IGB Commercial Real Estate Investment Trust (IGBCR) (5299) Fair Value & Analysis
Real Estate · MY · Market cap 1.5B MYR
Fair value as of: Jul 19, 2026
From 12 valuation models · updated 21 days ago
Share price +0.8% over the past month.
A solid business, screening 16% 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 0.5000 MYR (bear) to 0.8400 MYR (bull), base 0.7100 MYR. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 69/100 (solid quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
59‑month range 0.3919 MYR – 0.6350 MYR · fair‑value band 0.5000 MYR – 0.8400 MYR · the 0.6100 MYR price screens below the 0.7100 MYR fair value. Dashed = 300-day average. As of Jul 19, 2026.
Analysis
IGB Commercial Real Estate Investment Trust (IGBCR) (5299) currently trades at 0.6100 MYR, while our model-based Fair Value estimate is 0.7100 MYR, implying the stock looks roughly 16.4% undervalued today. The Quality Score stands at 69/100 (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, IGB Commercial Real Estate Investment Trust (IGBCR) generated revenue of 266M MYR at a net margin of 37.7%. Revenue grew 10.5% year over year. It earns a return on equity of 4.4%. Net debt stands at 789M MYR. Fundamentals as of Jul 19, 2026
Our scenario range runs from 0.5000 MYR (bear case) to 0.8400 MYR (bull case); at 0.6100 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 4% below its 52-week high and 21% 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 16%, 5299 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.
All 12 models by family
Widest divergence: Growth DCF (1.19 MYR) versus Dividend Discount (0.4900 MYR). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 63
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
IGB Commercial Real Estate Investment Trust (IGBCR) was listed on the Main Market of Bursa Malaysia Securities Berhad on 20 September 2021. It was established with the principal investment policy of investing, directly and indirectly, in a portfolio of income-producing real estate used primarily for commercial purposes.
Full company description
IGB Commercial Real Estate Investment Trust (IGBCR) was listed on the Main Market of Bursa Malaysia Securities Berhad on 20 September 2021. It was established with the principal investment policy of investing, directly and indirectly, in a portfolio of income-producing real estate used primarily for commercial purposes. IGB Commercial Real Estate Investment Trust was incorporated in 2021 in Malaysia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
IGB Commercial Real Estate Investment Trust (IGBCR) reported revenue of 260M MYR in FY2025 versus 53.4M MYR in FY2021, a compound +48.5%/yr. Reported net income was 95.5M MYR in FY2025, compounding +44.3%/yr from FY2021.
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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.
Valuation Multiples vs REIT - Office median · lower = cheaper
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.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 19, 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
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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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