Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Fraser Neave Holdings Bhd
Physical assets are 60.7% of total assets, a heavy footprint. Capex is 4.88x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.62x, which is below 1.
Fixed-asset turnover is 1.95x. Compare it with other names in the same basket.
Physical asset ratio
60.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 2.66BpropertyPlantAndEquipmentNetInventoryMYR 744.14MinventoryTotal assetsMYR 5.61BtotalAssetsResult 60.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.95xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenueMYR 5.20BtotalRevenueNet PP&EMYR 2.66BpropertyPlantAndEquipmentNetResult 1.95x
Revenue per dollar of the physical asset base.
Capex / D&A
4.88xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapexMYR 737.49McapitalExpendituresD&AMYR 151.09MdepreciationAndAmortizationResult 4.88x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
MYR 9.41Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 5.61BtotalAssetsGoodwillMYR 305.25MgoodWillIntangiblesMYR 118.52MintangibleAssetsLiabilitiesMYR 1.73BtotalLiabTangible bookMYR 3.46BShares367,035,000commonStockSharesOutstandingResult MYR 9.41
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / shareMYR 9.412025-09-30A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
0.62xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 917.11MebitdaCapexMYR 737.49McapitalExpendituresInterestMYR 35.30MinterestExpenseShort-term debtMYR 254.00MshortLongTermDebtEBITDA − capexMYR 179.62MPrincipal due is the current portion of debt.Result 0.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.7%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow-MYR 133.46MfreeCashFlowMarket capMYR 7.77BMarketCapitalizationResult -1.7%
Latest free cash flow divided by current market cap (MYR 7.77B).
ROIC
13.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 745.51MoperatingIncomeTax expenseMYR 216.05MincomeTaxExpensePretax incomeMYR 730.72MincomeBeforeTaxTax rate29.6%EquityMYR 3.86BtotalStockholderEquityDebtMYR 656.17MshortLongTermDebtTotalCashMYR 625.86McashInvested capitalMYR 3.89BResult 13.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.28x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 53.2%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.28BpropertyPlantEquipmentInventoryMYR 497.17MinventoryTotal assetsMYR 3.35BtotalAssetsResult 53.2% | 3.21xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenueMYR 4.11BtotalRevenueNet PP&EMYR 1.28BpropertyPlantEquipmentResult 3.21x | 1.99xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapexMYR 181.43McapitalExpendituresD&AMYR 91.01MdepreciationAndAmortizationResult 1.99x | MYR 5.94Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 3.35BtotalAssetsGoodwillMYR 40.54MgoodWillIntangiblesMYR 81.75MintangibleAssetsLiabilitiesMYR 1.03BtotalLiabTangible bookMYR 2.19BShares368,457,000commonStockSharesOutstandingResult MYR 5.94 | 1.52xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 528.72MebitdaCapexMYR 181.43McapitalExpendituresInterestMYR 15.41MinterestExpenseShort-term debtMYR 213.45MshortTermDebtEBITDA − capexMYR 347.29MPrincipal due is short-term debt.Result 1.52x | MYR 367.45MFree cash flow · 2018-09-30Reported free cash flowOperating cash flowMYR 548.88MtotalCashFromOperatingActivitiesCapexMYR 181.43McapitalExpendituresFree cash flowMYR 367.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 367.45M | 18.1%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 420.24MoperatingIncomeTax expenseMYR 37.63MincomeTaxExpensePretax incomeMYR 422.73MincomeBeforeTaxTax rate8.9%EquityMYR 2.31BtotalStockholderEquityDebtMYR 335.52MshortLongTermDebtTotalCashMYR 537.09McashInvested capitalMYR 2.11BResult 18.1% | 0.33xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating incomeMYR 420.24MoperatingIncomeNet PP&EMYR 1.28BpropertyPlantEquipmentResult 0.33x |
| 2019 | 54.7%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.34BpropertyPlantEquipmentInventoryMYR 578.40MinventoryTotal assetsMYR 3.50BtotalAssetsResult 54.7% | 3.04xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenueMYR 4.08BtotalRevenueNet PP&EMYR 1.34BpropertyPlantEquipmentResult 3.04x | 1.35xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapexMYR 137.84McapitalExpendituresD&AMYR 102.42MdepreciationAndAmortizationResult 1.35x | MYR 6.55Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 3.50BtotalAssetsGoodwillMYR 40.54MgoodWillIntangiblesMYR 80.11MintangibleAssetsLiabilitiesMYR 974.42MtotalLiabTangible bookMYR 2.41BShares367,575,000commonStockSharesOutstandingResult MYR 6.55 | 15.79xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 638.09MebitdaCapexMYR 137.84McapitalExpendituresInterestMYR 4.27MinterestExpenseShort-term debtMYR 27.40MshortTermDebtEBITDA − capexMYR 500.25MPrincipal due is short-term debt.Result 15.79x | MYR 440.50MFree cash flow · 2019-09-30Reported free cash flowOperating cash flowMYR 578.34MtotalCashFromOperatingActivitiesCapexMYR 137.84McapitalExpendituresFree cash flowMYR 440.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 440.50M | 19.2%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 520.44MoperatingIncomeTax expenseMYR 122.73MincomeTaxExpensePretax incomeMYR 532.96MincomeBeforeTaxTax rate23.0%EquityMYR 2.53BtotalStockholderEquityDebtMYR 123.31MshortLongTermDebtTotalCashMYR 569.72McashInvested capitalMYR 2.08BResult 19.2% | 0.39xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating incomeMYR 520.44MoperatingIncomeNet PP&EMYR 1.34BpropertyPlantEquipmentResult 0.39x |
| 2020 | 59.7%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.45BpropertyPlantEquipmentInventoryMYR 655.98MinventoryTotal assetsMYR 3.52BtotalAssetsResult 59.7% | 2.76xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenueMYR 3.99BtotalRevenueNet PP&EMYR 1.45BpropertyPlantEquipmentResult 2.76x | 1.58xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapexMYR 209.22McapitalExpendituresD&AMYR 132.57MdepreciationAndAmortizationResult 1.58x | MYR 7.19Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 3.52BtotalAssetsGoodwillMYR 40.54MgoodWillIntangiblesMYR 5.38MintangibleAssetsLiabilitiesMYR 829.62MtotalLiabTangible bookMYR 2.64BShares367,553,000commonStockSharesOutstandingResult MYR 7.19 | 4.69xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 659.55MebitdaCapexMYR 209.22McapitalExpendituresInterestMYR 4.07MinterestExpenseShort-term debtMYR 91.87MshortLongTermDebtEBITDA − capexMYR 450.33MPrincipal due is the current portion of debt.Result 4.69x | MYR 133.38MFree cash flow · 2020-09-30Reported free cash flowOperating cash flowMYR 342.60MtotalCashFromOperatingActivitiesCapexMYR 209.22McapitalExpendituresFree cash flowMYR 133.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 133.38M | 17.5%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 515.16MoperatingIncomeTax expenseMYR 112.79MincomeTaxExpensePretax incomeMYR 522.91MincomeBeforeTaxTax rate21.6%EquityMYR 2.69BtotalStockholderEquityDebtMYR 116.33MshortLongTermDebtTotalCashMYR 493.62McashInvested capitalMYR 2.31BResult 17.5% | 0.36xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating incomeMYR 515.16MoperatingIncomeNet PP&EMYR 1.45BpropertyPlantEquipmentResult 0.36x |
| 2021 | 59.4%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.50BpropertyPlantEquipmentInventoryMYR 659.75MinventoryTotal assetsMYR 3.63BtotalAssetsResult 59.4% | 2.76xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenueMYR 4.13BtotalRevenueNet PP&EMYR 1.50BpropertyPlantEquipmentResult 2.76x | 1.08xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapexMYR 147.35McapitalExpendituresD&AMYR 135.86MdepreciationAndAmortizationResult 1.08x | MYR 7.43Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 3.63BtotalAssetsGoodwillMYR 67.58MgoodWillIntangiblesMYR 20.74MintangibleAssetsLiabilitiesMYR 812.98MtotalLiabTangible bookMYR 2.73BShares367,373,000commonStockSharesOutstandingResult MYR 7.43 | 115.44xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 618.35MebitdaCapexMYR 147.35McapitalExpendituresInterestMYR 3.08MinterestExpenseShort-term debtMYR 1.00MshortLongTermDebtEBITDA − capexMYR 471.00MPrincipal due is the current portion of debt.Result 115.44x | MYR 469.75MFree cash flow · 2021-09-30Reported free cash flowOperating cash flowMYR 617.10MtotalCashFromOperatingActivitiesCapexMYR 147.35McapitalExpendituresFree cash flowMYR 469.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 469.75M | 17.2%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 472.29MoperatingIncomeTax expenseMYR 84.28MincomeTaxExpensePretax incomeMYR 479.41MincomeBeforeTaxTax rate17.6%EquityMYR 2.82BtotalStockholderEquityDebtMYR 1.00MlongTermDebt + shortLongTermDebtCashMYR 555.38McashInvested capitalMYR 2.26BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.2% | 0.32xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating incomeMYR 472.29MoperatingIncomeNet PP&EMYR 1.50BpropertyPlantEquipmentResult 0.32x |
| 2022 | 59.2%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.58BpropertyPlantEquipmentInventoryMYR 901.38MinventoryTotal assetsMYR 4.19BtotalAssetsResult 59.2% | 2.83xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenueMYR 4.47BtotalRevenueNet PP&EMYR 1.58BpropertyPlantEquipmentResult 2.83x | 1.59xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapexMYR 200.16McapitalExpendituresD&AMYR 126.16MdepreciationAndAmortizationResult 1.59x | MYR 7.87Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 4.19BtotalAssetsGoodwillMYR 67.58MgoodWillIntangiblesMYR 24.35MintangibleAssetsLiabilitiesMYR 1.21BtotalLiabTangible bookMYR 2.89BShares367,474,000commonStockSharesOutstandingResult MYR 7.87 | 9.10xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 585.75MebitdaCapexMYR 200.16McapitalExpendituresInterestMYR 5.54MinterestExpenseShort-term debtMYR 36.83MshortLongTermDebtEBITDA − capexMYR 385.59MPrincipal due is the current portion of debt.Result 9.10x | -MYR 93.15MFree cash flow · 2022-09-30Reported free cash flowOperating cash flowMYR 107.01MtotalCashFromOperatingActivitiesCapexMYR 200.16McapitalExpendituresFree cash flow-MYR 93.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MYR 93.15M | 13.3%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 447.94MoperatingIncomeTax expenseMYR 71.78MincomeTaxExpensePretax incomeMYR 454.05MincomeBeforeTaxTax rate15.8%EquityMYR 2.98BtotalStockholderEquityDebtMYR 310.12MshortLongTermDebtTotalCashMYR 461.89McashAndEquivalentsInvested capitalMYR 2.83BResult 13.3% | 0.28xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating incomeMYR 447.94MoperatingIncomeNet PP&EMYR 1.58BpropertyPlantEquipmentResult 0.28x |
| 2023 | 53.1%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 1.95BpropertyPlantEquipmentInventoryMYR 764.18MinventoryTotal assetsMYR 5.11BtotalAssetsResult 53.1% | 2.56xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenueMYR 5.00BtotalRevenueNet PP&EMYR 1.95BpropertyPlantEquipmentResult 2.56x | 0.74xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapexMYR 108.40McapitalExpendituresD&AMYR 146.30MdepreciationAndAmortizationResult 0.74x | MYR 7.94Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 5.11BtotalAssetsGoodwillMYR 305.25MgoodWillIntangiblesMYR 128.12MintangibleAssetsLiabilitiesMYR 1.76BtotalLiabTangible bookMYR 2.92BShares367,398,000commonStockSharesOutstandingResult MYR 7.94 | 17.78xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 806.52MebitdaCapexMYR 108.40McapitalExpendituresInterestMYR 35.26MinterestExpenseShort-term debtMYR 4.00MshortLongTermDebtEBITDA − capexMYR 698.13MPrincipal due is the current portion of debt.Result 17.78x | MYR 944.61MFree cash flow · 2023-09-30Reported free cash flowOperating cash flowMYR 1.05BtotalCashFromOperatingActivitiesCapexMYR 108.40McapitalExpendituresFree cash flowMYR 944.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 944.61M | 18.1%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 642.94MoperatingIncomeTax expenseMYR 82.64MincomeTaxExpensePretax incomeMYR 624.67MincomeBeforeTaxTax rate13.2%EquityMYR 3.34BtotalStockholderEquityDebtMYR 767.88MshortLongTermDebtTotalCashMYR 1.03BcashAndEquivalentsInvested capitalMYR 3.08BResult 18.1% | 0.33xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating incomeMYR 642.94MoperatingIncomeNet PP&EMYR 1.95BpropertyPlantEquipmentResult 0.33x |
| 2024 | 51.9%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 2.09BpropertyPlantAndEquipmentNetInventoryMYR 744.96MinventoryTotal assetsMYR 5.47BtotalAssetsResult 51.9% | 2.50xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenueMYR 5.25BtotalRevenueNet PP&EMYR 2.09BpropertyPlantAndEquipmentNetResult 2.50x | 1.92xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapexMYR 278.28McapitalExpendituresD&AMYR 144.69MdepreciationAndAmortizationResult 1.92x | MYR 8.60Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 5.47BtotalAssetsGoodwillMYR 305.25MgoodWillIntangiblesMYR 125.07MintangibleAssetsLiabilitiesMYR 1.89BtotalLiabTangible bookMYR 3.16BShares367,238,000commonStockSharesOutstandingResult MYR 8.60 | 3.99xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 877.35MebitdaCapexMYR 278.28McapitalExpendituresInterestMYR 36.32MinterestExpenseShort-term debtMYR 114.00MshortLongTermDebtEBITDA − capexMYR 599.07MPrincipal due is the current portion of debt.Result 3.99x | MYR 454.45MFree cash flow · 2024-09-30Reported free cash flowOperating cash flowMYR 715.68MtotalCashFromOperatingActivitiesCapexMYR 278.28McapitalExpendituresFree cash flowMYR 454.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result MYR 454.45M | 17.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 709.51MoperatingIncomeTax expenseMYR 152.73MincomeTaxExpensePretax incomeMYR 698.24MincomeBeforeTaxTax rate21.9%EquityMYR 3.58BtotalStockholderEquityDebtMYR 760.95MshortLongTermDebtTotalCashMYR 1.13BcashInvested capitalMYR 3.20BResult 17.3% | 0.34xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating incomeMYR 709.51MoperatingIncomeNet PP&EMYR 2.09BpropertyPlantAndEquipmentNetResult 0.34x |
| 2025 | 60.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&EMYR 2.66BpropertyPlantAndEquipmentNetInventoryMYR 744.14MinventoryTotal assetsMYR 5.61BtotalAssetsResult 60.7% | 1.95xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenueMYR 5.20BtotalRevenueNet PP&EMYR 2.66BpropertyPlantAndEquipmentNetResult 1.95x | 4.88xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapexMYR 737.49McapitalExpendituresD&AMYR 151.09MdepreciationAndAmortizationResult 4.88x | MYR 9.41Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsMYR 5.61BtotalAssetsGoodwillMYR 305.25MgoodWillIntangiblesMYR 118.52MintangibleAssetsLiabilitiesMYR 1.73BtotalLiabTangible bookMYR 3.46BShares367,035,000commonStockSharesOutstandingResult MYR 9.41 | 0.62xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAMYR 917.11MebitdaCapexMYR 737.49McapitalExpendituresInterestMYR 35.30MinterestExpenseShort-term debtMYR 254.00MshortLongTermDebtEBITDA − capexMYR 179.62MPrincipal due is the current portion of debt.Result 0.62x | -MYR 133.46MFree cash flow · 2025-09-30Reported free cash flowOperating cash flowMYR 590.01MtotalCashFromOperatingActivitiesCapexMYR 737.49McapitalExpendituresFree cash flow-MYR 133.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -MYR 133.46M | 13.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeMYR 745.51MoperatingIncomeTax expenseMYR 216.05MincomeTaxExpensePretax incomeMYR 730.72MincomeBeforeTaxTax rate29.6%EquityMYR 3.86BtotalStockholderEquityDebtMYR 656.17MshortLongTermDebtTotalCashMYR 625.86McashInvested capitalMYR 3.89BResult 13.5% | 0.28xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating incomeMYR 745.51MoperatingIncomeNet PP&EMYR 2.66BpropertyPlantAndEquipmentNetResult 0.28x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: MYR 2.66B
Inventory: MYR 744.14M
Total assets: MYR 5.61B
Goodwill: MYR 305.25M
Intangibles: MYR 118.52M
Liabilities: MYR 1.73B
Tangible book: MYR 3.46B
Shares: 367,035,000
Revenue: MYR 5.20B
Capex: MYR 737.49M
D&A: MYR 151.09M
EBITDA: MYR 917.11M
Interest: MYR 35.30M
Short-term debt: MYR 254.00M
Free cash flow: -MYR 133.46M
Operating income: MYR 745.51M
Invested capital: MYR 3.89B
Tax rate: 29.6%