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Fraser & Neave
(SGX:F99)
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Rating:61Neutral
Price Target:
S$1.50
▲(7.91% Upside)
Action:Reiterated
Date:10/01/26
The score is driven primarily by solid operating performance and manageable leverage, but it is held back by weak and inconsistent cash flow (including negative free cash flow in 2025). Technical indicators also point to a downtrend, while a reasonable P/E and ~4% dividend yield provide partial support.
Positive Factors
Revenue Growth
Sustained revenue expansion indicates that Fraser & Neave is maintaining demand for its products and improving its commercial reach. The strong 2025 increase provides a meaningful growth base for the next several months, although execution and profitability remain important.
Negative Factors
Volatile Cash Conversion
Inconsistent cash generation weakens confidence that reported earnings reliably translate into funds available for reinvestment, dividends, or debt reduction. The 2025 free-cash-flow reversal suggests that capital spending or working-capital needs can materially affect financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained revenue expansion indicates that Fraser & Neave is maintaining demand for its products and improving its commercial reach. The strong 2025 increase provides a meaningful growth base for the next several months, although execution and profitability remain important.
Read all positive factors
Fraser & Neave (F99) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.92B
Dividend Yield4.17%
Average Volume (3M)44.81K
Price to Earnings (P/E)12.5
Beta (1Y)0.71
Revenue Growth-2.52%
EPS Growth-6.24%
CountrySG
Employees7,200
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.11
Shares Outstanding1,456,824,200
10 Day Avg. Volume27,370
30 Day Avg. Volume44,810
Financial Highlights & Ratios
PEG Ratio-5.12
Price to Book (P/B)0.78
Price to Sales (P/S)0.93
P/FCF Ratio-142.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Fraser & Neave Business Overview & Revenue Model
Company Description
Fraser and Neave, Limited (F&N) is a diversified enterprise primarily involved in the food and beverage sector, alongside publishing and printing operations. Its activities span Singapore, Malaysia, Thailand, Vietnam, and extend to other internati...
How the Company Makes Money
Fraser & Neave primarily makes money by selling branded consumer products and related services across its operating segments. (1) Food & Beverage: The group generates revenue from manufacturing, marketing, and distributing beverages and food produ...
Fraser & Neave Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.22B | 2.32B | 2.16B | 2.10B | 2.00B | 1.88B |
| Gross Profit | 730.76M | 727.46M | 688.75M | 623.04M | 573.84M | 582.92M |
| EBITDA | 337.81M | 395.61M | 395.67M | 349.34M | 313.46M | 345.11M |
| Net Income | 153.68M | 141.28M | 150.91M | 133.22M | 124.87M | 140.44M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.03B | 5.20B | 5.12B | 4.98B | 4.92B |
| Cash, Cash Equivalents and Short-Term Investments | 334.66M | 363.50M | 529.64M | 431.83M | 274.59M | 471.80M |
| Total Debt | 0.00 | 1.13B | 1.20B | 1.17B | 935.65M | 975.02M |
| Total Liabilities | -3.37B | 1.71B | 1.82B | 1.72B | 1.48B | 1.47B |
| Stockholders Equity | 3.37B | 2.77B | 2.86B | 2.95B | 3.07B | 3.02B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -15.23M | 102.44M | 113.80M | -127.71M | 147.94M |
| Operating Cash Flow | 0.00 | 231.23M | 216.40M | 261.74M | 19.15M | 247.40M |
| Investing Cash Flow | 0.00 | -191.11M | -20.03M | -227.22M | -53.37M | -21.83M |
| Financing Cash Flow | 0.00 | -201.46M | -119.12M | 132.42M | -153.72M | -33.82M |
Fraser & Neave Technical Analysis
Negative
1.39
Price Trends
1.40
Negative
1.42
Negative
1.43
Negative
Market Momentum
-0.01
Positive
32.23
Neutral
19.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F99, the sentiment is Negative. The current price of 1.39 is above the 20-day moving average (MA) of 1.38, below the 50-day MA of 1.40, and below the 200-day MA of 1.43, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 32.23 is Neutral, neither overbought nor oversold. The STOCH value of 19.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:F99.
Fraser & Neave Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$10.81B | 10.93 | 15.93% | 5.81% | -7.53% | -3.18% | |
69 Neutral | S$1.26B | 14.64 | 19.74% | 5.99% | 14.02% | 146.88% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$1.92B | 12.49 | 5.02% | 4.17% | -2.52% | -6.24% | |
52 Neutral | S$110.81M | 1.62 | -7.79% | 0.91% | -49.36% | ― |
* Consumer Defensive Sector Average
SG:F99
Fraser & Neave
1.32
-0.12
-8.14%
SG:D03
Del Monte Pacific
0.06
-0.03
-38.04%
SG:Y92
Thai Beverage Public Co
0.43
-0.03
-6.32%
SG:Y03
Yeo Hiap Seng Ltd
0.54
-0.04
-7.06%
SG:F03
Food Empire Holdings Limited
1.92
0.09
4.86%
SG:IICD
PT Indofood CBP Sukses Makmur Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.96
-0.40
-29.42%
Fraser & Neave Corporate Events
F&N Completes RM181.6 Million Disposal of Vacaron Stake
Sep 4, 2026
Fraser Neave Holdings Bhd has completed the disposal of its 50% equity stake in Vacaron Company Sdn Bhd, a joint venture previously held with Frasers Property Holdings (Malaysia), to Tan Tan Developments Berhad. The deal, structured under a sale...
F&N Holdings Seals Deal to Exit Vacaron JV via Sale to Tan & Tan
Aug 21, 2026
Fraser Neave Holdings Bhd has signed a Sale and Purchase of Shares Agreement with Tan Tan Developments Berhad to dispose of its 50% equity interest in Vacaron Company Sdn Bhd, its joint venture vehicle previously shared with Frasers Property Hol...
Fraser & Neave Lifts Earnings on Margin Gains Despite Revenue Drop and Market Headwinds
Aug 7, 2026
Fraser Neave reported that revenue for the nine months ended 30 June 2026 fell 6% to $1.66 billion, as forex translation and geopolitical disruptions in Thailand and Myanmar weighed on beer and dairies sales, even as soft drinks and the publishin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.