Investors Shouldn't Be Too Comfortable With PBA Holdings Bhd's (KLSE:PBA) Earnings
Nov 26
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Malaysian (KLSE) Water Industry Analysis
UpdatedDec 25, 2025
DataAggregated Company Financials
Companies5
- 7D0.7%
- 3M-10.5%
- 1Y-8.5%
- YTDn/a
The Water industry is up 1.1% in the last week, with Salcon Berhad up 16%. However, the industry is down 8.8% over the past year. As for the next few years, earnings are expected to grow by 19% per annum.
Industry Valuation and Performance
Has the Malaysian Water Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 25 Dec 2025 | RM 4.2b | RM 3.8b | RM 198.0m | 13.7x | 21.4x | 1.1x |
| Sat, 22 Nov 2025 | RM 4.4b | RM 3.7b | RM 178.4m | 14.1x | 24.6x | 1.2x |
| Mon, 20 Oct 2025 | RM 4.5b | RM 3.9b | RM 144.2m | 16.6x | 31.2x | 1.2x |
| Wed, 17 Sep 2025 | RM 4.6b | RM 3.9b | RM 144.2m | 16.3x | 32.2x | 1.2x |
| Fri, 15 Aug 2025 | RM 4.0b | RM 3.9b | RM 174.8m | 14.5x | 22.6x | 1x |
| Sun, 13 Jul 2025 | RM 4.1b | RM 3.9b | RM 174.8m | 15.6x | 23.3x | 1x |
| Tue, 10 Jun 2025 | RM 3.9b | RM 3.9b | RM 174.8m | 15.4x | 22.1x | 1x |
| Thu, 08 May 2025 | RM 4.1b | RM 3.8b | RM 153.0m | 18.7x | 26.6x | 1.1x |
| Sat, 05 Apr 2025 | RM 4.0b | RM 3.8b | RM 153.0m | 19.3x | 26.2x | 1.1x |
| Mon, 03 Mar 2025 | RM 4.2b | RM 3.8b | RM 153.0m | 18.9x | 27.4x | 1.1x |
| Wed, 29 Jan 2025 | RM 4.2b | RM 3.8b | RM 186.6m | 20.7x | 22.4x | 1.1x |
| Fri, 27 Dec 2024 | RM 4.6b | RM 3.8b | RM 186.6m | 21.9x | 24.7x | 1.2x |
| Sun, 24 Nov 2024 | RM 4.4b | RM 3.8b | RM 170.4m | 31.5x | 25.7x | 1.2x |
| Tue, 22 Oct 2024 | RM 4.5b | RM 3.7b | RM 182.3m | 33x | 24.6x | 1.2x |
| Thu, 19 Sep 2024 | RM 4.6b | RM 3.7b | RM 182.3m | 33.7x | 25.3x | 1.2x |
| Sat, 17 Aug 2024 | RM 4.6b | RM 3.6b | RM 108.5m | 37x | 42.1x | 1.3x |
| Mon, 15 Jul 2024 | RM 4.9b | RM 3.6b | RM 114.0m | 37.3x | 42.6x | 1.3x |
| Wed, 12 Jun 2024 | RM 5.0b | RM 3.6b | RM 114.0m | 36.9x | 43.7x | 1.4x |
| Fri, 10 May 2024 | RM 4.6b | RM 3.6b | RM 109.4m | 27.8x | 42.4x | 1.3x |
| Sun, 07 Apr 2024 | RM 4.0b | RM 3.6b | RM 114.4m | 20.7x | 35.1x | 1.1x |
| Tue, 05 Mar 2024 | RM 4.0b | RM 3.6b | RM 114.4m | 21.8x | 35.1x | 1.1x |
| Thu, 01 Feb 2024 | RM 4.4b | RM 3.4b | RM 138.5m | 14.5x | 31.5x | 1.3x |
| Sat, 30 Dec 2023 | RM 3.8b | RM 3.4b | RM 138.5m | 11.1x | 27.3x | 1.1x |
| Mon, 27 Nov 2023 | RM 3.7b | RM 3.4b | RM 138.5m | 11.1x | 26.7x | 1.1x |
| Wed, 25 Oct 2023 | RM 3.0b | RM 3.2b | RM 172.2m | 7.3x | 17.2x | 0.9x |
| Fri, 22 Sep 2023 | RM 3.1b | RM 3.2b | RM 172.2m | 8.2x | 17.8x | 1x |
| Sun, 20 Aug 2023 | RM 3.0b | RM 3.1b | RM 195.9m | 7.7x | 15.6x | 1x |
| Tue, 18 Jul 2023 | RM 2.9b | RM 3.0b | RM 190.8m | 7.1x | 15.5x | 1x |
| Thu, 15 Jun 2023 | RM 2.9b | RM 3.0b | RM 190.8m | 6.9x | 15.4x | 1x |
| Sat, 13 May 2023 | RM 3.0b | RM 2.9b | RM 187.3m | 8x | 16.1x | 1.1x |
| Mon, 10 Apr 2023 | RM 3.0b | RM 2.8b | RM 161.5m | 7.3x | 18.7x | 1.1x |
| Wed, 08 Mar 2023 | RM 2.9b | RM 2.8b | RM 161.5m | 6.6x | 18.2x | 1x |
| Fri, 03 Feb 2023 | RM 3.0b | RM 2.7b | RM 145.4m | 22.3x | 20.7x | 1.1x |
| Sun, 01 Jan 2023 | RM 2.9b | RM 2.7b | RM 145.4m | 19.9x | 20.1x | 1.1x |
Price to Earnings Ratio
20.1x
Current Industry PE
- Investors are pessimistic on the Malaysian Water Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 21.3x which is lower than its 3-year average PE of 25.6x.
- The industry is trading close to its 3-year average PS ratio of 1.1x.
Past Earnings Growth
- The earnings for companies in the Water Utilities industry have grown 11% per year over the last three years.
- Revenues for these companies have grown 12% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Comparison
How does Malaysian Water compare with similar industries?
| MY Market | 1.61% | |
| Utilities | 1.62% | |
| Water Utilities | 0.71% | |
| Water | 0.71% | |
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| SALCON Salcon Berhad | RM 0.26 | 13.0% +RM 34.1m | -5.5% | PE15.5x | |
| PBA PBA Holdings Bhd | RM 1.91 | 3.2% +RM 19.9m | -13.2% | PE4.4x | |
| PUNCAK Puncak Niaga Holdings Berhad | RM 0.21 | 2.4% +RM 2.2m | -14.0% | PS0.4x |
