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ITMAX System Berhad (5309) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of ITMAX System Berhad MYR 2.53, price MYR 4.39, upside -42.4%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Industrials · MY · ISIN MYL5309OO009

IS Broad data Sep 24, 2026

ITMAX System Berhad

5309 · KLSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 2.53 MYR · Strongly overvalued (−42%)
!Quality 54/100
!Expensive Growth (revenue 5y +39.0 %/yr)
✓Highly profitable · 37.5% net margin (TTM)
!Low debt · negative free cash flow
·0.52% dividend yield
!Mixed vs. peers (8/14)
✓Wide moat 85/100
!Insider activity 40/100
!Weak on dividend: 10 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

5.09 MYR 1.32 MYR Fair Value 2.53 MYR Dec 2022 Sep 2026

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

45‑month range 1.32 MYR – 5.09 MYR · fair‑value band 1.89 MYR – 3.16 MYR · the 4.39 MYR price screens above the 2.53 MYR fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

ITMAX System Berhad, an investment holding company, engages in the supply, installation, and provision of public space networked systems in Malaysia. The company offers smart video surveillance, smart parking, smart traffic management, as well as smart street lighting and communication networks.

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ITMAX System Berhad, an investment holding company, engages in the supply, installation, and provision of public space networked systems in Malaysia. The company offers smart video surveillance, smart parking, smart traffic management, as well as smart street lighting and communication networks. It also engages in the business of green and sustainable technology solutions; and trading and fabrication of information technology products and services. In addition, the company is involved in the software development and integration business; development and integration of parking and enforcement software, applications, and solutions; and development and integration of medical software, applications, and solutions. Further, it provides leased and managed services of video surveillance and analytics systems, as well as owns and operates fibre optics communications network and related equipment, telecommunication towers and monopoles, and bandwidth services; supply, installation, and maintenance services for networked systems and solutions; and digital infrastructure solutions. The company was incorporated in 2001 and is headquartered in Kuala Lumpur, Malaysia. ITMAX System Berhad operates as a subsidiary of Sena Holdings Sdn Bhd.

Stock analysis

ITMAX System Berhad (5309) currently trades at 4.39 MYR, while our model-based Fair Value estimate is 2.53 MYR, implying the stock looks roughly 73.5% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 4.56 MYR per share, and 1 of the 17 models we run sit above the 4.39 MYR price.

Bear case: the DCF Models group reads lowest at 0.2700 MYR, and 16 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: 1.89 MYR (bear) to 3.16 MYR (bull), the price of 4.39 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 54/100 (solid quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

ITMAX System Berhad reported revenue of 247M MYR in FY2025 versus 79.8M MYR in FY2021, a compound +32.7%/yr. Reported net income was 93.5M MYR in FY2025, compounding +33.7%/yr from FY2021.

Key figures

Market cap 4.6B MYR (≈ $1.1B) · P/E ratio 48.8 · P/S ratio 18.5 · EPS (TTM) 0.0900 MYR · Dividend yield 0.5% · Net margin 37.9% · Return on equity 22.7% · Return on assets (EBIT) 20.0%.

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 14% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at −42%, 5309 screens richer than that median.

Fair Value models

Bear 1.89 MYR Fair Value 2.53 MYR Bull 3.16 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 (0.0490 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.
Highest evidence
EPV 0.8400 MYR 0.9400 MYR 1.02 MYR 74
Owner Earnings 0.1800 MYR 0.2700 MYR 0.4200 MYR 73
ROIC Compounder 1.06 MYR 1.53 MYR 1.84 MYR 70
All 17 models by family
DCF Models
Owner Earnings 0.1800 MYR 0.2700 MYR 0.4200 MYR 73
Earnings-Based
Graham-Dodd 0.6100 MYR 4.28 MYR 6.00 MYR 61
Lynch FV 2.21 MYR 3.16 MYR 4.10 MYR 59
PEG = 1.0 2.21 MYR 3.16 MYR 4.10 MYR 55
EPV 0.8400 MYR 0.9400 MYR 1.02 MYR 74
Dividend Discount
Gordon GGM 0.0500 MYR 0.0800 MYR 0.1200 MYR 65
DDM Multi-Stage 0.0500 MYR 0.0800 MYR 0.0900 MYR 65
Multiples
P/E Multiple 1.89 MYR 2.53 MYR 3.16 MYR 63
P/S Multiple 0.9800 MYR 1.31 MYR 1.64 MYR 58
P/B Multiple 1.15 MYR 1.53 MYR 1.92 MYR 55
EV/EBIT 2.34 MYR 3.08 MYR 3.82 MYR 66
EV/EBITDA 2.06 MYR 2.71 MYR 3.36 MYR 67
EV/Revenue 0.9400 MYR 1.30 MYR 1.65 MYR 54
Asset-Based
NCAV (Graham) 0.2400 MYR 0.3200 MYR 0.4800 MYR 54
Economic Profit
Residual Income 0.5200 MYR 0.7200 MYR 2.80 MYR 61
ROIC Compounder 1.06 MYR 1.53 MYR 1.84 MYR 70
Growth Earnings
Growth-Adj P/E 3.19 MYR 4.56 MYR 5.93 MYR 65

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Quality Score breakdown

Overall quality 54/100

Of which business quality 55 · Market factors (momentum, volatility) 47

Profitability 66
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 6
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 41
Share count: buybacks or dilution?

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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
+12.1%
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.
+32.0%
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.
+39.0%
Start year 2020 (pandemic)
Revenue growth 6 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.
+37.1%
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.
−50.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−51.4%
Dividend (yield on the price)0.5%
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.37% → 52%

5309 screens 74% overvalued. Compare with Verisure plc →

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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.Security & Protection Services · 115 stocks

Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −42% · Bottom 25%
Profitability
Return on equity (TTM) 23% · Top 25%
Return on assets 15% · Top 25%
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) 55% · Top 25%
Growth and dividend
Revenue growth 30% · Top 25%
Dividend yield (TTM) 0.5% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Security & Protection Services median · lower = cheaper

P/E (TTM) 48.8× · Priciest 25%
P/B 2.29× · Pricier than median
P/S (TTM) 4.34× · Priciest 25%
EV/EBITDA 6.6× · Cheapest 25%
PEG 1.05× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 34
FUTURE (revenue growth)100 · sector 39
PAST (return on equity)91 · sector 20
HEALTH (low debt)99 · sector 99
DIVIDEND (yield)10 · sector 43

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.

None of the checked exposures detected

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The GEO Group GEO $29.74 $12.89 −57%
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ITMAX System Berhad · Fair Value
2.53 MYR −74%Fair Value
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Cite: Fair Value Calculator (2026). "ITMAX System Berhad Fair Value". https://www.fairvalue-calculator.com/stock/5309

Frequently asked questions

Is ITMAX System Berhad (5309) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2.53 MYR versus a price of 4.39 MYR, about −42% upside (overvalued).
What is the fair value of 5309?
Our model-based fair value for ITMAX System Berhad is 2.53 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.39 MYR.
What is the quality score of 5309?
ITMAX System Berhad has a Quality Score of 54/100. 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 ITMAX System Berhad (5309)?
Our model-based price target is the fair value of 2.53 MYR (as of Sep 24, 2026) from 17 valuation models. Cautious scenario 1.89 MYR, optimistic scenario 3.16 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the ITMAX System Berhad stock forecast for 2026?
Our models put fair value at 2.53 MYR, about −42% upside versus a price of 4.39 MYR (overvalued). Cautious scenario 1.89 MYR, optimistic scenario 3.16 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of ITMAX System Berhad (5309)?
ITMAX System Berhad reported trailing-twelve-month revenue of about 262M MYR (latest available figure, as of Sep 24, 2026).
Does ITMAX System Berhad pay a dividend?
ITMAX System Berhad currently shows a dividend yield of about 0.52% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of ITMAX System Berhad (5309)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ITMAX System Berhad it is 2.53 MYR per share (as of Sep 24, 2026), against a price of 4.39 MYR. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is ITMAX System Berhad stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5309 trades above its calculated fair value: price 4.39 MYR, fair value 2.53 MYR, a gap of about −42% (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 5309?
No. The price is what the market pays today (4.39 MYR); the fair value is what the company's own numbers justify (2.53 MYR). For ITMAX System Berhad the two are 1.86 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is ITMAX System Berhad worth?
The market values ITMAX System Berhad at about 4.6B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 4.39 MYR; our models calculate a fair value of 2.53 MYR per share.
What do the bullish and bearish scenarios say about 5309?
Our models span a range for ITMAX System Berhad: cautious scenario 1.89 MYR, base 2.53 MYR, optimistic 3.16 MYR per share (as of Sep 24, 2026, price 4.39 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5309?
ITMAX System Berhad trades at a price-to-earnings ratio of 48.8 (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 2.53 MYR is built from several models across several years. Other multiples: PEG 1.0, P/B 2.3, P/S 4.3, EV/EBITDA 6.6.
What is the PEG ratio of 5309?
The PEG ratio of ITMAX System Berhad is 1.05 (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 ITMAX System Berhad (5309)?
Balance-sheet figures for ITMAX System Berhad (as of Sep 24, 2026): return on equity 22.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 5309 from its 52-week high?
ITMAX System Berhad trades at 4.39 MYR, about 14% below its 52-week high of 5.09 MYR and 5% above the low of 4.20 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.53 MYR is for.
Which stocks are comparable to ITMAX System Berhad?
From the same area (Industrials) we also value Verisure plc, Allegion plc, Zhejiang Dahua Technology Co, MSA Safety Incorporated, 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 ITMAX System Berhad stock attractive at the current price?
The data as of Sep 24, 2026: price 4.39 MYR, calculated fair value 2.53 MYR (−42%), Quality Score 54/100, from 17 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 5309 calculated?
We run ITMAX System Berhad through 17 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 2.53 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. ITMAX System Berhad 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 ITMAX System Berhad (5309)?
The closing price on Sep 23, 2026 was 4.39 MYR. Our model-based fair value is 2.53 MYR, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ITMAX System Berhad right now?
The price sits above even our optimistic bull case (3.16 MYR). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of ITMAX System Berhad

How large is the market capitalisation of ITMAX System Berhad (5309)?
The market capitalisation of ITMAX System Berhad is 4.6B MYR (≈ $1.1B). 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 ITMAX System Berhad (5309)?
The price-to-sales ratio of ITMAX System Berhad is 18.5 (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 ITMAX System Berhad (5309)?
Earnings per share at ITMAX System Berhad are 0.0900 MYR (price ÷ EPS = P/E 48.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ITMAX System Berhad (5309)?
The dividend yield of ITMAX System Berhad is 0.5% (payout 25.6%). 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 ITMAX System Berhad (5309)?
The net margin of ITMAX System Berhad is 37.9% (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 ITMAX System Berhad (5309)?
The return on equity (ROE) of ITMAX System Berhad is 22.7% (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 ITMAX System Berhad (5309)?
On an EBIT basis the return on assets of ITMAX System Berhad is 20.0% (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 ITMAX System Berhad (5309)?
The operating margin of ITMAX System Berhad is 54.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ITMAX System Berhad (5309)?
Revenue at ITMAX System Berhad is growing +29.8% versus a year earlier (3y avg +32.0%). 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 ITMAX System Berhad (5309)?
Earnings per share at ITMAX System Berhad are growing +24.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ITMAX System Berhad (5309) generate?
The free cash flow of ITMAX System Berhad is −17.2M 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 cash does ITMAX System Berhad (5309) hold?
ITMAX System Berhad holds more cash than debt, 72.6M MYR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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