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Aeon Co (6599) Fair Value & Analysis

Consumer Cyclical · MY · Market cap 1.5B MYR

AC Aeon Co 6599 · KLSE
Price1.03 MYR
Fair Value1.57 MYR
Upside+52.4%
Quality49/100
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Weak Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
4.25% dividend yield
Ranks above peers (10/15)
Narrow moat 40/100
Evidence: High Range 1.13 MYR – 2.36 MYR Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Share price −4.6% over the past month.

Below-average quality, screening 52% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (1.13 MYR). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (1.13 MYR to 2.36 MYR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1.46 MYR 0.9307 MYR Fair Value 1.57 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.9307 MYR – 1.46 MYR · fair‑value band 1.13 MYR – 2.36 MYR · the 1.03 MYR price screens below the 1.57 MYR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Aeon Co (6599) currently trades at 1.03 MYR, while our model-based Fair Value estimate is 1.57 MYR, implying the stock looks roughly 52.4% undervalued today. The Quality Score stands at 49/100 (below-average 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, Aeon Co generated revenue of 4.3B MYR at a net margin of 3.5%. Revenue declined 0.2% year over year. It earns a return on equity of 7.3%. Net debt stands at 2.1B MYR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 1.13 MYR (bear case) to 2.36 MYR (bull case); at 1.03 MYR, 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 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at 52%, 6599 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 0.4600 MYR 0.6200 MYR 0.8500 MYR 80
Residual Income 1.08 MYR 1.11 MYR 1.09 MYR 76
Rev-Margin DCF 1.15 MYR 1.93 MYR 2.80 MYR 74
All 24 models by family
DCF Models
FCF DCF 0.4500 MYR 0.6200 MYR 0.8700 MYR 38
Owner Earnings 0.7600 MYR 1.02 MYR 1.41 MYR 31
5Y Revenue Exit 1.15 MYR 1.93 MYR 2.96 MYR 39
5Y EBITDA Exit 2.47 MYR 4.20 MYR 6.29 MYR 41
5Y P/E Exit 0.8900 MYR 1.47 MYR 2.10 MYR 38
10Y Revenue Exit 0.7900 MYR 1.38 MYR 2.09 MYR 36
10Y EBITDA Exit 1.59 MYR 2.77 MYR 4.19 MYR 37
10Y P/E Exit 0.6900 MYR 1.11 MYR 1.55 MYR 35
Earnings-Based
Graham-Dodd 0.6500 MYR 1.24 MYR 1.54 MYR 54
EPV 1.14 MYR 1.31 MYR 1.46 MYR 59
Dividend Discount
Gordon GGM 0.3500 MYR 0.4600 MYR 0.5500 MYR 70
DDM Multi-Stage 0.3500 MYR 0.4600 MYR 0.5700 MYR 61
Multiples
P/E Multiple 1.57 MYR 2.10 MYR 2.62 MYR 63
P/S Multiple 1.22 MYR 1.62 MYR 2.03 MYR 58
P/B Multiple 1.22 MYR 1.62 MYR 2.03 MYR 55
EV/EBIT 2.76 MYR 3.73 MYR 4.70 MYR 53
EV/EBITDA 4.60 MYR 6.19 MYR 7.77 MYR 54
EV/Revenue 1.81 MYR 2.65 MYR 3.49 MYR 43
Asset-Based
NCAV (Graham) 0.7100 MYR 0.9600 MYR 1.43 MYR 50
Growth DCF
Growth DCF 0.4600 MYR 0.6200 MYR 0.8500 MYR 80
Rev-Margin DCF 1.15 MYR 1.93 MYR 2.80 MYR 74
Economic Profit
Residual Income 1.08 MYR 1.11 MYR 1.09 MYR 76
ROIC Compounder 1.14 MYR 1.31 MYR 1.47 MYR 72
Growth Earnings
Growth-Adj P/E 1.12 MYR 1.61 MYR 2.09 MYR 68

Widest divergence: Multiples (2.10 MYR) versus Dividend Discount (0.4600 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.3B MYR
Revenue growth (YoY) -0.2%
Net margin 3.5%
Return on equity 7.3%
Free cash flow 97.4M MYR FY2025
P/E ratio 9.6
More key figures
Operating margin 12.8%
EPS (TTM) 0.1100 MYR
Dividend yield 4.3%
EPS growth (YoY) +22.9%
Net debt 2.1B MYR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 46 · Market factors (momentum, volatility) 42

Profitability 29
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 14
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

Aeon Co. (M) Bhd. operates and manages a retail chain of departmental stores and supermarkets in Malaysia. The company operates in two segments, Retailing and Property Management Services. It sells clothing, food, pharmaceuticals, and household products, as well as other merchandise.

Full company description

Aeon Co. (M) Bhd. operates and manages a retail chain of departmental stores and supermarkets in Malaysia. The company operates in two segments, Retailing and Property Management Services. It sells clothing, food, pharmaceuticals, and household products, as well as other merchandise. The company operates general merchandise stores, shopping malls, shopping centers, pharmacies, and shopping malls. In addition, it offers financial and credit services; property management service. Further, the company operates myAEON2go, an e-commerce platform; and foodpanda app for shopping online. It operates MaxValu customer service, wellness stores, Rocky Basecamp center, and Petemo Petlife Store, as well as provides home essentials, personal care items, stationery, kitchen gadgets, toys, and seasonal products through Daiso flat price outlets; and extensive range of products under the HÓME CÓORDY brand. The company was formerly known as Jaya Jusco Stores Bhd. and changed its name to Aeon Co. (M) Bhd. in September 2004. Aeon Co. (M) Bhd. was incorporated in 1984 and is headquartered in Kuala Lumpur, Malaysia. Aeon Co. (M) Bhd. is a subsidiary of Aeon Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aeon Co reported revenue of 4.3B MYR in FY2025 versus 3.6B MYR in FY2021, a compound +4.3%/yr. Reported net income was 134M MYR in FY2025, compounding +11.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.3B MYR
Latest YoY
+0.6%
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.
+1.2%
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.
+1.1%
Avg. growth/yr (20Y) 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.
+4.0%
Revenue +4.3%/yr
FY21 3.6B MYR
FY22 4.1B MYR
FY23 4.1B MYR
FY24 4.3B MYR
FY25 4.3B MYR
Net income +11.9%/yr
FY21 85.3M MYR
FY22 111M MYR
FY23 115M MYR
FY24 115M MYR
FY25 134M MYR
Character of growth · EPS growth decomposed (2014-2025) −1.7 % p.a.
Revenue per share +1.0 pp

of which total revenue +1.0 pp · buybacks/dilution +0.0 pp

EBIT margin +1.5 pp
Tax rate −0.6 pp
Residual (interest, one-offs) −3.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Aeon Co Fair Value". https://www.fairvalue-calculator.com/stock/6599

Peer Group

Department Stores · 127 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 49 · Below median
Fair Value upside +52% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 3% · Above median
Operating margin (TTM) 13% · Top 25%
Revenue growth -0% · Below median
Dividend yield (TTM) 4.3% · Top 25%
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 9.6× · Cheaper than 75% of peers
P/B 0.18× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 3.7× · Pricier than 75% of peers
EV/EBITDA 1.0× · Cheaper than 75% of peers
PEG 2.31× · Pricier 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 100 · sector 26
FUTURE 0 · sector 2
PAST 29 · sector 16
HEALTH 86 · sector 96
DIVIDEND 85 · sector 37

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 Department Stores stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 5,875 CLP 8,880 CLP +51%
El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 263.70 MXN +165%
99 Speed Mart Retail Holdings 5326 3.70 MYR 1.45 MYR -61%
Cencosud S.A CENCOSUD 2,040 CLP 2,516 CLP +23%
Vishal Mega Mart Limited VMM ₹113.94 ₹37.39 -67%
SHINSEGAE Inc 004170 610,000 KRW 200,259 KRW -67%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 59.59 MXN +98%
Lotte Shopping Co 023530 155,300 KRW 81,725 KRW -47%
Lojas Renner S.A LREN3 R$14.10 R$33.36 +137%
La Comer, S.A. LACOMERUBC 34.37 MXN 51.49 MXN +50%

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Frequently asked questions

Is Aeon Co (6599) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 1.57 MYR versus a price of 1.03 MYR, about +52% (undervalued).
What is the fair value of 6599?
Our model-based fair value for Aeon Co is 1.57 MYR (as of Jul 18, 2026), built from audited fundamentals. The current price is 1.03 MYR.
What is the quality score of 6599?
Aeon Co has a Quality Score of 49/100. 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 Aeon Co (6599)?
Aeon Co reported trailing-twelve-month revenue of about 4.3B MYR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 6599?
The net profit margin of Aeon Co is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.
Does Aeon Co pay a dividend?
Aeon Co currently shows a dividend yield of about 4.25% relative to its recent price (as of Jul 18, 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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