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MSM Malaysia Holdings Bhd (5202) Fair Value & Analysis

Consumer Defensive · MY · Market cap 443M MYR

MM MSM Malaysia Holdings Bhd 5202 · KLSE
Price0.7400 MYR
Fair Value0.6500 MYR
Upside-12.2%
Quality45/100

Strengths

Low debt · generates free cash flow

Risks

!Trades 14% ABOVE our fair value of 0.6500 MYR
!Mixed Growth (revenue 5y +7.2 %/yr)
!Loss-making · -14.5% net margin
!Mixed vs. peers (5/12)
Mixed Growth (revenue 5y +7.2 %/yr)
Loss-making · -14.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/12)
Narrow moat 14/100
Evidence: Low Range 0.1300 MYR – 1.21 MYR Share as image

Fair value as of: Aug 19, 2026

From 7 valuation models · updated 6 days ago

Share price +22.3% over the past month.

Below-average quality, and trading another 14% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The model range is unusually wide (0.1300 MYR to 1.21 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

3.61 MYR 0.5900 MYR Fair Value 0.6500 MYR Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 0.5900 MYR – 3.61 MYR · fair‑value band 0.1300 MYR – 1.21 MYR · the 0.7400 MYR price screens above the 0.6500 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

Full chart & analysis →

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Analysis

MSM Malaysia Holdings Bhd (5202) currently trades at 0.7400 MYR, while our model-based Fair Value estimate is 0.6500 MYR, implying the stock looks roughly 12.2% overvalued today. The Quality Score stands at 45/100 (below-average 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: low).

Over the trailing twelve months, MSM Malaysia Holdings Bhd generated revenue of 2.9B MYR at a net margin of -14.5%. Revenue declined 26.3% year over year. It earns a return on equity of -32.5%. Net debt stands at 849M MYR. Fundamentals as of Aug 19, 2026

Our scenario range runs from 0.1300 MYR (bear case) to 1.21 MYR (bull case); at 0.7400 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 33% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -43% fair-value upside, at -12%, 5202 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 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
Highest evidence
Growth DCF 1.22 MYR 1.61 MYR 2.07 MYR 80
Rev-Margin DCF 1.17 MYR 1.78 MYR 2.43 MYR 74
NCAV (Graham) 0.7800 MYR 1.05 MYR 1.56 MYR 50
All 7 models by family
DCF Models
FCF DCF 1.20 MYR 1.63 MYR 2.15 MYR 38
5Y Revenue Exit 1.17 MYR 1.76 MYR 2.48 MYR 39
10Y Revenue Exit 1.14 MYR 1.63 MYR 2.23 MYR 36
Multiples
EV/Revenue 1.24 MYR 1.80 MYR 2.36 MYR 43
Asset-Based
NCAV (Graham) 0.7800 MYR 1.05 MYR 1.56 MYR 50
Growth DCF
Growth DCF 1.22 MYR 1.61 MYR 2.07 MYR 80
Rev-Margin DCF 1.17 MYR 1.78 MYR 2.43 MYR 74

Widest divergence: Multiples (1.80 MYR) versus Asset-Based (1.05 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 0.15 TTM
Net margin -14.5% TTM
Return on equity -32.5% TTM
Return on assets -0.1% TTM
Operating margin -0.9% TTM
EPS (TTM) -0.6000 MYR
More key figures
Growth
Revenue (TTM) 2.9B MYR TTM
Revenue growth (YoY) -26.3% 3y avg +6.4%
EPS growth (YoY) -91.1%
Balance sheet & cash flow
Free cash flow 101M MYR FY2025
Net debt 849M MYR FY2025 · ≈ 8.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 44 · Market factors (momentum, volatility) 34

Profitability 21
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 16
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

MSM Malaysia Holdings Berhad, a refined sugar producer, produces, refines, markets, and sells refined sugar products in Malaysia. It provides coarse grain, caster, fine granulated, soft brown, icing, cube, and quality cup pack sugar products.

Full company description

MSM Malaysia Holdings Berhad, a refined sugar producer, produces, refines, markets, and sells refined sugar products in Malaysia. It provides coarse grain, caster, fine granulated, soft brown, icing, cube, and quality cup pack sugar products. The company also offers sugar premix, fine grain sugar, liquid sugar, molasses, fine syrup, and sucralose and stevia mix. It sells its products through traders, wholesalers, and distributors to companies in the beverage and confectionery industries, hotels, restaurants, food outlets, distilleries, and household consumers, as well as producers of ethanol, animal feed, and yeast. In addition, it exports its products in Vietnam, Myanmar, China, the Philippines, Hong Kong, Singapore, Thailand, Bangladesh, Taiwan, New Zealand, and Indonesia. The company Berhad was founded in 1964 and is headquartered in Kuala Lumpur, Malaysia. MSM Malaysia Holdings Berhad operates as a subsidiary of FGV Holdings Berhad.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MSM Malaysia Holdings Bhd reported revenue of 3.1B MYR in FY2025 versus 2.3B MYR in FY2021, a compound +8.2%/yr. Reported net income was −397M MYR in FY2025.

Growth Quality 40/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.1B MYR
Latest YoY
−12.7%
Avg. revenue growth/yr (3Y) 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.
+6.4%
Avg. revenue growth/yr (5Y) 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.
+7.2%
Avg. revenue growth/yr (13Y) 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.
+2.3%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +8.2%/yr
FY21 2.3B MYR
FY22 2.6B MYR
FY23 3.1B MYR
FY24 3.5B MYR
FY25 3.1B MYR
Net income
FY21 125M MYR
FY22 −179M MYR
FY23 −49.9M MYR
FY24 31.3M MYR
FY25 −397M MYR

5202 screens 12% overvalued. Compare with Chocoladefabriken Lindt & Sprüngli AG →

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Cite: Fair Value Calculator (2026). "MSM Malaysia Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/5202

Peer Group

Confectioners · 80 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 45 · Below median
Fair Value upside −12% · Above median
Return on assets -0% · Bottom 25%
Net margin (TTM) -14% · Bottom 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth -26% · Bottom 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Confectioners median · lower = cheaper

P/B 0.10× · Cheaper than 75% of peers
P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 1.1× · Pricier than median
EV/EBITDA 2.2× · Cheaper than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE17 · sector 16
FUTURE0 · sector 0
PAST0 · sector 23
HEALTH98 · sector 92
DIVIDEND0 · sector 53

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Confectioners stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Chocoladefabriken Lindt & Sprüngli AG LISN CHF 93,500 CHF 9,567 -90%
Mondelez International, Inc MDLZ $62.66 $27.36 -56%
The Hershey Company HSY $184.23 $91.25 -50%
Barry Callebaut AG BARN CHF 1,136 CHF 711.91 -37%
ORION Corp 271560 124,600 KRW 203,315 KRW +63%
Tootsie Roll Industries, Inc TROLB $39.00 $22.21 -43%
Guangxi Yuegui Guangye Holdings 000833 ¥20.48 ¥9.09 -56%
Cloetta AB CLAB kr 54.85 kr 59.12 +8%
Balrampur Chini Mills Limited BALRAMCHIN ₹652.15 ₹318.59 -51%
PT Yupi Indo Jelly Gum Tbk YUPI 1,295 IDR 1,140 IDR -12%

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Frequently asked questions

Is MSM Malaysia Holdings Bhd (5202) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 0.6500 MYR versus a price of 0.7400 MYR, about −12% (overvalued).
What is the fair value of 5202?
Our model-based fair value for MSM Malaysia Holdings Bhd is 0.6500 MYR (as of Aug 19, 2026), built from audited fundamentals. The current price: 0.7400 MYR.
What is the quality score of 5202?
MSM Malaysia Holdings Bhd has a Quality Score of 45/100. 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 MSM Malaysia Holdings Bhd (5202)?
MSM Malaysia Holdings Bhd reported trailing-twelve-month revenue of about 2.9B MYR (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 5202?
The net profit margin of MSM Malaysia Holdings Bhd is about -14.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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