Naim Holdings Berhad Valuation

Q: What is the Fair Price of NAIM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NAIM (MYR1.09) is trading above our estimate of [[fair value]] (MYR0)

Is NAIM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NAIM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NAIM (MYR1.09) is trading above our estimate of fair value (MYR0)

Significantly Below Fair Value: NAIM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NAIM?

Key metric: As NAIM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NAIM. This is calculated by dividing NAIM's market cap by their current earnings.
What is NAIM's PE Ratio?
PE Ratio	6.8x
Earnings	RM 79.89m
Market Cap	RM 545.81m

NAIM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.8x
Enterprise Value/EBITDA	24.9x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does NAIM's PE Ratio compare to its peers?

The above table shows the PE ratio for NAIM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	26.5x
VLB Vestland Berhad	20.1x	38.0%	RM 561.9m
AZAMJAYA Azam Jaya Berhad	19.8x	29.4%	RM 515.0m
PEKAT Pekat Group Berhad	37x	35.6%	RM 574.0m
HSSEB HSS Engineers Berhad	29.1x	46.9%	RM 589.8m
NAIM Naim Holdings Berhad	6.8x	n/a	RM 545.8m

Price-To-Earnings vs Peers: NAIM is good value based on its Price-To-Earnings Ratio (6.8x) compared to the peer average (26.5x).

Price to Earnings Ratio vs Industry

How does NAIM's PE Ratio compare vs other companies in the MY Construction Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap
AZRB Ahmad Zaki Resources Berhad	1.3x	n/a	US$33.07m
ZELAN Zelan Berhad	1x	n/a	US$7.57m

No more companies available in this PE range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NAIM is good value based on its Price-To-Earnings Ratio (6.8x) compared to the MY Construction industry average (19.2x).

Price to Earnings Ratio vs Fair Ratio

What is NAIM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NAIM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NAIM's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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