Fraser Neave Holdings Bhd (3689) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Fraser Neave Holdings Bhd MYR 15.74, price MYR 23.00, upside -31.6%, quality 55 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 17.87 MYR – 35.93 MYR · fair‑value band 9.88 MYR – 22.32 MYR · the 23.00 MYR price screens above the 15.74 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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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. It operates through Food & Beverages Malaysia, Food & Beverages Indochina, Property, and Others segments.
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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. 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 23.00 MYR, while our model-based Fair Value estimate is 15.74 MYR, implying the stock looks roughly 46.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 23.60 MYR per share, and 5 of the 15 models we run sit above the 23.00 MYR price.
Bear case: the Asset-Based group reads lowest at 7.07 MYR, and 10 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: 9.88 MYR (bear) to 22.32 MYR (bull), the price of 23.00 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 55/100 (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 10.7B MYR (≈ $2.6B) · P/E ratio 20.7 · P/S ratio 2.03 · EPS (TTM) 1.11 MYR · Dividend yield 2.8% · Net margin 9.8% · Return on equity 10.7% · Return on assets (EBIT) 12.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at −32%, 3689 screens richer than that median.
Fair Value models
Bear 9.88 MYRFair Value 15.74 MYRBull 22.32 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 2025 figures (about 12 months old). Earnings retained since then (0.4524 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.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+5.1%
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.
+5.4%
Start year 2020 (pandemic). Over 10 years: +2.5% 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.
+5.1%
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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.
+7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.4%
Dividend (yield on the price)2.8%
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.4% vs 6%, steady
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.13% → 14%
Compare Fraser Neave Holdings Bhd with another stock
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.Beverages - Non-Alcoholic · 90 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−32% · Below median
Profitability
Return on equity (TTM)11% · Below median
Return on assets7% · Above median
Net margin (TTM)8% · Above median
Operating margin (TTM)12% · Above median
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)2.8% · Below median
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Beverages - Non-Alcoholic median · lower = cheaper
P/E (TTM)20.7× · Pricier than median
P/B0.68× · Cheapest 25%
P/S (TTM)0.52× · Cheaper than median
EV/EBITDA3.0× · Cheapest 25%
PEG1.09× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)0· sector 49
PAST (return on equity)43· sector 51
HEALTH (low debt)96· sector 95
DIVIDEND (yield)57· sector 57
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). "Fraser Neave Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/3689
Frequently asked questions
Is Fraser Neave Holdings Bhd (3689) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.74 MYR versus a price of 23.00 MYR, about −32% upside (overvalued).
What is the fair value of 3689?
Our model-based fair value for Fraser Neave Holdings Bhd is 15.74 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 23.00 MYR.
What is the quality score of 3689?
Fraser Neave Holdings Bhd has a Quality Score of 55/100. 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 Fraser Neave Holdings Bhd (3689)?
Our model-based price target is the fair value of 15.74 MYR (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 9.88 MYR, optimistic scenario 22.32 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Fraser Neave Holdings Bhd stock forecast for 2026?
Our models put fair value at 15.74 MYR, about −32% upside versus a price of 23.00 MYR (overvalued). Cautious scenario 9.88 MYR, optimistic scenario 22.32 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Fraser Neave Holdings Bhd (3689)?
Fraser Neave Holdings Bhd reported trailing-twelve-month revenue of about 5.0B MYR (latest available figure, as of Sep 24, 2026).
Does Fraser Neave Holdings Bhd pay a dividend?
Fraser Neave Holdings Bhd currently shows a dividend yield of about 2.83% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Fraser Neave Holdings Bhd (3689)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fraser Neave Holdings Bhd it is 15.74 MYR per share (as of Sep 24, 2026), against a price of 23.00 MYR. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Fraser Neave Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3689 trades above its calculated fair value: price 23.00 MYR, fair value 15.74 MYR, a gap of about −32% (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 3689?
No. The price is what the market pays today (23.00 MYR); the fair value is what the company's own numbers justify (15.74 MYR). For Fraser Neave Holdings Bhd the two are 7.26 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Fraser Neave Holdings Bhd worth?
The market values Fraser Neave Holdings Bhd at about 10.7B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 23.00 MYR; our models calculate a fair value of 15.74 MYR per share.
What do the bullish and bearish scenarios say about 3689?
Our models span a range for Fraser Neave Holdings Bhd: cautious scenario 9.88 MYR, base 15.74 MYR, optimistic 22.32 MYR per share (as of Sep 24, 2026, price 23.00 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3689?
Fraser Neave Holdings Bhd trades at a price-to-earnings ratio of 20.7 (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 15.74 MYR is built from several models across several years. Other multiples: PEG 1.1, P/B 0.7, P/S 0.5, EV/EBITDA 3.0.
What is the PEG ratio of 3689?
The PEG ratio of Fraser Neave Holdings Bhd is 1.09 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fraser Neave Holdings Bhd (3689)?
Balance-sheet figures for Fraser Neave Holdings Bhd (as of Sep 24, 2026): return on equity 10.7%, debt of 0.09 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 3689 from its 52-week high?
Fraser Neave Holdings Bhd trades at 23.00 MYR, about 36% below its 52-week high of 35.93 MYR and 2% above the low of 22.60 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 15.74 MYR is for.
Which stocks are comparable to Fraser Neave Holdings Bhd?
From the same area (Consumer Defensive) we also value The Coca-Cola Company, PepsiCo, Inc, Monster Beverage Corporation, Nongfu Spring Co, 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 Fraser Neave Holdings Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 23.00 MYR, calculated fair value 15.74 MYR (−32%), Quality Score 55/100, from 15 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 3689 calculated?
We run Fraser Neave Holdings Bhd through 15 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 15.74 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 14.1 % above its aggregate fair value. Fraser Neave 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 Fraser Neave Holdings Bhd (3689)?
The closing price on Sep 23, 2026 was 23.00 MYR. Our model-based fair value is 15.74 MYR, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fraser Neave Holdings Bhd right now?
The price sits above even our optimistic bull case (22.32 MYR). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (9.88 MYR to 22.32 MYR) leaves room in how you read the outcome.
Where does the earnings growth of Fraser Neave Holdings Bhd (3689) come from?
Earnings per share at Fraser Neave Holdings Bhd grew +6.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.8 %, EBIT margin +4.7 %, tax rate −0.9 %, residual (interest, one-offs) −0.4 %. 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 Fraser Neave Holdings Bhd
How large is the market capitalisation of Fraser Neave Holdings Bhd (3689)?
The market capitalisation of Fraser Neave Holdings Bhd is 10.7B MYR (≈ $2.6B). 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 Fraser Neave Holdings Bhd (3689)?
The price-to-sales ratio of Fraser Neave Holdings Bhd is 2.03 (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 Fraser Neave Holdings Bhd (3689)?
Earnings per share at Fraser Neave Holdings Bhd are 1.11 MYR (price ÷ EPS = P/E 20.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fraser Neave Holdings Bhd (3689)?
The dividend yield of Fraser Neave Holdings Bhd is 2.8% (payout 58.6%). 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 Fraser Neave Holdings Bhd (3689)?
The net margin of Fraser Neave Holdings Bhd is 9.8% (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 Fraser Neave Holdings Bhd (3689)?
The return on equity (ROE) of Fraser Neave Holdings Bhd is 10.7% (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 Fraser Neave Holdings Bhd (3689)?
On an EBIT basis the return on assets of Fraser Neave Holdings Bhd is 12.5% (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 Fraser Neave Holdings Bhd (3689)?
The operating margin of Fraser Neave Holdings Bhd is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fraser Neave Holdings Bhd (3689)?
Revenue at Fraser Neave Holdings Bhd is growing −7.6% versus a year earlier (3y avg +5.1%). 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 Fraser Neave Holdings Bhd (3689)?
Earnings per share at Fraser Neave Holdings Bhd are growing −31.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fraser Neave Holdings Bhd (3689) generate?
The free cash flow of Fraser Neave Holdings Bhd is −133M MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Fraser Neave Holdings Bhd (3689) carry?
The net debt of Fraser Neave Holdings Bhd is 30.3M MYR (fiscal year 2025). 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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