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Icon Offshore Bhd (5255) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Icon Offshore Bhd stock MYR 0.82, price MYR 1.48, that is 44.3% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Energy MY · ISIN MYL5255OO004

IO Icon Offshore Bhd logo Thin data Nov 5, 2026

Icon Offshore Bhd

5255 · KLSE
Very expensive, weak quality

Our calculation puts a fair price 44% below what the stock costs today.

Highly profitable · 37.2% net margin (TTM)
Low debt
Expensive Growth (revenue 3y +14.4 %/yr in MYR)
2.7% dividend yield · Watch coverage
Mixed vs. peers (7/13)
Wide moat 75/100 · thin data
Fair value 0.8245 MYR · Strongly overvalued
Quality 39/100
Negative free cash flow
Thin data
⟳ Cyclical⚠ Dilution⚠ Small free float
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

2.19 MYR 0.1977 MYR Fair Value 0.8245 MYR Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 0.1977 MYR – 2.19 MYR · fair‑value band 0.5950 MYR – 1.06 MYR · the 1.48 MYR price screens above the 0.8245 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

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.

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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 1.48 MYR, while our model-based Fair Value estimate is 0.8245 MYR, 44% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 1.17 MYR per share, and 1 of the 16 models we run sit above the 1.48 MYR price.

Bear case: the Dividend Discount group reads lowest at 0.2600 MYR, and 15 of the 16 models stay below the price. Data coverage for this calculation is low.

Scenario range: 0.5950 MYR (bear) to 1.06 MYR (bull), the price of 1.48 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 1.8B MYR (≈ $437M) Small · P/E ratio 13.5 · P/S ratio 5.76 · EPS (TTM) 0.1100 MYR · Dividend yield 2.7% · Net margin 37.2% · Return on equity 14.3% · Return on assets (EBIT) 6.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).

What moves the price

The share trades about 32% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at −44%, 5255 screens richer than that median.

Fair Value models

Bear 0.5950 MYR Fair Value 0.8245 MYR Bull 1.06 MYR
Price 1.48 MYR · Downside -44.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0600 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income 0.6300 MYR 0.7100 MYR 0.9400 MYR 76
EPV 0.7000 MYR 0.8100 MYR 0.9000 MYR 74
ROIC Compounder 0.7000 MYR 0.8700 MYR 1.09 MYR 72
All 16 models by family
Earnings-Based
Graham-Dodd 0.6000 MYR 2.33 MYR 3.16 MYR 64
Lynch FV 0.5700 MYR 0.8200 MYR 1.06 MYR 61
PEG = 1.0 0.5700 MYR 0.8200 MYR 1.06 MYR 57
EPV 0.7000 MYR 0.8100 MYR 0.9000 MYR 74
Dividend Discount
Gordon GGM 0.1500 MYR 0.2700 MYR 0.3700 MYR 68
DDM Multi-Stage 0.1500 MYR 0.2500 MYR 0.2900 MYR 67
Multiples
P/E Multiple 0.9300 MYR 1.24 MYR 1.55 MYR 63
P/S Multiple 0.2300 MYR 0.3100 MYR 0.3800 MYR 58
P/B Multiple 0.8600 MYR 1.14 MYR 1.43 MYR 55
EV/EBIT 0.7000 MYR 0.9700 MYR 1.25 MYR 66
EV/EBITDA 0.6700 MYR 0.9400 MYR 1.21 MYR 67
EV/Revenue 0.0800 MYR 0.1700 MYR 0.2600 MYR 51
Asset-Based
NCAV (Graham) 0.3200 MYR 0.4300 MYR 0.6300 MYR 54
Economic Profit
Residual Income 0.6300 MYR 0.7100 MYR 0.9400 MYR 76
ROIC Compounder 0.7000 MYR 0.8700 MYR 1.09 MYR 72
Growth Earnings
Growth-Adj P/E 0.8200 MYR 1.17 MYR 1.53 MYR 67

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 44
How much profit the company makes from its sales and capital
Quality Growth 62
Are margins and returns getting better?
Cashflow 38
Do the profits arrive as real cash?
Financial strength 72
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 87
How calm the share price moves, does not count
Price momentum 27
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 10
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 62/100
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%
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.
+35.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.7%
Dividend (yield on the price)2.7%
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.32.7% vs −40.2%, 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%
Pace: the 5-year rate starts in 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.

5255 screens overvalued: fair value 44% below the price. Compare with SLB N.V →

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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 · 166 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −44.3% · Bottom 25%
Profitability
Return on equity (12 months) 14.3% · Top 25%
Return on assets 7.3% · Top 25%
Net margin (12 months) 37.2% · Top 25%
Operating margin (12 months) 44.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 14.7% · Above median
Dividend yield (12 months) 2.7% · Above median
Balance sheet
Debt / equity 0.37× · Above median

Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper

P/E (12 months) 13.5× · Cheaper than median
P/B 2.18× · Pricier than median
P/S (12 months) 5.76× · Priciest 25%
EV/EBITDA 14.4× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 23
FUTURE (revenue growth)74 · sector 36
PAST (return on equity)57 · sector 28
HEALTH (low debt)81 · sector 92
DIVIDEND (yield)54 · sector 44

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Gaztransport & Technigaz SA GTT €181.30 €199.62 +10% vs 5255
Yantai Jereh Oilfield Services Group 002353 ¥79.44 ¥87.38 +10% vs 5255
China Oilfield Services Limited 601808 ¥12.75 ¥13.04 +2% vs 5255
Subsea 7 S.A SUBC kr 304.80 kr 257.37 −16% vs 5255
Halliburton Company HAL $31.84 $21.72 −32% vs 5255
Baker Hughes Company BKR $47.87 $32.37 −32% vs 5255
Tenaris S.A TEN €26.64 €17.68 −34% vs 5255
Saipem SpA SPM €4.24 €2.72 −36% vs 5255
SLB N.V SLB $49.92 $29.03 −42% vs 5255
TechnipFMC plc FTI $63.52 $28.12 −56% vs 5255

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Icon Offshore Bhd: fair value per Fair Value Calculator

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 Nov 5, 2026, our model estimates a fair value of 0.8245 MYR versus a price of 1.48 MYR, about 44% lower (overvalued).
What is the fair value of 5255?
Our model-based fair value for Icon Offshore Bhd is 0.8245 MYR (as of Nov 5, 2026), built from audited fundamentals. The current price: 1.48 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 0.8245 MYR (as of Nov 5, 2026) from 16 valuation models. Cautious scenario 0.5950 MYR, optimistic scenario 1.06 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 0.8245 MYR, about 44% lower versus a price of 1.48 MYR (overvalued). Cautious scenario 0.5950 MYR, optimistic scenario 1.06 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 308M MYR (latest available figure, as of Nov 5, 2026).
Does Icon Offshore Bhd pay a dividend?
Icon Offshore Bhd currently shows a dividend yield of 2.70% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Icon Offshore Bhd (5255) and when is the ex-dividend date?
Icon Offshore Bhd pays a dividend of 0.04 MYR per share a year, a dividend yield of 2.7%. The last ex-dividend date was Oct 27, 2026. The payout ratio is 36.4% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
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 0.8245 MYR per share (as of Nov 5, 2026), against a price of 1.48 MYR. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Icon Offshore Bhd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 5255 trades above its calculated fair value: price 1.48 MYR, fair value 0.8245 MYR, a gap of about −44% (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 (1.48 MYR); the fair value is what the company's own numbers justify (0.8245 MYR). For Icon Offshore Bhd the two are 0.6555 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 1.8B MYR (market capitalisation, as of Nov 5, 2026). Per share that is 1.48 MYR; our models calculate a fair value of 0.8245 MYR per share.
What do the bullish and bearish scenarios say about 5255?
Our models span a range for Icon Offshore Bhd: cautious scenario 0.5950 MYR, base 0.8245 MYR, optimistic 1.06 MYR per share (as of Nov 5, 2026, price 1.48 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 13.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.8245 MYR is built from several models across several years. Other multiples: P/B 2.2, P/S 5.8, EV/EBITDA 14.4.
How solid is the balance sheet of Icon Offshore Bhd (5255)?
Balance-sheet figures for Icon Offshore Bhd (as of Nov 5, 2026): return on equity 14.3%, 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 1.48 MYR, about 32% below its 52-week high of 2.16 MYR and 7% above the low of 1.38 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8245 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, Tenaris S.A, 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 Nov 5, 2026: price 1.48 MYR, calculated fair value 0.8245 MYR (−44%), Quality Score 39/100, 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 5255 calculated?
We run Icon Offshore Bhd through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.8245 MYR builds on their evidence-weighted average, 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 13.3% 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 Nov 6, 2026 was 1.48 MYR. Our model-based fair value is 0.8245 MYR, about 44% lower (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 (1.06 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.

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 1.8B MYR (≈ $437M). 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 5.76 (last twelve months). 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 13.5). 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 2.7% (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 37.2% (last twelve months). 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 14.3% (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 44.5% (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 +14.7% 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 −29.0% 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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