United Malacca Bhd (2593) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of United Malacca Bhd stock MYR 8.61, price MYR 6.09, upside +41.4%, quality 79 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 3.99 MYR – 6.13 MYR · fair‑value band 6.29 MYR – 11.20 MYR · the 6.09 MYR price screens below the 8.61 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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United Malacca Berhad, an investment holding company, engages in the palm oil cultivation, palm oil milling, and agroforestry plantation businesses in Malaysia and Indonesia. The company operates through two segments, Plantation and Investment Holding. It provides management consultancy services.
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The company was formerly known as The United Malacca Rubber Estates, Berhad. United Malacca Berhad was incorporated in 1910 and is headquartered in Taman Melaka Raya, Malaysia.
Stock analysis
United Malacca Bhd (2593) currently trades at 6.09 MYR, while our model-based Fair Value estimate is 8.61 MYR, implying the stock looks roughly 29% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 19.01 MYR per share, and 21 of the 26 models we run sit above the 6.09 MYR price.
Bear case: the Dividend Discount group reads lowest at 2.66 MYR, and 5 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 6.29 MYR (bear) to 11.20 MYR (bull), the price of 6.09 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 79/100 (high quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
United Malacca Bhd reported revenue of 813M MYR in FY2026 versus 554M MYR in FY2022, a compound +10.1%/yr. Reported net income was 145M MYR in FY2026, compounding +7.5%/yr from FY2022.
Key figures
Market cap 1.3B MYR (≈ $315M) Small · P/E ratio 9.2 · P/S ratio 1.59 · EPS (TTM) 0.6600 MYR · Dividend yield 2.3% · Net margin 17.3% · Return on equity 8.8% · Return on assets (EBIT) 7.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 7% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at 41%, 2593 screens cheaper than that median.
Fair Value models
Bear6.29 MYRFair Value 8.61 MYRBull11.20 MYR
Price 6.09 MYR · Upside +41.4%
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (0.2750 MYR per share) are deliberately not added.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
FCF DCF11.13 MYR19.34 MYR33.23 MYR78
Growth DCF10.84 MYR17.93 MYR28.59 MYR77
Residual Income6.02 MYR6.44 MYR7.28 MYR76
All 26 models by family
DCF Models
FCF DCF11.13 MYR19.34 MYR33.23 MYR78
Owner Earnings10.84 MYR19.02 MYR32.33 MYR74
5Y Revenue Exit6.84 MYR10.67 MYR15.75 MYR72
5Y EBITDA Exit11.61 MYR20.94 MYR32.99 MYR73
5Y P/E Exit10.70 MYR19.00 MYR28.78 MYR69
10Y Revenue Exit8.21 MYR12.33 MYR18.51 MYR66
10Y EBITDA Exit11.27 MYR19.37 MYR32.26 MYR66
10Y P/E Exit10.71 MYR18.03 MYR28.89 MYR62
Earnings-Based
Graham-Dodd4.69 MYR25.29 MYR35.05 MYR63
Lynch FV7.00 MYR10.00 MYR13.00 MYR61
PEG = 1.07.00 MYR10.00 MYR13.00 MYR57
EPV7.05 MYR7.95 MYR8.70 MYR74
Dividend Discount
Gordon GGM1.55 MYR2.78 MYR3.82 MYR68
DDM Multi-Stage1.55 MYR2.54 MYR2.97 MYR67
Multiples
P/E Multiple10.86 MYR14.48 MYR18.10 MYR63
P/S Multiple4.65 MYR6.20 MYR7.76 MYR58
P/B Multiple4.50 MYR6.00 MYR7.50 MYR55
EV/EBIT12.10 MYR16.18 MYR20.26 MYR66
EV/EBITDA12.24 MYR16.37 MYR20.50 MYR67
EV/Revenue3.93 MYR5.67 MYR7.42 MYR53
Asset-Based
NCAV (Graham)0.5200 MYR0.7900 MYR0.9900 MYR54
Growth DCF
Growth DCF10.84 MYR17.93 MYR28.59 MYR77
Rev-Margin DCF6.84 MYR10.67 MYR15.87 MYR72
Economic Profit
Residual Income6.02 MYR6.44 MYR7.28 MYR76
ROIC Compounder7.05 MYR8.50 MYR10.31 MYR72
Growth Earnings
Growth-Adj P/E10.27 MYR14.67 MYR19.08 MYR67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.4%
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.
+10.4%
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.
+15.4%
Start year 2021 (pandemic). Over 10 years: +14.7% a year
Revenue growth 13 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.
+11.1%
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What shareholders gained per year (last 5 years), in MYR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
≈ +52.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +50.0%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 54.7% / 9.1%
Profit margin 2021 to 2026 ⓘ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% → 25%
2026 sits 136% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Base effect: the rate starts in the earnings trough around 2021 (starting value 0.078 per share, median 0.20 in 2016 to 2019). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−12.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −13.8% a year for the price.
Price, fair value, quality and upside side by side.
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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.Farm Products · 290 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside+41.4% · Top 25%
Profitability
Return on equity (12 months)8.8% · Above median
Return on assets7.9% · Top 25%
Net margin (12 months)17.3% · Top 25%
Operating margin (12 months)25.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−6.0% · Below median
Dividend yield (12 months)2.3% · Above median
Valuation Multiplesvs Farm Products median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "United Malacca Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2593
Frequently asked questions
Is United Malacca Bhd (2593) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 8.61 MYR versus a price of 6.09 MYR, about +41% upside (undervalued).
What is the fair value of 2593?
Our model-based fair value for United Malacca Bhd is 8.61 MYR (as of Nov 5, 2026), built from audited fundamentals. The current price: 6.09 MYR.
What is the quality score of 2593?
United Malacca 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 price target for United Malacca Bhd (2593)?
Our model-based price target is the fair value of 8.61 MYR (as of Nov 5, 2026) from 26 valuation models. Cautious scenario 6.29 MYR, optimistic scenario 11.20 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the United Malacca Bhd stock forecast for 2026?
Our models put fair value at 8.61 MYR, about +41% upside versus a price of 6.09 MYR (undervalued). Cautious scenario 6.29 MYR, optimistic scenario 11.20 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of United Malacca Bhd (2593)?
United Malacca Bhd reported trailing-twelve-month revenue of about 802M MYR (latest available figure, as of Nov 5, 2026).
Does United Malacca Bhd pay a dividend?
United Malacca Bhd currently shows a dividend yield of 2.30% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of United Malacca Bhd (2593) and when is the ex-dividend date?
United Malacca Bhd pays a dividend of 0.14 MYR per share a year, a dividend yield of 2.3%. The last ex-dividend date was Jul 23, 2026. A dividend has been paid every year since at least 1994. The payout ratio is 21.2% of earnings. Free cash flow covers the dividend 6.80 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into United Malacca Bhd (2593)?
For today's price to be fair in a discounted-cash-flow model, United Malacca Bhd would have to grow free cash flow by -12.0 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 2593 use?
Our models discount United Malacca Bhd at 11.1 %: a base by market capitalisation (small), damped by beta 0.04, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For United Malacca Bhd that is -12.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has United Malacca Bhd (2593) delivered so far?
Over the past 5 years revenue at United Malacca Bhd grew +15.4 % a year. The price currently implies free-cash-flow growth of -12.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of United Malacca Bhd (2593) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into United Malacca Bhd (-12.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of United Malacca Bhd (2593)?
The free-cash-flow yield on the price is 15.64 %: that much free cash flow United Malacca Bhd produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Malacca Bhd (2593)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Malacca Bhd it is 8.61 MYR per share (as of Nov 5, 2026), against a price of 6.09 MYR. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is United Malacca Bhd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2593 trades below its calculated fair value: price 6.09 MYR, fair value 8.61 MYR, a gap of about +41% (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 2593?
No. The price is what the market pays today (6.09 MYR); the fair value is what the company's own numbers justify (8.61 MYR). For United Malacca Bhd the two are 2.52 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is United Malacca Bhd worth?
The market values United Malacca Bhd at about 1.3B MYR (market capitalisation, as of Nov 5, 2026). Per share that is 6.09 MYR; our models calculate a fair value of 8.61 MYR per share.
What do the bullish and bearish scenarios say about 2593?
Our models span a range for United Malacca Bhd: cautious scenario 6.29 MYR, base 8.61 MYR, optimistic 11.20 MYR per share (as of Nov 5, 2026, price 6.09 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2593?
United Malacca Bhd trades at a price-to-earnings ratio of 9.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.61 MYR is built from several models across several years. Other multiples: P/B 0.8, P/S 1.6, EV/EBITDA 4.8.
How solid is the balance sheet of United Malacca Bhd (2593)?
Balance-sheet figures for United Malacca Bhd (as of Nov 5, 2026): return on equity 8.8%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is 2593 from its 52-week high?
United Malacca Bhd trades at 6.09 MYR, about 1% below its 52-week high of 6.13 MYR and 7% above the low of 5.67 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 8.61 MYR is for.
Which stocks are comparable to United Malacca Bhd?
From the same area (Consumer Defensive) we also value Muyuan Foods Group, Archer-Daniels-Midland Company, Tyson Foods, Inc, Bunge Global SA, 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 United Malacca Bhd stock attractive at the current price?
The data as of Nov 5, 2026: price 6.09 MYR, calculated fair value 8.61 MYR (+41%), Quality Score 79/100, from 26 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 2593 calculated?
We run United Malacca Bhd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 8.61 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. United Malacca Bhd currently trades 29% 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 United Malacca Bhd (2593)?
The closing price on Nov 6, 2026 was 6.09 MYR. Our model-based fair value is 8.61 MYR, about +41% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Malacca Bhd right now?
The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (6.29 MYR). The market is more pessimistic than our downside scenario.
Key figures of United Malacca Bhd
How large is the market capitalisation of United Malacca Bhd (2593)?
The market capitalisation of United Malacca Bhd is 1.3B MYR (≈ $315M). 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 United Malacca Bhd (2593)?
The price-to-sales ratio of United Malacca Bhd is 1.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of United Malacca Bhd (2593)?
Earnings per share at United Malacca Bhd are 0.6600 MYR (price ÷ EPS = P/E 9.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Malacca Bhd (2593)?
The dividend yield of United Malacca Bhd is 2.3% (payout 21.2%). 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 United Malacca Bhd (2593)?
The net margin of United Malacca Bhd is 17.3% (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 United Malacca Bhd (2593)?
The return on equity (ROE) of United Malacca Bhd is 8.8% (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 United Malacca Bhd (2593)?
On an EBIT basis the return on assets of United Malacca Bhd is 7.2% (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 United Malacca Bhd (2593)?
The operating margin of United Malacca Bhd is 25.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Malacca Bhd (2593)?
Revenue at United Malacca Bhd is growing −6.0% versus a year earlier (3y avg +10.4%). 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 United Malacca Bhd (2593)?
Earnings per share at United Malacca Bhd are growing −15.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does United Malacca Bhd (2593) carry?
The net debt of United Malacca Bhd is 29.9M MYR (fiscal year 2024, ≈ 0.1 yrs of FCF). 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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Broad data
Nov 5, 2026