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What is Carlsberg Brewery Malaysia Bhd Graham Number?
Carlsberg Brewery Malaysia BhdXKLS:2836 +0.13%81 Graham Number is RM5.88 as of Mar. 2026, which is 100% below its 10-year median of 5.22. GuruFocus rates XKLS:2836 with a GF Score™ of 81/100 and a GF Value™ of RM19.43 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 136 Beverages - Alcoholic companies, Carlsberg Brewery Malaysia Bhd ranks worse than 77.94% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Carlsberg Brewery Malaysia Bhd's Graham Number or its related term are showing as below:
XKLS:2836'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.69 Med: 5.22 Max: 9.49
Current: 2.71
During the past 13 years, the highest Price to Graham Number ratio of Carlsberg Brewery Malaysia Bhd was 9.49. The lowest was 2.69. And the median was 5.22.
XKLS:2836's Price-to-Graham-Number is ranked worse than 77.94% of 136
companies
in the Beverages - Alcoholic industry
Industry Median: 1.48
vs XKLS:2836: 2.71
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Carlsberg Brewery Malaysia Bhd (XKLS:2836) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Carlsberg Brewery Malaysia Bhd's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
15.96
/
5.88
=
2.71
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Carlsberg Brewery Malaysia Bhd Graham Number Related Terms
Carlsberg Brewery Malaysia Bhd Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Carlsberg Brewery Malaysia Bhd Graham Number Chart
For the Beverages - Brewers subindustry, Carlsberg Brewery Malaysia Bhd's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Carlsberg Brewery Malaysia Bhd Price-to-Graham-Number vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg Brewery Malaysia Bhd's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Carlsberg Brewery Malaysia Bhd's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Carlsberg Brewery Malaysia Bhd (XKLS:2836) has a Graham Number of RM5.88 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Carlsberg Brewery Malaysia Bhd and its competitors. This is 13% above median its historical median of 5.22. Over the past decade, Carlsberg Brewery Malaysia Bhd's Graham Number has ranged from 2.69 to 9.49. According to the industry distribution chart, Carlsberg Brewery Malaysia Bhd ranks #106 out of 136 companies in the Beverages - Alcoholic industry, placing it in the top 77.9%.
Is Carlsberg Brewery Malaysia Bhd's Graham Number too high?
Carlsberg Brewery Malaysia Bhd's current Graham Number of RM5.88 is 13% above median its 10-year median of 5.22. Over the past 10 years, this metric has ranged from a low of 2.69 to a high of 9.49. Based on the distribution chart, Carlsberg Brewery Malaysia Bhd ranks #106 out of 136 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Carlsberg Brewery Malaysia Bhd has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg Brewery Malaysia Bhd's Graham Number compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg Brewery Malaysia Bhd ranks #106 out of 136 companies for Graham Number. This places Carlsberg Brewery Malaysia Bhd in the lower half of its industry. The industry median Graham Number is 1.48. Historically, Carlsberg Brewery Malaysia Bhd's own Graham Number has ranged from 2.69 to 9.49 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Beverages - Alcoholic company?
The median Graham Number among Beverages - Alcoholic companies is 1.48, based on 136 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Carlsberg Brewery Malaysia Bhd and its competitors. For the Beverages - Alcoholic industry, the median Graham Number is 1.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg Brewery Malaysia Bhd's current Graham Number is RM5.88, which is 13% above median its own 10-year median of 5.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carlsberg Brewery Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Carlsberg Brewery Malaysia Bhd (XKLS:2836) is currently considered Modestly Undervalued. The stock's GF Value™ is RM19.43, compared to a current price of RM15.96 — trading 17.9% below its estimated fair value. The current Graham Number is RM5.88, which is 13% above median its 10-year median of 5.22. Carlsberg Brewery Malaysia Bhd's overall GF Score™ is 81/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Carlsberg Brewery Malaysia Bhd (XKLS:2836), the current Graham Number is RM5.88 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Carlsberg Brewery Malaysia Bhd (XKLS:2836) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg Brewery Malaysia Bhd stock appears to be undervalued.
The current stock price of RM15.96 is trading 17.9% below its estimated GF Value™ of RM19.43.
GuruFocus considers Carlsberg Brewery Malaysia Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:2836:
Graham Number: RM5.88 (13% above median its 10-year median of 5.22)
GF Value™: RM19.43 vs. price of RM15.96 (17.9% below fair value)
No single metric tells the full story. See the XKLS:2836 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carlsberg Brewery Malaysia Bhd produces and sells beer, stout, cider, shandy, and nonalcoholic malt beverages in Asia. The company produces its products in Malaysia, and nearly all sales are in Malaysia and Singapore. The company also exports products to Sri Lanka, Thailand, Taiwan, and Hong Kong. Carlsberg is the company's flagship brand. Other brands include Kronenbourg 1664, Somersby Ciders, Asahi Dry, Royal Stout, Skol, Jolly Shandy, Nutrimalt, Connor's Stout Porter, and Corona Extra. The company has three segments: Malaysia, Singapore, and Others. It generates the majority of its revenue from the Malaysia segment, which includes manufacturing, marketing, and distribution of both alcoholic and non-alcoholic beverages by entities in Malaysia.
81GF Score
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