ITMAX System Berhad, an investment holding company, (5309) Fair Value & Analysis
Industrials · MY · Market cap 4.9B MYR
Fair value as of: Aug 13, 2026
From 17 valuation models · updated today
Fair value updated Aug 13, 2026, revised from 1.80 MYR to 2.53 MYR (+40.6%) since Jul 16, 2026. Share price −5.9% over the past month.
A solid business, but screening 43% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (3.81 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.
- A fairly wide model range (1.89 MYR to 3.81 MYR) leaves room in how you read the outcome.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
44‑month range 1.32 MYR – 5.09 MYR · fair‑value band 1.89 MYR – 3.81 MYR · the 4.46 MYR price screens above the 2.53 MYR fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
ITMAX System Berhad, an investment holding company, (5309) currently trades at 4.46 MYR, while our model-based Fair Value estimate is 2.53 MYR, implying the stock looks roughly 43.3% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, ITMAX System Berhad, an investment holding company, generated revenue of 262M MYR at a net margin of 37.5%. Revenue grew 29.8% year over year. It earns a return on equity of 22.7%. The balance sheet holds a net cash position of 72.6M MYR. Fundamentals as of Aug 13, 2026
Our scenario range runs from 1.89 MYR (bear case) to 3.81 MYR (bull case); at 4.46 MYR, the current price sits above 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 14% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at -43%, 5309 screens richer 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 17 models by family
Widest divergence: Growth Earnings (4.56 MYR) versus Dividend Discount (0.0900 MYR). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 53
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ITMAX System Berhad, an investment holding company, 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.
5309 screens 43% overvalued. Compare with ASSA ABLOY AB →
Peer Group
Security & Protection Services · 113 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 Security & Protection Services 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.
VALUE 0: the price sits above our fair-value range.
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 Security & Protection Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASSA ABLOY AB ASSAB | kr 360.50 | kr 269.97 | -25% |
| Verisure plc VSURE | €9.33 | €12.40 | +33% |
| Allegion plc ALLE | $166.11 | $127.80 | -23% |
| Securitas AB SECUB | kr 147.90 | kr 186.34 | +26% |
| Zhejiang Dahua Technology Co 002236 | ¥16.46 | ¥31.47 | +91% |
| MSA Safety Incorporated MSA | $192.04 | $116.42 | -39% |
| ADT Inc ADT | $7.31 | $16.68 | +128% |
| The Brink's Company BCO | $113.96 | $121.18 | +6% |
| Brady Corporation BRC | $95.12 | $72.32 | -24% |
| The GEO Group GEO | $31.45 | $25.50 | -19% |
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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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