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Volcano Bhd (0232) fair value: what the stock is really worth

As of Nov 2, 2026: fair value (intrinsic value) of Volcano Bhd stock MYR 0.44, price MYR 0.28, upside +60.0%, quality 43 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials MY · ISIN MYQ0232OO007

VB Volcano Bhd logo Thin data Nov 4, 2026

Volcano Bhd

0232 · KLSE
Cheap, value-trap risk

The stock costs 38% less than our calculation considers fair.

Fair value 0.4400 MYR · Strongly undervalued
Low debt
Even on cautious assumptions the value is 8% above the price (0.2973 MYR).
Quality 43/100
Expensive Growth (revenue 5y +11.5 %/yr in MYR)
1.8% dividend yield · Watch coverage
Mixed vs. peers (6/12)
Loss-making · -0.9% net margin (TTM)
Negative free cash flow
Narrow moat 18/100 · thin data
Thin data
⟳ Cyclical⚠ Thinly traded⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

1.18 MYR 0.2250 MYR Fair Value 0.4400 MYR Apr 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 0.2250 MYR – 1.18 MYR · fair‑value band 0.2973 MYR – 0.5946 MYR · the 0.2750 MYR price screens below the 0.4400 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Volcano Berhad, together with its subsidiaries, manufactures and trades in parts and components in Thailand, Singapore, Malaysia, Indonesia, China, the United States, and internationally. It operates in two segments, Name Plate and Plastic Injection.

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The company offers metal and non-metal nameplates; electrical, electronics, and automotive components; aluminium, stainless steel, acrylic, PMMA, domed/epoxy, and electroformed nickel logos; plastic injection molded parts; overlays, inlays, control panels, converters, adhesive tapes, plastic foils, and EPDM; and die-cut parts and related products.

It also provides value added assembly solutions; and other services, including silk and off-set printing, tampo printing spray coating, laser marking and cutting, and printing of circuit or membrane switch. The company exports its products.

It serves electrical and electronic, automotive, livestock, food, furniture, aerospace, label, industrial, and special project industries, as well as multinational companies and original equipment manufacturers. The company was founded in 1999 and is headquartered in Perai, Malaysia.

Stock analysis

Volcano Bhd (0232) currently trades at 0.2750 MYR, while our model-based Fair Value estimate is 0.4400 MYR, implying the stock looks roughly 38% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: 0.2973 MYR (bear) to 0.5946 MYR (bull), the price of 0.2750 MYR sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Volcano Bhd reported revenue of 90.6M MYR in FY2025 versus 73.0M MYR in FY2021, a compound +5.6%/yr. Reported net income was −823K MYR in FY2025.

Key figures

Market cap 49.9M MYR (≈ $12.3M) Micro · P/S ratio 0.56 · Dividend yield 1.8% · Net margin −0.9% · Return on equity −0.8% · Return on assets (EBIT) 5.6% (5-year average) · Operating margin −6.2% · Revenue (TTM) 90.6M MYR.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −38% fair-value upside, at 60%, 0232 screens cheaper than that median.

Fair Value models

Bear 0.2973 MYR Fair Value 0.4400 MYR Bull 0.5946 MYR
Price 0.2750 MYR · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA 0.2500 MYR 0.3700 MYR 0.5000 MYR 66
NCAV (Graham) 0.0500 MYR 0.0700 MYR 0.0900 MYR 55
All 2 models by family
Multiples
EV/EBITDA 0.2500 MYR 0.3700 MYR 0.5000 MYR 66
Asset-Based
NCAV (Graham) 0.0500 MYR 0.0700 MYR 0.0900 MYR 55

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 21
How much profit the company makes from its sales and capital
Quality Growth 43
Are margins and returns getting better?
Cashflow 14
Do the profits arrive as real cash?
Financial strength 68
Debt, balance sheet and risk of trouble
Investment 49
Does it invest with discipline instead of growing at any price?
Low Volatility 61
How calm the share price moves, does not count
Price momentum 33
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 74
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+10.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
8.1% (2020) → −0.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer Groupⓘ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.Metal Fabrication · 260 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside +60.0% · Top 25%
Profitability
Return on assets −0.6% · Bottom 25%
Net margin (12 months) −0.9% · Bottom 25%
Operating margin (12 months) −6.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −4.3% · Bottom 25%
Dividend yield (12 months) 1.8% · Above median
Balance sheet
Debt / equity 0.08× · Below median

Valuation Multiplesvs Metal Fabrication median · lower = cheaper

P/B 0.50× · Cheapest 25%
P/S (12 months) 0.55× · Cheapest 25%
EV/EBITDA 6.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)0 · sector 24
HEALTH (low debt)96 · sector 95
DIVIDEND (yield)36 · sector 25

Context: sector, industry, market

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 Metal Fabrication stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China International Marine Containers (Group) Co 000039 ¥9.57 ¥13.02 +36% vs 0232
Commercial Metals Company CMC $62.28 $83.04 +33% vs 0232
Mueller Industries, Inc MLI $52.96 $50.63 −4% vs 0232
ESAB Corporation ESAB $82.83 $56.91 −31% vs 0232
Western Superconducting Technologies Co 688122 ¥43.25 ¥26.76 −38% vs 0232
Carpenter Technology Corporation CRS $278.31 $140.03 −50% vs 0232
SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD researches, 601399 ¥3.08 ¥1.42 −54% vs 0232
ATI Inc ATI $175.79 $46.69 −73% vs 0232
Bharat Forge Limited BHARATFORG ₹1,740 ₹390.35 −78% vs 0232
JL Mag Rare-Earth Co 300748 ¥24.10 ¥5.06 −79% vs 0232

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Volcano Bhd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Volcano Bhd Fair Value". https://www.fairvalue-calculator.com/stock/0232

Frequently asked questions

Is Volcano Bhd (0232) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 0.4400 MYR versus the last price from Nov 2, 2026 of 0.2750 MYR, about +60% upside (undervalued).
What is the fair value of 0232?
Our model-based fair value for Volcano Bhd is 0.4400 MYR (as of Nov 4, 2026), built from audited fundamentals. Last price (from Nov 2, 2026): 0.2750 MYR.
What is the quality score of 0232?
Volcano Bhd has a Quality Score of 43/100. 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 price target for Volcano Bhd (0232)?
Our model-based price target is the fair value of 0.4400 MYR (as of Nov 4, 2026) from 2 valuation models. Cautious scenario 0.2973 MYR, optimistic scenario 0.5946 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Volcano Bhd stock forecast for 2026?
Our models put fair value at 0.4400 MYR, about +60% upside versus the last price from Nov 2, 2026 of 0.2750 MYR (undervalued). Cautious scenario 0.2973 MYR, optimistic scenario 0.5946 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Volcano Bhd (0232)?
Volcano Bhd reported trailing-twelve-month revenue of about 90.6M MYR (latest available figure, as of Nov 4, 2026).
Does Volcano Bhd pay a dividend?
Volcano Bhd currently shows a dividend yield of 1.82% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Volcano Bhd (0232) and when is the ex-dividend date?
Volcano Bhd pays a dividend of 0.005 MYR per share a year, a dividend yield of 1.8%. The next ex-dividend date is Dec 1, 2026. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Volcano Bhd (0232)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Volcano Bhd it is 0.4400 MYR per share (as of Nov 4, 2026), against a price of 0.2750 MYR. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Volcano Bhd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 0232 trades below its calculated fair value: price 0.2750 MYR, fair value 0.4400 MYR, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0232?
No. The price is what the market pays today (0.2750 MYR); the fair value is what the company's own numbers justify (0.4400 MYR). For Volcano Bhd the two are 0.1650 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Volcano Bhd worth?
The market values Volcano Bhd at about 49.9M MYR (market capitalisation, as of Nov 4, 2026). Per share that is 0.2750 MYR; our models calculate a fair value of 0.4400 MYR per share.
What do the bullish and bearish scenarios say about 0232?
Our models span a range for Volcano Bhd: cautious scenario 0.2973 MYR, base 0.4400 MYR, optimistic 0.5946 MYR per share (as of Nov 4, 2026, price 0.2750 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Volcano Bhd (0232)?
Balance-sheet figures for Volcano Bhd (as of Nov 4, 2026): return on equity −0.8%, debt of 0.08 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 0232 from its 52-week high?
Volcano Bhd trades at 0.2750 MYR, about 44% below its 52-week high of 0.4928 MYR and 22% above the low of 0.2250 MYR (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4400 MYR is for.
Which stocks are comparable to Volcano Bhd?
From the same area (Industrials) we also value ATI Inc, Carpenter Technology Corporation, Mueller Industries, Inc, Bharat Forge Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Volcano Bhd stock attractive at the current price?
The data as of Nov 4, 2026: price 0.2750 MYR, calculated fair value 0.4400 MYR (+60%), Quality Score 43/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0232 calculated?
We run Volcano Bhd through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 0.4400 MYR builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Volcano Bhd currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Volcano Bhd (0232)?
The latest price we hold is from Nov 2, 2026 and stands at 0.2750 MYR. Our model-based fair value is 0.4400 MYR, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Volcano Bhd right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (0.2973 MYR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.2973 MYR to 0.5946 MYR) leaves room in how you read the outcome.

Key figures of Volcano Bhd

How large is the market capitalisation of Volcano Bhd (0232)?
The market capitalisation of Volcano Bhd is 49.9M MYR (≈ $12.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Volcano Bhd (0232)?
The price-to-sales ratio of Volcano Bhd is 0.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Volcano Bhd (0232)?
The dividend yield of Volcano Bhd is 1.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Volcano Bhd (0232)?
The net margin of Volcano Bhd is −0.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Volcano Bhd (0232)?
The return on equity (ROE) of Volcano Bhd is −0.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Volcano Bhd (0232)?
On an EBIT basis the return on assets of Volcano Bhd is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Volcano Bhd (0232)?
The operating margin of Volcano Bhd is −6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Volcano Bhd (0232)?
Revenue at Volcano Bhd is growing −4.3% versus a year earlier (3y avg +6.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Volcano Bhd (0232)?
Earnings per share at Volcano Bhd are growing −69.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Volcano Bhd (0232) generate?
The free cash flow of Volcano Bhd is −3.3M MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Volcano Bhd (0232) carry?
The net debt of Volcano Bhd is 20.4M MYR (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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