Multi-Usage Holdings Bhd (9539) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Multi-Usage Holdings Bhd MYR 0.84, price MYR 0.33, upside +153.9%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Multi-Usage Holdings Berhad, an investment holding company, engages in the property development activities in Malaysia. It operates through Property development, Contracting, and Others segments. It develops commercial and residential properties; undertakes contracting works and project management services for construction projects.
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Multi-Usage Holdings Berhad, an investment holding company, engages in the property development activities in Malaysia. It operates through Property development, Contracting, and Others segments. It develops commercial and residential properties; undertakes contracting works and project management services for construction projects. The company also trades in furniture, cement products, bricks, stones, and various building materials and hardware products. Multi-Usage Holdings Berhad was incorporated in 1991 and is headquartered in Penang, Malaysia.
Stock analysis
Multi-Usage Holdings Bhd (9539) currently trades at 0.3300 MYR, while our model-based Fair Value estimate is 0.8380 MYR, implying the stock looks roughly 60.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 1.45 MYR per share, and 7 of the 7 models we run sit above the 0.3300 MYR price.
Bear case: the Economic Profit group reads lowest at 1.04 MYR, and 0 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.7100 MYR (bear) to 0.9590 MYR (bull), the price of 0.3300 MYR sits below 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 56/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Multi-Usage Holdings Bhd reported revenue of 10.8M MYR in FY2025 versus 20.4M MYR in FY2021, a compound −14.6%/yr. Reported net income was 2.1M MYR in FY2025, compounding −21.4%/yr from FY2021.
Key figures
Market cap 18.6M MYR (≈ $4.6M) · P/E ratio 11.0 · P/S ratio 2.11 · EPS (TTM) 0.0300 MYR · Net margin 19.2% · Return on equity 1.8% · Return on assets (EBIT) 7.8% · Operating margin 23.9%.
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 18% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 154%, 9539 screens cheaper than that median.
Fair Value models
Bear 0.7100 MYRFair Value 0.8380 MYRBull 0.9590 MYR
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (0.0300 MYR per share) are deliberately not added.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 ⓘ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.
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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.
−17.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.5%
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.−18% vs −12%, slowing
Profit margin 2020 to 2025 ⓘ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.−75% → 29%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.6%/yr over ~7Y (margin trend unclear) ⓘ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.
Compare Multi-Usage Holdings Bhd with another stock
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.Real Estate - Development · 577 stocks
Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+154% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)12% · Above median
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth86% · Top 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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). "Multi-Usage Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/9539
Frequently asked questions
Is Multi-Usage Holdings Bhd (9539) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 0.8380 MYR versus a price of 0.3300 MYR, about +154% upside (undervalued).
What is the fair value of 9539?
Our model-based fair value for Multi-Usage Holdings Bhd is 0.8380 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 0.3300 MYR.
What is the quality score of 9539?
Multi-Usage Holdings Bhd has a Quality Score of 56/100. 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 Multi-Usage Holdings Bhd (9539)?
Our model-based price target is the fair value of 0.8380 MYR (as of Sep 23, 2026) from 7 valuation models. Cautious scenario 0.7100 MYR, optimistic scenario 0.9590 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Multi-Usage Holdings Bhd stock forecast for 2026?
Our models put fair value at 0.8380 MYR, about +154% upside versus a price of 0.3300 MYR (undervalued). Cautious scenario 0.7100 MYR, optimistic scenario 0.9590 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Multi-Usage Holdings Bhd (9539)?
Multi-Usage Holdings Bhd reported trailing-twelve-month revenue of about 13.6M MYR (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Multi-Usage Holdings Bhd (9539)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Multi-Usage Holdings Bhd it is 0.8380 MYR per share (as of Sep 23, 2026), against a price of 0.3300 MYR. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Multi-Usage Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 9539 trades below its calculated fair value: price 0.3300 MYR, fair value 0.8380 MYR, a gap of about +154% (undervalued). 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 9539?
No. The price is what the market pays today (0.3300 MYR); the fair value is what the company's own numbers justify (0.8380 MYR). For Multi-Usage Holdings Bhd the two are 0.5080 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Multi-Usage Holdings Bhd worth?
The market values Multi-Usage Holdings Bhd at about 18.6M MYR (market capitalisation, as of Sep 23, 2026). Per share that is 0.3300 MYR; our models calculate a fair value of 0.8380 MYR per share.
What do the bullish and bearish scenarios say about 9539?
Our models span a range for Multi-Usage Holdings Bhd: cautious scenario 0.7100 MYR, base 0.8380 MYR, optimistic 0.9590 MYR per share (as of Sep 23, 2026, price 0.3300 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9539?
Multi-Usage Holdings Bhd trades at a price-to-earnings ratio of 11.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.8380 MYR is built from several models across several years. Other multiples: P/B 0.1, P/S 0.3.
How solid is the balance sheet of Multi-Usage Holdings Bhd (9539)?
Balance-sheet figures for Multi-Usage Holdings Bhd (as of Sep 23, 2026): return on equity 1.8%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 9539 from its 52-week high?
Multi-Usage Holdings Bhd trades at 0.3300 MYR, about 18% below its 52-week high of 0.4000 MYR and at the low of 0.3300 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8380 MYR is for.
Which stocks are comparable to Multi-Usage Holdings Bhd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Multi-Usage Holdings Bhd stock attractive at the current price?
The data as of Sep 23, 2026: price 0.3300 MYR, calculated fair value 0.8380 MYR (+154%), Quality Score 56/100, from 7 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 9539 calculated?
We run Multi-Usage Holdings Bhd through 7 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 0.8380 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 13.0 % above its aggregate fair value. Multi-Usage Holdings Bhd currently trades 154 % below its own fair value, and the market average says nothing about that. 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 Multi-Usage Holdings Bhd (9539)?
The closing price on Sep 23, 2026 was 0.3300 MYR. Our model-based fair value is 0.8380 MYR, about +154% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Multi-Usage Holdings Bhd right now?
The price is below even our cautious bear case (0.7100 MYR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Multi-Usage Holdings Bhd
How large is the market capitalisation of Multi-Usage Holdings Bhd (9539)?
The market capitalisation of Multi-Usage Holdings Bhd is 18.6M MYR (≈ $4.6M). 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 Multi-Usage Holdings Bhd (9539)?
The price-to-sales ratio of Multi-Usage Holdings Bhd is 2.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Multi-Usage Holdings Bhd (9539)?
Earnings per share at Multi-Usage Holdings Bhd are 0.0300 MYR (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Multi-Usage Holdings Bhd (9539)?
The net margin of Multi-Usage Holdings Bhd is 19.2% (fiscal year 2025). 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 Multi-Usage Holdings Bhd (9539)?
The return on equity (ROE) of Multi-Usage Holdings Bhd is 1.8% (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 Multi-Usage Holdings Bhd (9539)?
On an EBIT basis the return on assets of Multi-Usage Holdings Bhd is 7.8% (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 Multi-Usage Holdings Bhd (9539)?
The operating margin of Multi-Usage Holdings Bhd is 23.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Multi-Usage Holdings Bhd (9539)?
Revenue at Multi-Usage Holdings Bhd is growing +86.1% versus a year earlier (3y avg −18.8%). 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 Multi-Usage Holdings Bhd (9539)?
Earnings per share at Multi-Usage Holdings Bhd are growing +41.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Multi-Usage Holdings Bhd (9539) generate?
The free cash flow of Multi-Usage Holdings Bhd is −602K MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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