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DUTY FREE INTERNATIONALLIMITED (5SO) Fair Value & Analysis

Consumer Cyclical · SG · Market cap 83.9M SGD

DF DUTY FREE INTERNATIONALLIMITED 5SO · SG
Price0.0660 SGD
Fair Value0.0950 SGD
Upside+43.9%
Quality76/100
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Weak Growth
Solidly profitable · 10.3% net margin
Low debt · generates free cash flow
7.35% dividend yield
Ranks above peers (12/13)
Moderate moat 59/100
Evidence: High Range 0.0752 SGD – 0.1082 SGD Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 4 days ago

Share price −1.5% over the past month.

A strong business, screening 44% undervalued on our models.

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What matters now

  • The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (0.0752 SGD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

0.1408 SGD 0.0532 SGD Fair Value 0.0950 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.0532 SGD – 0.1408 SGD · fair‑value band 0.0752 SGD – 0.1082 SGD · the 0.0660 SGD price screens below the 0.0950 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

DUTY FREE INTERNATIONALLIMITED (5SO) currently trades at 0.0660 SGD, while our model-based Fair Value estimate is 0.0950 SGD, implying the stock looks roughly 43.9% undervalued today. The Quality Score stands at 76/100 (high quality), in the Consumer Cyclical 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, DUTY FREE INTERNATIONALLIMITED generated revenue of 213M SGD at a net margin of 10.3%. Revenue grew 108.1% year over year. It earns a return on equity of 6.5%. The stock trades on a trailing P/E of 6.6. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0752 SGD (bear case) to 0.1082 SGD (bull case); at 0.0660 SGD, the current price sits below 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 31% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -20% fair-value upside, at 44%, 5SO 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 0.3300 SGD 0.3900 SGD 0.4900 SGD 80
Residual Income 0.1900 SGD 0.1900 SGD 0.1800 SGD 76
Rev-Margin DCF 0.2400 SGD 0.2900 SGD 0.3500 SGD 74
All 22 models by family
DCF Models
FCF DCF 0.3300 SGD 0.3900 SGD 0.5000 SGD 38
Owner Earnings 0.2600 SGD 0.3100 SGD 0.3900 SGD 31
5Y Revenue Exit 0.2400 SGD 0.2800 SGD 0.3400 SGD 39
5Y EBITDA Exit 0.2800 SGD 0.3600 SGD 0.4500 SGD 41
5Y P/E Exit 0.3300 SGD 0.4400 SGD 0.5600 SGD 38
10Y Revenue Exit 0.2800 SGD 0.3100 SGD 0.3400 SGD 36
10Y EBITDA Exit 0.3000 SGD 0.3500 SGD 0.4000 SGD 37
10Y P/E Exit 0.3300 SGD 0.3900 SGD 0.4500 SGD 35
Earnings-Based
Graham-Dodd 0.1200 SGD 0.1500 SGD 0.1700 SGD 54
EPV 0.1400 SGD 0.1500 SGD 0.1600 SGD 59
Multiples
P/E Multiple 0.3000 SGD 0.4000 SGD 0.5000 SGD 63
P/S Multiple 0.1600 SGD 0.2100 SGD 0.2700 SGD 58
P/B Multiple 0.2300 SGD 0.3100 SGD 0.3900 SGD 55
EV/EBIT 0.2200 SGD 0.2700 SGD 0.3100 SGD 53
EV/EBITDA 0.2700 SGD 0.3400 SGD 0.4000 SGD 54
EV/Revenue 0.1700 SGD 0.2100 SGD 0.2500 SGD 43
Asset-Based
NCAV (Graham) 0.1300 SGD 0.1700 SGD 0.2600 SGD 50
Growth DCF
Growth DCF 0.3300 SGD 0.3900 SGD 0.4900 SGD 80
Rev-Margin DCF 0.2400 SGD 0.2900 SGD 0.3500 SGD 74
Economic Profit
Residual Income 0.1900 SGD 0.1900 SGD 0.1800 SGD 76
ROIC Compounder 0.1400 SGD 0.1500 SGD 0.1600 SGD 72
Growth Earnings
Growth-Adj P/E 0.2100 SGD 0.3000 SGD 0.3900 SGD 68

Widest divergence: DCF Models (0.3500 SGD) versus Earnings-Based (0.1500 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 213M SGD
Revenue growth (YoY) +108%
Net margin 10.3%
Return on equity 6.5%
Free cash flow 41.8M SGD FY2026
P/E ratio 6.6
More key figures
Operating margin 35.1%
EPS (TTM) 0.0100 SGD
Dividend yield 7.4%
EPS growth (YoY) +17.6%

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 72 · Market factors (momentum, volatility) 34

Profitability 39
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 17
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

Duty Free International Limited, an investment holding company, operates as a duty-free retailer under the Zon brand in Malaysia. It operates in Trading of Duty Free Goods and Non-Dutiable Merchandise; Manufacturing and Supplying of Automotive Component Parts; and Investment Holding and Others segments.

Full company description

Duty Free International Limited, an investment holding company, operates as a duty-free retailer under the Zon brand in Malaysia. It operates in Trading of Duty Free Goods and Non-Dutiable Merchandise; Manufacturing and Supplying of Automotive Component Parts; and Investment Holding and Others segments. The company engages in the wholesale, distribution, and retail of duty free and non-dutiable merchandise; manufacturing and supplying of automotive component parts; and properties management and cultivation of oil palm. Its duty-free retail outlets are located in airports, ferry terminals, seaports, border towns, and tourist destinations. The company was founded in 1978 and is based in Singapore. Duty Free International Limited operates as a subsidiary of Atlan Holdings Bhd.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

DUTY FREE INTERNATIONALLIMITED reported revenue of 213M SGD in FY2026 versus 99.1M SGD in FY2022, a compound +21.0%/yr. Reported net income was 21.8M SGD in FY2026.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
213M SGD
Latest YoY
+37.0%
Avg. 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.
+11.9%
Avg. 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.
−1.0%
Avg. growth/yr (12Y) ⓘ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.
−7.9%
Revenue +21.0%/yr
FY22 99.1M SGD
FY23 152M SGD
FY24 157M SGD
FY25 155M SGD
FY26 213M SGD
Net income
FY22 −3.6M SGD
FY23 15.6M SGD
FY24 14.0M SGD
FY25 53.6M SGD
FY26 21.8M SGD

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DUTY FREE INTERNATIONALLIMITED · Fair Value
0.0950 SGD +44%Fair Value
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Cite: Fair Value Calculator (2026). "DUTY FREE INTERNATIONALLIMITED Fair Value". https://www.fairvalue-calculator.com/stock/5SO

Peer Group

Specialty Retail · 223 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 76 · Top 25%
Fair Value upside +52% · Top 25%
Return on equity (TTM) 7% · Below median
Return on assets 5% · Above median
Net margin (TTM) 10% · Top 25%
Operating margin (TTM) 35% · Top 25%
Revenue growth 108% · Top 25%
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 0.31× · Cheaper than median
P/FCF 1.6× · Cheaper 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 30
FUTURE 100 · sector 23
PAST 26 · sector 26
HEALTH 99 · sector 94
DIVIDEND 100 · sector 58

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

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

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Alimentation Couche-Tard Inc ATD C$93.19 C$75.00 -20%
Casey's General Stores, Inc CASY $839.03 $398.90 -52%
Williams-Sonoma, Inc WSM $245.15 $162.63 -34%
Ulta Beauty, Inc ULTA $531.89 $475.40 -11%
DICK'S Sporting Goods, Inc DKS $202.66 $181.10 -11%
Best Buy Co BBY $83.00 $108.04 +30%
China Tourism Group 601888 ¥54.97 ¥40.40 -27%
Tractor Supply Company TSCO $36.43 $35.52 -2%
Murphy USA Inc MUSA $544.22 $423.35 -22%
Taiwan Mobile Co 3045 109.50 TWD 80.98 TWD -26%

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Frequently asked questions

Is DUTY FREE INTERNATIONALLIMITED (5SO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.0950 SGD versus a price of 0.0660 SGD, about +44% (undervalued).
What is the fair value of 5SO?
Our model-based fair value for DUTY FREE INTERNATIONALLIMITED is 0.0950 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.0660 SGD.
What is the quality score of 5SO?
DUTY FREE INTERNATIONALLIMITED has a Quality Score of 76/100. 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
DUTY FREE INTERNATIONALLIMITED reported trailing-twelve-month revenue of about 213M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 5SO?
The net profit margin of DUTY FREE INTERNATIONALLIMITED is about 10.3%, meaning it keeps roughly 10.3% of revenue as net income. Based on the latest reported figures.
Does DUTY FREE INTERNATIONALLIMITED pay a dividend?
DUTY FREE INTERNATIONALLIMITED currently shows a dividend yield of about 7.35% relative to its recent price (as of Aug 13, 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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