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Apollo Food Holdings (6432) Fair Value & Analysis

Consumer Defensive · MY · Market cap 466M MYR

AF Apollo Food Holdings 6432 · KLSE
Price5.78 MYR
Fair Value7.36 MYR
Upside+27.3%
Quality62/100
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Expensive Growth
Solidly profitable · 11.1% net margin
negative free cash flow
7.85% dividend yield
Ranks above peers (12/12)
Moderate moat 59/100
Evidence: Medium Range 5.15 MYR – 9.57 MYR Share as image

Fair value as of: Jul 19, 2026

From 13 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 7.18 MYR to 7.36 MYR (+2.5%) since Jul 12, 2026. Share price −1.0% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (5.15 MYR to 9.57 MYR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

6.39 MYR 2.60 MYR Fair Value 7.36 MYR Dec 2020 Aug 2026

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

How to read this chart

60‑month range 2.60 MYR – 6.39 MYR · fair‑value band 5.15 MYR – 9.57 MYR · the 5.78 MYR price screens below the 7.36 MYR fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Apollo Food Holdings (6432) currently trades at 5.78 MYR, while our model-based Fair Value estimate is 7.36 MYR, implying the stock looks roughly 27.3% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive 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: medium), always confirm before acting.

Over the trailing twelve months, Apollo Food Holdings generated revenue of 303M MYR at a net margin of 11.2%. Revenue grew 18.2% year over year. It earns a return on equity of 14.8%. The stock trades on a trailing P/E of 13.7. Fundamentals as of Jul 19, 2026

Our scenario range runs from 5.15 MYR (bear case) to 9.57 MYR (bull case); at 5.78 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 11% 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 -45% fair-value upside, at 27%, 6432 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
Residual Income 2.80 MYR 3.34 MYR 6.51 MYR 76
Growth-Adj P/E 5.15 MYR 7.36 MYR 9.57 MYR 68
ROIC Compounder 4.16 MYR 4.78 MYR 5.42 MYR 67
All 13 models by family
Earnings-Based
Graham-Dodd 2.93 MYR 6.96 MYR 8.96 MYR 54
PEG = 1.0 1.21 MYR 1.72 MYR 2.24 MYR 46
EPV 4.06 MYR 4.51 MYR 4.88 MYR 59
Multiples
P/E Multiple 6.79 MYR 9.05 MYR 11.32 MYR 63
P/S Multiple 4.67 MYR 6.22 MYR 7.78 MYR 58
P/B Multiple 5.50 MYR 7.33 MYR 9.16 MYR 55
EV/EBIT 7.31 MYR 9.49 MYR 11.66 MYR 53
EV/EBITDA 6.70 MYR 8.67 MYR 10.64 MYR 54
EV/Revenue 4.88 MYR 6.63 MYR 8.38 MYR 43
Asset-Based
NCAV (Graham) 1.52 MYR 2.03 MYR 3.03 MYR 50
Economic Profit
Residual Income 2.80 MYR 3.34 MYR 6.51 MYR 76
ROIC Compounder 4.16 MYR 4.78 MYR 5.42 MYR 67
Growth Earnings
Growth-Adj P/E 5.15 MYR 7.36 MYR 9.57 MYR 68

Widest divergence: Growth Earnings (7.36 MYR) versus Asset-Based (2.03 MYR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 303M MYR
Revenue growth (YoY) +18.2%
Net margin 11.2%
Return on equity 14.8%
Free cash flow −33.8M MYR FY2026
P/E ratio 13.7
More key figures
Operating margin 13.9%
EPS (TTM) 0.4300 MYR
Dividend yield 6.0%
EPS growth (YoY) +4.5%

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

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 55

Profitability 62
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 44
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

Apollo Food Holdings Berhad, an investment holding company, engages in the manufacture, trade, marketing, and distribution of compound chocolates, chocolate confectionery products, and layer cakes in Malaysia. It operates through two segments, Investment Holding; and Manufacturing, Marketing and Distribution.

Full company description

Apollo Food Holdings Berhad, an investment holding company, engages in the manufacture, trade, marketing, and distribution of compound chocolates, chocolate confectionery products, and layer cakes in Malaysia. It operates through two segments, Investment Holding; and Manufacturing, Marketing and Distribution. The company's products include chocolate wafer products and chocolate layer cakes products. The company was founded in 1966 and is based in Johor Bahru, Malaysia. Apollo Food Holdings Berhad operates as a subsidiary of Scoop Capital Sdn Bhd.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Apollo Food Holdings reported revenue of 311M MYR in FY2026 versus 188M MYR in FY2022, a compound +13.4%/yr. Reported net income was 34.5M MYR in FY2026, compounding +36.4%/yr from FY2022.

Growth Quality 54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
311M MYR
Latest YoY
+4.3%
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.
+6.6%
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.
+10.3%
Avg. 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.
+2.6%
Revenue +13.4%/yr
FY22 188M MYR
FY23 257M MYR
FY24 255M MYR
FY25 298M MYR
FY26 311M MYR
Net income +36.4%/yr
FY22 10.0M MYR
FY23 31.6M MYR
FY24 54.1M MYR
FY25 40.2M MYR
FY26 34.5M MYR

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Cite: Fair Value Calculator (2026). "Apollo Food Holdings Fair Value". https://www.fairvalue-calculator.com/stock/6432

Peer Group

Confectioners · 75 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 62 · Top 25%
Fair Value upside +27% · Above median
Return on equity (TTM) 14% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 15% · Above median
Revenue growth 11% · Top 25%
Dividend yield (TTM) 7.9% · Top 25%

Valuation Multiples vs Confectioners median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than median
P/B 0.47× · Cheaper than 75% of peers
P/S (TTM) 0.37× · Cheaper than median
EV/EBITDA 1.1× · 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.

VALUE 70 · sector 26
FUTURE 55 · sector 0
PAST 58 · sector 26
HEALTH 0 · sector 91
DIVIDEND 100 · sector 57

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

Stock Price Fair Value vs Fair Value
Chocoladefabriken Lindt & Sprüngli AG LISN CHF 96,500 CHF 9,874 -90%
Mondelez International, Inc MDLZ $61.00 $27.68 -55%
The Hershey Company HSY $170.27 $91.25 -46%
Barry Callebaut AG BARN CHF 1,100 CHF 711.91 -35%
ORION Corp 271560 127,100 KRW 203,315 KRW +60%
Tootsie Roll Industries, Inc TROLB $39.50 $21.81 -45%
Guangxi Yuegui Guangye Holdings 000833 ¥18.81 ¥9.83 -48%
Cloetta AB CLAB kr 48.88 kr 59.12 +21%
Balrampur Chini Mills Limited BALRAMCHIN ₹586.20 ₹304.54 -48%
PT Yupi Indo Jelly Gum Tbk YUPI 1,320 IDR 1,286 IDR -3%

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Frequently asked questions

Is Apollo Food Holdings (6432) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 7.36 MYR versus a price of 5.78 MYR, about +27% (undervalued).
What is the fair value of 6432?
Our model-based fair value for Apollo Food Holdings is 7.36 MYR (as of Jul 19, 2026), built from audited fundamentals. The current price is 5.78 MYR.
What is the quality score of 6432?
Apollo Food Holdings has a Quality Score of 62/100. 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 Apollo Food Holdings (6432)?
Apollo Food Holdings reported trailing-twelve-month revenue of about 303M MYR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of 6432?
The net profit margin of Apollo Food Holdings is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Apollo Food Holdings pay a dividend?
Apollo Food Holdings currently shows a dividend yield of about 6.03% relative to its recent price (as of Jul 19, 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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