Hengyuan Refining Company (4324) Fair Value & Analysis
Energy · MY · Market cap 792M MYR
Fair value as of: Jul 9, 2026
From 10 valuation models · updated today
Fair value updated Jul 9, 2026 — revised from 3.44 MYR to 2.48 MYR (−27.9%) since Jun 24, 2026. Share price −9.1% over the past month.
Price vs Fair Value (12 months)
12‑month range 0.6570 MYR – 1.71 MYR · fair‑value band 1.55 MYR – 2.48 MYR · the 1.08 MYR price screens below the 2.48 MYR fair value. As of Jul 9, 2026.
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Hengyuan Refining Company (4324) currently trades at 1.08 MYR, while our model-based Fair Value estimate is 2.48 MYR — implying the stock looks roughly 129.6% undervalued today. We read business quality at 43/100 (below-average quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium) — always confirm before acting.
Over the trailing twelve months, Hengyuan Refining Company generated revenue of 15.4B MYR at a net margin of 2.8%. Revenue grew 92.6% year over year. It earns a return on equity of 35.9%. Net debt stands at 372M MYR. Fundamentals as of Jul 9, 2026
Our scenario range runs from 1.55 MYR (bear case) to 2.48 MYR (bull case); at 1.08 MYR, the current price sits below that range. The share trades about 49% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -37% fair-value upside — at 130%, 4324 screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 9, 2026. TTM = trailing twelve months.
About the company
Hengyuan Refining Company Berhad engages in refining, manufacturing, and selling petroleum products in Malaysia. It offers liquefied petroleum gas; petrol; jet fuel; diesel; fuel oil components; sulphur; light naphtha; and propylene. The company was formerly known as Shell Refining Company (Federation of Malaya) Berhad and changed its name to Hengyuan Refining Company Berhad in March 2017. Hengyuan Refining Company Berhad was incorporated in 1960 and is based in Kuala Lumpur, Malaysia. The company operates as a subsidiary of Malaysia Hengyuan International Limited.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hengyuan Refining Company reported revenue of 13.2B MYR in FY2025 versus 12.0B MYR in FY2021, a compound +2.3%/yr. Reported net income was −260M MYR in FY2025.
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.