IGB Real Estate Investment Trust (5227) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of IGB Real Estate Investment Trust MYR 1.48, price MYR 2.80, upside -47.1%, quality 61 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 1.18 MYR – 3.12 MYR · fair‑value band 0.8700 MYR – 2.33 MYR · the 2.80 MYR price screens above the 1.48 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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IGB Real Estate Investment Trust listed on the Main Market of Bursa Malaysia Securities Berhad on 21 September 2012, it owns income-producing real estate used for retail purposes in Malaysia and overseas.
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IGB Real Estate Investment Trust listed on the Main Market of Bursa Malaysia Securities Berhad on 21 September 2012, it owns income-producing real estate used for retail purposes in Malaysia and overseas. IGB REIT is managed and administered by IGB REIT Management Sdn Bhd, which works to increase income and enhance asset value over time with the objective of maximising returns from investments. It seeks to own and invest in high-quality real estate portfolios. This is accomplished through active asset management, acquisition growth and capital and risk management. IGB REIT owns two major retail assets, Mid Valley Megamall and The Gardens Mall, located in Mid Valley City, within the Klang Valley. IGB Real Estate Investment Trust is domiciled in Malaysia and established on 25th July, 2012.
Stock analysis
IGB Real Estate Investment Trust (5227) currently trades at 2.80 MYR, while our model-based Fair Value estimate is 1.48 MYR, implying the stock looks roughly 89.2% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1.51 MYR per share, and 0 of the 16 models we run sit above the 2.80 MYR price.
Bear case: the Growth DCF group reads lowest at 0.9300 MYR, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.8700 MYR (bear) to 2.33 MYR (bull), the price of 2.80 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 61/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
IGB Real Estate Investment Trust reported revenue of 705M MYR in FY2025 versus 400M MYR in FY2021, a compound +15.3%/yr. Reported net income was 660M MYR in FY2025, compounding +34.8%/yr from FY2021.
Key figures
Market cap 12.0B MYR (≈ $2.9B) · P/E ratio 14.7 · P/S ratio 13.8 · EPS (TTM) 0.1900 MYR · Dividend yield 4.5% · Net margin 93.7% · Return on equity 13.6% · Return on assets (EBIT) 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 13% 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 −47%, 5227 screens richer than that median.
Fair Value models
Bear 0.8700 MYRFair Value 1.48 MYRBull 2.33 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 (0.0468 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.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.6%
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.
+8.2%
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.
+8.4%
Start year 2020 (pandemic). Over 10 years: +3.7% 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.
+14.9%
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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.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.1%
Dividend (yield on the price)4.5%
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.22% vs 9%, picking up
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.62% → 69%
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).
+13.6%
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.
+9.6%
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 +11.4% a year for the price and +7.4% for the forecasts.
Compare IGB 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 - Retail · 93 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−47% · Bottom 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)90% · Top 25%
Operating margin (TTM)72% · Top 25%
Growth and dividend
Revenue growth52% · Top 25%
Dividend yield (TTM)4.5% · Bottom 25%
Balance sheet
Debt / equity0.36× · Lowest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (TTM)14.7× · Pricier than median
P/B0.47× · Cheapest 25%
P/S (TTM)3.69× · Cheaper than median
P/FCF6.4× · Cheaper than median
EV/EBITDA8.8× · Cheapest 25%
PEG2.08× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 13
FUTURE (revenue growth)100· sector 23
PAST (return on equity)54· sector 31
HEALTH (low debt)82· sector 68
DIVIDEND (yield)90· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "IGB Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/5227
Frequently asked questions
Is IGB Real Estate Investment Trust (5227) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1.48 MYR versus a price of 2.80 MYR, about −47% upside (overvalued).
What is the fair value of 5227?
Our model-based fair value for IGB Real Estate Investment Trust is 1.48 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 2.80 MYR.
What is the quality score of 5227?
IGB Real Estate Investment Trust has a Quality Score of 61/100. 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 IGB Real Estate Investment Trust (5227)?
Our model-based price target is the fair value of 1.48 MYR (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 0.8700 MYR, optimistic scenario 2.33 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the IGB Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 1.48 MYR, about −47% upside versus a price of 2.80 MYR (overvalued). Cautious scenario 0.8700 MYR, optimistic scenario 2.33 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of IGB Real Estate Investment Trust (5227)?
IGB Real Estate Investment Trust reported trailing-twelve-month revenue of about 795M MYR (latest available figure, as of Sep 24, 2026).
Does IGB Real Estate Investment Trust pay a dividend?
IGB Real Estate Investment Trust currently shows a dividend yield of about 4.50% relative to its recent price (as of Sep 24, 2026).
What growth is priced into IGB Real Estate Investment Trust (5227)?
For today's price to be fair in a discounted-cash-flow model, IGB Real Estate Investment Trust would have to grow free cash flow by +13.6 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5227 use?
Our models discount IGB Real Estate Investment Trust at 9.2 %: a base by market capitalisation (large), damped by beta 0.27, 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 IGB Real Estate Investment Trust that is +13.6 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has IGB Real Estate Investment Trust (5227) delivered so far?
Over the past 5 years revenue at IGB Real Estate Investment Trust grew +8.4 % 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 IGB Real Estate Investment Trust (5227) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into IGB Real Estate Investment Trust (+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 IGB Real Estate Investment Trust (5227)?
The free-cash-flow yield on the price is 4.45 %: that much free cash flow IGB Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IGB Real Estate Investment Trust (5227)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IGB Real Estate Investment Trust it is 1.48 MYR per share (as of Sep 24, 2026), against a price of 2.80 MYR. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is IGB Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5227 trades above its calculated fair value: price 2.80 MYR, fair value 1.48 MYR, a gap of about −47% (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 5227?
No. The price is what the market pays today (2.80 MYR); the fair value is what the company's own numbers justify (1.48 MYR). For IGB Real Estate Investment Trust the two are 1.32 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is IGB Real Estate Investment Trust worth?
The market values IGB Real Estate Investment Trust at about 12.0B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 2.80 MYR; our models calculate a fair value of 1.48 MYR per share.
What do the bullish and bearish scenarios say about 5227?
Our models span a range for IGB Real Estate Investment Trust: cautious scenario 0.8700 MYR, base 1.48 MYR, optimistic 2.33 MYR per share (as of Sep 24, 2026, price 2.80 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5227?
IGB Real Estate Investment Trust trades at a price-to-earnings ratio of 14.7 (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 1.48 MYR is built from several models across several years. Other multiples: PEG 2.1, P/B 0.5, P/S 3.7, EV/EBITDA 8.8.
What is the PEG ratio of 5227?
The PEG ratio of IGB Real Estate Investment Trust is 2.08 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of IGB Real Estate Investment Trust (5227)?
Balance-sheet figures for IGB Real Estate Investment Trust (as of Sep 24, 2026): return on equity 13.6%, debt of 0.36 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 5227 from its 52-week high?
IGB Real Estate Investment Trust trades at 2.80 MYR, about 10% below its 52-week high of 3.12 MYR and 13% above the low of 2.47 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1.48 MYR is for.
Which stocks are comparable to IGB 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 IGB Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 24, 2026: price 2.80 MYR, calculated fair value 1.48 MYR (−47%), Quality Score 61/100, 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 5227 calculated?
We run IGB 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 1.48 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. IGB 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 IGB Real Estate Investment Trust (5227)?
The closing price on Sep 23, 2026 was 2.80 MYR. Our model-based fair value is 1.48 MYR, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IGB Real Estate Investment Trust right now?
The price sits above even our optimistic bull case (2.33 MYR). The favourable scenario is already priced in. The model range is unusually wide (0.8700 MYR to 2.33 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of IGB Real Estate Investment Trust (5227) come from?
Earnings per share at IGB Real Estate Investment Trust grew +3.5 % a year from 2012 to 2023. Broken into its drivers: revenue per share +4.4 %, EBIT margin +1.1 %, tax rate +2.6 %, residual (interest, one-offs) −4.5 %. 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 IGB Real Estate Investment Trust
How large is the market capitalisation of IGB Real Estate Investment Trust (5227)?
The market capitalisation of IGB Real Estate Investment Trust is 12.0B MYR (≈ $2.9B). 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 IGB Real Estate Investment Trust (5227)?
The price-to-sales ratio of IGB Real Estate Investment Trust is 13.8 (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 IGB Real Estate Investment Trust (5227)?
Earnings per share at IGB Real Estate Investment Trust are 0.1900 MYR (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IGB Real Estate Investment Trust (5227)?
The dividend yield of IGB Real Estate Investment Trust is 4.5% (payout 66.3%). 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 IGB Real Estate Investment Trust (5227)?
The net margin of IGB Real Estate Investment Trust is 93.7% (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 IGB Real Estate Investment Trust (5227)?
The return on equity (ROE) of IGB Real Estate Investment Trust is 13.6% (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 IGB Real Estate Investment Trust (5227)?
On an EBIT basis the return on assets of IGB Real Estate Investment Trust is 6.4% (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 IGB Real Estate Investment Trust (5227)?
The operating margin of IGB Real Estate Investment Trust is 72.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IGB Real Estate Investment Trust (5227)?
Revenue at IGB Real Estate Investment Trust is growing +52.4% versus a year earlier (3y avg +8.2%). 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 IGB Real Estate Investment Trust (5227)?
Earnings per share at IGB Real Estate Investment Trust are growing +27.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IGB Real Estate Investment Trust (5227) carry?
The net debt of IGB Real Estate Investment Trust is 1.9B MYR (fiscal year 2025, ≈ 4.3 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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