JPG (5323) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of JPG MYR 2.21, price MYR 1.88, upside +17.6%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Johor Plantations Group Berhad engages in the production of palm oil and palm kernels in Malaysia. It operates through Upstream, Midstream, Downstream, and Trading and Services segments.
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Johor Plantations Group Berhad engages in the production of palm oil and palm kernels in Malaysia. It operates through Upstream, Midstream, Downstream, and Trading and Services segments. The company also produces and supplies renewable energy, principally biomethane gas; trades in agricultural machinery and parts for plantation needs; and provides seeds and related services, and training and advisory services related to occupational safety and health. In addition, it develops the Integrated Sustainable Palm Oil Complex (ISPOC), which includes a palm oil mill, specialty refinery, renewable energy power plant, kernel crushing plant, and animal feed mill. Johor Plantations Berhad was formerly known as Mahamurni Plantations Sdn Bhd and changed its name to Johor Plantations Group Berhad in February 2023. The company was incorporated in 1978 and is headquartered in Johor Bahru, Malaysia. Johor Plantations Group Berhad operates as a subsidiary of Kulim (Malaysia) Berhad.
Stock analysis
JPG (5323) currently trades at 1.88 MYR, while our model-based Fair Value estimate is 2.21 MYR, implying the stock looks roughly 14.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 2.39 MYR per share, and 12 of the 24 models we run sit above the 1.88 MYR price.
Bear case: the Asset-Based group reads lowest at 0.8000 MYR, and 12 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.19 MYR (bear) to 3.10 MYR (bull), the price of 1.88 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 59/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
JPG reported revenue of 1.7B MYR in FY2025 versus 1.5B MYR in FY2021, a compound +2.7%/yr. Reported net income was 345M MYR in FY2025, compounding +0.0%/yr from FY2021.
Key figures
Market cap 4.7B MYR (≈ $1.2B) · P/E ratio 14.5 · P/S ratio 2.89 · EPS (TTM) 0.1300 MYR · Dividend yield 3.7% · Net margin 20.0% · Return on equity 11.7% · Return on assets (EBIT) 9.9%.
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 10% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at 18%, 5323 screens cheaper than that median.
Fair Value models
Bear 1.19 MYRFair Value 2.21 MYRBull 3.10 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 2025 figures (about 9 months old). Earnings retained since then (0.0439 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.1%
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.
−0.5%
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.
+11.1%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
Dividend (yield on the price)3.7%
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.19% → 29%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
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).
+12.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +10.6% a year for the price and +9.0% for the forecasts.
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.Farm Products · 290 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+18% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets6% · Above median
Net margin (TTM)18% · Top 25%
Operating margin (TTM)22% · Top 25%
Growth and dividend
Revenue growth5% · Above median
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.51× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
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). "JPG Fair Value". https://www.fairvalue-calculator.com/stock/5323
Frequently asked questions
Is JPG (5323) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 2.21 MYR versus a price of 1.88 MYR, about +18% upside (undervalued).
What is the fair value of 5323?
Our model-based fair value for JPG is 2.21 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 1.88 MYR.
What is the quality score of 5323?
JPG has a Quality Score of 59/100. 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 JPG (5323)?
Our model-based price target is the fair value of 2.21 MYR (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 1.19 MYR, optimistic scenario 3.10 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the JPG stock forecast for 2026?
Our models put fair value at 2.21 MYR, about +18% upside versus a price of 1.88 MYR (undervalued). Cautious scenario 1.19 MYR, optimistic scenario 3.10 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of JPG (5323)?
JPG reported trailing-twelve-month revenue of about 1.7B MYR (latest available figure, as of Sep 23, 2026).
Does JPG pay a dividend?
JPG currently shows a dividend yield of about 3.72% relative to its recent price (as of Sep 23, 2026).
What growth is priced into JPG (5323)?
For today's price to be fair in a discounted-cash-flow model, JPG would have to grow free cash flow by +12.8 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 5323 use?
Our models discount JPG at 11.1 %: a base by market capitalisation (mid), 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 JPG that is +12.8 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has JPG (5323) delivered so far?
Over the past 5 years revenue at JPG grew +11.1 % a year. The price currently implies +12.8 % 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 JPG (5323) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into JPG (+12.8 % 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 JPG (5323)?
The free-cash-flow yield on the price is 5.90 %: that much free cash flow JPG produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JPG (5323)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JPG it is 2.21 MYR per share (as of Sep 23, 2026), against a price of 1.88 MYR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is JPG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 5323 trades below its calculated fair value: price 1.88 MYR, fair value 2.21 MYR, a gap of about +18% (undervalued). 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 5323?
No. The price is what the market pays today (1.88 MYR); the fair value is what the company's own numbers justify (2.21 MYR). For JPG the two are 0.3300 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is JPG worth?
The market values JPG at about 4.7B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 1.88 MYR; our models calculate a fair value of 2.21 MYR per share.
What do the bullish and bearish scenarios say about 5323?
Our models span a range for JPG: cautious scenario 1.19 MYR, base 2.21 MYR, optimistic 3.10 MYR per share (as of Sep 23, 2026, price 1.88 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5323?
JPG trades at a price-to-earnings ratio of 14.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.21 MYR is built from several models across several years. Other multiples: P/B 0.4, P/S 0.7, EV/EBITDA 3.5.
How solid is the balance sheet of JPG (5323)?
Balance-sheet figures for JPG (as of Sep 23, 2026): return on equity 10.9%, debt of 0.51 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 5323 from its 52-week high?
JPG trades at 1.88 MYR, about 10% below its 52-week high of 2.10 MYR and 38% above the low of 1.36 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.21 MYR is for.
Which stocks are comparable to JPG?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, 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 JPG stock attractive at the current price?
The data as of Sep 23, 2026: price 1.88 MYR, calculated fair value 2.21 MYR (+18%), Quality Score 59/100, from 24 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 5323 calculated?
We run JPG through 24 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 2.21 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. JPG currently trades 18 % below its own fair value, and the market average says nothing about that. 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 JPG (5323)?
The closing price on Sep 23, 2026 was 1.88 MYR. Our model-based fair value is 2.21 MYR, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JPG right now?
The model range is unusually wide (1.19 MYR to 3.10 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of JPG
How large is the market capitalisation of JPG (5323)?
The market capitalisation of JPG is 4.7B MYR (≈ $1.2B). 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 JPG (5323)?
The price-to-sales ratio of JPG is 2.89 (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 JPG (5323)?
Earnings per share at JPG are 0.1300 MYR (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JPG (5323)?
The dividend yield of JPG is 3.7% (payout 53.8%). 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 JPG (5323)?
The net margin of JPG is 20.0% (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 JPG (5323)?
The return on equity (ROE) of JPG is 11.7% (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 JPG (5323)?
On an EBIT basis the return on assets of JPG is 9.9% (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 JPG (5323)?
The operating margin of JPG is 24.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JPG (5323)?
Revenue at JPG is growing +5.4% versus a year earlier (3y avg −0.5%). 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 JPG (5323)?
Earnings per share at JPG are growing −1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JPG (5323) carry?
The net debt of JPG is 846M MYR (fiscal year 2025, ≈ 3.1 yrs of FCF). 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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