Hektar Real Estate Investment Trust (5121) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hektar Real Estate Investment Trust MYR 0.45, price MYR 0.52, upside -13.5%, quality 53 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 0.3142 MYR – 0.6462 MYR · fair‑value band 0.3400 MYR – 0.4500 MYR · the 0.5200 MYR price screens above the 0.4500 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Hektar Real Estate Investment Trust (Hektar REIT) is Malaysia's first listed retail-focused REIT. The primary objectives of Hektar REIT are to provide unitholders with sustainable dividend income and to achieve a long-term capital appreciation of the REIT.
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Hektar Real Estate Investment Trust (Hektar REIT) is Malaysia's first listed retail-focused REIT. The primary objectives of Hektar REIT are to provide unitholders with sustainable dividend income and to achieve a long-term capital appreciation of the REIT. Hektar REIT was listed on the Main Market of Bursa Malaysia Securities Berhad on December 4, 2006 and currently owns 2 million square feet of retail space and an education property across 4 states with total assets valued at RM1.39 billion. On 19 February 2025, The Manager has announced the proposed acquisition of an industrial property located in Bayan Lepas, Penang for RM30 million, marking Hektar REIT's dedication to diversification for yield-accretive non-retail assets, being the first industrial asset in its portfolio. On 24 June 2025, The Manager also announced the proposed acquisition of 90% equity stake of Terramark Sdn Bhd, a real estate backed vehicle with strategic land parcel in Chuping, Perlis earmarked for solar farm development. Hektar REIT is managed by Hektar Asset Management Sdn Bhd. Hektar REIT's portfolio of diversified properties includes Subang Parade in Subang Jaya, Selangor; Mahkota Parade in Melaka; Kolej Yayasan Saad in Ayer Keroh, Melaka; Wetex Parade & Classic Hotel in Muar, Johor; Central Square in Sungai Petani, Kedah; Kulim Central in Kulim, Kedah and Segamat Central in Segamat, Johor. Hektar Real Estate Investment Trust was incorporated on October 5th, 2006 in Malaysia.
Stock analysis
Hektar Real Estate Investment Trust (5121) currently trades at 0.5200 MYR, while our model-based Fair Value estimate is 0.4500 MYR, implying the stock looks roughly 15.6% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 0.7000 MYR per share, and 2 of the 6 models we run sit above the 0.5200 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.1800 MYR, and 4 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.3400 MYR (bear) to 0.4500 MYR (bull), the price of 0.5200 MYR sits above 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 53/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hektar Real Estate Investment Trust reported revenue of 125M MYR in FY2025 versus 96.6M MYR in FY2021, a compound +6.6%/yr. Reported net income was 18.8M MYR in FY2025.
Key figures
Market cap 369M MYR (≈ $90.5M) · P/E ratio 17.3 · P/S ratio 2.61 · EPS (TTM) 0.0300 MYR · Dividend yield 4.2% · Net margin 15.0% · Return on equity 2.6% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −13%, 5121 screens cheaper than that median.
Fair Value models
Bear 0.3400 MYRFair Value 0.4500 MYRBull 0.4500 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 (0.0059 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.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.1%
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.
+2.0%
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.
+2.3%
Start year 2020 (pandemic). Over 10 years: −0.1% 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.
+1.4%
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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.
+5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.3%
Dividend (yield on the price)4.2%
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.1% vs −13%, picking up
Profit margin 2019 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.48% → 15%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 7.0%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+21.2%
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 +18.8% 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 - Retail · 94 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−14% · Above median
Profitability
Return on equity (TTM)3% · Bottom 25%
Return on assets2% · Bottom 25%
Net margin (TTM)15% · Bottom 25%
Operating margin (TTM)38% · Bottom 25%
Growth and dividend
Revenue growth−1% · Bottom 25%
Dividend yield (TTM)4.2% · Bottom 25%
Balance sheet
Debt / equity0.79× · Above median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Hektar Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/5121
Frequently asked questions
Is Hektar Real Estate Investment Trust (5121) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.4500 MYR versus a price of 0.5200 MYR, about −13% upside (overvalued).
What is the fair value of 5121?
Our model-based fair value for Hektar Real Estate Investment Trust is 0.4500 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.5200 MYR.
What is the quality score of 5121?
Hektar Real Estate Investment Trust has a Quality Score of 53/100. 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 Hektar Real Estate Investment Trust (5121)?
Our model-based price target is the fair value of 0.4500 MYR (as of Sep 24, 2026) from 8 valuation models. Cautious scenario 0.3400 MYR, optimistic scenario 0.4500 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Hektar Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 0.4500 MYR, about −13% upside versus a price of 0.5200 MYR (overvalued). Cautious scenario 0.3400 MYR, optimistic scenario 0.4500 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Hektar Real Estate Investment Trust (5121)?
Hektar Real Estate Investment Trust reported trailing-twelve-month revenue of about 126M MYR (latest available figure, as of Sep 24, 2026).
Does Hektar Real Estate Investment Trust pay a dividend?
Hektar Real Estate Investment Trust currently shows a dividend yield of about 4.23% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hektar Real Estate Investment Trust (5121)?
For today's price to be fair in a discounted-cash-flow model, Hektar Real Estate Investment Trust would have to grow free cash flow by +21.2 % 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 +2.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5121 use?
Our models discount Hektar Real Estate Investment Trust at 12.6 %: a base by market capitalisation (micro), damped by beta 0.16, 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 Hektar Real Estate Investment Trust that is +21.2 % 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 Hektar Real Estate Investment Trust (5121) delivered so far?
Over the past 5 years revenue at Hektar Real Estate Investment Trust grew +2.3 % a year. The price currently implies +21.2 % 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 Hektar Real Estate Investment Trust (5121) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Hektar Real Estate Investment Trust (+21.2 % 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 Hektar Real Estate Investment Trust (5121)?
The free-cash-flow yield on the price is 10.20 %: that much free cash flow Hektar Real Estate Investment Trust 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 Hektar Real Estate Investment Trust (5121)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hektar Real Estate Investment Trust it is 0.4500 MYR per share (as of Sep 24, 2026), against a price of 0.5200 MYR. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Hektar Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5121 trades above its calculated fair value: price 0.5200 MYR, fair value 0.4500 MYR, a gap of about −13% (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 5121?
No. The price is what the market pays today (0.5200 MYR); the fair value is what the company's own numbers justify (0.4500 MYR). For Hektar Real Estate Investment Trust the two are 0.0700 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Hektar Real Estate Investment Trust worth?
The market values Hektar Real Estate Investment Trust at about 369M MYR (market capitalisation, as of Sep 24, 2026). Per share that is 0.5200 MYR; our models calculate a fair value of 0.4500 MYR per share.
What do the bullish and bearish scenarios say about 5121?
Our models span a range for Hektar Real Estate Investment Trust: cautious scenario 0.3400 MYR, base 0.4500 MYR, optimistic 0.4500 MYR per share (as of Sep 24, 2026, price 0.5200 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5121?
Hektar Real Estate Investment Trust trades at a price-to-earnings ratio of 17.3 (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 0.4500 MYR is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 26.0 (reported for FY2025: 19.7). Other multiples: P/B 0.1, P/S 0.7, EV/EBITDA 15.0.
How solid is the balance sheet of Hektar Real Estate Investment Trust (5121)?
Balance-sheet figures for Hektar Real Estate Investment Trust (as of Sep 24, 2026): return on equity 2.6%, debt of 0.79 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 5121 from its 52-week high?
Hektar Real Estate Investment Trust trades at 0.5200 MYR, at its 52-week high of 0.5200 MYR and 28% above the low of 0.4050 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4500 MYR is for.
Which stocks are comparable to Hektar Real Estate Investment Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, 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 Hektar Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 24, 2026: price 0.5200 MYR, calculated fair value 0.4500 MYR (−13%), Quality Score 53/100, from 8 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 5121 calculated?
We run Hektar Real Estate Investment Trust through 8 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 0.4500 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. Hektar Real Estate Investment Trust 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 Hektar Real Estate Investment Trust (5121)?
The closing price on Sep 24, 2026 was 0.5200 MYR. Our model-based fair value is 0.4500 MYR, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hektar Real Estate Investment Trust right now?
The price sits above even our optimistic bull case (0.4500 MYR). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) 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 Hektar Real Estate Investment Trust
How large is the market capitalisation of Hektar Real Estate Investment Trust (5121)?
The market capitalisation of Hektar Real Estate Investment Trust is 369M MYR (≈ $90.5M). 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 Hektar Real Estate Investment Trust (5121)?
The price-to-sales ratio of Hektar Real Estate Investment Trust is 2.61 (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 Hektar Real Estate Investment Trust (5121)?
Earnings per share at Hektar Real Estate Investment Trust are 0.0300 MYR (price ÷ EPS = P/E 17.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hektar Real Estate Investment Trust (5121)?
The dividend yield of Hektar Real Estate Investment Trust is 4.2% (payout 73.3%). 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 Hektar Real Estate Investment Trust (5121)?
The net margin of Hektar Real Estate Investment Trust is 15.0% (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 Hektar Real Estate Investment Trust (5121)?
The return on equity (ROE) of Hektar Real Estate Investment Trust is 2.6% (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 Hektar Real Estate Investment Trust (5121)?
On an EBIT basis the return on assets of Hektar Real Estate Investment Trust is 2.9% (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 Hektar Real Estate Investment Trust (5121)?
The operating margin of Hektar Real Estate Investment Trust is 38.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hektar Real Estate Investment Trust (5121)?
Revenue at Hektar Real Estate Investment Trust is growing −0.8% versus a year earlier (3y avg +2.0%). 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 Hektar Real Estate Investment Trust (5121)?
Earnings per share at Hektar Real Estate Investment Trust are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hektar Real Estate Investment Trust (5121) carry?
The net debt of Hektar Real Estate Investment Trust is 597M MYR (fiscal year 2025, ≈ 15.9 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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