QAF LIMITED (Q01) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of QAF LIMITED S$1.17, price S$0.95, upside +23.8%, quality 69 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 Oct 1, 2026.
How to read this chart
60‑month range 0.6289 SGD – 1.03 SGD · fair‑value band 0.8800 SGD – 1.47 SGD · the 0.9450 SGD price screens below the 1.17 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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QAF Limited, an investment holding company, engages in the manufacture and distribution of bread, bakery, and confectionery products in Singapore, Australia, the Philippines, Malaysia, and internationally. It operates through Bakery, Distribution and Warehousing, Investments and Others segments.
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QAF Limited, an investment holding company, engages in the manufacture and distribution of bread, bakery, and confectionery products in Singapore, Australia, the Philippines, Malaysia, and internationally. It operates through Bakery, Distribution and Warehousing, Investments and Others segments. The company is involved in trading, agency, and distribution of food and beverage products; and provision for warehousing logistics services of food items. It also provides various frozen and par-baked breads and pastries; and a range of bread and kaya spreads under the Delicia and Cowhead brand names, as well as operates cold storage warehouse. The company was formerly known as Ben and Company Limited and changed its name to QAF Limited in 1984. QAF Limited was founded in 1950 and is based in Singapore.
Stock analysis
QAF LIMITED (Q01) currently trades at 0.9450 SGD, while our model-based Fair Value estimate is 1.17 SGD, implying the stock looks roughly 19.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1.23 SGD per share, and 17 of the 22 models we run sit above the 0.9450 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.5800 SGD, and 5 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.8800 SGD (bear) to 1.47 SGD (bull), the price of 0.9450 SGD 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 69/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
QAF LIMITED reported revenue of 634M SGD in FY2025 versus 558M SGD in FY2021, a compound +3.2%/yr. Reported net income was 39.8M SGD in FY2025, compounding −6.5%/yr from FY2021.
Key figures
Market cap 544M SGD (≈ $425M) · P/E ratio 15.8 · P/S ratio 0.99 · EPS (TTM) 0.0600 SGD · Dividend yield 5.3% · Net margin 6.3% · Return on equity 7.9% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at 24%, Q01 screens cheaper than that median.
Fair Value models
Bear 0.8800 SGDFair Value 1.17 SGDBull 1.47 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 2025 figures (about 9 months old). Earnings retained since then (0.0076 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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.4%
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.
+3.1%
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.
+2.4%
Start year 2020 (pandemic). Over 10 years: −4.4% 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.
−3.9%
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What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
+5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.5%
Dividend (yield on the price)5.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.5% vs −10.7%, picking up
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.9% → 5%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 3.9%/yr over ~7Y (margins intact) ⓘ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
Price in line with expectations
The price assumes about as much growth as 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).
+1.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −0.3% a year for the price.
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.Packaged Foods · 620 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+23.8% · Above median
Profitability
Return on equity (TTM)7.9% · Above median
Return on assets3.6% · Below median
Net margin (TTM)6.0% · Above median
Operating margin (TTM)4.4% · Below median
Growth and dividend
Revenue growth0.2% · Below median
Dividend yield (TTM)5.3% · Top 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "QAF LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/Q01
Frequently asked questions
Is QAF LIMITED (Q01) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of 1.17 SGD versus a price of 0.9450 SGD, about +24% upside (undervalued).
What is the fair value of Q01?
Our model-based fair value for QAF LIMITED is 1.17 SGD (as of Oct 1, 2026), built from audited fundamentals. The current price: 0.9450 SGD.
What is the quality score of Q01?
QAF LIMITED has a Quality Score of 69/100. 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 QAF LIMITED (Q01)?
Our model-based price target is the fair value of 1.17 SGD (as of Oct 1, 2026) from 22 valuation models. Cautious scenario 0.8800 SGD, optimistic scenario 1.47 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the QAF LIMITED stock forecast for 2026?
Our models put fair value at 1.17 SGD, about +24% upside versus a price of 0.9450 SGD (undervalued). Cautious scenario 0.8800 SGD, optimistic scenario 1.47 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of QAF LIMITED (Q01)?
QAF LIMITED reported trailing-twelve-month revenue of about 634M SGD (latest available figure, as of Oct 1, 2026).
Does QAF LIMITED pay a dividend?
QAF LIMITED currently shows a dividend yield of about 5.29% relative to its recent price (as of Oct 1, 2026).
What growth is priced into QAF LIMITED (Q01)?
For today's price to be fair in a discounted-cash-flow model, QAF LIMITED would have to grow free cash flow by +1.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.4 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of Q01 use?
Our models discount QAF LIMITED at 9.6 %: a base by market capitalisation (small), damped by beta 0.15, 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 QAF LIMITED that is +1.8 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has QAF LIMITED (Q01) delivered so far?
Over the past 5 years revenue at QAF LIMITED grew +2.4 % a year. The price currently implies +1.8 % 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 QAF LIMITED (Q01) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into QAF LIMITED (+1.8 % 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 QAF LIMITED (Q01)?
The free-cash-flow yield on the price is 6.51 %: that much free cash flow QAF LIMITED produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of QAF LIMITED (Q01)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For QAF LIMITED it is 1.17 SGD per share (as of Oct 1, 2026), against a price of 0.9450 SGD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is QAF LIMITED stock overvalued or undervalued in 2026?
As of Oct 1, 2026, Q01 trades below its calculated fair value: price 0.9450 SGD, fair value 1.17 SGD, a gap of about +24% (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 Q01?
No. The price is what the market pays today (0.9450 SGD); the fair value is what the company's own numbers justify (1.17 SGD). For QAF LIMITED the two are 0.2250 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is QAF LIMITED worth?
The market values QAF LIMITED at about 544M SGD (market capitalisation, as of Oct 1, 2026). Per share that is 0.9450 SGD; our models calculate a fair value of 1.17 SGD per share.
What do the bullish and bearish scenarios say about Q01?
Our models span a range for QAF LIMITED: cautious scenario 0.8800 SGD, base 1.17 SGD, optimistic 1.47 SGD per share (as of Oct 1, 2026, price 0.9450 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of Q01?
QAF LIMITED trades at a price-to-earnings ratio of 15.8 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.17 SGD is built from several models across several years. Other multiples: PEG 3.0, P/B 1.1, P/S 0.9, EV/EBITDA 5.6.
What is the PEG ratio of Q01?
The PEG ratio of QAF LIMITED is 2.97 (P/E divided by earnings growth, as of Oct 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of QAF LIMITED (Q01)?
Balance-sheet figures for QAF LIMITED (as of Oct 1, 2026): return on equity 7.9%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is Q01 from its 52-week high?
QAF LIMITED trades at 0.9450 SGD, about 8% below its 52-week high of 1.03 SGD and 12% above the low of 0.8468 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 1.17 SGD is for.
Which stocks are comparable to QAF LIMITED?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, 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 QAF LIMITED stock attractive at the current price?
The data as of Oct 1, 2026: price 0.9450 SGD, calculated fair value 1.17 SGD (+24%), Quality Score 69/100, 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 Q01 calculated?
We run QAF LIMITED 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 1.17 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. QAF LIMITED currently trades 19 % 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 QAF LIMITED (Q01)?
The closing price on Oct 2, 2026 was 0.9450 SGD. Our model-based fair value is 1.17 SGD, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with QAF LIMITED right now?
Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of QAF LIMITED
How large is the market capitalisation of QAF LIMITED (Q01)?
The market capitalisation of QAF LIMITED is 544M SGD (≈ $425M). 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 QAF LIMITED (Q01)?
The price-to-sales ratio of QAF LIMITED is 0.99 (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 QAF LIMITED (Q01)?
Earnings per share at QAF LIMITED are 0.0600 SGD (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of QAF LIMITED (Q01)?
The dividend yield of QAF LIMITED is 5.3% (payout 83.3%). 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 QAF LIMITED (Q01)?
The net margin of QAF LIMITED is 6.3% (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 QAF LIMITED (Q01)?
The return on equity (ROE) of QAF LIMITED is 7.9% (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 QAF LIMITED (Q01)?
On an EBIT basis the return on assets of QAF LIMITED is 4.3% (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 QAF LIMITED (Q01)?
The operating margin of QAF LIMITED is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at QAF LIMITED (Q01)?
Revenue at QAF LIMITED is growing +0.2% versus a year earlier (3y avg +3.1%). 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 QAF LIMITED (Q01)?
Earnings per share at QAF LIMITED are growing −51.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does QAF LIMITED (Q01) carry?
The net debt of QAF LIMITED is 49.6M SGD (fiscal year 2019, ≈ 1.4 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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