DUTY FREE INTERNATIONALLIMITED (5SO) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of DUTY FREE INTERNATIONALLIMITED S$0.08, price S$0.07, upside +25.1%, quality 76 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 27, 2026.
How to read this chart
60‑month range 0.0532 SGD – 0.1408 SGD · fair‑value band 0.0683 SGD – 0.1008 SGD · the 0.0650 SGD price screens below the 0.0813 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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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.
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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.
Stock analysis
DUTY FREE INTERNATIONALLIMITED (5SO) currently trades at 0.0650 SGD, while our model-based Fair Value estimate is 0.0813 SGD, implying the stock looks roughly 20.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.1200 SGD per share, and 17 of the 22 models we run sit above the 0.0650 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.0500 SGD, and 5 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.0683 SGD (bear) to 0.1008 SGD (bull), the price of 0.0650 SGD sits below 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 76/100 (high quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
DUTY FREE INTERNATIONALLIMITED reported revenue of 213M MYR in FY2026 versus 99.1M MYR in FY2022, a compound +21.0%/yr. Reported net income was 21.8M MYR in FY2026.
Key figures
Market cap 77.9M SGD (≈ $60.9M) · P/E ratio 6.5 · P/S ratio 0.67 · EPS (TTM) 0.0100 SGD · Dividend yield 7.7% · Net margin 10.3% · Return on equity 6.5% · Return on assets (EBIT) 0.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 5% fair-value upside, at 25%, 5SO screens cheaper than that median.
Fair Value models
Bear 0.0683 SGDFair Value 0.0813 SGDBull 0.1008 SGD
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 2026 figures (about 7 months old). Earnings retained since then (0.0030 SGD 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+37.0%
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.
+11.9%
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.
−1.0%
Start year 2021 (pandemic). Over 10 years: −9.9% a year
Revenue growth 12 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.
−7.9%
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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.
+22.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.9%
Dividend (yield on the price)7.7%
Profit margin 2021 to 2026 ⓘ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.−15% → 6%
⚠ Revenue per share shrinking 20.0%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−21.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in MYR, Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −22.7% a year for the price.
Compare DUTY FREE INTERNATIONALLIMITED 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.Specialty Retail · 201 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+25.1% · Above median
Profitability
Return on equity (TTM)6.5% · Below median
Return on assets5.2% · Above median
Net margin (TTM)10.3% · Top 25%
Operating margin (TTM)35.1% · Top 25%
Growth and dividend
Revenue growth108.1% · Top 25%
Dividend yield (TTM)7.7% · Top 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Specialty Retail median · lower = cheaper
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Is DUTY FREE INTERNATIONALLIMITED (5SO) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.0813 SGD versus the last price from Sep 25, 2026 of 0.0650 SGD, about +25% upside (undervalued).
What is the fair value of 5SO?
Our model-based fair value for DUTY FREE INTERNATIONALLIMITED is 0.0813 SGD (as of Sep 27, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): 0.0650 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 price target for DUTY FREE INTERNATIONALLIMITED (5SO)?
Our model-based price target is the fair value of 0.0813 SGD (as of Sep 27, 2026) from 22 valuation models. Cautious scenario 0.0683 SGD, optimistic scenario 0.1008 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the DUTY FREE INTERNATIONALLIMITED stock forecast for 2026?
Our models put fair value at 0.0813 SGD, about +25% upside versus the last price from Sep 25, 2026 of 0.0650 SGD (undervalued). Cautious scenario 0.0683 SGD, optimistic scenario 0.1008 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of DUTY FREE INTERNATIONALLIMITED (5SO)?
DUTY FREE INTERNATIONALLIMITED reported trailing-twelve-month revenue of about 213M MYR (latest available figure, as of Sep 27, 2026).
Does DUTY FREE INTERNATIONALLIMITED pay a dividend?
DUTY FREE INTERNATIONALLIMITED currently shows a dividend yield of about 7.69% relative to its recent price (as of Sep 27, 2026).
What growth is priced into DUTY FREE INTERNATIONALLIMITED (5SO)?
For today's price to be fair in a discounted-cash-flow model, DUTY FREE INTERNATIONALLIMITED would have to grow free cash flow by -21.2 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 5SO use?
Our models discount DUTY FREE INTERNATIONALLIMITED at 11.0 %: a base by market capitalisation (micro), damped by beta 0.44, country premium for Singapore. 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 DUTY FREE INTERNATIONALLIMITED that is -21.2 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has DUTY FREE INTERNATIONALLIMITED (5SO) delivered so far?
Over the past 5 years revenue at DUTY FREE INTERNATIONALLIMITED grew -1.0 % a year. The price currently implies -21.2 % 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 DUTY FREE INTERNATIONALLIMITED (5SO) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into DUTY FREE INTERNATIONALLIMITED (-21.2 % 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The free-cash-flow yield on the price is 16.80 %: that much free cash flow DUTY FREE INTERNATIONALLIMITED produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DUTY FREE INTERNATIONALLIMITED (5SO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DUTY FREE INTERNATIONALLIMITED it is 0.0813 SGD per share (as of Sep 27, 2026), against a price of 0.0650 SGD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is DUTY FREE INTERNATIONALLIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 5SO trades below its calculated fair value: price 0.0650 SGD, fair value 0.0813 SGD, a gap of about +25% (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 5SO?
No. The price is what the market pays today (0.0650 SGD); the fair value is what the company's own numbers justify (0.0813 SGD). For DUTY FREE INTERNATIONALLIMITED the two are 0.0163 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is DUTY FREE INTERNATIONALLIMITED worth?
The market values DUTY FREE INTERNATIONALLIMITED at about 77.9M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.0650 SGD; our models calculate a fair value of 0.0813 SGD per share.
What do the bullish and bearish scenarios say about 5SO?
Our models span a range for DUTY FREE INTERNATIONALLIMITED: cautious scenario 0.0683 SGD, base 0.0813 SGD, optimistic 0.1008 SGD per share (as of Sep 27, 2026, price 0.0650 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5SO?
DUTY FREE INTERNATIONALLIMITED trades at a price-to-earnings ratio of 6.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.0813 SGD is built from several models across several years. Other multiples: P/B 0.8, P/S 1.2, EV/EBITDA 3.7.
How solid is the balance sheet of DUTY FREE INTERNATIONALLIMITED (5SO)?
Balance-sheet figures for DUTY FREE INTERNATIONALLIMITED (as of Sep 27, 2026): return on equity 6.5%, debt of 0.02 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is 5SO from its 52-week high?
DUTY FREE INTERNATIONALLIMITED trades at 0.0650 SGD, about 32% below its 52-week high of 0.0950 SGD and 8% above the low of 0.0600 SGD (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0813 SGD is for.
Which stocks are comparable to DUTY FREE INTERNATIONALLIMITED?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, 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 DUTY FREE INTERNATIONALLIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.0650 SGD, calculated fair value 0.0813 SGD (+25%), Quality Score 76/100, from 22 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 5SO calculated?
We run DUTY FREE INTERNATIONALLIMITED through 22 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 0.0813 SGD, 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 14.5 % above its aggregate fair value. DUTY FREE INTERNATIONALLIMITED currently trades 20 % 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The latest price we hold is from Sep 25, 2026 and stands at 0.0650 SGD. Our model-based fair value is 0.0813 SGD, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DUTY FREE INTERNATIONALLIMITED right 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 (0.0683 SGD). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of DUTY FREE INTERNATIONALLIMITED
How large is the market capitalisation of DUTY FREE INTERNATIONALLIMITED (5SO)?
The market capitalisation of DUTY FREE INTERNATIONALLIMITED is 77.9M SGD (≈ $60.9M). 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The price-to-sales ratio of DUTY FREE INTERNATIONALLIMITED is 0.67 (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 DUTY FREE INTERNATIONALLIMITED (5SO)?
Earnings per share at DUTY FREE INTERNATIONALLIMITED are 0.0100 SGD (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DUTY FREE INTERNATIONALLIMITED (5SO)?
The dividend yield of DUTY FREE INTERNATIONALLIMITED is 7.7% (payout 50.0%). 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The net margin of DUTY FREE INTERNATIONALLIMITED is 10.3% (fiscal year 2026). 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The return on equity (ROE) of DUTY FREE INTERNATIONALLIMITED is 6.5% (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 DUTY FREE INTERNATIONALLIMITED (5SO)?
On an EBIT basis the return on assets of DUTY FREE INTERNATIONALLIMITED is 0.4% (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 DUTY FREE INTERNATIONALLIMITED (5SO)?
The operating margin of DUTY FREE INTERNATIONALLIMITED is 35.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DUTY FREE INTERNATIONALLIMITED (5SO)?
Revenue at DUTY FREE INTERNATIONALLIMITED is growing +108% versus a year earlier (3y avg +11.9%). 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 DUTY FREE INTERNATIONALLIMITED (5SO)?
Earnings per share at DUTY FREE INTERNATIONALLIMITED are growing +17.6% versus a year earlier. How much earnings per share grew versus a year earlier.
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