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TRC Synergy Berhad, an investment holding company, (5054) Fair Value & Analysis

Industrials · MY · Market cap 127M MYR

TS TRC Synergy Berhad, an investment holding company, 5054 · KLSE
Price0.2700 MYR
Fair Value0.5500 MYR
Upside+103.7%
Quality63/100
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Weak Growth
Thin margins · 3.3% net margin
Low debt · generates free cash flow
3.33% dividend yield
Ranks above peers (8/13)
Narrow moat 29/100
Evidence: High Range 0.4100 MYR – 0.6900 MYR Share as image

Fair value as of: Jul 13, 2026

From 24 valuation models · updated 28 days ago

A solid business, screening 104% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (0.4100 MYR). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

0.4695 MYR 0.2361 MYR Fair Value 0.5500 MYR Jan 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range 0.2361 MYR – 0.4695 MYR · fair‑value band 0.4100 MYR – 0.6900 MYR · the 0.2700 MYR price screens below the 0.5500 MYR fair value. Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

TRC Synergy Berhad, an investment holding company, (5054) currently trades at 0.2700 MYR, while our model-based Fair Value estimate is 0.5500 MYR, implying the stock looks roughly 103.7% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, TRC Synergy Berhad, an investment holding company, generated revenue of 363M MYR at a net margin of 3.3%. Revenue declined 43.4% year over year. It earns a return on equity of 2.1%. Net debt stands at 8.9M MYR. Fundamentals as of Jul 13, 2026

Our scenario range runs from 0.4100 MYR (bear case) to 0.6900 MYR (bull case); at 0.2700 MYR, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 104%, 5054 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 1.31 MYR 1.48 MYR 1.72 MYR 80
Residual Income 0.7500 MYR 0.6900 MYR 0.4900 MYR 76
Rev-Margin DCF 1.04 MYR 1.15 MYR 1.30 MYR 74
All 24 models by family
DCF Models
FCF DCF 1.30 MYR 1.47 MYR 1.76 MYR 38
Owner Earnings 0.9700 MYR 1.06 MYR 1.20 MYR 31
5Y Revenue Exit 1.04 MYR 1.13 MYR 1.27 MYR 39
5Y EBITDA Exit 1.12 MYR 1.27 MYR 1.48 MYR 41
5Y P/E Exit 1.17 MYR 1.36 MYR 1.59 MYR 38
10Y Revenue Exit 1.15 MYR 1.23 MYR 1.30 MYR 36
10Y EBITDA Exit 1.20 MYR 1.30 MYR 1.40 MYR 37
10Y P/E Exit 1.23 MYR 1.35 MYR 1.46 MYR 35
Earnings-Based
Graham-Dodd 0.2200 MYR 0.2700 MYR 0.3000 MYR 54
EPV 0.7600 MYR 0.7800 MYR 0.7900 MYR 59
Dividend Discount
Gordon GGM 0.0500 MYR 0.0500 MYR 0.0600 MYR 70
DDM Multi-Stage 0.0500 MYR 0.0600 MYR 0.0700 MYR 61
Multiples
P/E Multiple 0.5100 MYR 0.6800 MYR 0.8500 MYR 63
P/S Multiple 0.4100 MYR 0.5500 MYR 0.6900 MYR 58
P/B Multiple 0.4100 MYR 0.5500 MYR 0.6900 MYR 55
EV/EBIT 0.9100 MYR 1.00 MYR 1.10 MYR 53
EV/EBITDA 1.02 MYR 1.15 MYR 1.29 MYR 54
EV/Revenue 0.8200 MYR 0.9100 MYR 1.00 MYR 43
Asset-Based
NCAV (Graham) 0.5800 MYR 0.7800 MYR 1.16 MYR 50
Growth DCF
Growth DCF 1.31 MYR 1.48 MYR 1.72 MYR 80
Rev-Margin DCF 1.04 MYR 1.15 MYR 1.30 MYR 74
Economic Profit
Residual Income 0.7500 MYR 0.6900 MYR 0.4900 MYR 76
ROIC Compounder 0.7600 MYR 0.7800 MYR 0.7900 MYR 72
Growth Earnings
Growth-Adj P/E 0.3600 MYR 0.5200 MYR 0.6700 MYR 68

Widest divergence: DCF Models (1.27 MYR) versus Dividend Discount (0.0500 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 363M MYR
Revenue growth (YoY) -43.4%
Net margin 3.3%
Return on equity 2.1%
Free cash flow 44.4M MYR FY2025
P/E ratio 9.0
More key figures
Operating margin 2.1%
EPS (TTM) 0.0300 MYR
Dividend yield 3.3%
EPS growth (YoY) -68.3%
Net debt 8.9M MYR FY2022

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 35

Profitability 23
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

TRC Synergy Berhad, an investment holding company, operates in the construction business in Malaysia and Australia. It operates through Construction Activities, Property Development, Hotel Operations, and Others segments.

Full company description

TRC Synergy Berhad, an investment holding company, operates in the construction business in Malaysia and Australia. It operates through Construction Activities, Property Development, Hotel Operations, and Others segments. The company engages in construction projects for rail infrastructure works, highways and roads, administrative buildings, airport terminals, runways and related facilities, port facilities, and submarine bases, etc. It is also involved in the development of residential properties; sale of construction-related materials; rendering of construction-related services; and hotel-related operations. In addition, it engages in the investment in land development and commercial properties; project management; commercial and trading operations; property investment; general trading and services; construction of elevated guideway and bridge works specialist in heavy lifting and launching works; and oil and gas activities. Further, the company manufactures and trades in concrete piles, sand, and ready-mixed concrete. TRC Synergy Berhad was founded in 1984 and is headquartered in Ampang, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TRC Synergy Berhad, an investment holding company, reported revenue of 417M MYR in FY2025 versus 762M MYR in FY2021, a compound −14.0%/yr. Reported net income was 15.3M MYR in FY2025, compounding −7.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
417M MYR
Latest YoY
−17.7%
Avg. growth/yr (3Y) 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.
−15.0%
Avg. growth/yr (5Y) 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.
−11.2%
Avg. growth/yr (13Y) 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.
−2.3%
Revenue −14.0%/yr
FY21 762M MYR
FY22 678M MYR
FY23 679M MYR
FY24 506M MYR
FY25 417M MYR
Net income −7.2%/yr
FY21 20.7M MYR
FY22 53.3M MYR
FY23 25.3M MYR
FY24 12.6M MYR
FY25 15.3M MYR

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Cite: Fair Value Calculator (2026). "TRC Synergy Berhad, an investment holding company, Fair Value". https://www.fairvalue-calculator.com/stock/5054

Peer Group

Engineering & Construction · 839 stocks

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.

Quality Score 63 · Top 25%
Fair Value upside +104% · Top 25%
Return on equity (TTM) 2% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth -43% · Bottom 25%
Dividend yield (TTM) 3.3% · Top 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 0.7× · Cheaper than median

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.

VALUE 100 · sector 16
FUTURE 0 · sector 17
PAST 9 · sector 26
HEALTH 93 · sector 94
DIVIDEND 67 · sector 33

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is TRC Synergy Berhad, an investment holding company, (5054) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 0.5500 MYR versus a price of 0.2700 MYR, about +104% (undervalued).
What is the fair value of 5054?
Our model-based fair value for TRC Synergy Berhad, an investment holding company, is 0.5500 MYR (as of Jul 13, 2026), built from audited fundamentals. The current price is 0.2700 MYR.
What is the quality score of 5054?
TRC Synergy Berhad, an investment holding company, 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 revenue of TRC Synergy Berhad, an investment holding company, (5054)?
TRC Synergy Berhad, an investment holding company, reported trailing-twelve-month revenue of about 363M MYR (latest available figure, as of Jul 13, 2026).
What is the net profit margin of 5054?
The net profit margin of TRC Synergy Berhad, an investment holding company, is about 3.3%, meaning it keeps roughly 3.3% of revenue as net income. Based on the latest reported figures.
Does TRC Synergy Berhad, an investment holding company, pay a dividend?
TRC Synergy Berhad, an investment holding company, currently shows a dividend yield of about 3.21% relative to its recent price (as of Jul 13, 2026).

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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