TSA (0297) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TSA MYR 0.84, price MYR 0.92, upside -8.2%, 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 23, 2026.
How to read this chart
32‑month range 0.4774 MYR – 0.9200 MYR · fair‑value band 0.6600 MYR – 1.06 MYR · the 0.9150 MYR price screens above the 0.8400 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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TSA Group Berhad, an investment holding company, engages in the distribution and supply of ferrous and non-ferrous metal, and other industrial hardware products in Malaysia, Singapore, Indonesia, Thailand, and internationally.
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TSA Group Berhad, an investment holding company, engages in the distribution and supply of ferrous and non-ferrous metal, and other industrial hardware products in Malaysia, Singapore, Indonesia, Thailand, and internationally. It offers stainless steel ornamental round tubes, square and rectangular tubes, stainless steel 304 twisted tubes/pipes, stainless steel water pipes, and stainless steel slotted tubes; stainless steel plate, wire mesh, U channel, square bar, shim and strip, roundbar, perforated plate, angle and flat bar, and industrial pipe products; copper plate, copper flat bar, copper square and round bar, beryllium copper, chromium copper, copper pipe, shims and coil, and copper tungsten; and brass flat and square bar, brass rod and hexagon bar, brass plate, and brass shim and pipe products. The company also provides bronze, bronze rod and hollow, and bronze plate; aluminium plate, flatbar, round bar, angle and square bar, tube, chequered/tread plate products; lead sheets; carbon steel pipes; PVC curtains, polyvinyl chloride sheets, cast nylon rods, and polypropylene rods; stainless steel butt weld/thread fittings and flanges, carbon steel fittings, and carbon steel flanges; control panel locks and accessories, such as switchboard assembly part, engineering plastic and modular U-channel and din rail, busbar support and insulator and neutral link, hinges and brackets, handles, lock, key and pull, and other panel accessories; and processing products, including polishing, perforated metal, and PVD titanium coating stainless steel products. In addition, it engages in the trading of stainless steel and other metal products, as well as manufactures and processes stainless steel pipes and products. The company serves fabricators, manufacturers, and construction companies. TSA Group Berhad was founded in 1993 and is headquartered in Balakong, Malaysia.
Stock analysis
TSA (0297) currently trades at 0.9150 MYR, while our model-based Fair Value estimate is 0.8400 MYR, implying the stock looks roughly 8.9% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.8800 MYR per share, and 6 of the 24 models we run sit above the 0.9150 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.3000 MYR, and 18 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.6600 MYR (bear) to 1.06 MYR (bull), the price of 0.9150 MYR sits inside 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 Basic Materials sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
TSA reported revenue of 262M MYR in FY2025 versus 303M MYR in FY2021, a compound −3.5%/yr. Reported net income was 16.1M MYR in FY2025, compounding −19.9%/yr from FY2021.
Key figures
Market cap 283M MYR (≈ $69.4M) · P/E ratio 22.9 · P/S ratio 1.40 · EPS (TTM) 0.0400 MYR · Dividend yield 4.4% · Net margin 6.1% · Return on equity 7.5% · Return on assets (EBIT) 14.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at −8%, 0297 screens cheaper than that median.
Fair Value models
Bear 0.6600 MYRFair Value 0.8400 MYRBull 1.06 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.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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.
−1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.1%
Dividend (yield on the price)4.4%
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.11% → 10%
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).
+7.3%
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 +5.3% 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.Steel · 417 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−8% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets6% · Top 25%
Net margin (TTM)5% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−4% · Below median
Dividend yield (TTM)4.4% · Above median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Steel 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). "TSA Fair Value". https://www.fairvalue-calculator.com/stock/0297
Frequently asked questions
Is TSA (0297) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 0.8400 MYR versus a price of 0.9150 MYR, about −8% upside (fairly valued).
What is the fair value of 0297?
Our model-based fair value for TSA is 0.8400 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 0.9150 MYR.
What is the quality score of 0297?
TSA 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 TSA (0297)?
Our model-based price target is the fair value of 0.8400 MYR (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 0.6600 MYR, optimistic scenario 1.06 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the TSA stock forecast for 2026?
Our models put fair value at 0.8400 MYR, about −8% upside versus a price of 0.9150 MYR (fairly valued). Cautious scenario 0.6600 MYR, optimistic scenario 1.06 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of TSA (0297)?
TSA reported trailing-twelve-month revenue of about 260M MYR (latest available figure, as of Sep 23, 2026).
Does TSA pay a dividend?
TSA currently shows a dividend yield of about 4.37% relative to its recent price (as of Sep 23, 2026).
What growth is priced into TSA (0297)?
For today's price to be fair in a discounted-cash-flow model, TSA would have to grow free cash flow by +7.3 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 0297 use?
Our models discount TSA at 12.6 %: a base by market capitalisation (micro), damped by beta 0.14, 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 TSA that is +7.3 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has TSA (0297) delivered so far?
Over the past 5 years revenue at TSA grew +2.2 % a year. The price currently implies +7.3 % 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 TSA (0297) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into TSA (+7.3 % 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 TSA (0297)?
The free-cash-flow yield on the price is 8.40 %: that much free cash flow TSA produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TSA (0297)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TSA it is 0.8400 MYR per share (as of Sep 23, 2026), against a price of 0.9150 MYR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is TSA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 0297 trades above its calculated fair value: price 0.9150 MYR, fair value 0.8400 MYR, a gap of about −8% (fairly valued). 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 0297?
No. The price is what the market pays today (0.9150 MYR); the fair value is what the company's own numbers justify (0.8400 MYR). For TSA the two are 0.0750 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is TSA worth?
The market values TSA at about 283M MYR (market capitalisation, as of Sep 23, 2026). Per share that is 0.9150 MYR; our models calculate a fair value of 0.8400 MYR per share.
What do the bullish and bearish scenarios say about 0297?
Our models span a range for TSA: cautious scenario 0.6600 MYR, base 0.8400 MYR, optimistic 1.06 MYR per share (as of Sep 23, 2026, price 0.9150 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0297?
TSA trades at a price-to-earnings ratio of 22.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.8400 MYR is built from several models across several years. Other multiples: P/B 0.4, P/S 0.3, EV/EBITDA 1.9.
How solid is the balance sheet of TSA (0297)?
Balance-sheet figures for TSA (as of Sep 23, 2026): return on equity 7.5%, debt of 0.04 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 0297 from its 52-week high?
TSA trades at 0.9150 MYR, about 1% below its 52-week high of 0.9200 MYR and 33% above the low of 0.6887 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8400 MYR is for.
Which stocks are comparable to TSA?
From the same area (Basic Materials) we also value Nucor Corporation, Steel Dynamics, Inc, JSW Steel Limited, Tata Steel 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 TSA stock attractive at the current price?
The data as of Sep 23, 2026: price 0.9150 MYR, calculated fair value 0.8400 MYR (−8%), Quality Score 62/100, from 24 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 0297 calculated?
We run TSA through 24 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 0.8400 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. TSA 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 TSA (0297)?
The closing price on Sep 24, 2026 was 0.9150 MYR. Our model-based fair value is 0.8400 MYR, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TSA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of TSA
How large is the market capitalisation of TSA (0297)?
The market capitalisation of TSA is 283M MYR (≈ $69.4M). 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 TSA (0297)?
The price-to-sales ratio of TSA is 1.40 (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 TSA (0297)?
Earnings per share at TSA are 0.0400 MYR (price ÷ EPS = P/E 22.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TSA (0297)?
The dividend yield of TSA is 4.4% (payout 100%). 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 TSA (0297)?
The net margin of TSA is 6.1% (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 TSA (0297)?
The return on equity (ROE) of TSA is 7.5% (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 TSA (0297)?
On an EBIT basis the return on assets of TSA is 14.6% (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 TSA (0297)?
The operating margin of TSA is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TSA (0297)?
Revenue at TSA is growing −3.6% versus a year earlier (3y avg −9.8%). 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 TSA (0297)?
Earnings per share at TSA are growing −49.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TSA (0297) carry?
The net debt of TSA is 19.7M MYR (fiscal year 2025, ≈ 0.8 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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