Heineken Malaysia Berhad

KLSE:HEIM Stock Report

Market Cap: RM 7.5b

Heineken Malaysia Berhad Valuation

Is HEIM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HEIM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HEIM (MYR24.76) is trading below our estimate of fair value (MYR25.55)

Significantly Below Fair Value: HEIM is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HEIM?

Key metric: As HEIM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HEIM. This is calculated by dividing HEIM's market cap by their current earnings.
What is HEIM's PE Ratio?
PE Ratio17.6x
EarningsRM 424.97m
Market CapRM 7.48b

Price to Earnings Ratio vs Peers

How does HEIM's PE Ratio compare to its peers?

The above table shows the PE ratio for HEIM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.7x
CARLSBG Carlsberg Brewery Malaysia Berhad
18.9x6.4%RM 6.3b
F&N Fraser & Neave Holdings Bhd
19x6.9%RM 10.3b
GENP Genting Plantations Berhad
19.2x7.2%RM 5.3b
FGV FGV Holdings Berhad
17.7x11.8%RM 4.1b
HEIM Heineken Malaysia Berhad
17.6x3.2%RM 7.5b

Price-To-Earnings vs Peers: HEIM is good value based on its Price-To-Earnings Ratio (17.6x) compared to the peer average (18.7x).

Price to Earnings Ratio vs Industry

How does HEIM's PE Ratio compare vs other companies in the Asian Beverage Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
HEIM 17.6xIndustry Avg. 18.8xNo. of Companies27PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HEIM is good value based on its Price-To-Earnings Ratio (17.6x) compared to the Asian Beverage industry average (18.8x).

Price to Earnings Ratio vs Fair Ratio

What is HEIM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HEIM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.6x
Fair PE Ratio16.1x

Price-To-Earnings vs Fair Ratio: HEIM is expensive based on its Price-To-Earnings Ratio (17.6x) compared to the estimated Fair Price-To-Earnings Ratio (16.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HEIM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 24.76
RM 29.33
+18.5%
8.3%RM 34.56RM 25.30n/a8
Dec ’25RM 24.00
RM 29.33
+22.2%
8.3%RM 34.56RM 25.30n/a8
Nov ’25RM 22.92
RM 28.20
+23.0%
6.2%RM 30.71RM 25.30n/a8
Oct ’25RM 23.76
RM 28.20
+18.7%
6.2%RM 30.71RM 25.30n/a8
Sep ’25RM 23.00
RM 28.25
+22.8%
5.9%RM 30.71RM 25.30n/a9
Aug ’25RM 22.92
RM 28.16
+22.9%
7.5%RM 30.71RM 23.68n/a9
Jul ’25RM 22.20
RM 28.16
+26.8%
7.5%RM 30.71RM 23.68n/a9
Jun ’25RM 24.00
RM 28.16
+17.3%
7.5%RM 30.71RM 23.68n/a9
May ’25RM 23.26
RM 27.93
+20.1%
7.8%RM 29.94RM 22.60n/a10
Apr ’25RM 23.70
RM 27.98
+18.1%
7.3%RM 29.94RM 23.11n/a10
Mar ’25RM 22.76
RM 28.07
+23.3%
7.5%RM 29.94RM 23.11n/a10
Feb ’25RM 24.10
RM 28.90
+19.9%
8.8%RM 33.00RM 23.11n/a10
Jan ’25RM 24.14
RM 29.11
+20.6%
7.2%RM 33.00RM 25.21RM 24.1210
Dec ’24RM 21.82
RM 29.11
+33.4%
7.2%RM 33.00RM 25.21RM 24.0010
Nov ’24RM 23.58
RM 30.52
+29.4%
6.8%RM 33.00RM 25.21RM 22.9211
Oct ’24RM 24.32
RM 30.30
+24.6%
7.4%RM 33.00RM 25.21RM 23.7611
Sep ’24RM 23.46
RM 30.39
+29.6%
7.2%RM 33.00RM 25.21RM 23.0012
Aug ’24RM 26.10
RM 31.23
+19.7%
7.9%RM 36.00RM 27.40RM 22.9212
Jul ’24RM 26.10
RM 30.98
+18.7%
9.0%RM 36.00RM 26.00RM 22.2013
Jun ’24RM 26.76
RM 31.21
+16.6%
9.7%RM 36.00RM 26.00RM 24.0013
May ’24RM 28.14
RM 31.15
+10.7%
9.9%RM 36.00RM 26.00RM 23.2613
Apr ’24RM 26.50
RM 31.15
+17.5%
9.9%RM 36.00RM 26.00RM 23.7013
Mar ’24RM 28.72
RM 31.01
+8.0%
9.9%RM 36.00RM 26.00RM 22.7613
Feb ’24RM 28.00
RM 29.64
+5.9%
8.1%RM 33.00RM 25.80RM 24.1013
Jan ’24RM 25.20
RM 28.95
+14.9%
12.9%RM 33.00RM 19.00RM 24.1412

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 22:01
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Heineken Malaysia Berhad is covered by 22 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Pei WongAffin Hwang Investment Bank
null Research DepartmentAmInvestment Bank Berhad
Prem JearajasingamCGS International