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Heineken Malaysia Berhad, (3255) Fair Value & Analysis

Consumer Defensive · MY · Market cap 5.8B MYR

HM Heineken Malaysia Berhad, 3255 · KLSE
Price17.06 MYR
Fair Value25.55 MYR
Upside+49.8%
Quality75/100
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Mixed Growth
Solidly profitable · 16.4% net margin
Low debt · generates free cash flow
7.88% dividend yield
Ranks above peers (11/15)
Wide moat 80/100
Evidence: High Range 16.75 MYR – 37.68 MYR Share as image

Fair value as of: Jul 16, 2026

From 25 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 27.68 MYR to 25.55 MYR (−7.7%) since Jul 9, 2026. Share price −12.1% over the past month.

A strong business, screening 50% undervalued on our models.

What matters now

  • The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (16.75 MYR to 37.68 MYR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

25.19 MYR 15.16 MYR Fair Value 25.55 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 15.16 MYR – 25.19 MYR · fair‑value band 16.75 MYR – 37.68 MYR · the 17.06 MYR price screens below the 25.55 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

Heineken Malaysia Berhad, (3255) currently trades at 17.06 MYR, while our model-based Fair Value estimate is 25.55 MYR, implying the stock looks roughly 49.8% undervalued today. The Quality Score stands at 75/100 (high 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, Heineken Malaysia Berhad, generated revenue of 2.7B MYR at a net margin of 16.4%. Revenue declined 13.0% year over year. It earns a return on equity of 68.1%. Net debt stands at 144M MYR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 16.75 MYR (bear case) to 37.68 MYR (bull case); at 17.06 MYR, the current price sits within 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 about 30% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -8% fair-value upside, at 50%, 3255 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 BearBaseBull Evidence
Highest evidence
Growth DCF 13.24 MYR 18.02 MYR 24.23 MYR 80
Residual Income 5.93 MYR 7.16 MYR 35.15 MYR 76
Rev-Margin DCF 10.56 MYR 15.47 MYR 20.72 MYR 74
All 25 models by family
DCF Models
FCF DCF 12.89 MYR 18.03 MYR 24.99 MYR 38
Owner Earnings 14.92 MYR 20.88 MYR 28.94 MYR 31
5Y Revenue Exit 10.56 MYR 15.28 MYR 21.01 MYR 39
5Y EBITDA Exit 17.33 MYR 27.22 MYR 38.23 MYR 41
5Y P/E Exit 17.90 MYR 28.23 MYR 38.46 MYR 38
10Y Revenue Exit 11.09 MYR 15.39 MYR 20.54 MYR 36
10Y EBITDA Exit 15.47 MYR 23.25 MYR 32.73 MYR 37
10Y P/E Exit 15.82 MYR 23.91 MYR 32.89 MYR 35
Earnings-Based
Graham-Dodd 10.34 MYR 23.16 MYR 29.61 MYR 54
PEG = 1.0 3.77 MYR 5.38 MYR 7.00 MYR 46
EPV 14.05 MYR 16.26 MYR 18.17 MYR 59
Dividend Discount
Gordon GGM 13.61 MYR 21.51 MYR 30.04 MYR 70
DDM Multi-Stage 13.61 MYR 19.52 MYR 25.87 MYR 61
Multiples
P/E Multiple 23.95 MYR 31.93 MYR 39.91 MYR 63
P/S Multiple 11.12 MYR 14.82 MYR 18.53 MYR 58
P/B Multiple 7.25 MYR 9.66 MYR 12.08 MYR 55
EV/EBIT 25.94 MYR 34.58 MYR 43.21 MYR 53
EV/EBITDA 22.95 MYR 30.58 MYR 38.21 MYR 54
EV/Revenue 9.78 MYR 13.95 MYR 18.11 MYR 43
Asset-Based
NCAV (Graham) 0.8800 MYR 1.18 MYR 1.76 MYR 50
Growth DCF
Growth DCF 13.24 MYR 18.02 MYR 24.23 MYR 80
Rev-Margin DCF 10.56 MYR 15.47 MYR 20.72 MYR 74
Economic Profit
Residual Income 5.93 MYR 7.16 MYR 35.15 MYR 76
ROIC Compounder 14.27 MYR 16.76 MYR 19.08 MYR 72
Growth Earnings
Growth-Adj P/E 17.88 MYR 25.55 MYR 33.21 MYR 68

Widest divergence: Growth Earnings (25.55 MYR) versus Asset-Based (1.18 MYR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.7B MYR
Revenue growth (YoY) -13.0%
Net margin 16.4%
Return on equity 68.1%
Free cash flow 386M MYR FY2026
P/E ratio 13.2
More key figures
Operating margin 21.3%
EPS (TTM) 1.46 MYR
Dividend yield 7.9%
EPS growth (YoY) -14.5%
Net debt 144M MYR FY2026

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 71 · Market factors (momentum, volatility) 36

Profitability 94
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 82
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

Heineken Malaysia Berhad, together with its subsidiaries, engages in production, packaging, marketing, and distribution of alcoholic beverages primarily in Malaysia.

Full company description

Heineken Malaysia Berhad, together with its subsidiaries, engages in production, packaging, marketing, and distribution of alcoholic beverages primarily in Malaysia. It offers beers under the Heineken, Tiger, Guinness, Anchor, Edelweiss, and Kilkenny brand names; ciders under the Apple Fox brand name; shandy under the Anglia brand name; and non-alcoholic malt beverage under the Malta brand name. The company is also involved in property holding and land development activities. It also exports its products to Asian countries. The company was formerly known as Guinness Anchor Berhad and changed its name to Heineken Malaysia Berhad in April 2016. The company was incorporated in 1964 is based in Petaling Jaya, Malaysia. Heineken Malaysia Berhad operates as a subsidiary of GAPL Pte Ltd.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Heineken Malaysia Berhad, reported revenue of 2.8B MYR in FY2026 versus 2.0B MYR in FY2022, a compound +9.0%/yr. Reported net income was 459M MYR in FY2026, compounding +16.9%/yr from FY2022.

Growth Quality 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
2.8B MYR
Latest YoY
+0.1%
Avg. growth/yr (3Y)
−0.7%
Avg. growth/yr (5Y)
+9.7%
Avg. growth/yr (14Y)
+4.0%
Revenue +9.0%/yr
FY22 2.0B MYR
FY23 2.9B MYR
FY24 2.8B MYR
FY25 2.8B MYR
FY26 2.8B MYR
Net income +16.9%/yr
FY22 246M MYR
FY23 413M MYR
FY24 467M MYR
FY25 467M MYR
FY26 459M MYR

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Cite: Fair Value Calculator (2026). "Heineken Malaysia Berhad, Fair Value". https://www.fairvalue-calculator.com/stock/3255

Peer Group

Beverages - Brewers · 52 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 75 · Top 25%
Fair Value upside +50% · Top 25%
Return on equity (TTM) 68% · Top 25%
Return on assets 29% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 7.9% · Top 25%

Valuation Multiples vs Beverages - Brewers median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than 75% of peers
P/B 2.69× · Pricier than median
P/S (TTM) 0.53× · Cheaper than 75% of peers
P/FCF 3.7× · Pricier than median
EV/EBITDA 2.1× · Cheaper than 75% of peers
PEG 4.88× · Pricier 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 34
FUTURE 0 · sector 3
PAST 100 · sector 36
HEALTH 100 · sector 97
DIVIDEND 100 · sector 54

Values & ESG

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

Alcohol

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

Similar stocks

10 more Beverages - Brewers stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Anheuser-Busch InBev SA 1ABI €73.62 €41.60 -43%
Ambev S.A ABEV 14,120 ARS 6,060 ARS -57%
Fomento Económico Mexicano, S.A. FEMSAUBD 222.91 MXN 201.74 MXN -9%
Heineken N.V HEIA €77.24 €65.06 -16%
Constellation Brands, Inc STZ $135.72 $177.43 +31%
Carlsberg A/S CARLA kr 1,125 kr 607.30 -46%
Heineken Holding HEIO €71.20 €72.67 +2%
Tsingtao Brewery Company 600600 ¥53.60 ¥63.65 +19%
Budweiser Brewing Company 1876 HK$6.58 HK$6.05 -8%
Molson Coors Canada Inc TPXA C$63.10 C$74.42 +18%

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Frequently asked questions

Is Heineken Malaysia Berhad, (3255) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 25.55 MYR versus a price of 17.06 MYR, about +50% (undervalued).
What is the fair value of 3255?
Our model-based fair value for Heineken Malaysia Berhad, is 25.55 MYR (as of Jul 16, 2026), built from audited fundamentals. The current price is 17.06 MYR.
What is the quality score of 3255?
Heineken Malaysia Berhad, has a Quality Score of 75/100. 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 Heineken Malaysia Berhad, (3255)?
Heineken Malaysia Berhad, reported trailing-twelve-month revenue of about 2.7B MYR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 3255?
The net profit margin of Heineken Malaysia Berhad, is about 16.4%, meaning it keeps roughly 16.4% of revenue as net income. Based on the latest reported figures.
Does Heineken Malaysia Berhad, pay a dividend?
Heineken Malaysia Berhad, currently shows a dividend yield of about 7.60% relative to its recent price (as of Jul 16, 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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