Hengyuan Refining Company (4324) Fair Value & Analysis
Energy · MY · Market cap 828M MYR
Fair value as of: Jul 16, 2026
From 10 valuation models · updated 15 days ago
Share price +42.3% over the past month.
Price vs Fair Value (12 months)
12‑month range 0.7300 MYR – 1.90 MYR · fair‑value band 1.32 MYR – 2.11 MYR · the 1.48 MYR price screens below the 2.11 MYR fair value. As of Jul 16, 2026.
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Hengyuan Refining Company (4324) currently trades at 1.48 MYR, while our model-based Fair Value estimate is 2.11 MYR, implying the stock looks roughly 42.4% undervalued today. We read business quality at 48/100 (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 16, 2026
Our scenario range runs from 1.32 MYR (bear case) to 2.11 MYR (bull case); at 1.48 MYR, the current price sits within that range. The share trades about 30% below its 52-week high and 106% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -34% fair-value upside, at 42%, 4324 screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
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.
Full company description
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.
Company description, as reported by the company or data provider.
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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Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,259 | ₹835.66 | -34% |
| Valero Energy Corporation VLO | $255.82 | $114.28 | -55% |
| Marathon Petroleum Corporation MPC | $262.01 | $129.07 | -51% |
| Phillips 66 PSX | $183.08 | $50.63 | -72% |
| Neste Oyj NESTE | €28.45 | €6.38 | -78% |
| Formosa Petrochemical Corporation 6505 | 51.40 TWD | 20.61 TWD | -60% |
| ENEOS Holdings JXHLY | $16.46 | $17.72 | +8% |
| Indian Oil Corporation IOC | ₹138.26 | ₹394.34 | +185% |
| HF Sinclair Corporation DINO | $65.84 | $52.19 | -21% |
| Bharat Petroleum Corporation BPCL | ₹288.00 | ₹694.69 | +141% |
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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.
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