Bursa Malaysia Bhd Ord (BSMAF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Bursa Malaysia Bhd Ord $1.15, price $2.18, upside -47.3%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $1.07 – $2.22 · fair‑value band $0.7400 – $1.48 · the $2.18 price screens above the $1.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Bursa Malaysia Berhad, an exchange holding company, provides treasury management, and management and administrative services in Malaysia and internationally. The company operates through six segments: Securities Market, Derivatives Market, Islamic Market, Data Business, Exchange Holding Business, and Others.
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Bursa Malaysia Berhad, an exchange holding company, provides treasury management, and management and administrative services in Malaysia and internationally. The company operates through six segments: Securities Market, Derivatives Market, Islamic Market, Data Business, Exchange Holding Business, and Others. It engages in provision and operation of the listing, trading, clearing, and depository services on the securities exchange and trading and clearing services on the derivatives exchange. It also engages in provision of Shariah compliant Murabahah commodity trading platform to facilitate Islamic finance transactions and liquidity management for Islamic financial institutions, and Shariah compliant market for precious metals and provision and dissemination of information relating to equity securities and derivatives quoted on the exchange, as well as data reported from the bond platform. In addition, it functions as investment holding company; and engages in provision of a multi-environment product exchange, a debt fundraising platform for small to mid-sized companies, a reporting platform for bond traders, and an exchange for the voluntary carbon and offshore markets. Further, it offers equities, bonds, derivatives, Islamic market products, indices, central depository system (CDS) accounts, network access and infrastructure services, BTS2 on boarding, and co-location services; offshore listings of Sukuk; and acts as a nominee for Bursa Malaysia Depository and receives securities on deposit for safe-custody or management. The company was founded in 1930 and is based in Kuala Lumpur, Malaysia.
Stock analysis
Bursa Malaysia Bhd Ord (BSMAF) currently trades at $2.18, while our model-based Fair Value estimate is $1.15, 47.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $1.22 per share, and 0 of the 12 models we run sit above the $2.18 price.
Bear case: the Asset-Based group reads lowest at $0.1600, and 12 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: $0.7400 (bear) to $1.48 (bull), the price of $2.18 sits above 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 74/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Bursa Malaysia Bhd Ord reported revenue of 702M MYR in FY2025 versus 752M MYR in FY2021, a compound −1.7%/yr. Reported net income was 250M MYR in FY2025, compounding −8.4%/yr from FY2021.
Key figures
Market cap $1.8B · P/E ratio 27.3 · P/S ratio 9.69 · EPS (TTM) $0.0800 · Dividend yield 12.8% · Net margin 35.6% · Return on equity 33.8% · Return on assets (EBIT) 9.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 71% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −47%, BSMAF screens richer than that median.
Fair Value models
Bear $0.7400Fair Value $1.15Bull $1.48
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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.1%
Start year 2020 (pandemic). Over 10 years: +3.7% a year
Revenue growth 20 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
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What shareholders gained per year (last 5 years), in MYR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+24.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.4%
Dividend (yield on the price)12.8%
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.23.4% vs 17.7%, picking up
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.65% → 48%
2025 sits 302% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−14.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in MYR, Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −16.6% a year for the price and +3.6% for the forecasts.
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.Financial Data & Stock Exchanges · 52 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score76 · Above median
Fair Value upside−48.4% · Bottom 25%
Profitability
Return on equity (TTM)33.8% · Top 25%
Return on assets6.2% · Above median
Net margin (TTM)33.8% · Above median
Operating margin (TTM)50.8% · Top 25%
Growth and dividend
Revenue growth15.7% · Above median
Dividend yield (TTM)12.8% · Top 25%
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (TTM)27.3× · Pricier than median
P/B9.02× · Priciest 25%
P/S (TTM)9.57× · Pricier than median
P/FCF30.7× · Priciest 25%
EV/EBITDA17.2× · Pricier than median
PEG1.46× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)79· sector 66
PAST (return on equity)100· sector 79
HEALTH (low debt)0· sector 96
DIVIDEND (yield)100· sector 36
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). "Bursa Malaysia Bhd Ord Fair Value". https://www.fairvalue-calculator.com/stock/BSMAF
Frequently asked questions
Is Bursa Malaysia Bhd Ord (BSMAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $1.15 versus the last price from Sep 25, 2026 of $2.18, about −47% upside (overvalued).
What is the fair value of BSMAF?
Our model-based fair value for Bursa Malaysia Bhd Ord is $1.15 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $2.18.
What is the quality score of BSMAF?
Bursa Malaysia Bhd Ord has a Quality Score of 74/100. 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 Bursa Malaysia Bhd Ord (BSMAF)?
Our model-based price target is the fair value of $1.15 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario $0.7400, optimistic scenario $1.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Bursa Malaysia Bhd Ord stock forecast for 2026?
Our models put fair value at $1.15, about −47% upside versus the last price from Sep 25, 2026 of $2.18 (overvalued). Cautious scenario $0.7400, optimistic scenario $1.48. The calculation is refreshed regularly with new filings.
What is the revenue of Bursa Malaysia Bhd Ord (BSMAF)?
Bursa Malaysia Bhd Ord reported trailing-twelve-month revenue of about 752M MYR (latest available figure, as of Sep 24, 2026).
Does Bursa Malaysia Bhd Ord pay a dividend?
Bursa Malaysia Bhd Ord currently shows a dividend yield of about 12.84% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bursa Malaysia Bhd Ord (BSMAF)?
For today's price to be fair in a discounted-cash-flow model, Bursa Malaysia Bhd Ord would have to grow free cash flow by -14.9 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BSMAF use?
Our models discount Bursa Malaysia Bhd Ord at 9.8 %: a base by market capitalisation (small), damped by beta 0.27, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bursa Malaysia Bhd Ord that is -14.9 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Bursa Malaysia Bhd Ord (BSMAF) delivered so far?
Over the past 5 years revenue at Bursa Malaysia Bhd Ord grew -2.1 % a year. The price currently implies -14.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bursa Malaysia Bhd Ord (BSMAF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Bursa Malaysia Bhd Ord (-14.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bursa Malaysia Bhd Ord (BSMAF)?
The free-cash-flow yield on the price is 13.22 %: that much free cash flow Bursa Malaysia Bhd Ord produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bursa Malaysia Bhd Ord (BSMAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bursa Malaysia Bhd Ord it is $1.15 per share (as of Sep 24, 2026), against a price of $2.18. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Bursa Malaysia Bhd Ord stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BSMAF trades above its calculated fair value: price $2.18, fair value $1.15, a gap of about −47% (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 BSMAF?
No. The price is what the market pays today ($2.18); the fair value is what the company's own numbers justify ($1.15). For Bursa Malaysia Bhd Ord the two are $1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bursa Malaysia Bhd Ord worth?
The market values Bursa Malaysia Bhd Ord at about $1.8B (market capitalisation, as of Sep 24, 2026). Per share that is $2.18; our models calculate a fair value of $1.15 per share.
What do the bullish and bearish scenarios say about BSMAF?
Our models span a range for Bursa Malaysia Bhd Ord: cautious scenario $0.7400, base $1.15, optimistic $1.48 per share (as of Sep 24, 2026, price $2.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BSMAF?
Bursa Malaysia Bhd Ord trades at a price-to-earnings ratio of 27.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1.15 is built from several models across several years. Other multiples: PEG 1.5, P/B 9.0, P/S 9.6, EV/EBITDA 17.2.
What is the PEG ratio of BSMAF?
The PEG ratio of Bursa Malaysia Bhd Ord is 1.46 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bursa Malaysia Bhd Ord (BSMAF)?
Balance-sheet figures for Bursa Malaysia Bhd Ord (as of Sep 24, 2026): return on equity 33.8%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is BSMAF from its 52-week high?
Bursa Malaysia Bhd Ord trades at $2.18, about 2% below its 52-week high of $2.22 and 71% above the low of $1.27 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $1.15 is for.
Which stocks are comparable to Bursa Malaysia Bhd Ord?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, 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 Bursa Malaysia Bhd Ord stock attractive at the current price?
The data as of Sep 24, 2026: price $2.18, calculated fair value $1.15 (−47%), Quality Score 74/100, from 12 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 BSMAF calculated?
We run Bursa Malaysia Bhd Ord through 12 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 $1.15, 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 14.5 % above its aggregate fair value. Bursa Malaysia Bhd Ord 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 Bursa Malaysia Bhd Ord (BSMAF)?
The latest price we hold is from Sep 25, 2026 and stands at $2.18. Our model-based fair value is $1.15, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bursa Malaysia Bhd Ord right now?
A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case ($1.48). The favourable scenario is already priced in. A fairly wide model range ($0.7400 to $1.48) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bursa Malaysia Bhd Ord (BSMAF) come from?
Earnings per share at Bursa Malaysia Bhd Ord grew +6.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.4 %, EBIT margin +0.3 %, tax rate +0.3 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bursa Malaysia Bhd Ord
How large is the market capitalisation of Bursa Malaysia Bhd Ord (BSMAF)?
The market capitalisation of Bursa Malaysia Bhd Ord is $1.8B. 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 Bursa Malaysia Bhd Ord (BSMAF)?
The price-to-sales ratio of Bursa Malaysia Bhd Ord is 9.69 (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 Bursa Malaysia Bhd Ord (BSMAF)?
Earnings per share at Bursa Malaysia Bhd Ord are $0.0800 (price ÷ EPS = P/E 27.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bursa Malaysia Bhd Ord (BSMAF)?
The dividend yield of Bursa Malaysia Bhd Ord is 12.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bursa Malaysia Bhd Ord (BSMAF)?
The net margin of Bursa Malaysia Bhd Ord is 35.6% (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 Bursa Malaysia Bhd Ord (BSMAF)?
The return on equity (ROE) of Bursa Malaysia Bhd Ord is 33.8% (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 Bursa Malaysia Bhd Ord (BSMAF)?
On an EBIT basis the return on assets of Bursa Malaysia Bhd Ord is 9.6% (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 Bursa Malaysia Bhd Ord (BSMAF)?
The operating margin of Bursa Malaysia Bhd Ord is 50.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bursa Malaysia Bhd Ord (BSMAF)?
Revenue at Bursa Malaysia Bhd Ord is growing +15.7% versus a year earlier (3y avg +6.2%). 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 Bursa Malaysia Bhd Ord (BSMAF)?
Earnings per share at Bursa Malaysia Bhd Ord are growing +6.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bursa Malaysia Bhd Ord (BSMAF) hold?
Bursa Malaysia Bhd Ord holds more cash than debt, 561M MYR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 24, 2026