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Gadang Holdings (9261) Fair Value & Analysis

Industrials · MY · Market cap 144M MYR

GH Gadang Holdings 9261 · KLSE
Price0.1650 MYR
Fair Value0.2800 MYR
Upside+69.7%
Quality52/100
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Healthy Growth
Loss-making · -1.6% net margin
Low debt · generates free cash flow
1.76% dividend yield
Mixed vs. peers (6/11)
Narrow moat 16/100
Evidence: High Range 0.2100 MYR – 0.3500 MYR Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 25 days ago

Share price −2.9% over the past month.

A solid business, screening 70% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (0.2100 MYR). The market is more pessimistic than our downside scenario.
  • Solid quality (52/100) 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)

0.4999 MYR 0.1450 MYR Fair Value 0.2800 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 0.1450 MYR – 0.4999 MYR · fair‑value band 0.2100 MYR – 0.3500 MYR · the 0.1650 MYR price screens below the 0.2800 MYR fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Gadang Holdings (9261) currently trades at 0.1650 MYR, while our model-based Fair Value estimate is 0.2800 MYR, implying the stock looks roughly 69.7% undervalued today. The Quality Score stands at 52/100 (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, Gadang Holdings generated revenue of 867M MYR at a net margin of -1.6%. Revenue declined 32.5% year over year. It earns a return on equity of -2.3%. Net debt stands at 64.8M MYR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 0.2100 MYR (bear case) to 0.3500 MYR (bull case); at 0.1650 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 about 50% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 70%, 9261 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 0.6800 MYR 0.9400 MYR 1.26 MYR 80
Residual Income 0.6300 MYR 0.5600 MYR 0.3600 MYR 76
Rev-Margin DCF 0.4500 MYR 0.6100 MYR 0.8100 MYR 74
All 24 models by family
DCF Models
FCF DCF 0.6800 MYR 0.9700 MYR 1.35 MYR 38
Owner Earnings 0.1700 MYR 0.2200 MYR 0.2800 MYR 31
5Y Revenue Exit 0.4500 MYR 0.6000 MYR 0.7900 MYR 39
5Y EBITDA Exit 0.5300 MYR 0.7600 MYR 1.03 MYR 41
5Y P/E Exit 0.4400 MYR 0.5800 MYR 0.7200 MYR 38
10Y Revenue Exit 0.5400 MYR 0.7000 MYR 0.9000 MYR 36
10Y EBITDA Exit 0.5900 MYR 0.7900 MYR 1.06 MYR 37
10Y P/E Exit 0.5400 MYR 0.6800 MYR 0.8500 MYR 35
Earnings-Based
Graham-Dodd 0.0900 MYR 0.3400 MYR 0.4600 MYR 54
Lynch FV 0.0800 MYR 0.1200 MYR 0.1500 MYR 50
PEG = 1.0 0.0800 MYR 0.1200 MYR 0.1500 MYR 46
EPV 0.1600 MYR 0.1700 MYR 0.1800 MYR 59
Multiples
P/E Multiple 0.2100 MYR 0.2800 MYR 0.3500 MYR 63
P/S Multiple 0.1700 MYR 0.2300 MYR 0.2800 MYR 58
P/B Multiple 0.1700 MYR 0.2300 MYR 0.2800 MYR 55
EV/EBIT 0.3800 MYR 0.4900 MYR 0.5900 MYR 53
EV/EBITDA 0.4700 MYR 0.6000 MYR 0.7300 MYR 54
EV/Revenue 0.2900 MYR 0.3900 MYR 0.4900 MYR 43
Asset-Based
NCAV (Graham) 0.5100 MYR 0.6800 MYR 1.02 MYR 50
Growth DCF
Growth DCF 0.6800 MYR 0.9400 MYR 1.26 MYR 80
Rev-Margin DCF 0.4500 MYR 0.6100 MYR 0.8100 MYR 74
Economic Profit
Residual Income 0.6300 MYR 0.5600 MYR 0.3600 MYR 76
ROIC Compounder 0.1600 MYR 0.1700 MYR 0.1800 MYR 72
Growth Earnings
Growth-Adj P/E 0.1500 MYR 0.2200 MYR 0.2800 MYR 68

Widest divergence: DCF Models (0.6800 MYR) versus Earnings-Based (0.1200 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 867M MYR
Revenue growth (YoY) -32.5%
Net margin -1.6%
Return on equity -2.3%
Free cash flow 56.3M MYR FY2025
Operating margin -3.4%
More key figures
EPS (TTM) -0.0200 MYR
Dividend yield 1.8%
EPS growth (YoY) +98.8%
Net debt 64.8M MYR FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 53 · Market factors (momentum, volatility) 25

Profitability 21
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 25
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

Gadang Holdings Berhad, an investment holding company, engages in civil engineering and construction, property development, water supply, and mechanical and electrical engineering businesses in Malaysia, Indonesia, and Singapore. It operates through Construction; Property; Utilities; and Investment Holding and Others segments.

Full company description

Gadang Holdings Berhad, an investment holding company, engages in civil engineering and construction, property development, water supply, and mechanical and electrical engineering businesses in Malaysia, Indonesia, and Singapore. It operates through Construction; Property; Utilities; and Investment Holding and Others segments. The company undertakes bulk earthworks, highway and interchanges, bridges, piling and foundation works, utilities, tunnels and underpass, design and build works, and railway mass rapid transit works, as well as constructs commercial, industrial, and residential buildings. It also undertakes civil engineering construction works and bored pile works, as well as owns one mini-hydro power concession and three water concessions. In addition, the company offers hire of plant and machinery; transportation agency; hospital and healthcare services; management consulting services; earthworks; solar power concession services; water and power concession services; management services; and property management and maintenance services. Further, the company involved in hydro power generation; solar energy collections; and strike off process. The company was formerly known as Lai Sing Holdings Berhad and changed its name to Gadang Holdings Berhad in November 1997. Gadang Holdings Berhad was incorporated in 1993 and is based in Kuala Lumpur, Malaysia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gadang Holdings reported revenue of 780M MYR in FY2025 versus 575M MYR in FY2021, a compound +7.9%/yr. Reported net income was 10.7M MYR in FY2025, compounding −4.5%/yr from FY2021.

Growth Quality 62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
780M MYR
Latest YoY
+31.7%
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.
+6.1%
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.
+3.0%
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.
+9.3%
Revenue +7.9%/yr
FY21 575M MYR
FY22 652M MYR
FY23 496M MYR
FY24 592M MYR
FY25 780M MYR
Net income −4.5%/yr
FY21 12.9M MYR
FY22 41.7M MYR
FY23 −29.3M MYR
FY24 4.7M MYR
FY25 10.7M MYR

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Cite: Fair Value Calculator (2026). "Gadang Holdings Fair Value". https://www.fairvalue-calculator.com/stock/9261

Peer Group

Engineering & Construction · 839 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 52 · Above median
Fair Value upside +70% · Top 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) -3% · Bottom 25%
Revenue growth -33% · Bottom 25%
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than median

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 16
FUTURE 0 · sector 17
PAST 0 · sector 26
HEALTH 95 · sector 94
DIVIDEND 35 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Gadang Holdings (9261) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 0.2800 MYR versus a price of 0.1650 MYR, about +70% (undervalued).
What is the fair value of 9261?
Our model-based fair value for Gadang Holdings is 0.2800 MYR (as of Jul 16, 2026), built from audited fundamentals. The current price is 0.1650 MYR.
What is the quality score of 9261?
Gadang Holdings has a Quality Score of 52/100. 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 Gadang Holdings (9261)?
Gadang Holdings reported trailing-twelve-month revenue of about 867M MYR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 9261?
The net profit margin of Gadang Holdings is about -1.6%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Gadang Holdings pay a dividend?
Gadang Holdings currently shows a dividend yield of about 1.62% relative to its recent price (as of Jul 16, 2026).

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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