3.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HPP Holdings Bhd (0228) carry?
The net debt of HPP Holdings Bhd is 6.8M MYR (fiscal year 2025, ≈ 2.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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