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DKSH Holdings (5908) Fair Value & Analysis

Industrials · MY · Market cap 966M MYR

DH DKSH Holdings 5908 · KLSE
Price6.15 MYR
Fair Value14.28 MYR
Upside+132.2%
Quality53/100
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Healthy Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Narrow moat 39/100
Evidence: High Range 7.84 MYR – 22.73 MYR Share as image

Fair value as of: Jul 19, 2026

From 26 valuation models · updated 22 days ago

Share price +0.3% over the past month.

A solid business, screening 132% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (7.84 MYR). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (7.84 MYR to 22.73 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

6.18 MYR 2.35 MYR Fair Value 14.28 MYR Feb 2021 Aug 2026

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

60‑month range 2.35 MYR – 6.18 MYR · fair‑value band 7.84 MYR – 22.73 MYR · the 6.15 MYR price screens below the 14.28 MYR fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

DKSH Holdings (5908) currently trades at 6.15 MYR, while our model-based Fair Value estimate is 14.28 MYR, implying the stock looks roughly 132.2% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials 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, DKSH Holdings generated revenue of 8.8B MYR at a net margin of 1.8%. Revenue grew 6.1% year over year. It earns a return on equity of 14.3%. Net debt stands at 539M MYR. Fundamentals as of Jul 19, 2026

Our scenario range runs from 7.84 MYR (bear case) to 22.73 MYR (bull case); at 6.15 MYR, the current price sits below 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 near its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 132%, 5908 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.

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
Highest evidence
Growth DCF 3.57 MYR 5.47 MYR 7.78 MYR 80
Residual Income 6.46 MYR 7.71 MYR 15.62 MYR 76
Rev-Margin DCF 7.95 MYR 14.40 MYR 21.56 MYR 74
All 26 models by family
DCF Models
FCF DCF 3.51 MYR 5.66 MYR 8.43 MYR 38
Owner Earnings 8.89 MYR 13.21 MYR 18.80 MYR 31
5Y Revenue Exit 7.95 MYR 14.47 MYR 22.75 MYR 39
5Y EBITDA Exit 9.54 MYR 17.37 MYR 26.40 MYR 41
5Y P/E Exit 8.48 MYR 15.43 MYR 22.59 MYR 38
10Y Revenue Exit 5.68 MYR 10.82 MYR 17.60 MYR 36
10Y EBITDA Exit 6.94 MYR 12.64 MYR 20.10 MYR 37
10Y P/E Exit 6.32 MYR 11.42 MYR 17.49 MYR 35
Earnings-Based
Graham-Dodd 6.71 MYR 18.75 MYR 24.65 MYR 54
Lynch FV 3.78 MYR 5.40 MYR 7.01 MYR 50
PEG = 1.0 3.78 MYR 5.40 MYR 7.01 MYR 46
EPV 7.54 MYR 8.81 MYR 9.86 MYR 59
Dividend Discount
Gordon GGM 1.48 MYR 2.66 MYR 3.66 MYR 70
DDM Multi-Stage 1.48 MYR 2.20 MYR 2.84 MYR 61
Multiples
P/E Multiple 15.53 MYR 20.71 MYR 25.89 MYR 63
P/S Multiple 12.58 MYR 16.77 MYR 20.96 MYR 58
P/B Multiple 12.58 MYR 16.77 MYR 20.96 MYR 55
EV/EBIT 17.22 MYR 23.56 MYR 29.89 MYR 53
EV/EBITDA 15.79 MYR 21.65 MYR 27.50 MYR 54
EV/Revenue 11.78 MYR 17.59 MYR 23.41 MYR 43
Asset-Based
NCAV (Graham) 3.53 MYR 4.73 MYR 7.06 MYR 50
Growth DCF
Growth DCF 3.57 MYR 5.47 MYR 7.78 MYR 80
Rev-Margin DCF 7.95 MYR 14.40 MYR 21.56 MYR 74
Economic Profit
Residual Income 6.46 MYR 7.71 MYR 15.62 MYR 76
ROIC Compounder 7.62 MYR 9.42 MYR 11.42 MYR 72
Growth Earnings
Growth-Adj P/E 12.39 MYR 17.70 MYR 23.02 MYR 68

Widest divergence: Growth Earnings (17.70 MYR) versus Dividend Discount (2.20 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 8.8B MYR
Revenue growth (YoY) +6.1%
Net margin 1.8%
Return on equity 14.3%
Free cash flow 91.2M MYR FY2025
P/E ratio 5.7
More key figures
Operating margin 3.1%
EPS (TTM) 1.00 MYR
EPS growth (YoY) +2.9%
Net debt 539M MYR FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 74

Profitability 44
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

DKSH Holdings (Malaysia) Berhad, an investment holding company, provides market expansion services to consumer goods, performance materials, healthcare, and technology industries.

Full company description

DKSH Holdings (Malaysia) Berhad, an investment holding company, provides market expansion services to consumer goods, performance materials, healthcare, and technology industries. It offers sourcing, market analysis and research, marketing and sales, distribution and logistics, and after-sales services; and invoicing and credit control, handling of inventory and returned goods and other value-added services. The company also provides registration, market entry studies, redressing, physical distribution, invoicing, and cash collection; fast moving consumer goods, food services, luxury goods, fashion and lifestyle products; and access to pharmaceuticals, over-the-counter and consumer health, and medical devices. In addition, the company operates a healthcare distribution center for clinical supply packaging, labeling, and distribution services to hospitals, clinics, dental centers, pharmacies, and retail outlets; and retail of chocolate chip cookies under the Famous Amos name. Further, it offers health ingredients, fruit and vegetable juice concentrates, sweeteners and natural colors, and milk constituents; flavours/colors, enzymes, emulsifiers/stabilizers, preservatives, processing aids, health ingredients, glazors, bakery fillings, dietary vibes, and minerals; anti-ageing, energy and weight management, immune boosters and intestinal health, antioxidants, amino acids, and vitamins; and toll-manufactured spice blends, glazes and marinades, sweet and savoury toppings/fillings, chocolate couvertures, olive oils, and wines. It also provides cosmetic ingredients; pharmaceutical ingredients; and specialty chemicals for paint, coatings, polymers, engineering plastics, adhesives, agrochemicals, petrochemicals, packaging, graphics, technical films, and electronics and specialties industries. The company was founded in 1923 and is headquartered in Petaling Jaya, Malaysia. The company operates as a subsidiary of DKSH Resources (Malaysia) Sdn. Bhd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DKSH Holdings reported revenue of 8.6B MYR in FY2025 versus 6.7B MYR in FY2021, a compound +6.4%/yr. Reported net income was 156M MYR in FY2025, compounding +14.2%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
8.6B MYR
Latest YoY
+8.5%
Avg. growth/yr (3Y) 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.
+6.4%
Avg. growth/yr (5Y) 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.
+6.3%
Avg. growth/yr (13Y) 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.
+4.7%
Revenue +6.4%/yr
FY21 6.7B MYR
FY22 7.2B MYR
FY23 7.5B MYR
FY24 7.9B MYR
FY25 8.6B MYR
Net income +14.2%/yr
FY21 91.3M MYR
FY22 104M MYR
FY23 111M MYR
FY24 123M MYR
FY25 156M MYR
Character of growth · EPS growth decomposed (2014-2025) +11.4 % p.a.
Revenue per share +4.5 pp

of which total revenue +4.5 pp · buybacks/dilution +0.0 pp

EBIT margin +6.9 pp
Tax rate +0.3 pp
Residual (interest, one-offs) −0.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "DKSH Holdings Fair Value". https://www.fairvalue-calculator.com/stock/5908

Peer Group

Industrial Distribution · 102 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.

Quality Score 53 · Below median
Fair Value upside +132% · Top 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 6% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.27× · Higher than median

Valuation Multiples vs Industrial Distribution median · lower = cheaper

P/E (TTM) 6.2× · Cheaper than 75% of peers
P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 0.03× · Cheaper than 75% of peers
P/FCF 2.6× · Cheaper than median
EV/EBITDA 1.9× · Cheaper than 75% of peers

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 100 · sector 19
FUTURE 31 · sector 19
PAST 57 · sector 37
HEALTH 87 · sector 90
DIVIDEND 0 · sector 31

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Industrial Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

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W.W. Grainger, Inc GWW $1,376 $625.61 -55%
Fastenal Company FAST $45.49 $20.64 -55%
Ferguson Enterprises Inc FERG $232.02 $151.92 -35%
WESCO International, Inc WCC $326.71 $213.01 -35%
Watsco, Inc WSO $385.16 $268.10 -30%
Toromont Industries Ltd TIH C$232.22 C$127.90 -45%
Applied Industrial Technologies, Inc AIT $329.35 $191.65 -42%
Finning International Inc FTT C$102.50 C$76.38 -25%
Addtech AB ADDTB kr 329.20 kr 156.35 -53%
Core & Main, Inc CNM $44.66 $49.47 +11%

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Frequently asked questions

Is DKSH Holdings (5908) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 14.28 MYR versus a price of 6.15 MYR, about +132% (undervalued).
What is the fair value of 5908?
Our model-based fair value for DKSH Holdings is 14.28 MYR (as of Jul 19, 2026), built from audited fundamentals. The current price is 6.15 MYR.
What is the quality score of 5908?
DKSH Holdings has a Quality Score of 53/100. 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 revenue of DKSH Holdings (5908)?
DKSH Holdings reported trailing-twelve-month revenue of about 8.8B MYR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of 5908?
The net profit margin of DKSH Holdings is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.

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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