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QAF Limited (Q01) Fair Value & Analysis

Consumer Defensive · SG · Market cap 558M SGD

QL QAF Limited Q01 · SG
Price0.9700 SGD
Fair Value1.18 SGD
Upside+21.6%
Quality72/100
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Evidence: High Range 0.8800 SGD – 1.47 SGD

Fair value as of: Jul 4, 2026

From 22 valuation models · updated today

Share price −2.5% over the past month.

Price vs Fair Value (12 months)

1.03 SGD 0.8184 SGD Fair Value 1.18 SGD Jul 2025 Jul 2026

12‑month range 0.8184 SGD – 1.03 SGD · fair‑value band 0.8800 SGD – 1.47 SGD · the 0.9700 SGD price screens below the 1.18 SGD fair value. As of Jul 4, 2026.

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Analysis

QAF Limited (Q01) currently trades at 0.9700 SGD, while our model-based Fair Value estimate is 1.18 SGD — implying the stock looks roughly 21.6% undervalued today. We read business quality at 72/100 (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: high) — always confirm before acting.

Over the trailing twelve months, QAF Limited generated revenue of 634M SGD at a net margin of 6.3%. Revenue grew 0.2% year over year. It earns a return on equity of 8.0%. Net debt stands at 49.6M SGD. Fundamentals as of Jul 4, 2026

Key figures & financial health

Revenue (TTM) 634M SGD
Revenue growth (YoY) +0.2%
Net margin 6.3%
Return on equity 8.0%
Free cash flow 35.4M SGD FY2025
P/E ratio 13.9
More key figures
Operating margin 6.7%
EPS (TTM) 0.0700 SGD
Dividend yield 5.1%
EPS growth (YoY) +61.6%
Net debt 49.6M SGD FY2019

Figures from reported company fundamentals (EODHD) · as of Jul 4, 2026. TTM = trailing twelve months.

About the company

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.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Revenue +3.2%/yr
FY21 558M SGD
FY22 578M SGD
FY23 629M SGD
FY24 636M SGD
FY25 634M SGD
Net income −6.5%/yr
FY21 52.1M SGD
FY22 19.4M SGD
FY23 27.5M SGD
FY24 34.7M SGD
FY25 39.8M SGD

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Frequently asked questions

Is QAF Limited (Q01) undervalued?
As of Jul 4, 2026, our model estimates a fair value of 1.18 SGD versus a price of 0.9700 SGD — about +22% (undervalued). Model-based estimate, not financial advice.
What is the fair value of Q01?
Our model-based fair value for QAF Limited is 1.18 SGD (as of Jul 4, 2026), built from audited fundamentals. The current price is 0.9700 SGD.
What is the quality score of Q01?
QAF Limited has a Quality Score of 72/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of QAF Limited (Q01)?
QAF Limited reported trailing-twelve-month revenue of about 634M SGD (latest available figure, as of Jul 4, 2026).
What is the net profit margin of Q01?
The net profit margin of QAF Limited is about 6.3%, meaning it keeps roughly 6.3% of revenue as net income. Based on the latest reported figures.
Does QAF Limited pay a dividend?
QAF Limited currently shows a dividend yield of about 5.10% relative to its recent price (as of Jul 4, 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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.