Alliance Financial Group Bhd (2488) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Alliance Financial Group Bhd MYR 4.72, price MYR 4.88, upside -3.3%, quality 48 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
60‑month range 1.74 MYR – 5.42 MYR · fair‑value band 4.32 MYR – 6.07 MYR · the 4.88 MYR price screens above the 4.72 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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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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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. 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 4.88 MYR, while our model-based Fair Value estimate is 4.72 MYR, implying the stock looks roughly 3.4% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 6.21 MYR per share, and 2 of the 6 models we run sit above the 4.88 MYR price.
Bear case: the Dividend Discount group reads lowest at 2.65 MYR, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: 4.32 MYR (bear) to 6.07 MYR (bull), the price of 4.88 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 48/100 (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 8.2B MYR (≈ $2.0B) · P/E ratio 10.0 · P/S ratio 1.97 · EPS (TTM) 0.4900 MYR · Dividend yield 3.9% · Net margin 19.8% · Return on equity 10.0% · Return on assets (EBIT) 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −3%, 2488 screens cheaper than that median.
Fair Value models
Bear 4.32 MYRFair Value 4.72 MYRBull 6.07 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 2026 figures (about 6 months old). Earnings retained since then (0.1450 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.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.6%
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.
+16.2%
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.
+10.0%
Start year 2021 (pandemic). Over 10 years: +5.3% a year
Revenue growth 20 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.
+6.0%
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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.
+16.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.4%
Dividend (yield on the price)3.9%
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.12% vs 4%, 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%
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
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).
−5.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−5.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −6.8% a year for the price and −6.9% for the forecasts.
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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 · 1074 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−3% · Above median
Profitability
Return on equity (TTM)10% · Below median
Return on assets1% · Below median
Net margin (TTM)37% · Above median
Operating margin (TTM)49% · Above median
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)3.9% · Above median
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of 4.72 MYR versus a price of 4.88 MYR, about −3% upside (fairly valued).
What is the fair value of 2488?
Our model-based fair value for Alliance Financial Group Bhd is 4.72 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.88 MYR.
What is the quality score of 2488?
Alliance Financial Group Bhd has a Quality Score of 48/100. 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 4.72 MYR (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 4.32 MYR, optimistic scenario 6.07 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 4.72 MYR, about −3% upside versus a price of 4.88 MYR (fairly valued). Cautious scenario 4.32 MYR, optimistic scenario 6.07 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 2.2B MYR (latest available figure, as of Sep 24, 2026).
Does Alliance Financial Group Bhd pay a dividend?
Alliance Financial Group Bhd currently shows a dividend yield of about 3.91% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Alliance Financial Group Bhd (2488)?
For today's price to be fair in a discounted-cash-flow model, Alliance Financial Group Bhd would have to grow free cash flow by -5.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2488 use?
Our models discount Alliance Financial Group Bhd at 9.7 %: a base by market capitalisation (mid), damped by beta 0.05, 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 Alliance Financial Group Bhd that is -5.0 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Alliance Financial Group Bhd (2488) delivered so far?
Over the past 5 years revenue at Alliance Financial Group Bhd grew +10.0 % a year. The price currently implies -5.0 % 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 Alliance Financial Group Bhd (2488) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Alliance Financial Group Bhd (-5.0 % 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 Alliance Financial Group Bhd (2488)?
The free-cash-flow yield on the price is 12.76 %: that much free cash flow Alliance Financial Group Bhd produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 4.72 MYR per share (as of Sep 24, 2026), against a price of 4.88 MYR. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Alliance Financial Group Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2488 trades above its calculated fair value: price 4.88 MYR, fair value 4.72 MYR, a gap of about −3% (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 (4.88 MYR); the fair value is what the company's own numbers justify (4.72 MYR). For Alliance Financial Group Bhd the two are 0.1600 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 8.2B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 4.88 MYR; our models calculate a fair value of 4.72 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 4.32 MYR, base 4.72 MYR, optimistic 6.07 MYR per share (as of Sep 24, 2026, price 4.88 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 10.0 (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 4.72 MYR is built from several models across several years. Other multiples: PEG 1.8, P/B 0.2, P/S 0.9, EV/EBITDA 1.3.
What is the PEG ratio of 2488?
The PEG ratio of Alliance Financial Group Bhd is 1.75 (P/E divided by earnings growth, as of Sep 24, 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 Sep 24, 2026): return on equity 10.0%, debt of 0.37 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 2488 from its 52-week high?
Alliance Financial Group Bhd trades at 4.88 MYR, about 10% below its 52-week high of 5.42 MYR and 18% above the low of 4.14 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4.72 MYR is for.
Which stocks are comparable to Alliance Financial Group Bhd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Alliance Financial Group Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 4.88 MYR, calculated fair value 4.72 MYR (−3%), Quality Score 48/100, 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 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 4.72 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 14.1 % 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 Sep 23, 2026 was 4.88 MYR. Our model-based fair value is 4.72 MYR, about −3% upside (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 8.2B MYR (≈ $2.0B). 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 1.97 (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 0.4900 MYR (price ÷ EPS = P/E 10.0). 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 3.9% (payout 39.0%). 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 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 10.0% (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 49.0% (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 +3.6% 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 −6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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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