ZECON Bhd (7028) fair value: what the stock is really worth
As of Oct 8, 2026: fair value of ZECON Bhd MYR 0.26, price MYR 0.46, upside -43.5%, quality 30 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range 0.2600 MYR – 0.6200 MYR · fair‑value band 0.1800 MYR – 0.5000 MYR · the 0.4600 MYR price screens above the 0.2600 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 Oct 3, 2026.
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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.
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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.
Stock analysis
ZECON Bhd (7028) currently trades at 0.4600 MYR, while our model-based Fair Value estimate is 0.2600 MYR, 43.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1.22 MYR per share, and 2 of the 7 models we run sit above the 0.4600 MYR price.
Bear case: the Earnings-Based group reads lowest at 0.1300 MYR, and 5 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.1800 MYR (bear) to 0.5000 MYR (bull), the price of 0.4600 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 30/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 71.7M MYR (≈ $17.6M) · P/S ratio 0.73 · EPS (TTM) −0.0200 MYR · Net margin 2.5% · Return on equity 5.3% · Return on assets (EBIT) 4.4% · Operating margin 74.4% · Revenue (TTM) 102M MYR.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −43%, 7028 screens richer than that median.
Fair Value models
Bear 0.1800 MYRFair Value 0.2600 MYRBull 0.5000 MYR
Price 0.4600 MYR · Upside -43.5%
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.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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
Owner Earningsn/an/a1.06 MYR71
Residual Income1.23 MYR1.16 MYR1.12 MYR68
Growth-Adj P/E0.1800 MYR0.2600 MYR0.3300 MYR66
All 8 models by family
DCF Models
Owner Earningsn/an/a1.06 MYR71
Earnings-Based
Graham-Dodd0.1100 MYR0.1300 MYR0.1500 MYR65
Multiples
P/E Multiple0.2500 MYR0.3400 MYR0.4200 MYR63
P/S Multiple0.2100 MYR0.2700 MYR0.3400 MYR58
P/B Multiple0.2100 MYR0.2700 MYR0.3400 MYR55
Asset-Based
NCAV (Graham)0.9100 MYR1.22 MYR1.82 MYR54
Economic Profit
Residual Income1.23 MYR1.16 MYR1.12 MYR68
Growth Earnings
Growth-Adj P/E0.1800 MYR0.2600 MYR0.3300 MYR66
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
−41.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−41.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−41.9% vs −21.7%, slowing
Profit margin 2021 to 2026 ⓘ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.3% → 4%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 12.9%/yr over ~9Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Price, fair value, quality and upside side by side.
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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.Engineering & Construction · 794 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−43.5% · Below median
Profitability
Return on equity (TTM)5.3% · Below median
Return on assets2.0% · Below median
Net margin (TTM)−3.0% · Bottom 25%
Operating margin (TTM)74.4% · Top 25%
Growth and dividend
Revenue growth−0.2% · Below median
Balance sheet
Debt / equity2.55× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/B0.06× · Cheapest 25%
P/S (TTM)0.17× · Cheapest 25%
EV/EBITDA13.6× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)0· sector 18
PAST (return on equity)21· sector 30
HEALTH (low debt)0· sector 94
DIVIDEND (yield)0· sector 43
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ZECON Bhd Fair Value". https://www.fairvalue-calculator.com/stock/7028
Frequently asked questions
Is ZECON Bhd (7028) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 0.2600 MYR versus a price of 0.4600 MYR, about −43% upside (overvalued).
What is the fair value of 7028?
Our model-based fair value for ZECON Bhd is 0.2600 MYR (as of Oct 3, 2026), built from audited fundamentals. The current price: 0.4600 MYR.
What is the quality score of 7028?
ZECON Bhd has a Quality Score of 30/100. 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 ZECON Bhd (7028)?
Our model-based price target is the fair value of 0.2600 MYR (as of Oct 3, 2026) from 8 valuation models. Cautious scenario 0.1800 MYR, optimistic scenario 0.5000 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the ZECON Bhd stock forecast for 2026?
Our models put fair value at 0.2600 MYR, about −43% upside versus a price of 0.4600 MYR (overvalued). Cautious scenario 0.1800 MYR, optimistic scenario 0.5000 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of ZECON Bhd (7028)?
ZECON Bhd reported trailing-twelve-month revenue of about 102M MYR (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of ZECON Bhd (7028)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ZECON Bhd it is 0.2600 MYR per share (as of Oct 3, 2026), against a price of 0.4600 MYR. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is ZECON Bhd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 7028 trades above its calculated fair value: price 0.4600 MYR, fair value 0.2600 MYR, a gap of about −43% (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 7028?
No. The price is what the market pays today (0.4600 MYR); the fair value is what the company's own numbers justify (0.2600 MYR). For ZECON Bhd the two are 0.2000 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is ZECON Bhd worth?
The market values ZECON Bhd at about 71.7M MYR (market capitalisation, as of Oct 3, 2026). Per share that is 0.4600 MYR; our models calculate a fair value of 0.2600 MYR per share.
What do the bullish and bearish scenarios say about 7028?
Our models span a range for ZECON Bhd: cautious scenario 0.1800 MYR, base 0.2600 MYR, optimistic 0.5000 MYR per share (as of Oct 3, 2026, price 0.4600 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ZECON Bhd (7028)?
Balance-sheet figures for ZECON Bhd (as of Oct 3, 2026): return on equity 5.3%, debt of 2.55 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is 7028 from its 52-week high?
ZECON Bhd trades at 0.4600 MYR, about 12% below its 52-week high of 0.5250 MYR and 7% above the low of 0.4300 MYR (as of Oct 8, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2600 MYR is for.
Which stocks are comparable to ZECON Bhd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 ZECON Bhd stock attractive at the current price?
The data as of Oct 3, 2026: price 0.4600 MYR, calculated fair value 0.2600 MYR (−43%), Quality Score 30/100, from 8 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 7028 calculated?
We run ZECON Bhd through 8 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 0.2600 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 14.9 % above its aggregate fair value. ZECON Bhd 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 ZECON Bhd (7028)?
The closing price on Oct 8, 2026 was 0.4600 MYR. Our model-based fair value is 0.2600 MYR, about −43% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ZECON Bhd right now?
Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (0.1800 MYR to 0.5000 MYR). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of ZECON Bhd
How large is the market capitalisation of ZECON Bhd (7028)?
The market capitalisation of ZECON Bhd is 71.7M MYR (≈ $17.6M). 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 ZECON Bhd (7028)?
The price-to-sales ratio of ZECON Bhd is 0.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ZECON Bhd (7028)?
Earnings per share at ZECON Bhd are −0.0200 MYR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ZECON Bhd (7028)?
The net margin of ZECON Bhd is 2.5% (fiscal year 2026). 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 ZECON Bhd (7028)?
The return on equity (ROE) of ZECON Bhd is 5.3% (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 ZECON Bhd (7028)?
On an EBIT basis the return on assets of ZECON Bhd is 4.4% (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 ZECON Bhd (7028)?
The operating margin of ZECON Bhd is 74.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ZECON Bhd (7028)?
Revenue at ZECON Bhd is growing −0.2% versus a year earlier (3y avg +7.2%). 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 ZECON Bhd (7028)?
Earnings per share at ZECON Bhd are growing −85.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ZECON Bhd (7028) generate?
The free cash flow of ZECON Bhd is −6.2M MYR (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ZECON Bhd (7028) carry?
The net debt of ZECON Bhd is 830M MYR (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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