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ASPEN (GROUP) HOLDINGS LIMITED (1F3) Fair Value & Analysis

Real Estate · SG · Market cap 31.4M SGD

AG ASPEN (GROUP) HOLDINGS LIMITED 1F3 · SG
Price0.0240 SGD
Fair Value0.0269 SGD
Upside+12.1%
Quality52/100
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Weak Growth
Loss-making · -3.6% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/11)
Narrow moat 2/100
Evidence: Medium Range 0.0248 SGD – 0.0289 SGD Share as image

Fair value as of: Aug 13, 2026

From 9 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from 0.0244 SGD to 0.0269 SGD (+10.2%) since Aug 8, 2026. Share price −7.7% over the past month.

A solid business, screening 12% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (0.0248 SGD). The market is more pessimistic than our downside scenario.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

0.2250 SGD 0.0180 SGD Fair Value 0.0269 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.0180 SGD – 0.2250 SGD · fair‑value band 0.0248 SGD – 0.0289 SGD · the 0.0240 SGD price screens below the 0.0269 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ASPEN (GROUP) HOLDINGS LIMITED (1F3) currently trades at 0.0240 SGD, while our model-based Fair Value estimate is 0.0269 SGD, implying the stock looks roughly 12.1% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, ASPEN (GROUP) HOLDINGS LIMITED generated revenue of 209M SGD at a net margin of -3.6%. Revenue declined 36.7% year over year. It earns a return on equity of -4.7%. Net debt stands at 47.5M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0248 SGD (bear case) to 0.0289 SGD (bull case); at 0.0240 SGD, the current price sits below 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 about 51% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 12%, 1F3 screens richer 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.

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
Highest evidence
Residual Income 0.3200 SGD 0.4600 SGD 1.95 SGD 76
Gordon GGM 0.0100 SGD 0.0200 SGD 0.0200 SGD 70
DDM Multi-Stage 0.0100 SGD 0.0200 SGD 0.0200 SGD 61
All 9 models by family
Dividend Discount
Gordon GGM 0.0100 SGD 0.0200 SGD 0.0200 SGD 70
DDM Multi-Stage 0.0100 SGD 0.0200 SGD 0.0200 SGD 61
Multiples
P/S Multiple 0.7800 SGD 1.04 SGD 1.30 SGD 58
P/B Multiple 0.4100 SGD 0.5400 SGD 0.6800 SGD 55
EV/EBIT 1.19 SGD 1.58 SGD 1.97 SGD 53
EV/EBITDA 1.01 SGD 1.34 SGD 1.67 SGD 54
EV/Revenue 0.6600 SGD 0.9400 SGD 1.22 SGD 43
Asset-Based
NCAV (Graham) 0.1400 SGD 0.1800 SGD 0.2700 SGD 50
Economic Profit
Residual Income 0.3200 SGD 0.4600 SGD 1.95 SGD 76

Widest divergence: Multiples (1.04 SGD) versus Dividend Discount (0.0200 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 209M SGD
Revenue growth (YoY) -36.7%
Net margin -3.6%
Return on equity -4.7%
Free cash flow −66.8M SGD FY2024
Operating margin -2.2%
More key figures
EPS growth (YoY) -28.6%
Net debt 47.5M SGD FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 53 · Market factors (momentum, volatility) 24

Profitability 51
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

Aspen (Group) Holdings Limited, an investment holding company, engages in property development activities in Malaysia. It operates through Property Development and Others segments. The company develops residential and commercial properties. It also involved in the provision of management and IT services.

Full company description

Aspen (Group) Holdings Limited, an investment holding company, engages in property development activities in Malaysia. It operates through Property Development and Others segments. The company develops residential and commercial properties. It also involved in the provision of management and IT services. In addition, the company engages in the general construction business. Aspen (Group) Holdings Limited was founded in 2013 and is headquartered in George Town, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

ASPEN (GROUP) HOLDINGS LIMITED reported revenue of 247M SGD in FY2024 versus 283M SGD in FY2020, a compound −3.3%/yr. Reported net income was 66.2M SGD in FY2024, compounding −1.8%/yr from FY2020.

Growth Quality 11/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2024)
247M SGD
Latest YoY
+5.8%
Avg. growth/yr (3Y) 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.
+10.1%
Avg. growth/yr (5Y) 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.
−3.0%
Avg. growth/yr (9Y) 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.
+18.8%
Revenue −3.3%/yr
FY20 283M SGD
FY21 185M SGD
FY22 270M SGD
FY23 233M SGD
FY24 247M SGD
Net income −1.8%/yr
FY20 71.4M SGD
FY21 −75.6M SGD
FY22 −195M SGD
FY23 38.3M SGD
FY24 66.2M SGD

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Cite: Fair Value Calculator (2026). "ASPEN (GROUP) HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/1F3

Peer Group

Real Estate - Development · 590 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.

Quality Score 54 · Above median
Fair Value upside +25% · Above median
Return on assets -5% · Bottom 25%
Net margin (TTM) -4% · Below median
Operating margin (TTM) -2% · Below median
Revenue growth -37% · Bottom 25%
Dividend yield (TTM) 5.5% · Above median
Debt / equity 0.04× · Lower than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/B 0.08× · Cheaper than 75% of peers
P/S (TTM) 0.12× · Cheaper than 75% of peers

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 67 · sector 48
FUTURE 0 · sector 0
PAST 0 · sector 9
HEALTH 98 · sector 85
DIVIDEND 100 · sector 58

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,050 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%
Phat Dat Real Estate Development Corporation PDR 12,100 VND 4,943 VND -59%

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Frequently asked questions

Is ASPEN (GROUP) HOLDINGS LIMITED (1F3) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.0269 SGD versus a price of 0.0240 SGD, about +12% (undervalued).
What is the fair value of 1F3?
Our model-based fair value for ASPEN (GROUP) HOLDINGS LIMITED is 0.0269 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.0240 SGD.
What is the quality score of 1F3?
ASPEN (GROUP) HOLDINGS LIMITED has a Quality Score of 52/100. 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 revenue of ASPEN (GROUP) HOLDINGS LIMITED (1F3)?
ASPEN (GROUP) HOLDINGS LIMITED reported trailing-twelve-month revenue of about 209M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1F3?
The net profit margin of ASPEN (GROUP) HOLDINGS LIMITED is about -3.6%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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