Axis Real Estate Investment Trust (5106) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Axis Real Estate Investment Trust MYR 2.10, price MYR 1.81, upside +16.0%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 1.41 MYR – 2.09 MYR · fair‑value band 0.9600 MYR – 4.32 MYR · the 1.81 MYR price screens below the 2.10 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Axis Real Estate Investment Trust, Malaysia's first real estate investment trust, was listed on Bursa Securities on 3 August 2005. Having been reclassified as an Islamic REIT on 11 December 2008, all acquisitions by Axis-REIT are Shariah compliant.
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Axis Real Estate Investment Trust, Malaysia's first real estate investment trust, was listed on Bursa Securities on 3 August 2005. Having been reclassified as an Islamic REIT on 11 December 2008, all acquisitions by Axis-REIT are Shariah compliant. It has a diverse portfolio of 69 properties strategically located in the Klang Valley, Johor, Penang, Pahang, Negeri Sembilan and Kedah as at 31 December 2025. Axis REIT Managers Berhad is the Manager of Axis-REIT while RHB Trustees Berhad is the trustee of Axis-REIT. Axis-REIT has a solid industrial space portfolio. As at 31 December 2025, the occupancy rate of Axis-REIT's portfolio stood at 94% with a weighted average lease expiry period of 4.4 years, based on rental. The total space under management is 15 million square feet and total asset value of RM5.36 billion. Axis Real Estate Investment Trust was established on June 15, 2005 and incoporated in Malaysia.
Stock analysis
Axis Real Estate Investment Trust (5106) currently trades at 1.81 MYR, while our model-based Fair Value estimate is 2.10 MYR, implying the stock looks roughly 13.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2.16 MYR per share, and 7 of the 16 models we run sit above the 1.81 MYR price.
Bear case: the Asset-Based group reads lowest at 1.13 MYR, and 9 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.9600 MYR (bear) to 4.32 MYR (bull), the price of 1.81 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 56/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Axis Real Estate Investment Trust reported revenue of 368M MYR in FY2025 versus 246M MYR in FY2021, a compound +10.5%/yr. Reported net income was 282M MYR in FY2025, compounding +8.9%/yr from FY2021.
Key figures
Market cap 3.7B MYR (≈ $899M) · P/E ratio 12.9 · P/S ratio 9.92 · EPS (TTM) 0.1400 MYR · Dividend yield 5.9% · Net margin 76.7% · Return on equity 8.5% · Return on assets (EBIT) 4.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at 16%, 5106 screens cheaper than that median.
Fair Value models
Bear 0.9600 MYRFair Value 2.10 MYRBull 4.32 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 2025 figures (about 9 months old). Earnings retained since then (0.0249 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.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.1%
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.
+8.9%
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.
+9.6%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 19 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.
+12.2%
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What shareholders gained per year (last 5 years), in MYR ⓘ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. 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.
+6.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)5.9%
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.0% vs 2%, steady
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.75% → 73%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than 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).
+20.2%
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.
+4.0%
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 +17.9% a year for the price and +2.0% for the forecasts.
Compare Axis Real Estate Investment Trust 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.REIT - Diversified · 157 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+16% · Above median
Profitability
Return on equity (TTM)8% · Top 25%
Return on assets3% · Above median
Net margin (TTM)77% · Top 25%
Operating margin (TTM)73% · Top 25%
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)5.9% · Above median
Balance sheet
Debt / equity0.27× · Below median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Axis Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/5106
Frequently asked questions
Is Axis Real Estate Investment Trust (5106) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 2.10 MYR versus a price of 1.81 MYR, about +16% upside (undervalued).
What is the fair value of 5106?
Our model-based fair value for Axis Real Estate Investment Trust is 2.10 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 1.81 MYR.
What is the quality score of 5106?
Axis Real Estate Investment Trust has a Quality Score of 56/100. 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 Axis Real Estate Investment Trust (5106)?
Our model-based price target is the fair value of 2.10 MYR (as of Sep 23, 2026) from 16 valuation models. Cautious scenario 0.9600 MYR, optimistic scenario 4.32 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Axis Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 2.10 MYR, about +16% upside versus a price of 1.81 MYR (undervalued). Cautious scenario 0.9600 MYR, optimistic scenario 4.32 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Axis Real Estate Investment Trust (5106)?
Axis Real Estate Investment Trust reported trailing-twelve-month revenue of about 370M MYR (latest available figure, as of Sep 23, 2026).
Does Axis Real Estate Investment Trust pay a dividend?
Axis Real Estate Investment Trust currently shows a dividend yield of about 5.86% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Axis Real Estate Investment Trust (5106)?
For today's price to be fair in a discounted-cash-flow model, Axis Real Estate Investment Trust would have to grow free cash flow by +20.2 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 5106 use?
Our models discount Axis Real Estate Investment Trust at 9.7 %: a base by market capitalisation (mid), damped by beta 0.18, 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 Axis Real Estate Investment Trust that is +20.2 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Axis Real Estate Investment Trust (5106) delivered so far?
Over the past 5 years revenue at Axis Real Estate Investment Trust grew +9.6 % a year. The price currently implies +20.2 % 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 Axis Real Estate Investment Trust (5106) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Axis Real Estate Investment Trust (+20.2 % 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 Axis Real Estate Investment Trust (5106)?
The free-cash-flow yield on the price is 4.09 %: that much free cash flow Axis Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Axis Real Estate Investment Trust (5106)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Axis Real Estate Investment Trust it is 2.10 MYR per share (as of Sep 23, 2026), against a price of 1.81 MYR. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Axis Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 5106 trades below its calculated fair value: price 1.81 MYR, fair value 2.10 MYR, a gap of about +16% (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 5106?
No. The price is what the market pays today (1.81 MYR); the fair value is what the company's own numbers justify (2.10 MYR). For Axis Real Estate Investment Trust the two are 0.2900 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Axis Real Estate Investment Trust worth?
The market values Axis Real Estate Investment Trust at about 3.7B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 1.81 MYR; our models calculate a fair value of 2.10 MYR per share.
What do the bullish and bearish scenarios say about 5106?
Our models span a range for Axis Real Estate Investment Trust: cautious scenario 0.9600 MYR, base 2.10 MYR, optimistic 4.32 MYR per share (as of Sep 23, 2026, price 1.81 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5106?
Axis Real Estate Investment Trust trades at a price-to-earnings ratio of 12.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.10 MYR is built from several models across several years. Other multiples: PEG 1.9, P/B 0.3, P/S 2.4, EV/EBITDA 6.4.
What is the PEG ratio of 5106?
The PEG ratio of Axis Real Estate Investment Trust is 1.94 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Axis Real Estate Investment Trust (5106)?
Balance-sheet figures for Axis Real Estate Investment Trust (as of Sep 23, 2026): return on equity 8.5%, debt of 0.27 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 5106 from its 52-week high?
Axis Real Estate Investment Trust trades at 1.81 MYR, about 14% below its 52-week high of 2.09 MYR and 5% above the low of 1.73 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.10 MYR is for.
Which stocks are comparable to Axis Real Estate Investment Trust?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Axis Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 23, 2026: price 1.81 MYR, calculated fair value 2.10 MYR (+16%), Quality Score 56/100, from 16 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 5106 calculated?
We run Axis Real Estate Investment Trust through 16 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 2.10 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. Axis Real Estate Investment Trust currently trades 16 % 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 Axis Real Estate Investment Trust (5106)?
The closing price on Sep 23, 2026 was 1.81 MYR. Our model-based fair value is 2.10 MYR, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Axis Real Estate Investment Trust right now?
The model range is unusually wide (0.9600 MYR to 4.32 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Axis Real Estate Investment Trust (5106) come from?
Earnings per share at Axis Real Estate Investment Trust grew −1.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.9 %, EBIT margin +0.0 %, tax rate −0.3 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Axis Real Estate Investment Trust
How large is the market capitalisation of Axis Real Estate Investment Trust (5106)?
The market capitalisation of Axis Real Estate Investment Trust is 3.7B MYR (≈ $899M). 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 Axis Real Estate Investment Trust (5106)?
The price-to-sales ratio of Axis Real Estate Investment Trust is 9.92 (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 Axis Real Estate Investment Trust (5106)?
Earnings per share at Axis Real Estate Investment Trust are 0.1400 MYR (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Axis Real Estate Investment Trust (5106)?
The dividend yield of Axis Real Estate Investment Trust is 5.9% (payout 75.7%). 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 Axis Real Estate Investment Trust (5106)?
The net margin of Axis Real Estate Investment Trust is 76.7% (fiscal year 2025). 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 Axis Real Estate Investment Trust (5106)?
The return on equity (ROE) of Axis Real Estate Investment Trust is 8.5% (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 Axis Real Estate Investment Trust (5106)?
On an EBIT basis the return on assets of Axis Real Estate Investment Trust is 4.1% (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 Axis Real Estate Investment Trust (5106)?
The operating margin of Axis Real Estate Investment Trust is 72.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Axis Real Estate Investment Trust (5106)?
Revenue at Axis Real Estate Investment Trust is growing +2.3% versus a year earlier (3y avg +8.9%). 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 Axis Real Estate Investment Trust (5106)?
Earnings per share at Axis Real Estate Investment Trust are growing −1.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Axis Real Estate Investment Trust (5106) carry?
The net debt of Axis Real Estate Investment Trust is 1.7B MYR (fiscal year 2025, ≈ 11.1 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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