HE Group Berhad (0296) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of HE Group Berhad MYR 0.42, price MYR 1.08, upside -61.1%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
32‑month range 0.2002 MYR – 1.08 MYR · fair‑value band 0.2900 MYR – 0.5400 MYR · the 1.08 MYR price screens above the 0.4200 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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HE Group Berhad, through its subsidiary, Hexatech Engineering Sdn. Bhd., operates as an electrical engineering service provider in Malaysia.
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HE Group Berhad, through its subsidiary, Hexatech Engineering Sdn. Bhd., operates as an electrical engineering service provider in Malaysia. The company offers design, supply, installation, testing, and commissioning of high voltage, medium voltage, low voltage, and extra low voltage power distribution systems; and additional services, including other building systems and works, electrical equipment hook-up and retrofitting solutions, and trading of electrical products, including power cables, metering panels, and various power conditioning systems, as well as other related electrical products. It also provides mechanical systems, control, and instrumentation solutions, as well as civil, structural, and architectural works. In addition, the company is involved in connection of plant and machinery, electrical equipment, and components to a power source. It serves semiconductors, medical devices, and electronic products industries. HE Group Berhad was incorporated in 1995 and is headquartered in Puchong, Malaysia.
Stock analysis
HE Group Berhad (0296) currently trades at 1.08 MYR, while our model-based Fair Value estimate is 0.4200 MYR, implying the stock looks roughly 157.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.4800 MYR per share, and 0 of the 26 models we run sit above the 1.08 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.0500 MYR, and 26 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.2900 MYR (bear) to 0.5400 MYR (bull), the price of 1.08 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 62/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HE Group Berhad reported revenue of 123M MYR in FY2025 versus 100M MYR in FY2021, a compound +5.3%/yr. Reported net income was 11.0M MYR in FY2025, compounding +27.8%/yr from FY2021.
Key figures
Market cap 475M MYR (≈ $117M) · P/E ratio 54.0 · P/S ratio 4.83 · EPS (TTM) 0.0200 MYR · Dividend yield 0.9% · Net margin 9.0% · Return on equity 18.1% · Return on assets (EBIT) 13.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 307% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −61%, 0296 screens richer than that median.
Fair Value models
Bear 0.2900 MYRFair Value 0.4200 MYRBull 0.5400 MYR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (0.0100 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.Evidence ⓘEvidence = 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.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−40.4%
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.
+4.6%
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.
+31.5%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+31.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.5%
Dividend (yield on the price)0.9%
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.2% → 13%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+46.9%
Yearly growth needed for the next five years to justify today's price.
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 +44.1% 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.Engineering & Construction · 840 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−61% · Bottom 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)10% · Top 25%
Operating margin (TTM)16% · Top 25%
Growth and dividend
Revenue growth44% · Top 25%
Dividend yield (TTM)0.9% · Below median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)54.0× · Priciest 25%
P/B1.64× · Pricier than median
P/S (TTM)0.88× · Pricier than median
P/FCF18.7× · Priciest 25%
EV/EBITDA3.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)100· sector 11
PAST (return on equity)72· sector 29
HEALTH (low debt)100· sector 94
DIVIDEND (yield)19· sector 40
VALUE 0: the price sits above our fair-value range.
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). "HE Group Berhad Fair Value". https://www.fairvalue-calculator.com/stock/0296
Frequently asked questions
Is HE Group Berhad (0296) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.4200 MYR versus a price of 1.08 MYR, about −61% upside (overvalued).
What is the fair value of 0296?
Our model-based fair value for HE Group Berhad is 0.4200 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.08 MYR.
What is the quality score of 0296?
HE Group Berhad has a Quality Score of 62/100. 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 HE Group Berhad (0296)?
Our model-based price target is the fair value of 0.4200 MYR (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 0.2900 MYR, optimistic scenario 0.5400 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the HE Group Berhad stock forecast for 2026?
Our models put fair value at 0.4200 MYR, about −61% upside versus a price of 1.08 MYR (overvalued). Cautious scenario 0.2900 MYR, optimistic scenario 0.5400 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of HE Group Berhad (0296)?
HE Group Berhad reported trailing-twelve-month revenue of about 132M MYR (latest available figure, as of Sep 24, 2026).
Does HE Group Berhad pay a dividend?
HE Group Berhad currently shows a dividend yield of about 0.93% relative to its recent price (as of Sep 24, 2026).
What growth is priced into HE Group Berhad (0296)?
For today's price to be fair in a discounted-cash-flow model, HE Group Berhad would have to grow free cash flow by +46.9 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +31.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0296 use?
Our models discount HE Group Berhad at 14.9 %: a base by market capitalisation (micro), damped by beta 1.23, 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 HE Group Berhad that is +46.9 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has HE Group Berhad (0296) delivered so far?
Over the past 5 years revenue at HE Group Berhad grew +31.5 % a year. The price currently implies +46.9 % per year free-cash-flow growth a 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 HE Group Berhad (0296) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into HE Group Berhad (+46.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HE Group Berhad (0296)?
The free-cash-flow yield on the price is 1.31 %: that much free cash flow HE Group Berhad produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HE Group Berhad (0296)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HE Group Berhad it is 0.4200 MYR per share (as of Sep 24, 2026), against a price of 1.08 MYR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is HE Group Berhad stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0296 trades above its calculated fair value: price 1.08 MYR, fair value 0.4200 MYR, a gap of about −61% (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 0296?
No. The price is what the market pays today (1.08 MYR); the fair value is what the company's own numbers justify (0.4200 MYR). For HE Group Berhad the two are 0.6600 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is HE Group Berhad worth?
The market values HE Group Berhad at about 475M MYR (market capitalisation, as of Sep 24, 2026). Per share that is 1.08 MYR; our models calculate a fair value of 0.4200 MYR per share.
What do the bullish and bearish scenarios say about 0296?
Our models span a range for HE Group Berhad: cautious scenario 0.2900 MYR, base 0.4200 MYR, optimistic 0.5400 MYR per share (as of Sep 24, 2026, price 1.08 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0296?
HE Group Berhad trades at a price-to-earnings ratio of 54.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4200 MYR is built from several models across several years. Other multiples: P/B 1.6, P/S 0.9, EV/EBITDA 3.0.
How solid is the balance sheet of HE Group Berhad (0296)?
Balance-sheet figures for HE Group Berhad (as of Sep 24, 2026): return on equity 18.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 0296 from its 52-week high?
HE Group Berhad trades at 1.08 MYR, at its 52-week high of 1.08 MYR and 307% above the low of 0.2655 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4200 MYR is for.
Which stocks are comparable to HE Group Berhad?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 HE Group Berhad stock attractive at the current price?
The data as of Sep 24, 2026: price 1.08 MYR, calculated fair value 0.4200 MYR (−61%), Quality Score 62/100, 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 0296 calculated?
We run HE Group Berhad through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.4200 MYR, 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 14.0 % above its aggregate fair value. HE Group 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 HE Group Berhad (0296)?
The closing price on Sep 24, 2026 was 1.08 MYR. Our model-based fair value is 0.4200 MYR, about −61% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HE Group Berhad right now?
The price sits above even our optimistic bull case (0.5400 MYR). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (0.2900 MYR to 0.5400 MYR) leaves room in how you read the outcome.
Key figures of HE Group Berhad
How large is the market capitalisation of HE Group Berhad (0296)?
The market capitalisation of HE Group Berhad is 475M MYR (≈ $117M). 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 HE Group Berhad (0296)?
The price-to-sales ratio of HE Group Berhad is 4.83 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HE Group Berhad (0296)?
Earnings per share at HE Group Berhad are 0.0200 MYR (price ÷ EPS = P/E 54.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HE Group Berhad (0296)?
The dividend yield of HE Group Berhad is 0.9% (payout 50.0%). 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 HE Group Berhad (0296)?
The net margin of HE Group Berhad is 9.0% (fiscal year 2025). 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 HE Group Berhad (0296)?
The return on equity (ROE) of HE Group Berhad is 18.1% (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 HE Group Berhad (0296)?
On an EBIT basis the return on assets of HE Group Berhad is 13.5% (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 HE Group Berhad (0296)?
The operating margin of HE Group Berhad is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HE Group Berhad (0296)?
Revenue at HE Group Berhad is growing +44.0% versus a year earlier (3y avg +4.6%). 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 HE Group Berhad (0296)?
Earnings per share at HE Group Berhad are growing +61.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HE Group Berhad (0296) carry?
The net debt of HE Group Berhad is 1.9M MYR (fiscal year 2022, ≈ 0.3 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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