5106 Fair Value & Analysis
Real Estate · MY · Market cap 3.9B MYR
Fair value as of: Jul 19, 2026
From 16 valuation models · updated 22 days ago
Share price −7.7% over the past month.
Below-average quality, and screening another 25% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1.73 MYR). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (0.7565 MYR to 1.73 MYR) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range 1.43 MYR – 2.12 MYR · fair‑value band 0.7565 MYR – 1.73 MYR · the 1.80 MYR price screens above the 1.34 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
5106 (5106) currently trades at 1.80 MYR, while our model-based Fair Value estimate is 1.34 MYR, implying the stock looks roughly 25.4% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, 5106 generated revenue of 370M MYR at a net margin of 77.4%. Revenue grew 6.1% year over year. It earns a return on equity of 8.5%. Net debt stands at 1.7B MYR. Fundamentals as of Jul 19, 2026
Our scenario range runs from 0.7565 MYR (bear case) to 1.73 MYR (bull case); at 1.80 MYR, the current price sits above 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 16% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -25%, 5106 screens richer 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.
All 16 models by family
Widest divergence: Multiples (1.84 MYR) versus Asset-Based (1.13 MYR). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 48
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
5106 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.
5106 screens 25% overvalued. Compare with Goodman Group →
Peer Group
REIT - Diversified · 165 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.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
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 0: the price sits above our fair-value range.
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 REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$29.11 | A$7.37 | -75% |
| VICI Properties Inc VICI | $26.73 | $41.74 | +56% |
| W. P. Carey Inc WPC | $76.69 | $35.59 | -54% |
| Charter Hall Group CHC | A$21.90 | A$11.46 | -48% |
| Fibra Uno FUNO11 | 31.10 MXN | 63.56 MXN | +104% |
| COV COV | €52.55 | €62.39 | +19% |
| The GPT Group GPT | A$4.89 | A$3.49 | -29% |
| Mirvac Group MGR | A$1.70 | A$0.5700 | -66% |
| KLCC Property Holdings 5235SS | 8.85 MYR | 6.91 MYR | -22% |
| CRRUN CRRUN | C$17.65 | C$17.89 | +1% |
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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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