Al Aqar Healthcare Reit (5116) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Al Aqar Healthcare Reit MYR 0.92, price MYR 1.15, upside -20.0%, quality 60 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 24, 2026.
How to read this chart
60‑month range 0.8999 MYR – 1.29 MYR · fair‑value band 0.7000 MYR – 1.15 MYR · the 1.15 MYR price screens above the 0.9200 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Al-`Aqar Healthcare REIT ("Al-`Aqar) is listed on the main market of Bursa Malaysia. From its humble beginnings with a portfolio of just six properties, Al-`Aqar has steadily evolved and transformed into a reputable player in the Malaysian REIT landscape.
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Al-`Aqar Healthcare REIT ("Al-`Aqar) is listed on the main market of Bursa Malaysia. From its humble beginnings with a portfolio of just six properties, Al-`Aqar has steadily evolved and transformed into a reputable player in the Malaysian REIT landscape. Today, it boasts an extensive portfolio of 23 properties strategically diversified across several key segments, with a notable focus on healthcare assets. The portfolio now comprises 17 hospitals, three wellness/ health centers, two colleges, and an aged care facility, underscoring Al-`Aqar's robust position in the healthcare real estate sector. This diverse mix of properties not only highlights the fund's adaptability but also its ability to cater to the growing demand for specialized healthcare and wellness services in Malaysia. Al-`Aqar's growth trajectory has been driven by the expertise and strong leadership of JLG REIT Managers Sdn Bhd (JRM) (formerly known as Damansara REIT Managers Sdn Berhad), which serves as the fund manager. JRM is a wholly owned subsidiary of Johor Corporation and is further supported by KPJ Healthcare Berhad (KPJ), both of which provide a solid foundation for Al-`Aqar's strategic direction and operational success. JRM's dedicated efforts in asset management, operational efficiency, and portfolio optimization have been instrumental in the fund's continued success and expansion. As of 31 December 2024, Al-`Aqar's portfolio is valued at RM1.65 billion, with a market capitalization of RM1.14 billion. Al-'Aqar Healthcare REIT was incorporated in 2006 in Malaysia.
Stock analysis
Al Aqar Healthcare Reit (5116) currently trades at 1.15 MYR, while our model-based Fair Value estimate is 0.9200 MYR, implying the stock looks roughly 25.0% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 1.26 MYR per share, and 2 of the 12 models we run sit above the 1.15 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.5600 MYR, and 10 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.7000 MYR (bear) to 1.15 MYR (bull), the price of 1.15 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 60/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Al Aqar Healthcare Reit reported revenue of 120M MYR in FY2025 versus 114M MYR in FY2021, a compound +1.3%/yr. Reported net income was 55.7M MYR in FY2025, compounding −6.7%/yr from FY2021.
Key figures
Market cap 966M MYR (≈ $237M) · P/E ratio 16.4 · P/S ratio 7.63 · EPS (TTM) 0.0700 MYR · Dividend yield 6.3% · Net margin 46.4% · Return on equity 5.4% · Return on assets (EBIT) 3.3%.
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 9% 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 6% fair-value upside, at −20%, 5116 screens richer than that median.
Fair Value models
Bear 0.7000 MYRFair Value 0.9200 MYRBull 1.15 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.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+2.3%
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.
+2.9%
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.
+0.7%
Start year 2020 (pandemic). Over 10 years: +0.6% a year
Revenue growth 13 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.
+1.1%
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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.
−1.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)6.3%
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.−8% vs −3%, slowing
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.12% → 46%
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.
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).
+13.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +11.4% a year for the price.
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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 - Healthcare Facilities · 25 stocks
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Is Al Aqar Healthcare Reit (5116) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.9200 MYR versus a price of 1.15 MYR, about −20% upside (overvalued).
What is the fair value of 5116?
Our model-based fair value for Al Aqar Healthcare Reit is 0.9200 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.15 MYR.
What is the quality score of 5116?
Al Aqar Healthcare Reit has a Quality Score of 60/100. 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 Al Aqar Healthcare Reit (5116)?
Our model-based price target is the fair value of 0.9200 MYR (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 0.7000 MYR, optimistic scenario 1.15 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Al Aqar Healthcare Reit stock forecast for 2026?
Our models put fair value at 0.9200 MYR, about −20% upside versus a price of 1.15 MYR (overvalued). Cautious scenario 0.7000 MYR, optimistic scenario 1.15 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Al Aqar Healthcare Reit (5116)?
Al Aqar Healthcare Reit reported trailing-twelve-month revenue of about 124M MYR (latest available figure, as of Sep 24, 2026).
Does Al Aqar Healthcare Reit pay a dividend?
Al Aqar Healthcare Reit currently shows a dividend yield of about 6.35% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Al Aqar Healthcare Reit (5116)?
For today's price to be fair in a discounted-cash-flow model, Al Aqar Healthcare Reit would have to grow free cash flow by +13.6 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5116 use?
Our models discount Al Aqar Healthcare Reit at 12.6 %: a base by market capitalisation (micro), damped by beta 0.11, 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 Al Aqar Healthcare Reit that is +13.6 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Al Aqar Healthcare Reit (5116) delivered so far?
Over the past 5 years revenue at Al Aqar Healthcare Reit grew +0.7 % a year. The price currently implies +13.6 % 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 Al Aqar Healthcare Reit (5116) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Al Aqar Healthcare Reit (+13.6 % 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 Al Aqar Healthcare Reit (5116)?
The free-cash-flow yield on the price is 11.10 %: that much free cash flow Al Aqar Healthcare Reit produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Al Aqar Healthcare Reit (5116)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Al Aqar Healthcare Reit it is 0.9200 MYR per share (as of Sep 24, 2026), against a price of 1.15 MYR. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Al Aqar Healthcare Reit stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5116 trades above its calculated fair value: price 1.15 MYR, fair value 0.9200 MYR, a gap of about −20% (overvalued). 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 5116?
No. The price is what the market pays today (1.15 MYR); the fair value is what the company's own numbers justify (0.9200 MYR). For Al Aqar Healthcare Reit the two are 0.2300 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Al Aqar Healthcare Reit worth?
The market values Al Aqar Healthcare Reit at about 966M MYR (market capitalisation, as of Sep 24, 2026). Per share that is 1.15 MYR; our models calculate a fair value of 0.9200 MYR per share.
What do the bullish and bearish scenarios say about 5116?
Our models span a range for Al Aqar Healthcare Reit: cautious scenario 0.7000 MYR, base 0.9200 MYR, optimistic 1.15 MYR per share (as of Sep 24, 2026, price 1.15 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5116?
Al Aqar Healthcare Reit trades at a price-to-earnings ratio of 16.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.9200 MYR is built from several models across several years. Other multiples: P/B 0.2, P/S 1.9, EV/EBITDA 6.6.
How solid is the balance sheet of Al Aqar Healthcare Reit (5116)?
Balance-sheet figures for Al Aqar Healthcare Reit (as of Sep 24, 2026): return on equity 5.4%, debt of 0.35 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 5116 from its 52-week high?
Al Aqar Healthcare Reit trades at 1.15 MYR, about 9% below its 52-week high of 1.27 MYR and 1% above the low of 1.14 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.9200 MYR is for.
Which stocks are comparable to Al Aqar Healthcare Reit?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, 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 Al Aqar Healthcare Reit stock attractive at the current price?
The data as of Sep 24, 2026: price 1.15 MYR, calculated fair value 0.9200 MYR (−20%), Quality Score 60/100, from 12 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 5116 calculated?
We run Al Aqar Healthcare Reit through 12 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 0.9200 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 13.0 % above its aggregate fair value. Al Aqar Healthcare Reit itself currently trades above fair value. 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 Al Aqar Healthcare Reit (5116)?
The closing price on Sep 24, 2026 was 1.15 MYR. Our model-based fair value is 0.9200 MYR, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Al Aqar Healthcare Reit right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. 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.
Key figures of Al Aqar Healthcare Reit
How large is the market capitalisation of Al Aqar Healthcare Reit (5116)?
The market capitalisation of Al Aqar Healthcare Reit is 966M MYR (≈ $237M). 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 Al Aqar Healthcare Reit (5116)?
The price-to-sales ratio of Al Aqar Healthcare Reit is 7.63 (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 Al Aqar Healthcare Reit (5116)?
Earnings per share at Al Aqar Healthcare Reit are 0.0700 MYR (price ÷ EPS = P/E 16.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Al Aqar Healthcare Reit (5116)?
The dividend yield of Al Aqar Healthcare Reit is 6.3% (payout 104%). 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 Al Aqar Healthcare Reit (5116)?
The net margin of Al Aqar Healthcare Reit is 46.4% (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 Al Aqar Healthcare Reit (5116)?
The return on equity (ROE) of Al Aqar Healthcare Reit is 5.4% (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 Al Aqar Healthcare Reit (5116)?
On an EBIT basis the return on assets of Al Aqar Healthcare Reit is 3.3% (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 Al Aqar Healthcare Reit (5116)?
The operating margin of Al Aqar Healthcare Reit is 86.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Al Aqar Healthcare Reit (5116)?
Revenue at Al Aqar Healthcare Reit is growing +13.0% versus a year earlier (3y avg +2.9%). 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 Al Aqar Healthcare Reit (5116)?
Earnings per share at Al Aqar Healthcare Reit are growing +9.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Al Aqar Healthcare Reit (5116) carry?
The net debt of Al Aqar Healthcare Reit is 970M MYR (fiscal year 2025, ≈ 9.1 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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