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United Plantations Bhd (2089) Fair Value & Analysis

Consumer Defensive · MY · Market cap 21.3B MYR (≈ $5.3B) · ISIN MYL2089OO000

What is United Plantations Bhd really worth?

UP United Plantations Bhd 2089 · KLSE
Price32.06 MYR
Fair Value23.34 MYR
Upside−27.2%
Quality79/100

A strong business, but trading 37% above our fair value of 23.34 MYR.

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Strengths

Healthy Growth (revenue 5y +13.4 %/yr)
Highly profitable · 30.7% net margin
generates free cash flow
Wide moat 92/100

Risks

!Mixed vs. peers (8/14)

For context

·2.53% dividend yield
Evidence: High Range 13.74 MYR – 30.68 MYR

Fair value as of: Aug 19, 2026

From 26 valuation models · updated 16 days ago

Share price −6.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (30.68 MYR). The favourable scenario is already priced in.
  • A fairly wide model range (13.74 MYR to 30.68 MYR) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

35.02 MYR 7.70 MYR Fair Value 23.34 MYR Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 7.70 MYR – 35.02 MYR · fair‑value band 13.74 MYR – 30.68 MYR · the 32.06 MYR price screens above the 23.34 MYR fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

United Plantations Bhd (2089) currently trades at 32.06 MYR, while our model-based Fair Value estimate is 23.34 MYR, implying the stock looks roughly 37.4% overvalued today. The Quality Score stands at 79/100 (high quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of 25.51 MYR per share, and 1 of the 26 models we run sit above the 32.06 MYR price. Bear case: the Asset-Based group reads lowest at 3.09 MYR, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, United Plantations Bhd generated revenue of 2.7B MYR at a net margin of 30.7%. Revenue grew 23.8% year over year. It earns a return on equity of 27.8%. The stock trades on a trailing P/E of 24.1. Fundamentals as of Aug 19, 2026

Our scenario range runs from 13.74 MYR (bear case) to 30.68 MYR (bull case); at 32.06 MYR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 52% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 18% fair-value upside, at −27%, 2089 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.3519 MYR per share, which is 1.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 14.03 MYR 24.66 MYR 42.77 MYR 76
Growth DCF 13.99 MYR 23.90 MYR 40.44 MYR 73
Owner Earnings 14.51 MYR 25.51 MYR 44.24 MYR 71
All 26 models by family
DCF Models
FCF DCF best evidence 14.03 MYR 24.66 MYR 42.77 MYR 76
Owner Earnings 14.51 MYR 25.51 MYR 44.24 MYR 71
5Y Revenue Exit 7.46 MYR 11.15 MYR 15.84 MYR 70
5Y EBITDA Exit 15.99 MYR 28.45 MYR 43.93 MYR 71
5Y P/E Exit 17.57 MYR 31.66 MYR 47.61 MYR 67
10Y Revenue Exit 9.44 MYR 13.63 MYR 19.47 MYR 64
10Y EBITDA Exit 15.20 MYR 26.19 MYR 42.62 MYR 64
10Y P/E Exit 16.24 MYR 28.53 MYR 45.66 MYR 60
Earnings-Based
Graham-Dodd 9.02 MYR 39.52 MYR 54.08 MYR 64
Lynch FV 10.20 MYR 14.57 MYR 18.95 MYR 61
PEG = 1.0 10.20 MYR 14.57 MYR 18.95 MYR 57
EPV 12.78 MYR 14.88 MYR 16.73 MYR 70
Dividend Discount
Gordon GGM 10.83 MYR 22.53 MYR 35.74 MYR 66
DDM Multi-Stage 10.83 MYR 19.00 MYR 23.64 MYR 66
Multiples
P/E Multiple 20.89 MYR 27.85 MYR 34.81 MYR 63
P/S Multiple 4.85 MYR 6.47 MYR 8.08 MYR 58
P/B Multiple 16.91 MYR 22.54 MYR 28.18 MYR 55
EV/EBIT 22.00 MYR 29.28 MYR 36.57 MYR 63
EV/EBITDA 18.46 MYR 24.57 MYR 30.68 MYR 64
EV/Revenue 4.38 MYR 6.20 MYR 8.01 MYR 51
Asset-Based
NCAV (Graham) 2.31 MYR 3.09 MYR 4.62 MYR 51
Growth DCF
Growth DCF 13.99 MYR 23.90 MYR 40.44 MYR 73
Rev-Margin DCF 7.46 MYR 11.24 MYR 16.06 MYR 70
Economic Profit
Residual Income 7.84 MYR 9.30 MYR 28.02 MYR 66
ROIC Compounder 14.26 MYR 18.60 MYR 23.92 MYR 70
Growth Earnings
Growth-Adj P/E 16.86 MYR 24.08 MYR 31.31 MYR 67

Widest divergence: DCF Models (25.51 MYR) versus Asset-Based (3.09 MYR). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 24.1
P/S ratio 7.91 P/E × margin
EPS (TTM) 1.33 MYR price ÷ EPS = P/E 24.1
Dividend yield 2.5% payout 60.9%
Net margin 32.8% FY2025
Return on equity 27.8% TTM
More key figures
Profitability
Return on assets (EBIT) 26.7% avg 5y
Operating margin 32.0% TTM
Growth
Revenue (TTM) 2.7B MYR TTM
Revenue growth (YoY) +23.8% 3y avg 0.0%
EPS growth (YoY) −1.6%
Balance sheet & cash flow
Free cash flow 685M MYR FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 76 · Market factors (momentum, volatility) 75

Profitability 86
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

United Plantations Berhad engages in the cultivation and processing of oil palm and coconuts in Malaysia, Indonesia, Europe, the United States, and internationally. It operates through Plantations, Palm Oil Refining, and Other segments. The company offers edible oils, fats, and cocoa butter substitutes; and trades in crude palm oil and palm kernel products.

Full company description

United Plantations Berhad engages in the cultivation and processing of oil palm and coconuts in Malaysia, Indonesia, Europe, the United States, and internationally. It operates through Plantations, Palm Oil Refining, and Other segments. The company offers edible oils, fats, and cocoa butter substitutes; and trades in crude palm oil and palm kernel products. It also provides trading and marketing services. United Plantations Berhad was founded in 1906 and is based in Teluk Intan, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Plantations Bhd reported revenue of 2.5B MYR in FY2025 versus 2.0B MYR in FY2021, a compound +5.4%/yr. Reported net income was 825M MYR in FY2025, compounding +12.3%/yr from FY2021.

Growth Quality 99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.5B MYR
Latest YoY
+14.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.4%
Avg. revenue growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.0%
Value creation/yr (5Y, in MYR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+9.1% (6.6 + 2.5)
Revenue +5.4%/yr
FY21 2.0B MYR
FY22 2.5B MYR
FY23 2.0B MYR
FY24 2.2B MYR
FY25 2.5B MYR
Net income +12.3%/yr
FY21 518M MYR
FY22 602M MYR
FY23 708M MYR
FY24 715M MYR
FY25 825M MYR

2089 screens 37% overvalued. Compare with Archer-Daniels-Midland Company →

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Cite: Fair Value Calculator (2026). "United Plantations Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2089

Peer Group

Farm Products · 293 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 79 · Top 25%
Fair Value upside −27% · Below median
Return on equity (TTM) 28% · Top 25%
Return on assets 19% · Top 25%
Net margin (TTM) 31% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 24% · Top 25%
Dividend yield (TTM) 2.5% · Above median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 24.1× · Pricier than median
P/B 1.83× · Pricier than 75% of peers
P/S (TTM) 1.97× · Pricier than 75% of peers
P/FCF 7.7× · Pricier than 75% of peers
EV/EBITDA 4.5× · Cheaper than median
PEG 3.91× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 25
FUTURE100 · sector 21
PAST100 · sector 19
HEALTH0 · sector 94
DIVIDEND51 · sector 49

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $81.54 $38.02 −53%
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
Bunge Global SA BG $111.57 $56.19 −50%
Tyson Foods, Inc TSN $55.40 $28.60 −48%
Wens Foodstuff Group 300498 ¥13.80 ¥11.18 −19%
Mowi ASA MOWI kr 201.80 kr 256.14 +27%
Fujian Wanchen Food Group 300972 ¥201.06 ¥143.09 −29%
Charoen Pokphand Foods Public Company CPF 23.40 THB 43.24 THB +85%
PT Charoen Pokphand Indonesia Tbk, CPIN 2,960 IDR 6,818 IDR +130%
L.D.C. S.A LOUP €112.20 €184.99 +65%

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Frequently asked questions

Is United Plantations Bhd (2089) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 23.34 MYR versus a price of 32.06 MYR, about −27% upside (overvalued).
What is the fair value of 2089?
Our model-based fair value for United Plantations Bhd is 23.34 MYR (as of Aug 19, 2026), built from audited fundamentals. The current price: 32.06 MYR.
What is the quality score of 2089?
United Plantations Bhd has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of United Plantations Bhd (2089)?
United Plantations Bhd reported trailing-twelve-month revenue of about 2.7B MYR (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 2089?
The net profit margin of United Plantations Bhd is about 30.7%, meaning it keeps roughly 30.7% of revenue as net income. Based on the latest reported figures.
Does United Plantations Bhd pay a dividend?
United Plantations Bhd currently shows a dividend yield of about 2.53% relative to its recent price (as of Aug 19, 2026).
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