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WCT Holdings (9679) Fair Value & Analysis

Industrials · MY · Market cap 616M MYR

WH WCT Holdings 9679 · KLSE
Price0.4200 MYR
Fair Value0.8700 MYR
Upside+107.1%
Quality46/100
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Healthy Growth
Thin margins · 3.7% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Narrow moat 30/100
Evidence: High Range 0.6500 MYR – 1.09 MYR Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Share price +1.2% over the past month.

Below-average quality, screening 107% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (0.6500 MYR). The market is more pessimistic than our downside scenario.
  • Solid quality (46/100) 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)

1.31 MYR 0.3408 MYR Fair Value 0.8700 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.3408 MYR – 1.31 MYR · fair‑value band 0.6500 MYR – 1.09 MYR · the 0.4200 MYR price screens below the 0.8700 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

WCT Holdings (9679) currently trades at 0.4200 MYR, while our model-based Fair Value estimate is 0.8700 MYR, implying the stock looks roughly 107.1% undervalued today. The Quality Score stands at 46/100 (below-average 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, WCT Holdings generated revenue of 2.0B MYR at a net margin of 3.7%. Revenue declined 5.7% year over year. It earns a return on equity of 1.8%. Net debt stands at 2.6B MYR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 0.6500 MYR (bear case) to 1.09 MYR (bull case); at 0.4200 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 54% below its 52-week high and 20% 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 107%, 9679 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 0.7300 MYR 0.9700 MYR 1.38 MYR 80
Residual Income 1.44 MYR 1.35 MYR 1.01 MYR 76
Rev-Margin DCF 0.6800 MYR 1.08 MYR 1.58 MYR 74
All 24 models by family
DCF Models
FCF DCF 0.7100 MYR 0.9600 MYR 1.42 MYR 38
Owner Earnings 0.4000 MYR 0.5700 MYR 0.8800 MYR 31
5Y Revenue Exit 0.6800 MYR 1.05 MYR 1.61 MYR 39
5Y EBITDA Exit 0.7900 MYR 1.25 MYR 1.87 MYR 41
5Y P/E Exit 0.5700 MYR 0.8700 MYR 1.24 MYR 38
10Y Revenue Exit 0.6600 MYR 0.9600 MYR 1.29 MYR 36
10Y EBITDA Exit 0.7500 MYR 1.08 MYR 1.44 MYR 37
10Y P/E Exit 0.6300 MYR 0.8500 MYR 1.08 MYR 35
Earnings-Based
Graham-Dodd 0.3500 MYR 0.5500 MYR 0.6600 MYR 54
EPV 0.4100 MYR 0.5000 MYR 0.5700 MYR 59
Dividend Discount
Gordon GGM 0.1600 MYR 0.1800 MYR 0.2100 MYR 70
DDM Multi-Stage 0.1600 MYR 0.2000 MYR 0.2500 MYR 61
Multiples
P/E Multiple 0.8100 MYR 1.08 MYR 1.35 MYR 63
P/S Multiple 0.6500 MYR 0.8700 MYR 1.09 MYR 58
P/B Multiple 0.6500 MYR 0.8700 MYR 1.09 MYR 55
EV/EBIT 1.11 MYR 1.56 MYR 2.00 MYR 53
EV/EBITDA 1.03 MYR 1.45 MYR 1.87 MYR 54
EV/Revenue 0.7300 MYR 1.14 MYR 1.55 MYR 43
Asset-Based
NCAV (Graham) 1.07 MYR 1.44 MYR 2.15 MYR 50
Growth DCF
Growth DCF 0.7300 MYR 0.9700 MYR 1.38 MYR 80
Rev-Margin DCF 0.6800 MYR 1.08 MYR 1.58 MYR 74
Economic Profit
Residual Income 1.44 MYR 1.35 MYR 1.01 MYR 76
ROIC Compounder 0.4100 MYR 0.5000 MYR 0.5700 MYR 72
Growth Earnings
Growth-Adj P/E 0.5700 MYR 0.8100 MYR 1.06 MYR 68

Widest divergence: Asset-Based (1.44 MYR) versus Dividend Discount (0.1800 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.0B MYR
Revenue growth (YoY) -5.7%
Net margin 3.7%
Return on equity 1.8%
Free cash flow 175M MYR FY2025
P/E ratio 13.5
More key figures
Operating margin 3.5%
EPS (TTM) 0.0300 MYR
EPS growth (YoY) -61.8%
Net debt 2.6B MYR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 27

Profitability 18
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 31
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

WCT Holdings Berhad, an investment holding company, engages in the engineering and construction, property development, and property investment and management activities in Malaysia, the Middle East, India, and internationally.

Full company description

WCT Holdings Berhad, an investment holding company, engages in the engineering and construction, property development, and property investment and management activities in Malaysia, the Middle East, India, and internationally. It offers engineering and construction works in Formula 1 racing circuits, mass rapid transit (MRT), expressways, highways, airports, dam and water supply scheme, government offices, and shopping malls and hotels. The company also develops properties, including townships, luxury homes, high-rise residences, commercial developments, office towers, hotels, and shopping malls. In addition, it owns and manages shopping malls, office buildings, and concession assets; hires and repairs of machineries; trades in building materials; and maintains and manages developed properties, as well as engages in the hospitality business. Further, the company provides treasury and fund management services; designs, manufactures, fabricates, and installs of facade, aluminium, and glazing works; food and beverages management services; and ground services for all aircraft types and models. Additionally, it engages in the retail sale of any kind of product over the internet and loyalty program; development of commercial aviation related infrastructure and facilities; development of hangarage complexes; providing maintenance, repair, and overhaul engineering services; general trading; land, property, and hotel investment; restaurant operations; provision of service related to confinement, and mother and childcare centre; and special purpose vehicle services, as well as engineering, procurement, and construction businesses. The company was incorporated in 1981 and is headquartered in Petaling Jaya, Malaysia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

WCT Holdings reported revenue of 2.0B MYR in FY2025 versus 1.7B MYR in FY2021, a compound +3.8%/yr. Reported net income was 79.9M MYR in FY2025, compounding −13.9%/yr from FY2021.

Growth Quality 64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.0B MYR
Latest YoY
+8.2%
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.
−2.1%
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.
+3.1%
Avg. growth/yr (20Y) 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.
+4.5%
Revenue +3.8%/yr
FY21 1.7B MYR
FY22 2.1B MYR
FY23 1.7B MYR
FY24 1.8B MYR
FY25 2.0B MYR
Net income −13.9%/yr
FY21 145M MYR
FY22 177M MYR
FY23 −206M MYR
FY24 325M MYR
FY25 79.9M MYR
Character of growth · EPS growth decomposed (2014-2025) +2.2 % p.a.
Revenue per share −1.3 pp

of which total revenue +0.9 pp · buybacks/dilution −2.2 pp

EBIT margin +2.2 pp
Tax rate +3.4 pp
Residual (interest, one-offs) −2.1 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). "WCT Holdings Fair Value". https://www.fairvalue-calculator.com/stock/9679

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 46 · Below median
Fair Value upside +107% · Top 25%
Return on equity (TTM) 2% · Below median
Return on assets 1% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth -6% · Below median
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median
P/B 0.18× · Cheaper than 75% of peers
P/S (TTM) 0.31× · Cheaper than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 6.8× · Cheaper than median
PEG 0.57× · 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 7 · sector 26
HEALTH 86 · sector 94
DIVIDEND 0 · sector 33

Insider activity: 40/100

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 18, 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 WCT Holdings (9679) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 0.8700 MYR versus a price of 0.4200 MYR, about +107% (undervalued).
What is the fair value of 9679?
Our model-based fair value for WCT Holdings is 0.8700 MYR (as of Jul 18, 2026), built from audited fundamentals. The current price is 0.4200 MYR.
What is the quality score of 9679?
WCT Holdings has a Quality Score of 46/100. 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 WCT Holdings (9679)?
WCT Holdings reported trailing-twelve-month revenue of about 2.0B MYR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 9679?
The net profit margin of WCT Holdings is about 3.7%, meaning it keeps roughly 3.7% 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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