IGB Bhd (5606) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of IGB Bhd stock MYR 2.63, price MYR 2.23, upside +17.8%, quality 58 out of 100. Rating: undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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IGB Bhd
5606 · KLSEThe stock costs 15% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 0.5700 MYR – 2.57 MYR · fair‑value band 1.50 MYR – 4.06 MYR · the 2.23 MYR price screens below the 2.63 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
IGB Berhad, together with its subsidiaries, engages in the property development, investment, and management businesses in Malaysia, Asia, Australia, the United States, and the United Kingdom.
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The company operates through four segments: Property Investment " Retail; Property Investment " Commercial; Property Development; and Hotel.
It engages in the rental of retail malls and office buildings; development and sale of condominiums, bungalows, linked houses, shop lots, and office suites; operation of hotels; and project management services.
The company is also involved in building construction, civil engineering, planning, and other related services; operation of international school for students from early years to grade 12; wastewater treatment services; provision of post-operative and hospitalization care, as well as retirement living; co-living spaces; management and maintenance of residential developments, as well as commercial properties; and operation of exhibition centers that offer space for various events, exhibitions, seminars, concerts, and consumer fairs.
In addition, it engages in integrated healthcare and wellness; provision of money lending services; aquaculture; research and development of automated facilities management solution system; real estate investment trust management; consultancy services; special purpose vehicle to raise financing; food and beverage operations; general and building materials trading; selling and distribution of utilities; information and communication technology services; management services; and design, development, operation, ownership maintenance, and management of mobile related applications.
The company was formerly known as Goldis Berhad and changed its name to IGB Berhad in March 2018. IGB Berhad was founded in 1964 and is based in Kuala Lumpur, Malaysia.
Stock analysis
IGB Bhd (5606) currently trades at 2.23 MYR, while our model-based Fair Value estimate is 2.63 MYR, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 4.47 MYR per share, and 12 of the 14 models we run sit above the 2.23 MYR price.
Bear case: the Economic Profit group reads lowest at 1.84 MYR, and 2 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.50 MYR (bear) to 4.06 MYR (bull), the price of 2.23 MYR sits inside 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 58/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
IGB Bhd reported revenue of 1.9B MYR in FY2025 versus 930M MYR in FY2021, a compound +19.7%/yr. Reported net income was 361M MYR in FY2025, compounding +22.2%/yr from FY2021.
Key figures
Market cap 4.4B MYR (≈ $1.1B) Small · P/E ratio 5.3 · P/S ratio 2.23 · EPS (TTM) 0.4200 MYR · Net margin 42.5% · Return on equity 22.6% · Return on assets (EBIT) 7.3% (5-year average) · Operating margin 47.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 18%, 5606 screens cheaper than that median.
Fair Value models
All 14 models by family
The fair value above starts from this blend and is adjusted for dilution from new shares.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare IGB Bhd with another stock
Price, fair value, quality and upside side by side.
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.Real Estate Services · 472 stocks
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/B ratio by industry
- Net margin by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Real Estate
- Valuation of the Malaysia market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Vonovia SE VNA | €16.90 | €36.43 | +116% | vs 5606 |
| Jones Lang LaSalle Incorporated JLL | $370.80 | $529.78 | +43% | vs 5606 |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$41.64 | HK$55.21 | +33% | vs 5606 |
| Cellnex Telecom, S.A CLNX | €26.68 | €23.62 | −11% | vs 5606 |
| Wharf Real Estate Investment Company 1997 | HK$32.54 | HK$27.21 | −16% | vs 5606 |
| CBRE Group CBRE | $135.51 | $89.81 | −34% | vs 5606 |
| KE Holdings BEKE | $18.85 | $7.33 | −61% | vs 5606 |
| CapitaLand Investment Limited 9CI | 2.36 SGD | 0.7800 SGD | −67% | vs 5606 |
| Swire Properties Limited 1972 | HK$26.36 | HK$5.88 | −78% | vs 5606 |
| CoStar Group CSGP | $30.55 | $6.09 | −80% | vs 5606 |
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Frequently asked questions
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Key figures of IGB Bhd
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