Icon Offshore Bhd (5255) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Icon Offshore Bhd MYR 0.68, price MYR 1.54, upside -55.8%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Lianson Fleet Group Berhad, an investment holding company, provides vessel chartering, ship management, and offshore marine services to the oil and gas related industries in Malaysia, Singapore, Vietnam and Brunei. The company offers in-field support that offers ample deck space and offshore construction activities.
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Lianson Fleet Group Berhad, an investment holding company, provides vessel chartering, ship management, and offshore marine services to the oil and gas related industries in Malaysia, Singapore, Vietnam and Brunei. The company offers in-field support that offers ample deck space and offshore construction activities. It also provides anchor handling and towing functions; and serves as a safety standby rescue and firefighting vessels for oil spill response and recovery efforts. In addition, the company operates various types of vessels, including anchor handling tug and supply, accommodation workboat, straight supply, and platform supply vessels, as well as tugs and barges, and dry bulk carriers. Further, it owns, leases, and operates vessels; and offers well services. The company was formerly known as Icon Offshore Berhad and changed its name to Lianson Fleet Group Berhad in January 2025. The company was founded in 1994 and is headquartered in Kuala Lumpur, Malaysia.
Stock analysis
Icon Offshore Bhd (5255) currently trades at 1.54 MYR, while our model-based Fair Value estimate is 0.6800 MYR, implying the stock looks roughly 126.4% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 1.06 MYR per share, and 0 of the 15 models we run sit above the 1.54 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.2100 MYR, and 15 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.5270 MYR (bear) to 0.9860 MYR (bull), the price of 1.54 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 39/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Icon Offshore Bhd reported revenue of 290M MYR in FY2025 versus 301M MYR in FY2021, a compound −0.9%/yr. Reported net income was 100M MYR in FY2025, compounding +45.0%/yr from FY2021.
Key figures
Market cap 1.9B MYR (≈ $465M) · P/E ratio 14.0 · P/S ratio 4.85 · EPS (TTM) 0.1100 MYR · Dividend yield 2.6% · Net margin 34.7% · Return on equity 12.8% · Return on assets (EBIT) 6.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at −56%, 5255 screens richer than that median.
Fair Value models
Bear 0.5270 MYRFair Value 0.6800 MYRBull 0.9860 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 (0.0512 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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+22.9%
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.
+14.4%
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.
+6.4%
Start year 2020 (pandemic). Over 10 years: +0.8% 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.
+7.8%
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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.
+35.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.7%
Dividend (yield on the price)2.6%
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.33% vs −40%, 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.31% → 44%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 40.9%/yr over ~10Y (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.
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.Oil & Gas Equipment & Services · 190 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−56% · Bottom 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets2% · Below median
Net margin (TTM)38% · Top 25%
Operating margin (TTM)38% · Top 25%
Growth and dividend
Revenue growth21% · Top 25%
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
P/E (TTM)14.0× · Cheaper than median
P/B0.57× · Cheaper than median
P/S (TTM)1.56× · Pricier than median
EV/EBITDA4.7× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 20
FUTURE (revenue growth)100· sector 4
PAST (return on equity)51· sector 28
HEALTH (low debt)81· sector 91
DIVIDEND (yield)52· sector 34
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). "Icon Offshore Bhd Fair Value". https://www.fairvalue-calculator.com/stock/5255
Frequently asked questions
Is Icon Offshore Bhd (5255) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 0.6800 MYR versus a price of 1.54 MYR, about −56% upside (overvalued).
What is the fair value of 5255?
Our model-based fair value for Icon Offshore Bhd is 0.6800 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 1.54 MYR.
What is the quality score of 5255?
Icon Offshore Bhd has a Quality Score of 39/100. 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 Icon Offshore Bhd (5255)?
Our model-based price target is the fair value of 0.6800 MYR (as of Sep 23, 2026) from 15 valuation models. Cautious scenario 0.5270 MYR, optimistic scenario 0.9860 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Icon Offshore Bhd stock forecast for 2026?
Our models put fair value at 0.6800 MYR, about −56% upside versus a price of 1.54 MYR (overvalued). Cautious scenario 0.5270 MYR, optimistic scenario 0.9860 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Icon Offshore Bhd (5255)?
Icon Offshore Bhd reported trailing-twelve-month revenue of about 299M MYR (latest available figure, as of Sep 23, 2026).
Does Icon Offshore Bhd pay a dividend?
Icon Offshore Bhd currently shows a dividend yield of about 2.60% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Icon Offshore Bhd (5255)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icon Offshore Bhd it is 0.6800 MYR per share (as of Sep 23, 2026), against a price of 1.54 MYR. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Icon Offshore Bhd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 5255 trades above its calculated fair value: price 1.54 MYR, fair value 0.6800 MYR, a gap of about −56% (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 5255?
No. The price is what the market pays today (1.54 MYR); the fair value is what the company's own numbers justify (0.6800 MYR). For Icon Offshore Bhd the two are 0.8600 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Icon Offshore Bhd worth?
The market values Icon Offshore Bhd at about 1.9B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 1.54 MYR; our models calculate a fair value of 0.6800 MYR per share.
What do the bullish and bearish scenarios say about 5255?
Our models span a range for Icon Offshore Bhd: cautious scenario 0.5270 MYR, base 0.6800 MYR, optimistic 0.9860 MYR per share (as of Sep 23, 2026, price 1.54 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5255?
Icon Offshore Bhd trades at a price-to-earnings ratio of 14.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.6800 MYR is built from several models across several years. Other multiples: P/B 0.6, P/S 1.6, EV/EBITDA 4.7.
How solid is the balance sheet of Icon Offshore Bhd (5255)?
Balance-sheet figures for Icon Offshore Bhd (as of Sep 23, 2026): return on equity 12.8%, debt of 0.37 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 5255 from its 52-week high?
Icon Offshore Bhd trades at 1.54 MYR, about 30% below its 52-week high of 2.19 MYR and 12% above the low of 1.38 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6800 MYR is for.
Which stocks are comparable to Icon Offshore Bhd?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, 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 Icon Offshore Bhd stock attractive at the current price?
The data as of Sep 23, 2026: price 1.54 MYR, calculated fair value 0.6800 MYR (−56%), Quality Score 39/100, from 15 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 5255 calculated?
We run Icon Offshore Bhd through 15 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 0.6800 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. Icon Offshore Bhd 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 Icon Offshore Bhd (5255)?
The closing price on Sep 23, 2026 was 1.54 MYR. Our model-based fair value is 0.6800 MYR, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icon Offshore Bhd right now?
The price sits above even our optimistic bull case (0.9860 MYR). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.5270 MYR to 0.9860 MYR) leaves room in how you read the outcome.
Key figures of Icon Offshore Bhd
How large is the market capitalisation of Icon Offshore Bhd (5255)?
The market capitalisation of Icon Offshore Bhd is 1.9B MYR (≈ $465M). 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 Icon Offshore Bhd (5255)?
The price-to-sales ratio of Icon Offshore Bhd is 4.85 (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 Icon Offshore Bhd (5255)?
Earnings per share at Icon Offshore Bhd are 0.1100 MYR (price ÷ EPS = P/E 14.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Icon Offshore Bhd (5255)?
The dividend yield of Icon Offshore Bhd is 2.6% (payout 36.4%). 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 Icon Offshore Bhd (5255)?
The net margin of Icon Offshore Bhd is 34.7% (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 Icon Offshore Bhd (5255)?
The return on equity (ROE) of Icon Offshore Bhd is 12.8% (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 Icon Offshore Bhd (5255)?
On an EBIT basis the return on assets of Icon Offshore Bhd is 6.0% (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 Icon Offshore Bhd (5255)?
The operating margin of Icon Offshore Bhd is 38.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icon Offshore Bhd (5255)?
Revenue at Icon Offshore Bhd is growing +20.9% versus a year earlier (3y avg +14.4%). 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 Icon Offshore Bhd (5255)?
Earnings per share at Icon Offshore Bhd are growing +19.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Icon Offshore Bhd (5255) generate?
The free cash flow of Icon Offshore Bhd is −63.6M MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Icon Offshore Bhd (5255) carry?
The net debt of Icon Offshore Bhd is 154M MYR (fiscal year 2025). 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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