Fraser & Neave Holdings (3689) Fair Value & Analysis
Consumer Defensive · MY · Market cap 10.7B MYR
Fair value as of: Jul 18, 2026
From 15 valuation models · updated 22 days ago
Share price −8.7% over the past month.
A solid business, but screening 14% overvalued on our models.
What matters now
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (16.32 MYR to 31.46 MYR) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
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 17.87 MYR – 35.93 MYR · fair‑value band 16.32 MYR – 31.46 MYR · the 27.06 MYR price screens above the 23.31 MYR fair value. Dashed = 300-day average. As of Jul 18, 2026.
Analysis
Fraser & Neave Holdings (3689) currently trades at 27.06 MYR, while our model-based Fair Value estimate is 23.31 MYR, implying the stock looks roughly 13.9% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Fraser & Neave Holdings generated revenue of 5.0B MYR at a net margin of 8.1%. Revenue declined 7.6% year over year. It earns a return on equity of 10.7%. Net debt stands at 30.3M MYR. Fundamentals as of Jul 18, 2026
Our scenario range runs from 16.32 MYR (bear case) to 31.46 MYR (bull case); at 27.06 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 25% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at -14%, 3689 screens richer 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.
All 15 models by family
Widest divergence: Multiples (23.60 MYR) versus Asset-Based (7.07 MYR). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 45
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fraser & Neave Holdings 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.
3689 screens 14% overvalued. Compare with The Coca-Cola Company →
Peer Group
Beverages - Non-Alcoholic · 91 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.
Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper
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.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Coca-Cola Company KO | $87.05 | $36.57 | -58% |
| PepsiCo, Inc PEP | $139.02 | $106.91 | -23% |
| Monster Beverage Corporation MNST | $97.50 | $35.82 | -63% |
| Nongfu Spring Co 9633 | HK$41.44 | HK$30.72 | -26% |
| Coca-Cola Europacific Partners PLC CCEP | €92.10 | €85.41 | -7% |
| Keurig Dr Pepper Inc KDP | $31.25 | $30.99 | -1% |
| Coca-Cola FEMSA, S.A. KOF | $102.04 | $106.45 | +4% |
| Coca-Cola HBC AG EEE | €57.90 | €52.82 | -9% |
| Varun Beverages Limited VBL | ₹495.70 | ₹187.49 | -62% |
| Eastroc Beverage (Group) Co 605499 | ¥124.43 | ¥107.57 | -14% |
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Frequently asked questions
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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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