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Fraser & Neave Holdings BhdXKLS:3689 -0.36%84 Graham Number is RM15.42 as of Mar. 2026, which is 100% below its 10-year median of 2.15. GuruFocus rates XKLS:3689 with a GF Score™ of 84/100 and a GF Value™ of RM28.25 (Fairly Valued). The stock has 2 warning signs investors should review. Among 83 Beverages - Non-Alcoholic companies, Fraser & Neave Holdings Bhd ranks worse than 65.06% 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 Fraser & Neave Holdings Bhd's Graham Number or its related term are showing as below:
XKLS:3689'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.43 Med: 2.15 Max: 3.67
Current: 1.81
During the past 13 years, the highest Price to Graham Number ratio of Fraser & Neave Holdings Bhd was 3.67. The lowest was 1.43. And the median was 2.15.
XKLS:3689's Price-to-Graham-Number is ranked worse than 65.06% of 83
companies
in the Beverages - Non-Alcoholic industry
Industry Median: 1.46
vs XKLS:3689: 1.81
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Fraser & Neave Holdings Bhd (XKLS:3689) 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.
Fraser & Neave Holdings Bhd's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
27.90
/
15.42
=
1.81
* 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.
Fraser & Neave Holdings Bhd Graham Number Related Terms
Fraser & Neave Holdings 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.
XKLS:3689 vs KO, PEP, MNST: Graham Number Comparison
For the Beverages - Non-Alcoholic subindustry, Fraser & Neave Holdings 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.
Fraser & Neave Holdings Bhd Price-to-Graham-Number vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Fraser & Neave Holdings Bhd's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Fraser & Neave Holdings 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.
Fraser & Neave Holdings Bhd (XKLS:3689) has a Graham Number of RM15.42 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Fraser & Neave Holdings Bhd and its competitors. This is 617% above median its historical median of 2.15. Over the past decade, Fraser & Neave Holdings Bhd's Graham Number has ranged from 1.43 to 3.67. According to the industry distribution chart, Fraser & Neave Holdings Bhd ranks #54 out of 83 companies in the Beverages - Non-Alcoholic industry, placing it in the top 65.1%.
Is Fraser & Neave Holdings Bhd's Graham Number too high?
Fraser & Neave Holdings Bhd's current Graham Number of RM15.42 is 617% above median its 10-year median of 2.15. Over the past 10 years, this metric has ranged from a low of 1.43 to a high of 3.67. Based on the distribution chart, Fraser & Neave Holdings Bhd ranks #54 out of 83 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, Fraser & Neave Holdings Bhd has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fraser & Neave Holdings Bhd's Graham Number compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Fraser & Neave Holdings Bhd ranks #54 out of 83 companies for Graham Number. This places Fraser & Neave Holdings Bhd in the lower half of its industry. The industry median Graham Number is 1.46. Historically, Fraser & Neave Holdings Bhd's own Graham Number has ranged from 1.43 to 3.67 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 - Non-Alcoholic company?
The median Graham Number among Beverages - Non-Alcoholic companies is 1.46, based on 83 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 Fraser & Neave Holdings Bhd and its competitors. For the Beverages - Non-Alcoholic industry, the median Graham Number is 1.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fraser & Neave Holdings Bhd's current Graham Number is RM15.42, which is 617% above median its own 10-year median of 2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fraser & Neave Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, Fraser & Neave Holdings Bhd (XKLS:3689) is currently considered Fairly Valued. The stock's GF Value™ is RM28.25, compared to a current price of RM27.90 — trading 1.2% below its estimated fair value. The current Graham Number is RM15.42, which is 617% above median its 10-year median of 2.15. Fraser & Neave Holdings Bhd's overall GF Score™ is 84/100 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 Fraser & Neave Holdings Bhd (XKLS:3689), the current Graham Number is RM15.42 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 Fraser & Neave Holdings Bhd (XKLS:3689) Overvalued in 2026?
Based on GuruFocus' analysis, Fraser & Neave Holdings Bhd stock appears to be undervalued.
The current stock price of RM27.90 is trading 1.2% below its estimated GF Value™ of RM28.25.
GuruFocus considers Fraser & Neave Holdings Bhd to be Fairly Valued.
Key valuation signals for XKLS:3689:
Graham Number: RM15.42 (617% above median its 10-year median of 2.15)
GF Value™: RM28.25 vs. price of RM27.90 (1.2% below fair value)
No single metric tells the full story. See the XKLS:3689 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fraser & Neave Holdings Bhd manufactures and sells canned milk, both condensed and evaporated and other dairy products and soft drinks. The company manufactures its products in Malaysia and Thailand and operates through four main segments: F&B Malaysia, which generates maximum revenue, F&B Thailand, Property, and Others. F&B Malaysia and F&B Thailand manufacture both soft drinks and dairies. Its core soft drink brands include 100PLUS, F&N Fun Flavours, F&N NutriSoy, F&N Seasons, F&N Ice Mountain, and others. Its dairy brands include Carnation, Magnolia, Teapot, Farmhouse, Gold Coin, and F&N Fruit Tree, among others. Geographically, the company derives a majority of its revenue from Southeast Asia and the rest from other regions.
84GF Score
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