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Sentral REIT (5123) Fair Value & Analysis

Real Estate · MY · Market cap 855M MYR

SR Sentral REIT 5123 · KLSE
Price0.7300 MYR
Fair Value0.8300 MYR
Upside+13.7%
Quality57/100
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Mixed Growth
Highly profitable · 30.0% net margin
Moderate debt · generates free cash flow
8.73% dividend yield
Ranks above peers (15/15)
Moderate moat 62/100
Evidence: High Range 0.6300 MYR – 1.04 MYR Share as image

Fair value as of: Jul 15, 2026

From 15 valuation models · updated 26 days ago

Share price +2.8% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
  • Our model range runs from 0.6300 MYR (bear) to 1.04 MYR (bull), base 0.8300 MYR. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 57/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

0.8031 MYR 0.6275 MYR Fair Value 0.8300 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 0.6275 MYR – 0.8031 MYR · fair‑value band 0.6300 MYR – 1.04 MYR · the 0.7300 MYR price screens below the 0.8300 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Sentral REIT (5123) currently trades at 0.7300 MYR, while our model-based Fair Value estimate is 0.8300 MYR, implying the stock looks roughly 13.7% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate 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, Sentral REIT generated revenue of 196M MYR at a net margin of 30.0%. Revenue grew 5.2% year over year. It earns a return on equity of 4.3%. Net debt stands at 1.2B MYR. Fundamentals as of Jul 15, 2026

Our scenario range runs from 0.6300 MYR (bear case) to 1.04 MYR (bull case); at 0.7300 MYR, the current price sits within 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 9% 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 -20% fair-value upside, at 14%, 5123 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 0.4300 MYR 0.7900 MYR 1.21 MYR 80
Residual Income 0.8200 MYR 0.8100 MYR 0.7100 MYR 76
Gordon GGM 0.4900 MYR 0.7900 MYR 1.10 MYR 70
All 15 models by family
DCF Models
FCF DCF 0.4100 MYR 0.8100 MYR 1.30 MYR 38
5Y Revenue Exit 0.0100 MYR 0.2400 MYR 0.5000 MYR 39
5Y EBITDA Exit 0.0800 MYR 0.3700 MYR 0.6800 MYR 41
10Y Revenue Exit 0.1600 MYR 0.3900 MYR 0.6500 MYR 36
10Y EBITDA Exit 0.2100 MYR 0.4700 MYR 0.7600 MYR 37
Dividend Discount
Gordon GGM 0.4900 MYR 0.7900 MYR 1.10 MYR 70
DDM Multi-Stage 0.4900 MYR 0.6900 MYR 0.8800 MYR 61
Multiples
P/S Multiple 0.6300 MYR 0.8300 MYR 1.04 MYR 58
P/B Multiple 0.6300 MYR 0.8300 MYR 1.04 MYR 55
EV/EBIT 0.1000 MYR 0.3700 MYR 0.6300 MYR 53
EV/EBITDA 0.1300 MYR 0.3300 MYR 54
EV/Revenue 0.1200 MYR 43
Asset-Based
NCAV (Graham) 0.5700 MYR 0.7700 MYR 1.14 MYR 50
Growth DCF
Growth DCF 0.4300 MYR 0.7900 MYR 1.21 MYR 80
Economic Profit
Residual Income 0.8200 MYR 0.8100 MYR 0.7100 MYR 76

Widest divergence: Economic Profit (0.8100 MYR) versus Multiples (0.3700 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 196M MYR
Revenue growth (YoY) +5.2%
Net margin 30.0%
Return on equity 4.3%
Free cash flow 148M MYR FY2025
P/E ratio 14.1
More key figures
Operating margin 65.3%
EPS (TTM) 0.0500 MYR
Dividend yield 8.8%
EPS growth (YoY) +1.1%
Net debt 1.2B MYR FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 55

Profitability 34
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 63
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

Sentral REIT is a commercial Real Estate Investment Trust (REIT), established through the restated trust deed dated and the supplemental deed dated 24 December 2020.

Full company description

Sentral REIT is a commercial Real Estate Investment Trust (REIT), established through the restated trust deed dated and the supplemental deed dated 24 December 2020. Managed by Sentral REIT Management Sdn Bhd (SRM), the main thrust of Sentral REIT's activities includes acquiring and investing in commercial properties in Malaysia to provide unitholders with long-term and sustainable distribution of income and to achieve long-term growth in the net asset value per Unit. As at 31 March 2026, Sentral REIT owns 10 buildings comprising four in Cyberjaya, four in Kuala Lumpur, one in Petaling Jaya and one in Penang, valued at RM2.4 billion. Sentral REIT was incorporated in 2006 in Malaysia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sentral REIT reported revenue of 191M MYR in FY2025 versus 160M MYR in FY2021, a compound +4.6%/yr. Reported net income was 58.6M MYR in FY2025, compounding −4.4%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
191M MYR
Latest YoY
−2.1%
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.
+9.0%
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.
+3.1%
Avg. growth/yr (14Y) 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.
+7.3%
Revenue +4.6%/yr
FY21 160M MYR
FY22 147M MYR
FY23 162M MYR
FY24 195M MYR
FY25 191M MYR
Net income −4.4%/yr
FY21 70.2M MYR
FY22 52.3M MYR
FY23 72.7M MYR
FY24 78.8M MYR
FY25 58.6M MYR

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Cite: Fair Value Calculator (2026). "Sentral REIT Fair Value". https://www.fairvalue-calculator.com/stock/5123

Peer Group

REIT - Office · 75 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 59 · Above median
Fair Value upside +14% · Above median
Return on equity (TTM) 4% · Above median
Return on assets 3% · Top 25%
Net margin (TTM) 30% · Above median
Operating margin (TTM) 65% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 8.7% · Top 25%
Debt / equity 0.61× · Lower than median

Valuation Multiples vs REIT - Office median · lower = cheaper

P/E (TTM) 14.3× · Cheaper than median
P/B 0.15× · Cheaper than 75% of peers
P/S (TTM) 1.07× · Cheaper than 75% of peers
P/FCF 1.4× · Cheaper than 75% of peers
EV/EBITDA 7.9× · Cheaper than 75% of peers
PEG 1.30× · Cheaper than 75% of peers

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 52 · sector 33
FUTURE 26 · sector 0
PAST 17 · sector 5
HEALTH 70 · sector 64
DIVIDEND 100 · sector 100

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 REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
MERLIN Properties SOCIMI, S.A MRL €15.23 €6.46 -58%
BXP, Inc BXP $69.11 $53.27 -23%
Vornado Realty Trust VNORP $51.75 $41.59 -20%
Alexandria Real Estate Equities, Inc ARE $50.12 $59.48 +19%
Hudson Pacific Properties, Inc HPP $15.38 $4.60 -70%
Mapletree Pan Asia Commercial Trust N2IU 1.28 SGD 1.14 SGD -11%
Cousins Properties Incorporated CUZ $32.15 $17.62 -45%
Kilroy Realty Corporation KRC $39.42 $40.37 +2%
Keppel DC REIT AJBU 2.20 SGD 1.68 SGD -24%
DEXUS DXS A$5.64 A$4.49 -20%

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Frequently asked questions

Is Sentral REIT (5123) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 0.8300 MYR versus a price of 0.7300 MYR, about +14% (undervalued).
What is the fair value of 5123?
Our model-based fair value for Sentral REIT is 0.8300 MYR (as of Jul 15, 2026), built from audited fundamentals. The current price is 0.7300 MYR.
What is the quality score of 5123?
Sentral REIT has a Quality Score of 57/100. 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 Sentral REIT (5123)?
Sentral REIT reported trailing-twelve-month revenue of about 196M MYR (latest available figure, as of Jul 15, 2026).
What is the net profit margin of 5123?
The net profit margin of Sentral REIT is about 30.0%, meaning it keeps roughly 30.0% of revenue as net income. Based on the latest reported figures.
Does Sentral REIT pay a dividend?
Sentral REIT currently shows a dividend yield of about 8.79% relative to its recent price (as of Jul 15, 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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