United Malacca Bhd (2593) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of United Malacca Bhd MYR 8.61, price MYR 5.96, upside +44.5%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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United Malacca Berhad, an investment holding company, engages in the palm oil cultivation, palm oil milling, and agroforestry plantation businesses in Malaysia and Indonesia. The company operates through two segments, Plantation and Investment Holding. It provides management consultancy services.
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United Malacca Berhad, an investment holding company, engages in the palm oil cultivation, palm oil milling, and agroforestry plantation businesses in Malaysia and Indonesia. The company operates through two segments, Plantation and Investment Holding. It provides management consultancy services. The company was formerly known as The United Malacca Rubber Estates, Berhad. United Malacca Berhad was incorporated in 1910 and is headquartered in Taman Melaka Raya, Malaysia.
Stock analysis
United Malacca Bhd (2593) currently trades at 5.96 MYR, while our model-based Fair Value estimate is 8.61 MYR, implying the stock looks roughly 30.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 18.09 MYR per share, and 23 of the 26 models we run sit above the 5.96 MYR price.
Bear case: the Dividend Discount group reads lowest at 2.56 MYR, and 3 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 6.29 MYR (bear) to 11.20 MYR (bull), the price of 5.96 MYR sits below 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 76/100 (high quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
United Malacca Bhd reported revenue of 813M MYR in FY2026 versus 554M MYR in FY2022, a compound +10.1%/yr. Reported net income was 145M MYR in FY2026, compounding +7.5%/yr from FY2022.
Key figures
Market cap 1.3B MYR (≈ $307M) · P/E ratio 8.6 · P/S ratio 1.54 · EPS (TTM) 0.6900 MYR · Dividend yield 2.3% · Net margin 17.8% · Return on equity 9.2% · Return on assets (EBIT) 7.2%.
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 2% below its 52-week high and 8% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at 45%, 2593 screens cheaper than that median.
Fair Value models
Bear 6.29 MYRFair Value 8.61 MYRBull 11.20 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 5 months old). Earnings retained since then (0.2230 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.4%
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.
+10.4%
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.
+15.4%
Start year 2021 (pandemic). Over 10 years: +14.7% a year
Revenue growth 13 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.
+11.1%
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What shareholders gained per year (last 5 years), in MYR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+52.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+50.0%
Dividend (yield on the price)2.3%
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.55% vs 6%, 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.8% → 25%
2026 sits 136% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−12.5%
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 −14.2% 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.Farm Products · 296 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+44% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets6% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)15% · Top 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)2.3% · Above median
Valuation Multiplesvs Farm Products median · lower = cheaper
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Cite: Fair Value Calculator (2026). "United Malacca Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2593
Frequently asked questions
Is United Malacca Bhd (2593) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 8.61 MYR versus a price of 5.96 MYR, about +45% upside (undervalued).
What is the fair value of 2593?
Our model-based fair value for United Malacca Bhd is 8.61 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 5.96 MYR.
What is the quality score of 2593?
United Malacca Bhd has a Quality Score of 76/100. 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 United Malacca Bhd (2593)?
Our model-based price target is the fair value of 8.61 MYR (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 6.29 MYR, optimistic scenario 11.20 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the United Malacca Bhd stock forecast for 2026?
Our models put fair value at 8.61 MYR, about +45% upside versus a price of 5.96 MYR (undervalued). Cautious scenario 6.29 MYR, optimistic scenario 11.20 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of United Malacca Bhd (2593)?
United Malacca Bhd reported trailing-twelve-month revenue of about 813M MYR (latest available figure, as of Sep 23, 2026).
Does United Malacca Bhd pay a dividend?
United Malacca Bhd currently shows a dividend yield of about 2.35% relative to its recent price (as of Sep 23, 2026).
What growth is priced into United Malacca Bhd (2593)?
For today's price to be fair in a discounted-cash-flow model, United Malacca Bhd would have to grow free cash flow by -12.5 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2593 use?
Our models discount United Malacca Bhd at 11.1 %: a base by market capitalisation (small), damped by beta 0.04, 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 United Malacca Bhd that is -12.5 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has United Malacca Bhd (2593) delivered so far?
Over the past 5 years revenue at United Malacca Bhd grew +15.4 % a year. The price currently implies -12.5 % 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 United Malacca Bhd (2593) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into United Malacca Bhd (-12.5 % 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 United Malacca Bhd (2593)?
The free-cash-flow yield on the price is 15.98 %: that much free cash flow United Malacca Bhd produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Malacca Bhd (2593)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Malacca Bhd it is 8.61 MYR per share (as of Sep 23, 2026), against a price of 5.96 MYR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is United Malacca Bhd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2593 trades below its calculated fair value: price 5.96 MYR, fair value 8.61 MYR, a gap of about +45% (undervalued). 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 2593?
No. The price is what the market pays today (5.96 MYR); the fair value is what the company's own numbers justify (8.61 MYR). For United Malacca Bhd the two are 2.65 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is United Malacca Bhd worth?
The market values United Malacca Bhd at about 1.3B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 5.96 MYR; our models calculate a fair value of 8.61 MYR per share.
What do the bullish and bearish scenarios say about 2593?
Our models span a range for United Malacca Bhd: cautious scenario 6.29 MYR, base 8.61 MYR, optimistic 11.20 MYR per share (as of Sep 23, 2026, price 5.96 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2593?
United Malacca Bhd trades at a price-to-earnings ratio of 8.6 (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 8.61 MYR is built from several models across several years. Other multiples: P/B 0.2, P/S 0.4, EV/EBITDA 0.9.
How solid is the balance sheet of United Malacca Bhd (2593)?
Balance-sheet figures for United Malacca Bhd (as of Sep 23, 2026): return on equity 9.2%. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is 2593 from its 52-week high?
United Malacca Bhd trades at 5.96 MYR, about 2% below its 52-week high of 6.09 MYR and 8% above the low of 5.50 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 8.61 MYR is for.
Which stocks are comparable to United Malacca Bhd?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, 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 United Malacca Bhd stock attractive at the current price?
The data as of Sep 23, 2026: price 5.96 MYR, calculated fair value 8.61 MYR (+45%), Quality Score 76/100, from 26 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 2593 calculated?
We run United Malacca Bhd through 26 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 8.61 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 13.2 % above its aggregate fair value. United Malacca Bhd currently trades 45 % below its own fair value, and the market average says nothing about that. 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 United Malacca Bhd (2593)?
The closing price on Sep 24, 2026 was 5.96 MYR. Our model-based fair value is 8.61 MYR, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Malacca Bhd right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (6.29 MYR). The market is more pessimistic than our downside scenario.
Key figures of United Malacca Bhd
How large is the market capitalisation of United Malacca Bhd (2593)?
The market capitalisation of United Malacca Bhd is 1.3B MYR (≈ $307M). 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 United Malacca Bhd (2593)?
The price-to-sales ratio of United Malacca Bhd is 1.54 (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 United Malacca Bhd (2593)?
Earnings per share at United Malacca Bhd are 0.6900 MYR (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Malacca Bhd (2593)?
The dividend yield of United Malacca Bhd is 2.3% (payout 20.3%). 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 United Malacca Bhd (2593)?
The net margin of United Malacca Bhd is 17.8% (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 United Malacca Bhd (2593)?
The return on equity (ROE) of United Malacca Bhd is 9.2% (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 United Malacca Bhd (2593)?
On an EBIT basis the return on assets of United Malacca Bhd is 7.2% (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 United Malacca Bhd (2593)?
The operating margin of United Malacca Bhd is 15.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Malacca Bhd (2593)?
Revenue at United Malacca Bhd is growing +9.8% versus a year earlier (3y avg +10.4%). 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 United Malacca Bhd (2593)?
Earnings per share at United Malacca Bhd are growing −0.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does United Malacca Bhd (2593) carry?
The net debt of United Malacca Bhd is 29.9M MYR (fiscal year 2024, ≈ 0.1 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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