KESM Industries Bhd (9334) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of KESM Industries Bhd stock MYR 5.36, price MYR 4.30, upside +24.7%, quality 66 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 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 9, 2026.
How to read this chart
60‑month range 2.36 MYR – 13.28 MYR · fair‑value band 4.62 MYR – 5.99 MYR · the 4.30 MYR price screens below the 5.36 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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KESM Industries Berhad, an investment holding company, provides burn-in and test services to semiconductor manufacturers in Malaysia, the People's Republic of China, Singapore, the United States, and Europe.
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The company also offers electrical testing of semiconductor integrated circuits, as well as tape and reel assembly services, and electronic manufacturing services. In addition, it engages in the scan and pack system business.
KESM Industries Berhad was incorporated in 1972 and is headquartered in Petaling Jaya, Malaysia.
Stock analysis
KESM Industries Bhd (9334) currently trades at 4.30 MYR, while our model-based Fair Value estimate is 5.36 MYR, implying the stock looks roughly 20% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 6.71 MYR per share, and 6 of the 11 models we run sit above the 4.30 MYR price.
Bear case: the Earnings-Based group reads lowest at 1.83 MYR, and 5 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 4.62 MYR (bear) to 5.99 MYR (bull), the price of 4.30 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 66/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
KESM Industries Bhd reported revenue of 223M MYR in FY2026 versus 247M MYR in FY2022, a compound −2.5%/yr. Reported net income was 9.5M MYR in FY2026, compounding +54.3%/yr from FY2022.
Key figures
Market cap 185M MYR (≈ $45.6M) Micro · P/E ratio 19.5 · P/S ratio 0.81 · EPS (TTM) 0.2200 MYR · Dividend yield 2.4% · Net margin 4.1% · Return on equity 2.8% · Return on assets (EBIT) 2.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 66% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 25%, 9334 screens cheaper than that median.
Fair Value models
Bear4.62 MYRFair Value 5.36 MYRBull5.99 MYR
Price 4.30 MYR · Upside +24.7%
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. Based on fiscal year 2026 figures (about 3 months old). Earnings retained since then (0.0318 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.
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.14/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.8%
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.
−0.8%
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.
−2.1%
Start year 2021 (pandemic). Over 10 years: −2.5% a year
Revenue growth 14 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.
−0.7%
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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.
≈ +43.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +41.5%
Dividend (yield on the price)2.4%
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: 41.5% / −11.1%
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.1% → −6%
⚠ Revenue per share shrinking 2.7%/yr over ~9Y (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.
⚠ Base effect: the rate starts in the earnings trough around 2021 (starting value 0.039 per share, median 0.81 in 2016 to 2019). It measures the recovery from the trough, not lasting growth.
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.Semiconductors · 369 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+24.7% · Top 25%
Profitability
Return on equity (12 months)2.8% · Below median
Return on assets2.1% · Below median
Net margin (12 months)4.1% · Below median
Operating margin (12 months)2.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)13.9% · Below median
Dividend yield (12 months)2.4% · Above median
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Semiconductors 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). "KESM Industries Bhd Fair Value". https://www.fairvalue-calculator.com/stock/9334
Frequently asked questions
Is KESM Industries Bhd (9334) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 5.36 MYR versus a price of 4.30 MYR, about +25% upside (undervalued).
What is the fair value of 9334?
Our model-based fair value for KESM Industries Bhd is 5.36 MYR (as of Nov 9, 2026), built from audited fundamentals. The current price: 4.30 MYR.
What is the quality score of 9334?
KESM Industries Bhd has a Quality Score of 66/100. 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 KESM Industries Bhd (9334)?
Our model-based price target is the fair value of 5.36 MYR (as of Nov 9, 2026) from 11 valuation models. Cautious scenario 4.62 MYR, optimistic scenario 5.99 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the KESM Industries Bhd stock forecast for 2026?
Our models put fair value at 5.36 MYR, about +25% upside versus a price of 4.30 MYR (undervalued). Cautious scenario 4.62 MYR, optimistic scenario 5.99 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of KESM Industries Bhd (9334)?
KESM Industries Bhd reported trailing-twelve-month revenue of about 229M MYR (latest available figure, as of Nov 9, 2026).
Does KESM Industries Bhd pay a dividend?
KESM Industries Bhd currently shows a dividend yield of 2.44% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of KESM Industries Bhd (9334) and when is the ex-dividend date?
KESM Industries Bhd pays a dividend of 0.105 MYR per share a year, a dividend yield of 2.4%. The last ex-dividend date was Oct 6, 2026. A dividend has been paid every year since at least 1997. The payout ratio is 47.7% of earnings. 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 KESM Industries Bhd (9334)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KESM Industries Bhd it is 5.36 MYR per share (as of Nov 9, 2026), against a price of 4.30 MYR. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is KESM Industries Bhd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 9334 trades below its calculated fair value: price 4.30 MYR, fair value 5.36 MYR, a gap of about +25% (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 9334?
No. The price is what the market pays today (4.30 MYR); the fair value is what the company's own numbers justify (5.36 MYR). For KESM Industries Bhd the two are 1.06 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is KESM Industries Bhd worth?
The market values KESM Industries Bhd at about 185M MYR (market capitalisation, as of Nov 9, 2026). Per share that is 4.30 MYR; our models calculate a fair value of 5.36 MYR per share.
What do the bullish and bearish scenarios say about 9334?
Our models span a range for KESM Industries Bhd: cautious scenario 4.62 MYR, base 5.36 MYR, optimistic 5.99 MYR per share (as of Nov 9, 2026, price 4.30 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9334?
KESM Industries Bhd trades at a price-to-earnings ratio of 19.5 (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 5.36 MYR is built from several models across several years. Other multiples: P/B 0.5, P/S 0.8.
How solid is the balance sheet of KESM Industries Bhd (9334)?
Balance-sheet figures for KESM Industries Bhd (as of Nov 9, 2026): return on equity 2.8%, debt of 0.06 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 9334 from its 52-week high?
KESM Industries Bhd trades at 4.30 MYR, about 11% below its 52-week high of 4.84 MYR and 66% above the low of 2.60 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 5.36 MYR is for.
Which stocks are comparable to KESM Industries Bhd?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, 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 KESM Industries Bhd stock attractive at the current price?
The data as of Nov 9, 2026: price 4.30 MYR, calculated fair value 5.36 MYR (+25%), Quality Score 66/100, from 11 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 9334 calculated?
We run KESM Industries Bhd through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 5.36 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. KESM Industries Bhd currently trades 20% 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 KESM Industries Bhd (9334)?
The closing price on Nov 6, 2026 was 4.30 MYR. Our model-based fair value is 5.36 MYR, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KESM Industries Bhd right now?
The price is below even our cautious bear case (4.62 MYR). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of KESM Industries Bhd
How large is the market capitalisation of KESM Industries Bhd (9334)?
The market capitalisation of KESM Industries Bhd is 185M MYR (≈ $45.6M). 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 KESM Industries Bhd (9334)?
The price-to-sales ratio of KESM Industries Bhd is 0.81 (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 KESM Industries Bhd (9334)?
Earnings per share at KESM Industries Bhd are 0.2200 MYR (price ÷ EPS = P/E 19.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KESM Industries Bhd (9334)?
The dividend yield of KESM Industries Bhd is 2.4% (payout 47.7%). 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 KESM Industries Bhd (9334)?
The net margin of KESM Industries Bhd is 4.1% (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 KESM Industries Bhd (9334)?
The return on equity (ROE) of KESM Industries Bhd is 2.8% (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 KESM Industries Bhd (9334)?
On an EBIT basis the return on assets of KESM Industries Bhd is 2.3% (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 KESM Industries Bhd (9334)?
The operating margin of KESM Industries Bhd is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KESM Industries Bhd (9334)?
Revenue at KESM Industries Bhd is growing +13.9% versus a year earlier (3y avg −0.8%). 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 KESM Industries Bhd (9334)?
Earnings per share at KESM Industries Bhd are growing +11.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does KESM Industries Bhd (9334) generate?
The free cash flow of KESM Industries Bhd is −1.3M MYR (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does KESM Industries Bhd (9334) carry?
The net debt of KESM Industries Bhd is 13.7M MYR (fiscal year 2018). 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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Nov 9, 2026