ZECON Bhd (7028) Fair Value & Analysis
Industrials · MY · Market cap 72.5M MYR
Risks
Fair value as of: Aug 13, 2026
From 7 valuation models · updated 12 days ago
Share price −3.1% over the past month.
Below-average quality, and trading another 66% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (0.3500 MYR). The favourable scenario is already priced in.
- Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 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
60‑month range 0.2600 MYR – 0.6850 MYR · fair‑value band 0.2100 MYR – 0.3500 MYR · the 0.4650 MYR price screens above the 0.2800 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
ZECON Bhd (7028) currently trades at 0.4650 MYR, while our model-based Fair Value estimate is 0.2800 MYR, implying the stock looks roughly 39.8% overvalued today. The Quality Score stands at 30/100 (below-average 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: medium).
Over the trailing twelve months, ZECON Bhd generated revenue of 102M MYR at a net margin of 0.5%. Revenue declined 0.1% year over year. It earns a return on equity of 5.8%. Net debt stands at 830M MYR. Fundamentals as of Aug 13, 2026
Our scenario range runs from 0.2100 MYR (bear case) to 0.3500 MYR (bull case); at 0.4650 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 11% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at -40%, 7028 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.
All 7 models by family
Widest divergence: Asset-Based (1.24 MYR) versus Earnings-Based (0.1400 MYR). Highest evidence: Growth-Adj P/E (68).
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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 24 · Market factors (momentum, volatility) 52
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Zecon Berhad engages in the foundation engineering, civil engineering, building contracting, and related activities in Malaysia. It operates through seven segments: Construction, Property Development, Service Concession, Property Holding, Renewable Energy, Hotel Operations, Car Park Management, and Other.
Full company description
Zecon Berhad engages in the foundation engineering, civil engineering, building contracting, and related activities in Malaysia. It operates through seven segments: Construction, Property Development, Service Concession, Property Holding, Renewable Energy, Hotel Operations, Car Park Management, and Other. The company also offers piling works; and construct, operate, and maintenance of hospital. In addition, it is involved in management, maintenance, and rental of machineries, motor vehicles, and hardware of various descriptions; construction, housing development, and other related activities; sand dredging, earthworks, and material transportation services; hospital concession activities; property holding, investment, development, sales, and management activities; and supply of electrical or electric equipment and services. Further, the company provides computer, engineering, landscape care, maintenance, and consultancy services; hotel management; operates parking facilities; and dealing and implementing all renewable energy systems and activities. Zecon Berhad was incorporated in 1985 and is headquartered in Kuching, Malaysia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
ZECON Bhd reported revenue of 102M MYR in FY2026 versus 633M MYR in FY2022, a compound −36.6%/yr. Reported net income was 2.6M MYR in FY2026.
7028 screens 40% overvalued. Compare with Quanta Services, Inc →
Peer Group
Engineering & Construction · 840 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 Engineering & Construction 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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $678.02 | $143.92 | -79% |
| Vinci SA DG | €119.95 | €185.62 | +55% |
| Comfort Systems USA, Inc FIX | $1,739 | $519.97 | -70% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | -46% |
| Ferrovial N.V FER | €57.28 | €19.17 | -67% |
| HOCHTIEF Aktiengesellschaft HOT | €427.60 | €203.87 | -52% |
| Samsung C&T Corporation 028260 | 357,500 KRW | 261,411 KRW | -27% |
| ACS, Actividades de Construcción y Servicios, S.A ACS | €104.30 | €75.04 | -28% |
| EMCOR Group EME | $833.40 | $549.47 | -34% |
| MasTec, Inc MTZ | $281.11 | $100.00 | -64% |
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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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