HE Group (0296) Fair Value & Analysis
Industrials · MY · Market cap 260M MYR
Fair value as of: Jul 12, 2026
From 26 valuation models · updated 29 days ago
Share price +11.9% over the past month.
A solid business, but screening 33% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (0.6000 MYR). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (0.3200 MYR to 0.6000 MYR) leaves room in how you read the outcome.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
30‑month range 0.2002 MYR – 0.7298 MYR · fair‑value band 0.3200 MYR – 0.6000 MYR · the 0.6600 MYR price screens above the 0.4400 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
HE Group (0296) currently trades at 0.6600 MYR, while our model-based Fair Value estimate is 0.4400 MYR, implying the stock looks roughly 33.3% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, HE Group generated revenue of 118M MYR at a net margin of 9.1%. Revenue declined 16.8% year over year. It earns a return on equity of 16.0%. Net debt stands at 1.9M MYR. Fundamentals as of Jul 12, 2026
Our scenario range runs from 0.3200 MYR (bear case) to 0.6000 MYR (bull case); at 0.6600 MYR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 166% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -33%, 0296 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Multiples (0.4800 MYR) versus Dividend Discount (0.0500 MYR). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 79
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
HE Group Berhad, through its subsidiary, Hexatech Engineering Sdn. Bhd., operates as an electrical engineering service provider in Malaysia.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
HE Group 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.
0296 screens 33% overvalued. Compare with Larsen & Toubro Limited →
Peer Group
Engineering & Construction · 839 stocks
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Larsen & Toubro Limited LT | ₹3,815 | ₹1,994 | -48% |
| Samsung C&T Corporation 028260 | 346,000 KRW | 268,779 KRW | -22% |
| Hyundai Engineering & Construction Co 000720 | 99,000 KRW | 63,993 KRW | -35% |
| United Integrated Services Co 2404 | 1,250 TWD | 925.62 TWD | -26% |
| Samsung E&A Co 028050 | 42,550 KRW | 44,840 KRW | +5% |
| Rail Vikas Nigam Limited RVNL | ₹232.67 | ₹61.46 | -74% |
| Daewoo Engineering & Construction Co 047040 | 16,240 KRW | 6,507 KRW | -60% |
| NBCC (India) Limited NBCC | ₹96.32 | ₹48.22 | -50% |
| Cemindia Projects Limited CEMPRO | ₹1,330 | ₹730.69 | -45% |
| KEPCO Engineering & Construction Company 052690 | 92,700 KRW | 20,172 KRW | -78% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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