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Naim Holdings Bhd (5073) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Naim Holdings Bhd stock MYR 0.96, price MYR 0.65, upside +47.7%, quality 42 out of 100. Rating: undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials MY · ISIN MYL5073OO001

NH Naim Holdings Bhd logo Thin data Nov 9, 2026

Naim Holdings Bhd

5073 · KLSE
Speculative

The stock costs 32% less than our calculation considers fair.

Fair value 0.9600 MYR · Undervalued
Solidly profitable · 10.4% net margin (TTM)
Low debt
Even on cautious assumptions the value is 14% above the price (0.7400 MYR).
Quality 42/100
Weak Growth (revenue 5y −19.7 %/yr in MYR)
Negative free cash flow
Trails peers (4/11)
Narrow moat 30/100 · thin data
Thin data
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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

1.63 MYR 0.4500 MYR Fair Value 0.9600 MYR Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 0.4500 MYR – 1.63 MYR · fair‑value band 0.7400 MYR – 1.20 MYR · the 0.6500 MYR price screens below the 0.9600 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Naim Holdings Berhad, an investment holding company, engages in the property development and construction businesses in Malaysia. It operates through three segments: Property Development, Construction, and Others.

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The Property Development segment develops and constructs residential and commercial properties, as well as sells vacant land. The Construction segment constructs buildings, roads, bridges, and other infrastructure and engineering works, such as oil and gas related construction projects.

The Others segment is involved in the trading of buildings and construction materials; provision of sand extraction and land filling services; property investment and management activities; and hotel, education, and quarry operations.

It also enagegs in the construction of bridges, and dams; flood mitigation-related projects; government camps and complexes; mass rapid transits; museums/galleries; residential, commercial, and industrial properties; recreational facilities; resettlement schemes; roads and highways; education establishments; transmission lines; and water pipelines business.

In addition, the company operates as a civil, building, and earthworks contractor; and provides property management services. Further, the company involved in the trading of construction materials, as well as in the provision of management services.

Naim Holdings Berhad was incorporated in 1993 and is headquartered in Kuching, Malaysia.

Stock analysis

Naim Holdings Bhd (5073) currently trades at 0.6500 MYR, while our model-based Fair Value estimate is 0.9600 MYR, implying the stock looks roughly 32% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 1.90 MYR per share, and 7 of the 9 models we run sit above the 0.6500 MYR price.

Bear case: the Earnings-Based group reads lowest at 0.4800 MYR, and 2 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: 0.7400 MYR (bear) to 1.20 MYR (bull), the price of 0.6500 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 42/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Naim Holdings Bhd reported revenue of 197M MYR in FY2025 versus 422M MYR in FY2021, a compound −17.4%/yr. Reported net income was 28.4M MYR in FY2025.

Key figures

Market cap 332M MYR (≈ $81.8M) Micro · P/E ratio 16.3 · P/S ratio 1.66 · EPS (TTM) 0.0400 MYR · Net margin 10.4% · Return on equity 1.2% · Return on assets (EBIT) 2.1% (5-year average) · Operating margin −3.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 48%, 5073 screens cheaper than that median.

Fair Value models

Bear 0.7400 MYR Fair Value 0.9600 MYR Bull 1.20 MYR
Price 0.6500 MYR · Upside +47.7%
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
Owner Earnings 0.7400 MYR 0.7800 MYR 0.8300 MYR 78
Residual Income 1.83 MYR 1.90 MYR 2.02 MYR 76
Graham-Dodd 0.4000 MYR 0.4800 MYR 0.5400 MYR 67
All 9 models by family
DCF Models
Owner Earnings 0.7400 MYR 0.7800 MYR 0.8300 MYR 78
Earnings-Based
Graham-Dodd 0.4000 MYR 0.4800 MYR 0.5400 MYR 67
Multiples
P/E Multiple 0.9200 MYR 1.22 MYR 1.53 MYR 63
P/S Multiple 0.6000 MYR 0.8100 MYR 1.01 MYR 58
P/B Multiple 0.7200 MYR 0.9600 MYR 1.20 MYR 55
EV/EBITDA 0.1800 MYR 0.2400 MYR 0.2900 MYR 67
Asset-Based
NCAV (Graham) 0.9700 MYR 1.47 MYR 1.83 MYR 55
Economic Profit
Residual Income 1.83 MYR 1.90 MYR 2.02 MYR 76
Growth Earnings
Growth-Adj P/E 0.6500 MYR 0.9200 MYR 1.20 MYR 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 42/100

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

Profitability 23
How much profit the company makes from its sales and capital
Quality Growth 0
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 77
Debt, balance sheet and risk of trouble
Investment 76
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 19
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 90
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. 19/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−60.5%
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.
−18.9%
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.
−19.7%
Start year 2020 (pandemic). Over 10 years: −10.5% 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.
−6.8%
What shareholders gained per year (last 5 years), in MYR ⓘ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. 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.
−12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.4%
Dividend (yield on the price)0.0%
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.−12.4% vs −2.6%, slowing
Profit margin 2020 to 2025 ⓘ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.18% → −1%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 12.3%/yr over ~8Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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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.Engineering & Construction · 790 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 42 · Below median
Fair Value upside +47.7% · Above median
Profitability
Return on equity (12 months) 1.2% · Below median
Return on assets 1.5% · Below median
Net margin (12 months) 10.4% · Top 25%
Operating margin (12 months) −3.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 2.3% · Below median
Dividend yield (12 months) 27.6% · Top 25%
Balance sheet
Debt / equity 0.01× · Lowest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (12 months) 16.3× · Pricier than median
P/B 0.21× · Cheapest 25%
P/S (12 months) 1.66× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)97 · sector 33
FUTURE (revenue growth)12 · sector 20
PAST (return on equity)5 · sector 28
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)0 · sector 43

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vinci SA DG €111.60 €186.68 +67% vs 5073
Comfort Systems USA, Inc FIX $1,018 $1,119 +10% vs 5073
EMCOR Group EME $608.45 $524.14 −14% vs 5073
ACS, Actividades de Construcción y Servicios, S.A ACS €87.00 €62.21 −28% vs 5073
Samsung C&T Corporation 028260 273,500 KRW 159,702 KRW −42% vs 5073
Larsen & Toubro Limited LT ₹4,118 ₹2,302 −44% vs 5073
HOCHTIEF Aktiengesellschaft HOT €365.60 €203.86 −44% vs 5073
APi Group APG $40.87 $19.20 −53% vs 5073
Ferrovial N.V FER $58.71 $23.06 −61% vs 5073
Quanta Services, Inc PWR $540.90 $162.41 −70% vs 5073

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Naim Holdings Bhd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Naim Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/5073

Frequently asked questions

Is Naim Holdings Bhd (5073) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 0.9600 MYR versus a price of 0.6500 MYR, about +48% upside (undervalued).
What is the fair value of 5073?
Our model-based fair value for Naim Holdings Bhd is 0.9600 MYR (as of Nov 9, 2026), built from audited fundamentals. The current price: 0.6500 MYR.
What is the quality score of 5073?
Naim Holdings Bhd has a Quality Score of 42/100. 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 Naim Holdings Bhd (5073)?
Our model-based price target is the fair value of 0.9600 MYR (as of Nov 9, 2026) from 9 valuation models. Cautious scenario 0.7400 MYR, optimistic scenario 1.20 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Naim Holdings Bhd stock forecast for 2026?
Our models put fair value at 0.9600 MYR, about +48% upside versus a price of 0.6500 MYR (undervalued). Cautious scenario 0.7400 MYR, optimistic scenario 1.20 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Naim Holdings Bhd (5073)?
Naim Holdings Bhd reported trailing-twelve-month revenue of about 199M MYR (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Naim Holdings Bhd (5073)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Naim Holdings Bhd it is 0.9600 MYR per share (as of Nov 9, 2026), against a price of 0.6500 MYR. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Naim Holdings Bhd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 5073 trades below its calculated fair value: price 0.6500 MYR, fair value 0.9600 MYR, a gap of about +48% (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 5073?
No. The price is what the market pays today (0.6500 MYR); the fair value is what the company's own numbers justify (0.9600 MYR). For Naim Holdings Bhd the two are 0.3100 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Naim Holdings Bhd worth?
The market values Naim Holdings Bhd at about 332M MYR (market capitalisation, as of Nov 9, 2026). Per share that is 0.6500 MYR; our models calculate a fair value of 0.9600 MYR per share.
What do the bullish and bearish scenarios say about 5073?
Our models span a range for Naim Holdings Bhd: cautious scenario 0.7400 MYR, base 0.9600 MYR, optimistic 1.20 MYR per share (as of Nov 9, 2026, price 0.6500 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5073?
Naim Holdings Bhd trades at a price-to-earnings ratio of 16.3 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.9600 MYR is built from several models across several years. Other multiples: P/B 0.2, P/S 1.7.
How solid is the balance sheet of Naim Holdings Bhd (5073)?
Balance-sheet figures for Naim Holdings Bhd (as of Nov 9, 2026): return on equity 1.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 5073 from its 52-week high?
Naim Holdings Bhd trades at 0.6500 MYR, about 27% below its 52-week high of 0.8850 MYR and 7% above the low of 0.6050 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.9600 MYR is for.
Which stocks are comparable to Naim Holdings Bhd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Naim Holdings Bhd stock attractive at the current price?
The data as of Nov 9, 2026: price 0.6500 MYR, calculated fair value 0.9600 MYR (+48%), Quality Score 42/100, from 9 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 5073 calculated?
We run Naim Holdings Bhd through 9 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.9600 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. Naim Holdings Bhd currently trades 32% 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 Naim Holdings Bhd (5073)?
The closing price on Nov 6, 2026 was 0.6500 MYR. Our model-based fair value is 0.9600 MYR, about +48% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Naim Holdings Bhd right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (0.7400 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.

Key figures of Naim Holdings Bhd

How large is the market capitalisation of Naim Holdings Bhd (5073)?
The market capitalisation of Naim Holdings Bhd is 332M MYR (≈ $81.8M). 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 Naim Holdings Bhd (5073)?
The price-to-sales ratio of Naim Holdings Bhd is 1.66 (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 Naim Holdings Bhd (5073)?
Earnings per share at Naim Holdings Bhd are 0.0400 MYR (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Naim Holdings Bhd (5073)?
The net margin of Naim Holdings Bhd is 10.4% (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 Naim Holdings Bhd (5073)?
The return on equity (ROE) of Naim Holdings Bhd is 1.2% (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 Naim Holdings Bhd (5073)?
On an EBIT basis the return on assets of Naim Holdings Bhd is 2.1% (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 Naim Holdings Bhd (5073)?
The operating margin of Naim Holdings Bhd is −3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Naim Holdings Bhd (5073)?
Revenue at Naim Holdings Bhd is growing +2.3% versus a year earlier (3y avg −18.9%). 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 Naim Holdings Bhd (5073)?
Earnings per share at Naim Holdings Bhd are growing −65.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Naim Holdings Bhd (5073) generate?
The free cash flow of Naim Holdings Bhd is −45.5M 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 Naim Holdings Bhd (5073) carry?
The net debt of Naim Holdings Bhd is 1.8M MYR (fiscal year 2021). 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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