IGB Commercial Real Estate Investment Trust Unit (5299) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of IGB Commercial Real Estate Investment Trust Unit MYR 0.91, price MYR 0.61, upside +49.2%, quality 70 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 23, 2026.
How to read this chart
60‑month range 0.3835 MYR – 0.6214 MYR · fair‑value band 0.6800 MYR – 1.44 MYR · the 0.6100 MYR price screens below the 0.9100 MYR fair value. Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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.
Stock analysis
IGB Commercial Real Estate Investment Trust Unit (5299) currently trades at 0.6100 MYR, while our model-based Fair Value estimate is 0.9100 MYR, implying the stock looks roughly 33.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 1.45 MYR per share, and 8 of the 12 models we run sit above the 0.6100 MYR price.
Bear case: the Dividend Discount group reads lowest at 0.4900 MYR, and 4 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.6800 MYR (bear) to 1.44 MYR (bull), the price of 0.6100 MYR sits below 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 70/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
IGB Commercial Real Estate Investment Trust Unit 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.
Key figures
Market cap 1.5B MYR (≈ $363M) · P/E ratio 15.3 · P/S ratio 5.60 · EPS (TTM) 0.0400 MYR · Dividend yield 7.9% · Net margin 36.7% · Return on equity 4.6% · Return on assets (EBIT) 1.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at 49%, 5299 screens cheaper than that median.
Fair Value models
Bear 0.6800 MYRFair Value 0.9100 MYRBull 1.44 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.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.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.5%
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.
+10.9%
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.
+6.0%
Start year 2020 (pandemic)
Revenue growth 7 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.
+3.5%
’18
’19
’20
’22
’23
’24
’25
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.
+40.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.9%
Dividend (yield on the price)7.9%
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.30% → 37%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
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).
+5.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +2.9% a year for the price.
Compare IGB Commercial Real Estate Investment Trust Unit 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 - Office · 68 stocks
Beats the industry median on 14/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+48% · Above median
Profitability
Return on equity (TTM)5% · Above median
Return on assets3% · Above median
Net margin (TTM)39% · Top 25%
Operating margin (TTM)56% · Above median
Growth and dividend
Revenue growth10% · Top 25%
Dividend yield (TTM)7.9% · Above median
Balance sheet
Debt / equity0.37× · Lowest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Cite: Fair Value Calculator (2026). "IGB Commercial Real Estate Investment Trust Unit Fair Value". https://www.fairvalue-calculator.com/stock/5299
Frequently asked questions
Is IGB Commercial Real Estate Investment Trust Unit (5299) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 0.9100 MYR versus a price of 0.6100 MYR, about +49% upside (undervalued).
What is the fair value of 5299?
Our model-based fair value for IGB Commercial Real Estate Investment Trust Unit is 0.9100 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 0.6100 MYR.
What is the quality score of 5299?
IGB Commercial Real Estate Investment Trust Unit has a Quality Score of 70/100. 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 Commercial Real Estate Investment Trust Unit (5299)?
Our model-based price target is the fair value of 0.9100 MYR (as of Sep 23, 2026) from 12 valuation models. Cautious scenario 0.6800 MYR, optimistic scenario 1.44 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the IGB Commercial Real Estate Investment Trust Unit stock forecast for 2026?
Our models put fair value at 0.9100 MYR, about +49% upside versus a price of 0.6100 MYR (undervalued). Cautious scenario 0.6800 MYR, optimistic scenario 1.44 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of IGB Commercial Real Estate Investment Trust Unit (5299)?
IGB Commercial Real Estate Investment Trust Unit reported trailing-twelve-month revenue of about 273M MYR (latest available figure, as of Sep 23, 2026).
Does IGB Commercial Real Estate Investment Trust Unit pay a dividend?
IGB Commercial Real Estate Investment Trust Unit currently shows a dividend yield of about 7.87% relative to its recent price (as of Sep 23, 2026).
What growth is priced into IGB Commercial Real Estate Investment Trust Unit (5299)?
For today's price to be fair in a discounted-cash-flow model, IGB Commercial Real Estate Investment Trust Unit would have to grow free cash flow by +5.0 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 5299 use?
Our models discount IGB Commercial Real Estate Investment Trust Unit at 11.1 %: a base by market capitalisation (small), damped by beta 0.20, 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 Commercial Real Estate Investment Trust Unit that is +5.0 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has IGB Commercial Real Estate Investment Trust Unit (5299) delivered so far?
Over the past 5 years revenue at IGB Commercial Real Estate Investment Trust Unit grew +6.0 % a year. The price currently implies +5.0 % 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 Commercial Real Estate Investment Trust Unit (5299) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into IGB Commercial Real Estate Investment Trust Unit (+5.0 % 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 Commercial Real Estate Investment Trust Unit (5299)?
The free-cash-flow yield on the price is 11.62 %: that much free cash flow IGB Commercial Real Estate Investment Trust Unit produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), 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 Commercial Real Estate Investment Trust Unit (5299)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IGB Commercial Real Estate Investment Trust Unit it is 0.9100 MYR per share (as of Sep 23, 2026), against a price of 0.6100 MYR. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is IGB Commercial Real Estate Investment Trust Unit stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 5299 trades below its calculated fair value: price 0.6100 MYR, fair value 0.9100 MYR, a gap of about +49% (undervalued). 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 5299?
No. The price is what the market pays today (0.6100 MYR); the fair value is what the company's own numbers justify (0.9100 MYR). For IGB Commercial Real Estate Investment Trust Unit the two are 0.3000 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is IGB Commercial Real Estate Investment Trust Unit worth?
The market values IGB Commercial Real Estate Investment Trust Unit at about 1.5B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 0.6100 MYR; our models calculate a fair value of 0.9100 MYR per share.
What do the bullish and bearish scenarios say about 5299?
Our models span a range for IGB Commercial Real Estate Investment Trust Unit: cautious scenario 0.6800 MYR, base 0.9100 MYR, optimistic 1.44 MYR per share (as of Sep 23, 2026, price 0.6100 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5299?
IGB Commercial Real Estate Investment Trust Unit trades at a price-to-earnings ratio of 15.3 (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 0.9100 MYR is built from several models across several years. Other multiples: P/B 0.2, P/S 1.3, EV/EBITDA 11.3.
How solid is the balance sheet of IGB Commercial Real Estate Investment Trust Unit (5299)?
Balance-sheet figures for IGB Commercial Real Estate Investment Trust Unit (as of Sep 23, 2026): return on equity 4.6%, debt of 0.37 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 5299 from its 52-week high?
IGB Commercial Real Estate Investment Trust Unit trades at 0.6100 MYR, about 2% below its 52-week high of 0.6214 MYR and 9% above the low of 0.5599 MYR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.9100 MYR is for.
Which stocks are comparable to IGB Commercial Real Estate Investment Trust Unit?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, 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 Commercial Real Estate Investment Trust Unit stock attractive at the current price?
The data as of Sep 23, 2026: price 0.6100 MYR, calculated fair value 0.9100 MYR (+49%), Quality Score 70/100, from 12 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 5299 calculated?
We run IGB Commercial Real Estate Investment Trust Unit through 12 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 0.9100 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 13.2 % above its aggregate fair value. IGB Commercial Real Estate Investment Trust Unit currently trades 49 % below its own fair value, and the market average says nothing about that. 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 Commercial Real Estate Investment Trust Unit (5299)?
The closing price on Sep 24, 2026 was 0.6100 MYR. Our model-based fair value is 0.9100 MYR, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IGB Commercial Real Estate Investment Trust Unit right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (0.6800 MYR). The market is more pessimistic than our downside scenario. 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 (0.6800 MYR to 1.44 MYR) leaves room in how you read the outcome.
Key figures of IGB Commercial Real Estate Investment Trust Unit
How large is the market capitalisation of IGB Commercial Real Estate Investment Trust Unit (5299)?
The market capitalisation of IGB Commercial Real Estate Investment Trust Unit is 1.5B MYR (≈ $363M). 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 Commercial Real Estate Investment Trust Unit (5299)?
The price-to-sales ratio of IGB Commercial Real Estate Investment Trust Unit is 5.60 (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 Commercial Real Estate Investment Trust Unit (5299)?
Earnings per share at IGB Commercial Real Estate Investment Trust Unit are 0.0400 MYR (price ÷ EPS = P/E 15.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IGB Commercial Real Estate Investment Trust Unit (5299)?
The dividend yield of IGB Commercial Real Estate Investment Trust Unit is 7.9% (payout 120%). 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 Commercial Real Estate Investment Trust Unit (5299)?
The net margin of IGB Commercial Real Estate Investment Trust Unit is 36.7% (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 Commercial Real Estate Investment Trust Unit (5299)?
The return on equity (ROE) of IGB Commercial Real Estate Investment Trust Unit is 4.6% (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 Commercial Real Estate Investment Trust Unit (5299)?
On an EBIT basis the return on assets of IGB Commercial Real Estate Investment Trust Unit is 1.9% (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 Commercial Real Estate Investment Trust Unit (5299)?
The operating margin of IGB Commercial Real Estate Investment Trust Unit is 55.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IGB Commercial Real Estate Investment Trust Unit (5299)?
Revenue at IGB Commercial Real Estate Investment Trust Unit is growing +10.3% versus a year earlier (3y avg +10.9%). 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 Commercial Real Estate Investment Trust Unit (5299)?
Earnings per share at IGB Commercial Real Estate Investment Trust Unit are growing +17.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IGB Commercial Real Estate Investment Trust Unit (5299) carry?
The net debt of IGB Commercial Real Estate Investment Trust Unit is 789M MYR (fiscal year 2025, ≈ 4.6 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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