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Alliance Financial Group Bhd (2488) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Alliance Financial Group Bhd stock MYR 4.45, price MYR 4.68, that is 4.9% below the price, quality 47 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services MY · ISIN MYL2488OO004

AF Alliance Financial Group Bhd logo Some data Nov 6, 2026

Alliance Financial Group Bhd

2488 · KLSE
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Healthy Growth (revenue YoY +13.6 %/yr in MYR)
Highly profitable · 37.2% net margin (TTM)
4.1% dividend yield · Low payout
Costs just 0.4 times its yearly profit.
Fair value 4.45 MYR · Fairly valued
Quality 47/100
Mixed vs. peers (6/11)
Wide moat 68/100 · thin data
Some data
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

5.42 MYR 1.74 MYR Fair Value 4.45 MYR Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 1.74 MYR – 5.42 MYR · fair‑value band 4.17 MYR – 5.02 MYR · the 4.68 MYR price screens above the 4.45 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Alliance Bank Malaysia Berhad provides banking and related financial services in Malaysia. The company operates through Consumer Banking, Business Banking, Financial Markets, and Others segments. It accepts savings, current, fixed/term deposit, foreign currency, employee, and business accounts.

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The company also offers personal loans, mortgages, and margin and portfolio financing services; business loans, such as equipment, general working capital, business premises, bridging, trade, and palm oil plantation financing, as well as SME express loans; and government assistance schemes.

In addition, it provides credit and debit cards; unit trust, dual currency, retail securities, and structured investment products, as well as retail bonds; share trading accounts and services; share and portfolio financing accounts; bancassurance products; and life, general, commercial, and family takaful insurance products.

Further, the company offers corporate advisory services, such as initial public offering, equity and debt fund raising, mergers, takeovers and acquisitions, corporate rationalization and restructuring, independent advice, transfer of listing, and other services; commercial papers and medium-term notes; and equity syndication services.

Additionally, it provides Islamic banking; term loans, hire purchase facilities, and wealth management services; cash management services; treasury and structured solutions; foreign exchange, money market, and hedging and investment solutions; trustee services; stockbroking and corporate advisory services; and online and mobile banking services.

The company was incorporated in 1982 and is based in Kuala Lumpur, Malaysia.

Stock analysis

Alliance Financial Group Bhd (2488) currently trades at 4.68 MYR, while our model-based Fair Value estimate is 4.45 MYR, so the stock looks roughly fairly valued today (gap 5.2%).

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Valuation

Bull case: the Multiples group reads highest at a median of 6.37 MYR per share, and 2 of the 6 models we run sit above the 4.68 MYR price.

Bear case: the Dividend Discount group reads lowest at 2.39 MYR, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 4.17 MYR (bear) to 5.02 MYR (bull), the price of 4.68 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 47/100 (below-average quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Alliance Financial Group Bhd reported revenue of 4.2B MYR in FY2026 versus 2.4B MYR in FY2022, a compound +14.5%/yr. Reported net income was 827M MYR in FY2026, compounding +9.6%/yr from FY2022.

Key figures

Market cap 7.9B MYR (≈ $1.9B) Small · P/E ratio 0.4 · P/S ratio 0.07 · EPS (TTM) 12.78 MYR · Dividend yield 4.1% · Net margin 19.8% · Return on equity 10.5% · Return on assets (EBIT) 1.2% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −5%, 2488 screens cheaper than that median.

Fair Value models

Bear 4.17 MYR Fair Value 4.45 MYR Bull 5.02 MYR
Price 4.68 MYR · Downside -4.9%
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 7 months old). Earnings retained since then (7.69 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.
Best data coverage
Residual Income 4.17 MYR 4.45 MYR 5.02 MYR 76
Gordon GGM 1.41 MYR 2.54 MYR 3.48 MYR 68
DDM Multi-Stage 1.41 MYR 2.23 MYR 2.71 MYR 67
All 6 models by family
Dividend Discount
Gordon GGM 1.41 MYR 2.54 MYR 3.48 MYR 68
DDM Multi-Stage 1.41 MYR 2.23 MYR 2.71 MYR 67
Multiples
P/E Multiple 4.66 MYR 6.21 MYR 7.76 MYR 63
P/B Multiple 4.89 MYR 6.52 MYR 8.15 MYR 55
Asset-Based
NCAV (Graham) 2.33 MYR 3.12 MYR 4.66 MYR 54
Economic Profit
Residual Income 4.17 MYR 4.45 MYR 5.02 MYR 76

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Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 31
How much profit the company makes from its sales and capital
Quality Growth 44
Are margins and returns getting better?
Cashflow 93
Do the profits arrive as real cash?
Financial strength 14
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 93
How calm the share price moves, does not count
Price momentum 41
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 41
Distance to the 52-week high, does not count
New shares 28
Buys back shares or issues new ones?

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Revenue & earnings trend

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. 94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.0%
Dividend (yield on the price)4.1%
Per share before 2025divided by the spin-off factor 1.0263
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.13.0% vs 4.0%, picking up
Profit margin 2021 to 2026 ⓘ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.19% → 26%
Pace: the 5-year rate starts in 2021 (pandemic)

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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.Banks - Regional · 996 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 47 · Bottom 25%
Fair Value upside −4.9% · Above median
Profitability
Return on equity (12 months) 10.5% · Below median
Return on assets 0.9% · Below median
Net margin (12 months) 37.2% · Above median
Operating margin (12 months) 54.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 19.7% · Top 25%
Dividend yield (12 months) 4.1% · Above median
Balance sheet
Debt / equity 0.37× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 0.4× · Cheapest 25%
PEG 1.86× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 8
FUTURE (revenue growth)99 · sector 47
PAST (return on equity)42 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)82 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs 2488
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs 2488
BNP Paribas SA BNP €91.93 €106.01 +15% vs 2488
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs 2488
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs 2488
UniCredit S.p.A UCG €76.80 €50.44 −34% vs 2488
Mizuho Financial Group MFG $9.40 $5.89 −37% vs 2488
DBS Group D05 69.72 SGD 40.39 SGD −42% vs 2488
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs 2488
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs 2488

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Alliance Financial Group Bhd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Alliance Financial Group Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2488

Frequently asked questions

Is Alliance Financial Group Bhd (2488) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 4.45 MYR versus a price of 4.68 MYR, about 5% lower (fairly valued).
What is the fair value of 2488?
Our model-based fair value for Alliance Financial Group Bhd is 4.45 MYR (as of Nov 6, 2026), built from audited fundamentals. The current price: 4.68 MYR.
What is the quality score of 2488?
Alliance Financial Group Bhd has a Quality Score of 47/100. 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 Alliance Financial Group Bhd (2488)?
Our model-based price target is the fair value of 4.45 MYR (as of Nov 6, 2026) from 6 valuation models. Cautious scenario 4.17 MYR, optimistic scenario 5.02 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Alliance Financial Group Bhd stock forecast for 2026?
Our models put fair value at 4.45 MYR, about 5% lower versus a price of 4.68 MYR (fairly valued). Cautious scenario 4.17 MYR, optimistic scenario 5.02 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Alliance Financial Group Bhd (2488)?
Alliance Financial Group Bhd reported trailing-twelve-month revenue of about 2.4B MYR (latest available figure, as of Nov 6, 2026).
Does Alliance Financial Group Bhd pay a dividend?
Alliance Financial Group Bhd currently shows a dividend yield of 4.08% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Alliance Financial Group Bhd (2488) and when is the ex-dividend date?
Alliance Financial Group Bhd pays a dividend of 0.191 MYR per share a year, a dividend yield of 4.1%. The last ex-dividend date was Jun 11, 2026. A dividend has been paid every year since 2021. The payout ratio is 1.5% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Alliance Financial Group Bhd (2488)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alliance Financial Group Bhd it is 4.45 MYR per share (as of Nov 6, 2026), against a price of 4.68 MYR. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Alliance Financial Group Bhd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2488 trades above its calculated fair value: price 4.68 MYR, fair value 4.45 MYR, a gap of about −5% (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 2488?
No. The price is what the market pays today (4.68 MYR); the fair value is what the company's own numbers justify (4.45 MYR). For Alliance Financial Group Bhd the two are 0.2300 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Alliance Financial Group Bhd worth?
The market values Alliance Financial Group Bhd at about 7.9B MYR (market capitalisation, as of Nov 6, 2026). Per share that is 4.68 MYR; our models calculate a fair value of 4.45 MYR per share.
What do the bullish and bearish scenarios say about 2488?
Our models span a range for Alliance Financial Group Bhd: cautious scenario 4.17 MYR, base 4.45 MYR, optimistic 5.02 MYR per share (as of Nov 6, 2026, price 4.68 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2488?
Alliance Financial Group Bhd trades at a price-to-earnings ratio of 0.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.45 MYR is built from several models across several years. Other multiples: PEG 1.9.
What is the PEG ratio of 2488?
The PEG ratio of Alliance Financial Group Bhd is 1.86 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Alliance Financial Group Bhd (2488)?
Balance-sheet figures for Alliance Financial Group Bhd (as of Nov 6, 2026): return on equity 10.5%, debt of 0.37 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 2488 from its 52-week high?
Alliance Financial Group Bhd trades at 4.68 MYR, about 14% below its 52-week high of 5.42 MYR and 11% above the low of 4.23 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 4.45 MYR is for.
Which stocks are comparable to Alliance Financial Group Bhd?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Alliance Financial Group Bhd stock attractive at the current price?
The data as of Nov 6, 2026: price 4.68 MYR, calculated fair value 4.45 MYR (−5%), Quality Score 47/100, from 6 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 2488 calculated?
We run Alliance Financial Group Bhd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 4.45 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. Alliance Financial Group Bhd 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 Alliance Financial Group Bhd (2488)?
The closing price on Nov 6, 2026 was 4.68 MYR. Our model-based fair value is 4.45 MYR, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alliance Financial Group Bhd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Alliance Financial Group Bhd (2488) come from?
Earnings per share at Alliance Financial Group Bhd grew +3.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +4.2 %, EBIT margin −0.6 %, tax rate +0.2 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Alliance Financial Group Bhd

How large is the market capitalisation of Alliance Financial Group Bhd (2488)?
The market capitalisation of Alliance Financial Group Bhd is 7.9B MYR (≈ $1.9B). 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 Alliance Financial Group Bhd (2488)?
The price-to-sales ratio of Alliance Financial Group Bhd is 0.07 (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 Alliance Financial Group Bhd (2488)?
Earnings per share at Alliance Financial Group Bhd are 12.78 MYR (price ÷ EPS = P/E 0.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Alliance Financial Group Bhd (2488)?
The dividend yield of Alliance Financial Group Bhd is 4.1% (payout 1.5%). 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 Alliance Financial Group Bhd (2488)?
The net margin of Alliance Financial Group Bhd is 19.8% (fiscal year 2026). 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 Alliance Financial Group Bhd (2488)?
The return on equity (ROE) of Alliance Financial Group Bhd is 10.5% (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 Alliance Financial Group Bhd (2488)?
On an EBIT basis the return on assets of Alliance Financial Group Bhd is 1.2% (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 Alliance Financial Group Bhd (2488)?
The operating margin of Alliance Financial Group Bhd is 54.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alliance Financial Group Bhd (2488)?
Revenue at Alliance Financial Group Bhd is growing +19.7% versus a year earlier (3y avg +16.2%). 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 Alliance Financial Group Bhd (2488)?
Earnings per share at Alliance Financial Group Bhd are growing +12.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Alliance Financial Group Bhd (2488) generate?
The free cash flow of Alliance Financial Group Bhd is 1.0B 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 Alliance Financial Group Bhd (2488) carry?
The net debt of Alliance Financial Group Bhd is 3.0B MYR (fiscal year 2026, ≈ 2.9 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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