Lafarge Malayan Cement Bhd (3794) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Lafarge Malayan Cement Bhd MYR 8.08, price MYR 5.56, upside +45.3%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Malayan Cement Berhad, an investment holding company, produces, manufactures, and trades in cement, clinker, ready-mix concrete, drymix, quarry, and other building materials and related products primarily in Malaysia and Singapore. The company operates through Cement, and Aggregates and Concrete segments.
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Malayan Cement Berhad, an investment holding company, produces, manufactures, and trades in cement, clinker, ready-mix concrete, drymix, quarry, and other building materials and related products primarily in Malaysia and Singapore. The company operates through Cement, and Aggregates and Concrete segments. It offers engineering, procurement, construction, and operation and maintenance services. In addition, the company builds, operates, and maintains residual heat power; and involved in solid waste incinerator process, as well as engaged in jetty testing, inspection, and rehabilitation services; vessel berthing fender replacement; optimal surface and ground water resource development services. Further, it provides commercial, industrial, and agricultural waste management solutions; landfill solution, and technical consultancy, as well as co-processing, end-to-end waste management, scheduled waste management, and recycling solutions. Additionally, the company offers bricklaying and crack repair, tiling, grouting for wall and floor; and provides single and graded aggregates, ballast, stone column, crusher run and fill materials. The company was formerly known as Lafarge Malaysia Berhad and changed its name to Malayan Cement Berhad in September 2019. Malayan Cement Berhad was incorporated in 1950 and is based in Kuala Lumpur, Malaysia. Malayan Cement Berhad is a subsidiary of YTL Cement Berhad.
Stock analysis
Lafarge Malayan Cement Bhd (3794) currently trades at 5.56 MYR, while our model-based Fair Value estimate is 8.08 MYR, implying the stock looks roughly 31.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 8.35 MYR per share, and 15 of the 26 models we run sit above the 5.56 MYR price.
Bear case: the Dividend Discount group reads lowest at 2.15 MYR, and 11 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 4.79 MYR (bear) to 10.21 MYR (bull), the price of 5.56 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 59/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Lafarge Malayan Cement Bhd reported revenue of 4.5B MYR in FY2024 versus 1.4B MYR in FY2020, a compound +34.8%/yr. Reported net income was 672M MYR in FY2024, compounding +209.7%/yr from FY2020. FY2020 was a trough year, so the rate overstates the trend.
Key figures
Market cap 10.4B MYR (≈ $2.6B) · P/E ratio 12.4 · P/S ratio 1.83 · EPS (TTM) 0.4500 MYR · Dividend yield 2.2% · Net margin 14.8% · Return on equity 12.1% · Return on assets (EBIT) 5.0%.
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 36% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 45%, 3794 screens cheaper than that median.
Fair Value models
Bear 4.79 MYRFair Value 8.08 MYRBull 10.21 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 2024 figures (about 12 months old). Earnings retained since then (0.3300 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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.8%
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.
+18.7%
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.
+23.1%
Revenue growth 12 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.
+4.3%
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What shareholders gained per year (last 3 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 3 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.
+96.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+94.7%
Dividend (yield on the price)2.2%
Profit margin 2019 to 2024 ⓘ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.−12% → 25%
2024 sits 300% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 3.1%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+6.1%
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.
+4.9%
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 +4.0% a year for the price and +2.9% for the forecasts.
Compare Lafarge Malayan Cement Bhd with another stock
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.Building Materials · 256 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside+47% · Top 25%
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)−8% · Bottom 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)2.2% · Below median
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Lafarge Malayan Cement Bhd Fair Value". https://www.fairvalue-calculator.com/stock/3794
Frequently asked questions
Is Lafarge Malayan Cement Bhd (3794) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 8.08 MYR versus a price of 5.56 MYR, about +45% upside (undervalued).
What is the fair value of 3794?
Our model-based fair value for Lafarge Malayan Cement Bhd is 8.08 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 5.56 MYR.
What is the quality score of 3794?
Lafarge Malayan Cement Bhd has a Quality Score of 59/100. 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 Lafarge Malayan Cement Bhd (3794)?
Our model-based price target is the fair value of 8.08 MYR (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 4.79 MYR, optimistic scenario 10.21 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Lafarge Malayan Cement Bhd stock forecast for 2026?
Our models put fair value at 8.08 MYR, about +45% upside versus a price of 5.56 MYR (undervalued). Cautious scenario 4.79 MYR, optimistic scenario 10.21 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Lafarge Malayan Cement Bhd (3794)?
Lafarge Malayan Cement Bhd reported trailing-twelve-month revenue of about 4.8B MYR (latest available figure, as of Sep 24, 2026).
Does Lafarge Malayan Cement Bhd pay a dividend?
Lafarge Malayan Cement Bhd currently shows a dividend yield of about 2.16% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Lafarge Malayan Cement Bhd (3794)?
For today's price to be fair in a discounted-cash-flow model, Lafarge Malayan Cement Bhd would have to grow free cash flow by +6.1 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3794 use?
Our models discount Lafarge Malayan Cement Bhd at 10.0 %: a base by market capitalisation (mid), damped by beta 0.64, 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 Lafarge Malayan Cement Bhd that is +6.1 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Lafarge Malayan Cement Bhd (3794) delivered so far?
Over the past 5 years revenue at Lafarge Malayan Cement Bhd grew +23.1 % a year. The price currently implies +6.1 % 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 Lafarge Malayan Cement Bhd (3794) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Lafarge Malayan Cement Bhd (+6.1 % 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 Lafarge Malayan Cement Bhd (3794)?
The free-cash-flow yield on the price is 7.37 %: that much free cash flow Lafarge Malayan Cement Bhd produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Lafarge Malayan Cement Bhd (3794)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lafarge Malayan Cement Bhd it is 8.08 MYR per share (as of Sep 24, 2026), against a price of 5.56 MYR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Lafarge Malayan Cement Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3794 trades below its calculated fair value: price 5.56 MYR, fair value 8.08 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 3794?
No. The price is what the market pays today (5.56 MYR); the fair value is what the company's own numbers justify (8.08 MYR). For Lafarge Malayan Cement Bhd the two are 2.52 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Lafarge Malayan Cement Bhd worth?
The market values Lafarge Malayan Cement Bhd at about 10.4B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 5.56 MYR; our models calculate a fair value of 8.08 MYR per share.
What do the bullish and bearish scenarios say about 3794?
Our models span a range for Lafarge Malayan Cement Bhd: cautious scenario 4.79 MYR, base 8.08 MYR, optimistic 10.21 MYR per share (as of Sep 24, 2026, price 5.56 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3794?
Lafarge Malayan Cement Bhd trades at a price-to-earnings ratio of 12.4 (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 8.08 MYR is built from several models across several years. Other multiples: PEG 0.4, P/B 0.4, P/S 0.5, EV/EBITDA 3.3.
What is the PEG ratio of 3794?
The PEG ratio of Lafarge Malayan Cement Bhd is 0.41 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Lafarge Malayan Cement Bhd (3794)?
Balance-sheet figures for Lafarge Malayan Cement Bhd (as of Sep 24, 2026): return on equity 12.1%, debt of 0.32 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 3794 from its 52-week high?
Lafarge Malayan Cement Bhd trades at 5.56 MYR, about 36% below its 52-week high of 8.62 MYR and 4% above the low of 5.36 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 8.08 MYR is for.
Which stocks are comparable to Lafarge Malayan Cement Bhd?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement 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 Lafarge Malayan Cement Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 5.56 MYR, calculated fair value 8.08 MYR (+45%), Quality Score 59/100, 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 3794 calculated?
We run Lafarge Malayan Cement 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 8.08 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. Lafarge Malayan Cement 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 Lafarge Malayan Cement Bhd (3794)?
The closing price on Sep 23, 2026 was 5.56 MYR. Our model-based fair value is 8.08 MYR, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lafarge Malayan Cement Bhd right now?
Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (4.79 MYR to 10.21 MYR) leaves room in how you read the outcome.
Key figures of Lafarge Malayan Cement Bhd
How large is the market capitalisation of Lafarge Malayan Cement Bhd (3794)?
The market capitalisation of Lafarge Malayan Cement Bhd is 10.4B MYR (≈ $2.6B). 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 Lafarge Malayan Cement Bhd (3794)?
The price-to-sales ratio of Lafarge Malayan Cement Bhd is 1.83 (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 Lafarge Malayan Cement Bhd (3794)?
Earnings per share at Lafarge Malayan Cement Bhd are 0.4500 MYR (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lafarge Malayan Cement Bhd (3794)?
The dividend yield of Lafarge Malayan Cement Bhd is 2.2% (payout 26.7%). 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 Lafarge Malayan Cement Bhd (3794)?
The net margin of Lafarge Malayan Cement Bhd is 14.8% (fiscal year 2024). 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 Lafarge Malayan Cement Bhd (3794)?
The return on equity (ROE) of Lafarge Malayan Cement Bhd is 12.1% (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 Lafarge Malayan Cement Bhd (3794)?
On an EBIT basis the return on assets of Lafarge Malayan Cement Bhd is 5.0% (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 Lafarge Malayan Cement Bhd (3794)?
The operating margin of Lafarge Malayan Cement Bhd is −7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lafarge Malayan Cement Bhd (3794)?
Revenue at Lafarge Malayan Cement Bhd is growing +9.5% versus a year earlier (3y avg +18.7%). 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 Lafarge Malayan Cement Bhd (3794)?
Earnings per share at Lafarge Malayan Cement Bhd are growing +24.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lafarge Malayan Cement Bhd (3794) carry?
The net debt of Lafarge Malayan Cement Bhd is 2.6B MYR (fiscal year 2024, ≈ 3.3 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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