Mulpha International Bhd (3905) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Mulpha International Bhd stock MYR 5.34, price MYR 2.54, upside +110.2%, quality 63 out of 100. Rating: strongly undervalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 1.70 MYR – 3.40 MYR · fair‑value band 2.38 MYR – 10.08 MYR · the 2.54 MYR price screens below the 5.34 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Mulpha International Bhd, an investment holding company, invests in the real estate and hospitality sectors in Malaysia, Australia, and New Zealand. It operates through four segments: Property Development; Property Investment and Finance; Hospitality and Leisure; and Investment and Others.
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The company engages in property development and investment; real estate investment; licensed money lending; provision of financial services; ownership and operation of hotels and services; operation of food, beverage, and entertainment and events business; operation of winery and vineyard; and investment in securities, education, and others.
It is also involved in the operation of resorts; car parks, marinas, and recreation club; trading of securities; car wash and childcare businesses; hotelier activities; hospitality operations; property ownership; and acts as a promotional and corporate merchandiser, trust and fund manager, bond issuer; and event operator.
In addition, it provides management, maintenance, corporate, and facilities management services; asset management and financial services; and advisory services. The company was incorporated in 1974 and is headquartered in Petaling Jaya, Malaysia.
Stock analysis
Mulpha International Bhd (3905) currently trades at 2.54 MYR, while our model-based Fair Value estimate is 5.34 MYR, implying the stock looks roughly 52% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 33.85 MYR per share, and 9 of the 10 models we run sit above the 2.54 MYR price.
Bear case: the Growth DCF group reads lowest at 3.33 MYR, and 1 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.38 MYR (bear) to 10.08 MYR (bull), the price of 2.54 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 63/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mulpha International Bhd reported revenue of 1.6B MYR in FY2025 versus 787M MYR in FY2021, a compound +19.2%/yr. Reported net income was 404M MYR in FY2025, compounding −1.7%/yr from FY2021.
Key figures
Market cap 778M MYR (≈ $192M) Micro · P/E ratio 2.4 · P/S ratio 0.34 · EPS (TTM) 1.04 MYR · Net margin 13.6% · Return on equity 8.2% · Return on assets (EBIT) 5.6% (5-year average) · Operating margin 72.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at 110%, 3905 screens cheaper than that median.
Fair Value models
Bear2.38 MYRFair Value 5.34 MYRBull10.08 MYR
Price 2.54 MYR · Upside +110.2%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 2025 figures (about 10 months old). Earnings retained since then (0.8918 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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+54.0%
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.
+17.9%
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.
+20.8%
Start year 2020 (pandemic). Over 10 years: +5.2% 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.
+7.9%
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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.
−4.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.6%
Dividend (yield on the price)0.0%
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.−1.0% vs 12.6%, slowing
Profit margin 2020 to 2025 ⓘ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.2% → 38%
2025 sits 384% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+55.3%
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 +52.3% a year for the price.
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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.Conglomerates · 304 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+110.2% · Top 25%
Profitability
Return on equity (12 months)8.2% · Above median
Return on assets6.7% · Top 25%
Net margin (12 months)13.6% · Top 25%
Operating margin (12 months)72.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)30.5% · Top 25%
Balance sheet
Debt / equity0.36× · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mulpha International Bhd Fair Value". https://www.fairvalue-calculator.com/stock/3905
Frequently asked questions
Is Mulpha International Bhd (3905) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 5.34 MYR versus a price of 2.54 MYR, about +110% upside (undervalued).
What is the fair value of 3905?
Our model-based fair value for Mulpha International Bhd is 5.34 MYR (as of Nov 4, 2026), built from audited fundamentals. The current price: 2.54 MYR.
What is the quality score of 3905?
Mulpha International Bhd has a Quality Score of 63/100. 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 Mulpha International Bhd (3905)?
Our model-based price target is the fair value of 5.34 MYR (as of Nov 4, 2026) from 10 valuation models. Cautious scenario 2.38 MYR, optimistic scenario 10.08 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Mulpha International Bhd stock forecast for 2026?
Our models put fair value at 5.34 MYR, about +110% upside versus a price of 2.54 MYR (undervalued). Cautious scenario 2.38 MYR, optimistic scenario 10.08 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Mulpha International Bhd (3905)?
Mulpha International Bhd reported trailing-twelve-month revenue of about 2.3B MYR (latest available figure, as of Nov 4, 2026).
What growth is priced into Mulpha International Bhd (3905)?
For today's price to be fair in a discounted-cash-flow model, Mulpha International Bhd would have to grow free cash flow by +55.3 % per year for five years (discount rate 14.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.8 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 3905 use?
Our models discount Mulpha International Bhd at 14.1 %: a base by market capitalisation (micro), 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 Mulpha International Bhd that is +55.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.1 %) and the same formula as our fair value.
How much growth has Mulpha International Bhd (3905) delivered so far?
Over the past 5 years revenue at Mulpha International Bhd grew +20.8 % a year. The price currently implies free-cash-flow growth of +55.3 % per 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 Mulpha International Bhd (3905) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Mulpha International Bhd (+55.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mulpha International Bhd (3905)?
The free-cash-flow yield on the price is 1.81 %: that much free cash flow Mulpha International Bhd produces per unit of market value. When it exceeds the discount rate of our models (14.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mulpha International Bhd (3905)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mulpha International Bhd it is 5.34 MYR per share (as of Nov 4, 2026), against a price of 2.54 MYR. It is the blended result of 10 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Mulpha International Bhd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 3905 trades below its calculated fair value: price 2.54 MYR, fair value 5.34 MYR, a gap of about +110% (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 3905?
No. The price is what the market pays today (2.54 MYR); the fair value is what the company's own numbers justify (5.34 MYR). For Mulpha International Bhd the two are 2.80 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Mulpha International Bhd worth?
The market values Mulpha International Bhd at about 778M MYR (market capitalisation, as of Nov 4, 2026). Per share that is 2.54 MYR; our models calculate a fair value of 5.34 MYR per share.
What do the bullish and bearish scenarios say about 3905?
Our models span a range for Mulpha International Bhd: cautious scenario 2.38 MYR, base 5.34 MYR, optimistic 10.08 MYR per share (as of Nov 4, 2026, price 2.54 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3905?
Mulpha International Bhd trades at a price-to-earnings ratio of 2.4 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.34 MYR is built from several models across several years. Other multiples: P/B 0.2, P/S 0.3, EV/EBITDA 2.4.
How solid is the balance sheet of Mulpha International Bhd (3905)?
Balance-sheet figures for Mulpha International Bhd (as of Nov 4, 2026): return on equity 8.2%, debt of 0.36 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 3905 from its 52-week high?
Mulpha International Bhd trades at 2.54 MYR, about 16% below its 52-week high of 3.02 MYR and at the low of 2.54 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 5.34 MYR is for.
Which stocks are comparable to Mulpha International Bhd?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH 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 Mulpha International Bhd stock attractive at the current price?
The data as of Nov 4, 2026: price 2.54 MYR, calculated fair value 5.34 MYR (+110%), Quality Score 63/100, from 10 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 3905 calculated?
We run Mulpha International Bhd through 10 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 5.34 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. Mulpha International Bhd currently trades 52% 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 Mulpha International Bhd (3905)?
The closing price on Nov 6, 2026 was 2.54 MYR. Our model-based fair value is 5.34 MYR, about +110% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mulpha International Bhd right now?
The model range is unusually wide (2.38 MYR to 10.08 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Mulpha International Bhd
How large is the market capitalisation of Mulpha International Bhd (3905)?
The market capitalisation of Mulpha International Bhd is 778M MYR (≈ $192M). 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 Mulpha International Bhd (3905)?
The price-to-sales ratio of Mulpha International Bhd is 0.34 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mulpha International Bhd (3905)?
Earnings per share at Mulpha International Bhd are 1.04 MYR (price ÷ EPS = P/E 2.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mulpha International Bhd (3905)?
The net margin of Mulpha International Bhd is 13.6% (last twelve months). 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 Mulpha International Bhd (3905)?
The return on equity (ROE) of Mulpha International Bhd is 8.2% (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 Mulpha International Bhd (3905)?
On an EBIT basis the return on assets of Mulpha International Bhd is 5.6% (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 Mulpha International Bhd (3905)?
The operating margin of Mulpha International Bhd is 72.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mulpha International Bhd (3905)?
Revenue at Mulpha International Bhd is growing +30.5% versus a year earlier (3y avg +17.9%). 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 Mulpha International Bhd (3905)?
Earnings per share at Mulpha International Bhd are growing −36.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mulpha International Bhd (3905) carry?
The net debt of Mulpha International Bhd is 834M MYR (fiscal year 2025, ≈ 59.2 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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Thin data
Nov 4, 2026