Ajinomoto Malaysia Bhd (2658) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ajinomoto Malaysia Bhd MYR 18.60, price MYR 19.64, upside -5.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Ajinomoto (Malaysia) Berhad manufactures and sells monosodium glutamate and other related products in Malaysia. The company operates through Consumer Business and Industrial Business segments.
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Ajinomoto (Malaysia) Berhad manufactures and sells monosodium glutamate and other related products in Malaysia. The company operates through Consumer Business and Industrial Business segments. It offers retail products, such as AJI-NO-MOTO, a monosodium glutamate product; TUMIX, a chicken stock seasoning product; SERI-AJI, a menu specific seasoning; AJI-SHIO, a seasoning that includes flavored pepper and black pepper; AJI-MIX, a blended seasoning; AJI-NO-MOTO plus, a flavor enhancer used in various dishes; AJINOMOTO, a lime seasoning powder; AJINOMOTO Gyoza, a blend of chicken or prawn meat and vegetables; aminoVITAL, a jelly sports drink; and Pal Sweet, a sugar free sweetener. The company also provides industrial products, including hydrolysed vegetable protein products in liquid and powder forms; AJI-AROMA, an enhancer of taste and aroma; AJIMATE, a flavor enhancer; ACTIVA TG preparation, which is an enzyme that catalyzes the polymerization and cross linking of proteins; AJIRISE, a yeast extract related product; and AJIezi, a texture improver. Its industrial products are used by industrial producers in foods, such as instant noodles, snacks, soups, sauces, processed meat, processed seafood, and dairy products. The company exports its products to the Malaysia, Middle East, other Asian countries, and internationally markets. Ajinomoto (Malaysia) Berhad was incorporated in 1961 and is headquartered in Kuala Lumpur, Malaysia. The company is a subsidiary of Ajinomoto Co., Inc.
Stock analysis
Ajinomoto Malaysia Bhd (2658) currently trades at 19.64 MYR, while our model-based Fair Value estimate is 18.60 MYR, implying the stock looks roughly 5.6% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 21.53 MYR per share, and 8 of the 26 models we run sit above the 19.64 MYR price.
Bear case: the Dividend Discount group reads lowest at 4.20 MYR, and 18 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 12.82 MYR (bear) to 26.10 MYR (bull), the price of 19.64 MYR sits inside 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 57/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ajinomoto Malaysia Bhd reported revenue of 710M MYR in FY2026 versus 485M MYR in FY2022, a compound +10.0%/yr. Reported net income was 71.4M MYR in FY2026, compounding +43.2%/yr from FY2022.
Key figures
Market cap 1.2B MYR (≈ $293M) · P/E ratio 16.6 · P/S ratio 1.67 · EPS (TTM) 1.18 MYR · Dividend yield 2.2% · Net margin 10.1% · Return on equity 8.5% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 64% 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 −5%, 2658 screens richer than that median.
Fair Value models
Bear 12.82 MYRFair Value 18.60 MYRBull 26.10 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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (0.5755 MYR per share) are deliberately not added.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.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.8%
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.
+5.6%
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.
+9.9%
Start year 2021 (pandemic). Over 10 years: +5.9% a year
Revenue growth 20 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.
+7.4%
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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.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.0%
Dividend (yield on the price)2.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9% vs 6%, picking up
Profit margin 2021 to 2026 ⓘ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.13% → 11%
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
+5.5%
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 +3.4% 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.Packaged Foods · 668 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−5% · Below median
Profitability
Return on equity (TTM)8% · Above median
Return on assets5% · Above median
Net margin (TTM)10% · Top 25%
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth6% · Above median
Dividend yield (TTM)2.2% · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ajinomoto Malaysia Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2658
Frequently asked questions
Is Ajinomoto Malaysia Bhd (2658) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18.60 MYR versus a price of 19.64 MYR, about −5% upside (fairly valued).
What is the fair value of 2658?
Our model-based fair value for Ajinomoto Malaysia Bhd is 18.60 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.64 MYR.
What is the quality score of 2658?
Ajinomoto Malaysia Bhd has a Quality Score of 57/100. 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 Ajinomoto Malaysia Bhd (2658)?
Our model-based price target is the fair value of 18.60 MYR (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 12.82 MYR, optimistic scenario 26.10 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Ajinomoto Malaysia Bhd stock forecast for 2026?
Our models put fair value at 18.60 MYR, about −5% upside versus a price of 19.64 MYR (fairly valued). Cautious scenario 12.82 MYR, optimistic scenario 26.10 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Ajinomoto Malaysia Bhd (2658)?
Ajinomoto Malaysia Bhd reported trailing-twelve-month revenue of about 710M MYR (latest available figure, as of Sep 24, 2026).
Does Ajinomoto Malaysia Bhd pay a dividend?
Ajinomoto Malaysia Bhd currently shows a dividend yield of about 2.18% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Ajinomoto Malaysia Bhd (2658)?
For today's price to be fair in a discounted-cash-flow model, Ajinomoto Malaysia Bhd would have to grow free cash flow by +5.5 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2658 use?
Our models discount Ajinomoto Malaysia Bhd at 12.6 %: a base by market capitalisation (micro), damped by beta 0.31, 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 Ajinomoto Malaysia Bhd that is +5.5 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Ajinomoto Malaysia Bhd (2658) delivered so far?
Over the past 5 years revenue at Ajinomoto Malaysia Bhd grew +9.9 % a year. The price currently implies +5.5 % 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 Ajinomoto Malaysia Bhd (2658) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Ajinomoto Malaysia Bhd (+5.5 % 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 Ajinomoto Malaysia Bhd (2658)?
The free-cash-flow yield on the price is 6.14 %: that much free cash flow Ajinomoto Malaysia Bhd produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ajinomoto Malaysia Bhd (2658)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ajinomoto Malaysia Bhd it is 18.60 MYR per share (as of Sep 24, 2026), against a price of 19.64 MYR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ajinomoto Malaysia Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2658 trades above its calculated fair value: price 19.64 MYR, fair value 18.60 MYR, a gap of about −5% (fairly valued). 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 2658?
No. The price is what the market pays today (19.64 MYR); the fair value is what the company's own numbers justify (18.60 MYR). For Ajinomoto Malaysia Bhd the two are 1.04 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Ajinomoto Malaysia Bhd worth?
The market values Ajinomoto Malaysia Bhd at about 1.2B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 19.64 MYR; our models calculate a fair value of 18.60 MYR per share.
What do the bullish and bearish scenarios say about 2658?
Our models span a range for Ajinomoto Malaysia Bhd: cautious scenario 12.82 MYR, base 18.60 MYR, optimistic 26.10 MYR per share (as of Sep 24, 2026, price 19.64 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2658?
Ajinomoto Malaysia Bhd trades at a price-to-earnings ratio of 16.6 (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 18.60 MYR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.4, EV/EBITDA 2.0.
How solid is the balance sheet of Ajinomoto Malaysia Bhd (2658)?
Balance-sheet figures for Ajinomoto Malaysia Bhd (as of Sep 24, 2026): return on equity 8.5%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 2658 from its 52-week high?
Ajinomoto Malaysia Bhd trades at 19.64 MYR, at its 52-week high of 19.64 MYR and 64% above the low of 12.00 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 18.60 MYR is for.
Which stocks are comparable to Ajinomoto Malaysia Bhd?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, 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 Ajinomoto Malaysia Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 19.64 MYR, calculated fair value 18.60 MYR (−5%), Quality Score 57/100, from 26 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 2658 calculated?
We run Ajinomoto Malaysia Bhd through 26 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 18.60 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 14.0 % above its aggregate fair value. Ajinomoto Malaysia 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 Ajinomoto Malaysia Bhd (2658)?
The closing price on Sep 24, 2026 was 19.64 MYR. Our model-based fair value is 18.60 MYR, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ajinomoto Malaysia Bhd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (12.82 MYR to 26.10 MYR) leaves room in how you read the outcome.
Where does the earnings growth of Ajinomoto Malaysia Bhd (2658) come from?
Earnings per share at Ajinomoto Malaysia Bhd grew +8.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +6.4 %, EBIT margin −10.2 %, tax rate +0.1 %, residual (interest, one-offs) +13.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ajinomoto Malaysia Bhd
How large is the market capitalisation of Ajinomoto Malaysia Bhd (2658)?
The market capitalisation of Ajinomoto Malaysia Bhd is 1.2B MYR (≈ $293M). 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 Ajinomoto Malaysia Bhd (2658)?
The price-to-sales ratio of Ajinomoto Malaysia Bhd is 1.67 (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 Ajinomoto Malaysia Bhd (2658)?
Earnings per share at Ajinomoto Malaysia Bhd are 1.18 MYR (price ÷ EPS = P/E 16.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ajinomoto Malaysia Bhd (2658)?
The dividend yield of Ajinomoto Malaysia Bhd is 2.2% (payout 36.2%). 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 Ajinomoto Malaysia Bhd (2658)?
The net margin of Ajinomoto Malaysia Bhd is 10.1% (fiscal year 2026). 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 Ajinomoto Malaysia Bhd (2658)?
The return on equity (ROE) of Ajinomoto Malaysia Bhd is 8.5% (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 Ajinomoto Malaysia Bhd (2658)?
On an EBIT basis the return on assets of Ajinomoto Malaysia Bhd is 5.2% (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 Ajinomoto Malaysia Bhd (2658)?
The operating margin of Ajinomoto Malaysia Bhd is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ajinomoto Malaysia Bhd (2658)?
Revenue at Ajinomoto Malaysia Bhd is growing +5.9% versus a year earlier (3y avg +5.6%). 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 Ajinomoto Malaysia Bhd (2658)?
Earnings per share at Ajinomoto Malaysia Bhd are growing −31.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ajinomoto Malaysia Bhd (2658) hold?
Ajinomoto Malaysia Bhd holds more cash than debt, 69.1M MYR net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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