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ITMAX System Berhad (5309) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of ITMAX System Berhad stock MYR 2.52, price MYR 4.35, that is 42.1% below the price, quality 60 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials MY · ISIN MYL5309OO009

IS ITMAX System Berhad logo Broad data Nov 4, 2026

ITMAX System Berhad

5309 · KLSE
Solid, but very expensive

Our calculation puts a fair price 42% below what the stock costs today.

Quality 60/100
Highly profitable · 37.8% net margin (TTM)
Low debt
Broad data
Last quarter vs. a year ago: revenue +28%, profit +28%.
Expensive Growth (revenue 5y +39.0 %/yr in MYR)
0.5% dividend yield · Token dividend
Mixed vs. peers (7/14)
Wide moat 85/100 · thin data
Fair value 2.52 MYR · Strongly overvalued
Negative free cash flow
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What runs behind every stock

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

Price vs Fair Value

5.09 MYR 1.32 MYR Fair Value 2.52 MYR Dec 2022 Nov 2026

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

How to read this chart

47‑month range 1.32 MYR – 5.09 MYR · fair‑value band 1.89 MYR – 3.16 MYR · the 4.35 MYR price screens above the 2.52 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

ITMAX System Berhad, an investment holding company, engages in the supply, installation, and provision of public space networked systems in Malaysia. The company offers smart video surveillance, smart parking, smart traffic management, as well as smart street lighting and communication networks.

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It also engages in the business of green and sustainable technology solutions; and trading and fabrication of information technology products and services.

In addition, the company is involved in the software development and integration business; development and integration of parking and enforcement software, applications, and solutions; and development and integration of medical software, applications, and solutions.

Further, it provides leased and managed services of video surveillance and analytics systems, as well as owns and operates fibre optics communications network and related equipment, telecommunication towers and monopoles, and bandwidth services; supply, installation, and maintenance services for networked systems and solutions; and digital infrastructure solutions.

The company was incorporated in 2001 and is headquartered in Kuala Lumpur, Malaysia. ITMAX System Berhad operates as a subsidiary of Sena Holdings Sdn Bhd.

Stock analysis

ITMAX System Berhad (5309) currently trades at 4.35 MYR, while our model-based Fair Value estimate is 2.52 MYR, 42% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 4.56 MYR per share, and 1 of the 16 models we run sit above the 4.35 MYR price.

Bear case: the Economic Profit group reads lowest at 1.12 MYR, and 15 of the 16 models stay below the price. Data coverage for this calculation is high.

Scenario range: 1.89 MYR (bear) to 3.16 MYR (bull), the price of 4.35 MYR sits above 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 60/100 (solid quality), in the Industrials sector.

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

ITMAX System Berhad reported revenue of 247M MYR in FY2025 versus 79.8M MYR in FY2021, a compound +32.7%/yr. Reported net income was 93.5M MYR in FY2025, compounding +33.7%/yr from FY2021.

Key figures

Market cap 4.7B MYR (≈ $1.1B) Small · P/E ratio 43.5 · P/S ratio 16.7 · EPS (TTM) 0.1000 MYR · Dividend yield 0.5% · Net margin 37.8% · Return on equity 23.0% · Return on assets (EBIT) 20.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 85 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 1% fair-value upside, at −42%, 5309 screens richer than that median.

Fair Value models

Bear 1.89 MYR Fair Value 2.52 MYR Bull 3.16 MYR
Price 4.35 MYR · Downside -42.1%
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 2025 figures (about 10 months old). Earnings retained since then (0.0662 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
EPV 0.8400 MYR 0.9400 MYR 1.02 MYR 74
Residual Income 0.5100 MYR 0.7200 MYR 1.28 MYR 70
ROIC Compounder 1.05 MYR 1.52 MYR 1.82 MYR 70
All 16 models by family
Earnings-Based
Graham-Dodd 0.6100 MYR 4.27 MYR 6.00 MYR 61
Lynch FV 2.21 MYR 3.16 MYR 4.10 MYR 59
PEG = 1.0 2.21 MYR 3.16 MYR 4.10 MYR 55
EPV 0.8400 MYR 0.9400 MYR 1.02 MYR 74
Dividend Discount
Gordon GGM 0.0500 MYR 0.0800 MYR 0.1100 MYR 66
DDM Multi-Stage 0.0500 MYR 0.0800 MYR 0.0900 MYR 65
Multiples
P/E Multiple 1.89 MYR 2.52 MYR 3.16 MYR 63
P/S Multiple 0.9800 MYR 1.31 MYR 1.64 MYR 58
P/B Multiple 2.06 MYR 2.75 MYR 3.43 MYR 55
EV/EBIT 2.30 MYR 3.04 MYR 3.79 MYR 66
EV/EBITDA 2.02 MYR 2.67 MYR 3.32 MYR 67
EV/Revenue 0.9000 MYR 1.26 MYR 1.62 MYR 54
Asset-Based
NCAV (Graham) 0.1200 MYR 0.1800 MYR 0.2300 MYR 54
Economic Profit
Residual Income 0.5100 MYR 0.7200 MYR 1.28 MYR 70
ROIC Compounder 1.05 MYR 1.52 MYR 1.82 MYR 70
Growth Earnings
Growth-Adj P/E 3.19 MYR 4.56 MYR 5.92 MYR 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 60/100

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

Profitability 66
How much profit the company makes from its sales and capital
Quality Growth 67
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 6
Does it invest with discipline instead of growing at any price?
Low Volatility 86
How calm the share price moves, does not count
Price momentum 37
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 24
Distance to the 52-week high, does not count
New shares 73
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+12.1%
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.
+32.0%
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.
+39.0%
Start year 2020 (pandemic)
Revenue growth 6 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.
+37.1%
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.
−50.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−51.4%
Dividend (yield on the price)0.5%
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.37% → 52%

5309 screens overvalued: fair value 42% below the price. Compare with Allegion plc →

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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.Security & Protection Services · 104 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 60 · Above median
Fair Value upside −42.1% · Below median
Profitability
Return on equity (12 months) 23.0% · Top 25%
Return on assets 15.1% · Top 25%
Net margin (12 months) 37.8% · Top 25%
Operating margin (12 months) 57.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 28.3% · Top 25%
Dividend yield (12 months) 0.5% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Above median

Valuation Multiplesvs Security & Protection Services median · lower = cheaper

P/E (12 months) 43.5× · Priciest 25%
P/B 9.35× · Priciest 25%
P/S (12 months) 16.71× · Priciest 25%
EV/EBITDA 26.8× · Priciest 25%
PEG 1.05× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 34
FUTURE (revenue growth)100 · sector 44
PAST (return on equity)92 · sector 28
HEALTH (low debt)99 · sector 99
DIVIDEND (yield)11 · sector 42

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

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

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S-1 Corporation 012750 98,600 KRW 99,629 KRW +1% vs 5309
Loomis AB LOOMIS kr 513.50 kr 496.43 −3% vs 5309
MSA Safety Incorporated MSA $173.07 $121.81 −30% vs 5309
Allegion plc ALLE $190.52 $129.15 −32% vs 5309
CoreCivic, Inc CXW $29.83 $18.76 −37% vs 5309
The GEO Group GEO $30.14 $13.08 −57% vs 5309

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ITMAX System Berhad: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "ITMAX System Berhad Fair Value". https://www.fairvalue-calculator.com/stock/5309

Frequently asked questions

Is ITMAX System Berhad (5309) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 2.52 MYR versus a price of 4.35 MYR, about 42% lower (overvalued).
What is the fair value of 5309?
Our model-based fair value for ITMAX System Berhad is 2.52 MYR (as of Nov 4, 2026), built from audited fundamentals. The current price: 4.35 MYR.
What is the quality score of 5309?
ITMAX System Berhad has a Quality Score of 60/100. 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 ITMAX System Berhad (5309)?
Our model-based price target is the fair value of 2.52 MYR (as of Nov 4, 2026) from 16 valuation models. Cautious scenario 1.89 MYR, optimistic scenario 3.16 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the ITMAX System Berhad stock forecast for 2026?
Our models put fair value at 2.52 MYR, about 42% lower versus a price of 4.35 MYR (overvalued). Cautious scenario 1.89 MYR, optimistic scenario 3.16 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of ITMAX System Berhad (5309)?
ITMAX System Berhad reported trailing-twelve-month revenue of about 279M MYR (latest available figure, as of Nov 4, 2026).
Does ITMAX System Berhad pay a dividend?
ITMAX System Berhad currently shows a dividend yield of 0.53% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of ITMAX System Berhad (5309) and when is the ex-dividend date?
ITMAX System Berhad pays a dividend of 0.023 MYR per share a year, a dividend yield of 0.5%. The last ex-dividend date was Mar 12, 2026. The payout ratio is 23.0% of earnings. Our assessment: Token dividend. At a yield of 0.5% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.5% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of ITMAX System Berhad (5309)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ITMAX System Berhad it is 2.52 MYR per share (as of Nov 4, 2026), against a price of 4.35 MYR. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is ITMAX System Berhad stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 5309 trades above its calculated fair value: price 4.35 MYR, fair value 2.52 MYR, a gap of about −42% (overvalued). 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 5309?
No. The price is what the market pays today (4.35 MYR); the fair value is what the company's own numbers justify (2.52 MYR). For ITMAX System Berhad the two are 1.83 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is ITMAX System Berhad worth?
The market values ITMAX System Berhad at about 4.7B MYR (market capitalisation, as of Nov 4, 2026). Per share that is 4.35 MYR; our models calculate a fair value of 2.52 MYR per share.
What do the bullish and bearish scenarios say about 5309?
Our models span a range for ITMAX System Berhad: cautious scenario 1.89 MYR, base 2.52 MYR, optimistic 3.16 MYR per share (as of Nov 4, 2026, price 4.35 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5309?
ITMAX System Berhad trades at a price-to-earnings ratio of 43.5 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.52 MYR is built from several models across several years. Other multiples: PEG 1.0, P/B 9.4, P/S 16.7, EV/EBITDA 26.8.
What is the PEG ratio of 5309?
The PEG ratio of ITMAX System Berhad is 1.05 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ITMAX System Berhad (5309)?
Balance-sheet figures for ITMAX System Berhad (as of Nov 4, 2026): return on equity 23.0%, debt of 0.02 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 5309 from its 52-week high?
ITMAX System Berhad trades at 4.35 MYR, about 15% below its 52-week high of 5.09 MYR and 4% above the low of 4.20 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2.52 MYR is for.
Which stocks are comparable to ITMAX System Berhad?
From the same area (Industrials) we also value Allegion plc, ADT Inc, Zhejiang Dahua Technology Co, MSA Safety Incorporated, 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 ITMAX System Berhad stock attractive at the current price?
The data as of Nov 4, 2026: price 4.35 MYR, calculated fair value 2.52 MYR (−42%), Quality Score 60/100, from 16 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 5309 calculated?
We run ITMAX System Berhad through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 2.52 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 13.7% above its aggregate fair value. ITMAX System Berhad itself currently trades above fair value. 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 ITMAX System Berhad (5309)?
The closing price on Nov 6, 2026 was 4.35 MYR. Our model-based fair value is 2.52 MYR, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ITMAX System Berhad right now?
The price sits above even our optimistic bull case (3.16 MYR). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of ITMAX System Berhad

How large is the market capitalisation of ITMAX System Berhad (5309)?
The market capitalisation of ITMAX System Berhad is 4.7B MYR (≈ $1.1B). 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 ITMAX System Berhad (5309)?
The price-to-sales ratio of ITMAX System Berhad is 16.7 (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 ITMAX System Berhad (5309)?
Earnings per share at ITMAX System Berhad are 0.1000 MYR (price ÷ EPS = P/E 43.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ITMAX System Berhad (5309)?
The dividend yield of ITMAX System Berhad is 0.5% (payout 23.0%). 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 ITMAX System Berhad (5309)?
The net margin of ITMAX System Berhad is 37.8% (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 ITMAX System Berhad (5309)?
The return on equity (ROE) of ITMAX System Berhad is 23.0% (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 ITMAX System Berhad (5309)?
On an EBIT basis the return on assets of ITMAX System Berhad is 20.0% (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 ITMAX System Berhad (5309)?
The operating margin of ITMAX System Berhad is 57.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ITMAX System Berhad (5309)?
Revenue at ITMAX System Berhad is growing +28.3% versus a year earlier (3y avg +32.0%). 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 ITMAX System Berhad (5309)?
Earnings per share at ITMAX System Berhad are growing +28.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ITMAX System Berhad (5309) generate?
The free cash flow of ITMAX System Berhad is −30.0M 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 cash does ITMAX System Berhad (5309) hold?
ITMAX System Berhad holds more cash than debt, 72.6M MYR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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